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IPO Pricing with Bookbuilding and a When-Issued Market
Stomper, Alex; Aussenegg, Wolfgang; Pichler, Pegaret - 2004
This paper examines the German IPO pricing process which combines bookbuilding with a liquid pre-IPO when-issued market … bookbuilding provides information for IPO pricing, beyond the information that is required to set preliminary price ranges. Once …, the evidence suggests that such trading does not fully supplant information gathering through bookbuilding. …
Persistent link: https://www.econbiz.de/10011324885
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Quid Pro Quo in IPOs: Why Book-building is Dominating Auctions
Degeorge, François; Derrien, François; Womack, Kent L. - 2004
The book-building procedure for selling initial public offerings to investors has captured significant market share … when using the auction mechanism. This paper shows that in the French market, where the frequency of book-building and … auctions was about equal in the 1990s, the ostensible advantages to the issuer using book-building were advertising …
Persistent link: https://www.econbiz.de/10011325024
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The Impact of the Sarbanes-Oxley Act on the Cost of Going Public
Kaserer, Christoph; Mettler, Alfred; Obernberger, Stefan - In: BuR - Business Research 4 (2011) 2, pp. 125-147
This paper examines the impact of the Sarbanes-Oxley Act (SOX), a legal framework intended to increase transparency and accountability of listed companies, on the cost of going public in the US. We expect SOX to increase the direct cost of going public, but decrease the underpricing because of...
Persistent link: https://www.econbiz.de/10010421362
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On-the-run premia, settlement fails, and central bank access
Schneider, Fabienne - 2024
The premium on "on-the-run" Treasuries (i.e. the most recently issued ones) is an anomaly. I explain it using a model in which primary dealers hold inventories of Treasuries. Primary dealers are more likely to hold large inventories of on-the-run Treasuries. There is also less variation across...
Persistent link: https://www.econbiz.de/10015053569
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Primary Market Design: Direct Mechanisms and Markets
Stomper, Alex; Pichler, Pegaret - 2004
We develop a model that allows for the coexistence of bookbuilding and when-issued trading. We show that, due to …-issued trading may interfere with information gathering thorough bookbuilding, in the case that informative bookbuilding is not … needed. However, informative bookbuilding may be a prerequisite for the when-issued market to function. In this case the …
Persistent link: https://www.econbiz.de/10011324886
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The abnormal returns of UK privatisations: From underpricing to outperformance
Florio, Massimo; Manzoni, Katiuscia - 2002
This paper offers a review and discussion of the evidence concerning the underpricing and long run performance of British PIPOs (Privatisation Initial Public Offerings) between 1977-1996, i.e. from the first privatisation under a Labour Government (British Petroleum), until the last ones by a...
Persistent link: https://www.econbiz.de/10011335748
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Pricing initial public offerings in premature capital markets: The case of Hungary
Schindele, Ibolya; Perotti, Enrico C. - 2002
This paper investigates the determinants of underpricing at initial public offerings in theHungarian Initial Public Offerings (IPO) market in 1990–1998, a period of transition from socialist to market economy and immaturity of the domestic capital market. The evidence suggests that political...
Persistent link: https://www.econbiz.de/10011335783
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Who knows what when? The Information content of pre-IPO market prices
Löffler, Gunter; Panther, Patrick F.; Theissen, Erik - 2002
midpoint of the bookbuilding range and the offer price. The pre-issue prices explain a large part of the underpricing left …
Persistent link: https://www.econbiz.de/10010316258
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Der Wertpapierprospekt: empirische Befunde zur Qualität der Risikoangaben bei Neuemissionen
Henselmann, Klaus; Klein, Martin; Maier, Christian - 2009
The paper analyzes the risk disclosure quality in the prospectus of IPOs in Germany between 2006 and 2008. Quality of risk information is measured as precision and comprehensibility. The relationship between risk disclosure quality and earnings power is tested.
Persistent link: https://www.econbiz.de/10010300003
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Price versus Quantity Discrimination in Optimal IPOs
Bennouri, Moez; Falconieri, Sonia - 2001
This paper addresses the issue of the choice of the optimalinstrument to sell new shares, this choice being price versusquantity discrimination (rationing). Previous results in theliterature (Benveniste and Wilhelm, 1990) show that the issuing firmwould be better off if allowed to use both price...
Persistent link: https://www.econbiz.de/10010325003