When using a formal bookbuilding procedure, underwriters observe the demand curves of investors as stated in the ‘book … types, such as large bidders and frequent bidders. Aftermarket returns in IPOs are positively correlated with …

Under the bookbuilding procedure, an investment banker solicits bids for shares from institutional investors prior to … results support the winner's curse theories and the justifications for the use of bookbuilding. …

We study IPOs by focusing on the degree of portfolio diversification of the shareholders taking the company public. We … accept a lower price for the sale of its shares, i.e. tolerate higher underpricing. We test these hypotheses by considering … all the IPOs that took place in Sweden in the period 1995-2001. We have obtained detailed information on the portfolio …

returns, within the context of theories of bookbuilding. Using a sample of both US and international IPOs we find evidence of …We estimate the structural links between IPO allocations, pre-market information production, and initial underpricing …

This Paper uses evidence from a dataset of 27 European IPOs to analyse how investors bid and the factors that influence … bids and allocations are related. All these deals are private sector IPOs where the bookrunner was a leading European …-rata allocations and higher average profits. We find that a very small proportion of all bids submitted during the bookbuilding contain …

underpricing. After controlling for these changes, there appears to be little special about the 1999-2000 period, aside from the …

conflicts and thus underpricing (Baron (1982); Biais, Bossaerts, and Rochet (2002)). Consistent with this prediction, we show … that contracting on higher commissions in a large sample of UK IPOs completed between 1991-2002 leads to significantly … lower initial returns, after controlling for other influences on underpricing and a variety of endogeneity concerns. These …