returns but underpricing persists even in the repeated setting where uncertainty is negligible and despite the equilibrium …The underpricing of initial public offerings is a well-documented fact of empirical equity market research. Theories … explain this underpricing with market imperfections. We study three empirically relevant IPO mechanisms under almost perfect …

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

contributes to the underpricing literature by focusing on the complementary or rather competing role of venture capitalists and …/or underwritten by a top bank are expected to show less underpricing at the initial public offering (IPO) due to a reduced ex …