This paper examines the German IPO pricing process which combines bookbuilding with a liquid pre-IPO when-issued market … bookbuilding provides information for IPO pricing, beyond the information that is required to set preliminary price ranges. Once …, the evidence suggests that such trading does not fully supplant information gathering through bookbuilding. …

This paper examines the German IPO pricing process which combines bookbuilding with a liquid pre-IPO when-issued market … bookbuilding provides information for IPO pricing, beyond the information that is required to set preliminary price ranges. Once …, the evidence suggests that such trading does not fully supplant information gathering through bookbuilding. …

By 1999, close to 80% of non-US IPOs were marketed using bookbuilding methods. We study whether the recent introduction … information on 2,051 initial public offerings in 61 non-US markets during the period 1992-1999. The direct costs of bookbuilding … are typically twice as large as direct costs for fixed-price offers. However, bookbuilding leads to substantially less …

returns, within the context of theories of bookbuilding. Using a sample of both US and international IPOs we find evidence of …

By 1999, close to 80% of non-U.S. IPOs were marketed using bookbuilding methods. We study whether the recent … information on 2,051 initial public offerings in 61 non-U.S. markets during the period 1992-1999. The direct costs of bookbuilding … are typically twice as large as direct costs for fixed-price offers. However, bookbuilding leads to substantially less …

dataset of 2,143 IPOs by non-U.S. issuers from 65 countries in 1992-1999. Bookbuilding typically costs twice as much as a …/or targeted at U.S. investors, bookbuilding can reduce underpricing significantly, relative to fixed-price offerings or … bookbuilding efforts conducted by `local` banks. Compared to estimates of the benefit of secondary-market integration, the effects …

This paper examines the German IPO pricing process which combines bookbuilding with a liquid pre-IPO when-issued market … bookbuilding provides information for IPO pricing, beyond the information that is required to set preliminary price ranges. Once …, the evidence suggests that such trading does not fully supplant information gathering through bookbuilding. …

We develop a model that allows for the coexistence of bookbuilding and when-issued trading. We show that, due to …-issued trading may interfere with information gathering thorough bookbuilding, in the case that informative bookbuilding is not … needed. However, informative bookbuilding may be a prerequisite for the when-issued market to function. In this case the …