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Rationing in IPOs
Parlour, Christine A.; Rajan, Uday - 2003
We provide a model of bookbuilding in IPOs, in which the issuer can choose to ration shares. We consider two allocation rules. Under share dispersion, before informed investors submit their bids, they know that, in the aggregate, winning bidders will receive only a fraction of their demand. We...
Persistent link: https://www.econbiz.de/10011590001
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Quid pro quo in IPOs : why book-building is dominating auctions
Degeorge, François; Derrien, François; Womack, Kent - 2004
from auction alternatives in recent years, despite significantly lower costs in both direct fees and initial underpricing … when using the auction mechanism. This paper shows that in the French market, where the frequency of book-building and …
Persistent link: https://www.econbiz.de/10011607265
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Strategic behavior and underpricing in uniform price auctions : evidence from Finnish treasury auctions
Keloharju, Matti; Nyborg, Kjell G.; Rydqvist, Kristian - 2003
auctions during the period 1992-99. Average underpricing amounts to .041% of face value. Theory suggests that underpricing may … result from monopsonistic market power. We develop and test robust implications from this theory and find that it has little … predicted by the theory. We also present evidence that the Finnish Treasury acts strategically, taking into account the fact …
Persistent link: https://www.econbiz.de/10011591006
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Do multiple credit ratings reduce money left on the table? : evidence from U.S. IPOs
Goergen, Marc; Gounopoulos, Dimitrios; Koutroumpis, … - 2019 - This Draft: March 2019
We examine initial public offerings (IPOs) with single, multiple, and no credit ratings. We document a beneficial effect of credit ratings on IPO underpricing, which is amplified by the existence of multiple credit ratings. Multiple ratings also reduce the extent of filing price revisions....
Persistent link: https://www.econbiz.de/10011979253
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On the Relationship between the Danish Stock and Bond Market in the Medium and Long Term
Olesen, Jan Overgaard; Risager, Ole - 2000
This short paper studies the empirical relationship between realized stock returns and bond yields at the 5- and 10-year investment horizons, respectively. Using annual Danish data since 1927, we find that stock returns and bond yields are closely linked in the medium and long term, as we...
Persistent link: https://www.econbiz.de/10012142227
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The fixed price offer mechanism in Trade Me online auctions
Hogan, Seamus D.; Kidd, Hamish; Meriluoto, Laura; … - 2010
Persistent link: https://www.econbiz.de/10008688795
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Use of long-term auctions for network investment
McDaniel, Tanga; Neuhoff, Karsten - 2003
. In our model the fraction of rights issued in the long-term auction turns out to be a crucial design parameter. Even a …
Persistent link: https://www.econbiz.de/10011591157
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Capital structure of IPOs and seasoned firms under an imputation system
Steen, Adam B.; Kalev, Petko S. - 1999
Persistent link: https://www.econbiz.de/10001460808
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Privatization and financial market development : theoretical issues
Chiesa, Gabriella; Nicodano, Giovanna - 2003
Stock market capitalization in developed countries grew while massive privatization plans were in progress. It is however possible that stock market development would have occurred anyway. Below we identify features that are specific to share-issue privatizations (SIPs) and should a priori...
Persistent link: https://www.econbiz.de/10011589394
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Family firms
Burkart, Mike; Panunzi, Fausto; Shleifer, Andrei - 2002
the family. This theory of separation of ownership from management includes the Anglo-Saxon and the Continental European …
Persistent link: https://www.econbiz.de/10011597776