Cho, Sung-Il - In: Journal of Entrepreneurial Finance 3 (1993) 1, pp. 63-77
This paper presents evidence on the failed initial public offerings that used best efforts contracts. Out of 732 best … managed the most of best efforts IPOs and the average underpricing of their offerings was smaller than that of offerings … efforts IPOs attempted in 1980-84, 186 IPOs (about one fourth) failed to meet minimum sales requirement and were subsequently …