Brau, James C.; Henry, Joseph J. - In: Journal of entrepreneurial finance : JEF ; official … 24 (2022) 4, pp. 18-47
clientele of sophisticated investors, consistent with Shiller's Impresario Hypothesis. Our pre-IPO bubble (1981-1996) empirical … results yield evidence supporting both selling mechanisms. Under-demanded small IPO issues are "pushed" by the brokers, while … some under-demanded large IPO issues instead increase the offer price, with large first-day turnover characteristics of …