We analyse a regulatory change in the Japanese IPO market that created an abrupt shift from hybrid price …

privileges with respect to public bond auction. …

on uniform-pricing IPO auctions from China, we show when the share allocation rule shifted from pro rata to lottery draw … likely to receive share allocation than other fund families. The evidence supports quid pro quo facilitated by the …

There is quid pro quo in auctioned IPOs. Using proprietary data on uniform-pricing IPO auctions, we show when the share … are more likely to receive share allocation than fund families that have weaker commission ties with the underwriter … before the regime change. The evidence supports quid pro quo in IPO auctions facilitated by the underwriter’s leakage of …