Auctioned IPOs: The U.S. Evidence

Between 1999 and 2007, WR Hambrecht has completed 19 IPOs in the U.S. usingan auction mechanism. We analyze investor behavior and mechanism performance inthese auctioned IPOs using detailed bidding data. The existence of some bids posted athigh prices suggests that some investors (mostly retail) try to free-ride on the mechanism.But institutional demand in these auctions is very elastic, suggesting that institutionalinvestors reveal information in the bidding process. Investor participation is largelypredictable based on deal size, and demand is dominated by institutions.[...]

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Year of publication:	2008-11-01
Authors:	Degeorge, François Stanislas ; Derrien, Francois ; Womack, Kent
Institutions:	National Centre of Competence in ResearchFinancial Valuation and Risk Management
Subject:	Going Public \| Investment Banking \| Leistungsbewertung

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Extent:	918528 bytes 51 p. application/pdf
Series:	FINRISK Working Paper Series Working Paper ; No. 521 (2008)
Type of publication:	Book / Working Paper
Language:	English
Classification:	G24 - Investment Banking; Venture Capital; Brokerage ; G32 - Financing Policy; Capital and Ownership Structure ; Corporate finance and investment policy. General ; Capital budgeting, budgetary planning and budgetary control ; Employment of capital, capital investment planning and estimate of investment profitability ; Management of financial services: stock exchange and bank management science (including saving banks) ; Individual Working Papers, Preprints ; USA
Source:	USB Cologne (business full texts)

Persistent link: https://www.econbiz.de/10005868779