Using a large proprietary IPO bidding dataset from China, we examine whether there is information production in auctioned IPOs in which uniform price applies and the underwriter has no allocation discretion. Our IPO-level and IPO-bidder-level analyses suggest that institutions bid in IPO...

We study how institutional investors utilize potentially biased information by analyzing the effect of IPO underwriters' earnings forecasts on investors' bidding behaviors in Chinese IPO auctions. Despite the presence of upward biases in underwriters' earnings forecasts, we nd that investors'...

Is there quid pro quo in auctioned IPOs - an alternative to bookbuilding in U.S. and elsewhere? Using proprietary data on uniform-pricing IPO auctions from China, we show when the share allocation rule shifted from pro rata to lottery draw (that makes quid pro quo valuable to a bidder), fund...

There is quid pro quo in auctioned IPOs. Using proprietary data on uniform-pricing IPO auctions, we show when the share allocation rule shifted from pro rata to lottery draw, fund families having pre-shift stronger brokerage commission ties with the underwriter submit bids later, place more...