Degeorge, Francois; Derrien, Francois; Womack, Kent L. - In: Review of Financial Studies 20 (2007) 4, pp. 1021-1058
The bookbuilding IPO procedure has captured significant market share from auction alternatives recently, despite the significantly lower costs related to the auction mechanism. In France, where both mechanisms were used in the 1990s, the ostensible advantages of bookbuilding were...