offering (IPO) market for the provision of entrepreneurial finance-book building-have led to research into the viability of … auctions for IPO pricing and allocation. IPO firms face a trade-off between the benefit of accurate and reliable IPO price … measuring the impact of two key variables on this trade-off: capacity restraint and discount on the auction clearing price …

Using a regime change setting, this paper examines whether investors flip less in bookbuilding than in auction initial … in IPOs that are managed by high reputation underwriters in bookbuilding IPOs compared to auction IPOs. The results …-bid information in the IPO process. Finally, we examine the implications of flipping and find that although flipping increases …