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IPO Allocations: Discriminatory or Discretionary?

Ljungqvist, Alexander P.; Wilhelm Jr, William J - C.E.P.R. Discussion Papers - 2001

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

Persistent link: https://www.econbiz.de/10005136760

Has the Introduction of Bookbuilding Increased the Efficiency of International IPOs?

Jenkinson, Tim; Ljungqvist, Alexander P.; Wilhelm Jr, … - C.E.P.R. Discussion Papers - 2000

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 …

Persistent link: https://www.econbiz.de/10005666634

Bookbuilding: How Informative is the Order Book?

Cornelli, Francesca; Goldreich, David - C.E.P.R. Discussion Papers - 2001

When using a formal bookbuilding procedure, underwriters observe the demand curves of investors as stated in the ‘book …

Persistent link: https://www.econbiz.de/10005791587

Bids and Allocations in European IPO Bookbuilding

Jenkinson, Tim; Jones, Howard - C.E.P.R. Discussion Papers - 2002

-rata allocations and higher average profits. We find that a very small proportion of all bids submitted during the bookbuilding contain …

Persistent link: https://www.econbiz.de/10005656390

Bookbuilding and Strategic Allocation

Cornelli, Francesca; Goldreich, David - C.E.P.R. Discussion Papers - 1999

Under the bookbuilding procedure, an investment banker solicits bids for shares from institutional investors prior to … results support the winner's curse theories and the justifications for the use of bookbuilding. …

Persistent link: https://www.econbiz.de/10005666528

Conflict of Interest in Universal Banking: Bank Lending, Stock Underwriting, and Fund Management

Ber, Hedva; Yafeh, Yishay; Yosha, Oved - C.E.P.R. Discussion Papers - 2000

Using a newly-constructed data set on Israeli Initial Public Offering (IPO) firms in the 1990s, we study costs and benefits of universal banking. We find that a firm whose equity was underwritten by a bank-affiliated underwriter, when the same bank was also a large creditor of the firm in the...

Persistent link: https://www.econbiz.de/10005791310

Evidence of Information Spillovers in the Production of Investment Banking Services

Benveniste, Lawrence M; Ljungqvist, Alexander P.; … - C.E.P.R. Discussion Papers - 2001

We present evidence that firms attempting IPOs learn from the experience of their contemporaries. These information spillovers affect revisions in offer terms and the decision whether to carry through with an offering. The evidence also supports the argument that IPOs are implicitly bundled as a...

Persistent link: https://www.econbiz.de/10005791488

Hot Markets, Investor Sentiment and IPO Pricing

Ljungqvist, Alexander P.; Nanda, Vikram; Singh, Rajdeep - C.E.P.R. Discussion Papers - 2001

Our model of the initial public offering process links the three main empirical IPO ‘anomalies’ – underpricing, hot issue markets, and long-run underperformance – and traces them to a common source of inefficiency. We relate hot IPO markets (such as the 1999/2000 market for Internet...

Persistent link: https://www.econbiz.de/10005498165

IPO Pricing in the dot-com Bubble

Ljungqvist, Alexander P.; Wilhelm Jr, William J - C.E.P.R. Discussion Papers - 2002

IPO initial returns reached astronomical levels during 1999-2000. We show that the regime shift in initial returns and other elements of pricing behaviour can be at least partially accounted for by a variety of marked changes in pre-IPO ownership structure and insider selling behaviour over the...

Persistent link: https://www.econbiz.de/10005504679

The Geography of Equity Listing: Why Do Companies List Abroad?

Pagano, Marco; Röell, Ailsa A; Zechner, Josef - C.E.P.R. Discussion Papers - 2001

This Paper documents the aggregate trends in the foreign listings of companies and analyses both their distinctive pre-listing characteristics and their post-listing performance relative to other companies. In the 1986-97 interval, many European companies listed abroad, but did so mainly on US...

Persistent link: https://www.econbiz.de/10005067637