Measuring Market Power in the IPO

This paper empirically examines the underwriter’s competitive behavior in the Japanese IPO underwriting markets. We apply a discrete choice model to estimate issuers’ demand for IPO underwriting services and calculate the predicted markups. We apply the model selection test to distinguish the model for which predicted markups are closer to the truth. We nd that underwriters internalize the e ect of their spread setting behavior on their rivals

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Year of publication:	2023
Authors:	Cai, Yue
Publisher:	[S.l.] : SSRN
Subject:	Marktmacht \| Market power \| Börsengang \| Initial public offering \| Messung \| Measurement \| Wettbewerbsbeschränkung \| Restraints of competition \| Theorie \| Theory \| Emissionsgeschäft \| Underwriting business

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Extent:	1 Online-Ressource (40 p)
Type of publication:	Book / Working Paper
Language:	English
Other identifiers:	10.2139/ssrn.4341971 [DOI]
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10014257975