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Persistent link: https://www.econbiz.de/10001976428
This paper examines the German IPO pricing process which combines bookbuilding with a liquid pre-IPO when-issued market. We find no partial adjustment phenomenon, as has been documented for U.S. IPOs. We thus find no evidence that bookbuilding provides information for IPO pricing, beyond the...
Persistent link: https://www.econbiz.de/10011599065