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We study the role of banking relationships in IPO underwriting. Among other issues, we consider whether banking relationships lead to increased access to public equity markets, especially for smaller, lesserknown firms. When a firm in Japan goes public, it can engage an investment bank that is...
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Until October 1997, firms wishing to go public in Japan were required to use a hybrid auction process where up to half of the issue (the "auction tranche") was offered to investors via a discriminatory auction. Remaining shares (the "public offer tranche") were sold a few days later by a firm...
Persistent link: https://www.econbiz.de/10003231294
We study the role of banking relationships in IPO underwriting. Among other issues, we consider whether banking relationships lead to increased access to public equity markets, especially for smaller, lesserknown firms. When a firm in Japan goes public, it can engage an investment bank that is...
Persistent link: https://www.econbiz.de/10003231298