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-10 that were made subject to either a discretionary or a proportionate allocation regime.We find that the underwriting market … the inventory risk of an IPO. When allocation discretion is regulated, and the risk of managing an IPO is high, we observe … welfare due to lower underpricing. We also find that in the absence of allocation discretion, syndication by reputable …
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We study corporate bond offerings, including underwriting syndicate structure, primary placement transactions, and secondary market outcomes. Syndicate structure and allocations vary with issue complexity and risk, and across investment grade and high yield issues. The syndicate...
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How does access to public equity markets affect real outcomes? We examine the human capital of IPO-filing firms and how going public affects their labor force. While IPO-filing firms have high average wages and limited industrial diversification, a success-ful IPO increases departures of...
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This study provides critical observations on the state of key global equity markets as recent developments have put into question their efficiency and effectiveness in facilitating capital formation. It covers the top 26 initial public offering (IPO) producing nations, with a particular focus on...
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