He, Jingbin; Liu, Bo; Zou, Hong - In: Journal of business ethics : JBE 199 (2025) 2, pp. 413-436
It is widely accepted that quid pro quo or favoritism exists in bookbuilding IPOs where the securities underwriter has share allocation discretion, and that auctioned IPOs should be largely free from quid pro quo because the underwriter does not have share allocation discretion. Using...