underwriter after the bookbuilding process. The reallocation is disaggregated into three components, two of which are under the … the bookbuilding process. The IPO pricing and share reallocation are found to be interdependent, and reallocation is used …

By 1999, close to 80% of non-US IPOs were marketed using bookbuilding methods. We study whether the recent introduction … information on 2,051 initial public offerings in 61 non-US markets during the period 1992-1999. The direct costs of bookbuilding … are typically twice as large as direct costs for fixed-price offers. However, bookbuilding leads to substantially less …

returns, within the context of theories of bookbuilding. Using a sample of both US and international IPOs we find evidence of …