IPO initial returns reached astronomical levels during 1999-2000. We show that the regime shift in initial returns and other elements of pricing behavior can be at least partially accounted for by a variety of marked changes in pre-IPO ownership structure and insider selling behavior over...

We estimate the structural links between IPO allocations, pre-market information production, and initial underpricing and find that allocation policies favor institutional investors, both in the U.S. and worldwide increasing institutional allocations results in offer prices that deviate more...

We investigate directly whether analyst behavior influenced the likelihood of banks winning underwriting mandates for a sample of 16,625 U.S. debt and equity offerings sold between December 1993 and June 2002. We control for the strength of the issuer's investment-banking relationships with...

We estimate the structural links between IPO allocations, pre-market information production, and initial underpricing and find that 1) allocation policies favor institutional investors, both in the U.S. and worldwide; 2) increasing institutional allocations results in offer prices that deviate...

We investigate whether analyst behavior influenced banks' likelihood of winning underwriting mandates for a sample of 16,625 U.S. debt and equity offerings in 1993 to 2002. We control for the strength of the issuer's investment banking relationships with potential competitors for the mandate,...

We investigate directly whether analyst behavior influenced the likelihood of banks winning underwriting mandates for a sample of 16,625 U.S. debt and equity offerings sold between December 1993 and June 2002. We control for the strength of the issuer s investment-banking relationships with...

We estimate the structural links between IPO allocations, pre-market information production, and initial underpricing returns, within the context of theories of book building. Using a sample of both U.S. and international IPOs we find evidence of the following:middot; IPO allocation policies...

We investigate directly whether analyst behavior influenced the likelihood of banks winning underwriting mandates for a sample of 16,625 U.S. debt and equity offerings sold between December 1993 and June 2002. We control for the strength of the issuer s investment-banking relationships with...

We investigate directly whether analyst behavior influenced the likelihood of banks winning underwriting mandates for a sample of 16,456 U.S. debt and equity offerings sold between December 1993 and June 2002. We control for the strength of the issuer s investment-banking relationships with...

We derive a behavioral measure of the IPO decision-maker s satisfaction with the underwriter s performance based on Loughran and Ritter s (2002) application of prospect theory to IPO underpricing. We assess the plausibility of this measure by studying its power to explain the decision-maker s...