Hopp, Christian (contributor); Dreher, Axel (contributor) - 2007
, Department of Economics, Chair of International Finance, Box D 147, Room F 256, 78457 Konstanz, Germany. E-
mail: Christian … underpricing as underwriters
profited from allocating “hot” IPOs in return for commission business offered by investors.
In the … recommend a lower offer price.
Moreover, if commission business can be generated in return for “leaving money on the table …