-discriminatory auctions to bookbuilding. We find that bookbuilding leads to significantly higher underpricing than hybrid price …

offer tranche") were sold a few days later by a firm commitment at a fixed price. We document underpricing and partial … institutional investing is low. The results raise important questions about theoretical interpretations of IPO underpricing in the U ….S. We consider a broad range of competing, but non-mutually-exclusive, hypotheses about the reasons for underpricing and …