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Competition between investment banks for lead underwriter mandates in IPOs is fierce, but having committed to a particular bank, the power of the issuer is greatly reduced.  Although information revelation theories justify giving the underwriters influence over pricing and allocation, this...
Persistent link: https://www.econbiz.de/10011004307
This Paper uses evidence from a dataset of 27 European IPOs to analyse how investors bid and the factors that influence their allocations. We have the complete books for these deals – amounting to 5540 bids – and so can analyse directly how bids and allocations are related. All these deals...
Persistent link: https://www.econbiz.de/10005656390
Competition between investment banks for lead underwriter mandates in IPOs is fierce, but having committed to a particular bank, the power of the issuer is greatly reduced. Although information revelation theories justify giving the underwriters influence over pricing and allocation, this...
Persistent link: https://www.econbiz.de/10005791497
Competition between investment banks for lead underwriter mandates in IPOs is fierce, but having committed to a particular bank, the power of the issuer is greatly reduced. Although information revelation theories justify giving the underwriters influence over pricing and allocation, this...
Persistent link: https://www.econbiz.de/10005227060
Stabilization is the bidding for and purchase of securities by an underwriter immediately after an offering for the purpose of preventing or retarding a fall in price. Stabilization is price manipulation, but regulators allow it within strict limits – notably that stabilization may not...
Persistent link: https://www.econbiz.de/10005212088
Stabilization is the bidding for and purchase of securities by an underwriter immediately after an offering for the purpose of preventing or retarding a fall in price. Stabilization is price manipulation, but regulators allow it within strict limits - notably that stabilization may not occur...
Persistent link: https://www.econbiz.de/10010661347