A Comparative Analysis of IPO Proceeds Under Alternative Regulatory Environments: A Comment.

We clarify and reinterpret the results of Benveniste and Wilhelm (1990) concerning the effect of a uniform price restriction on the proceeds of an IPO. If regular institutional investors are, on average, at least as well informed as ordinary retail investors then our corrected version of Benveniste and Wilhelm's model shows that a uniform price restriction does not affect IPO proceeds.

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Year of publication:	2003
Authors:	Brisley, Neil
Published in:	Economics Bulletin. - AccessEcon, ISSN 1545-2921. - Vol. 7.2003, 1, p. 1-7
Publisher:	AccessEcon

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Extent:	application/pdf
Type of publication:	Article
Language:	English
Classification:	G2 - Financial Institutions and Services ; D8 - Information and Uncertainty
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005196448