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 …

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. …

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

By 1999, close to 80% of non-U.S. IPOs were marketed using bookbuilding methods. We study whether the recent … information on 2,051 initial public offerings in 61 non-U.S. 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 …

dataset of 2,143 IPOs by non-U.S. issuers from 65 countries in 1992-1999. Bookbuilding typically costs twice as much as a …/or targeted at U.S. investors, bookbuilding can reduce underpricing significantly, relative to fixed-price offerings or … bookbuilding efforts conducted by `local` banks. Compared to estimates of the benefit of secondary-market integration, the effects …

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. …