Zhang, Xiao-cheng; Zhang, Miaomiao; Huang, Shao-an; … - In: Financial innovation : FIN 1 (2015) 11, pp. 1-14
Background: Compared with the fixed-price mechanism, the bookbuilding mechanism has not changed the Chinese IPO high … using either fixed-price or bookbuilding mechanisms, but when the investors’ heterogeneity expectation is the same, lower … IPO underpricing can be obtained by the issuing of bookbuilding compared with that of fixed price. Secondly, the IPO …