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Rule changes and uncertainty in discriminatory and uniform price auctions
Beierlein, Jaclyn; Kato, Hideaki Kiyoshi - In: The journal of financial research 30 (2007) 1, pp. 73-90
Persistent link: https://www.econbiz.de/10003437426
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Auctions versus bookbuilding : the effects of IPO regulation in Japan
Lehmann, Timo; Weber, Matthias - In: The financial review : the official publication of the … 58 (2023) 1, pp. 117-141
Persistent link: https://www.econbiz.de/10014305730
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IPO underpricing and aftermarket price accuracy : auctions vs. bookbuilding in Japan
Lehmann, Timo; Weber, Matthias - 2021
We analyse a regulatory change in the Japanese IPO market that created an abrupt shift from hybrid price-discriminatory auctions to bookbuilding. We find that bookbuilding leads to significantly higher underpricing than hybrid price-discriminatory auctions. Further, we find evidence that price...
Persistent link: https://www.econbiz.de/10012426822
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Initial public offering discount and competition
Hauser, Shmuel; Yaari, Uzi; Tanchuma, Yael; Baker, Harold - In: The journal of law & economics 49 (2006) 1, pp. 331-351
Persistent link: https://www.econbiz.de/10003353269
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Do investors prefer round stock prices? : Evidence from Israeli IPO auctions
Kandel, Shmuel; Sarig, Oded H.; Wohl, Avi - In: Journal of banking & finance 25 (2001) 8, pp. 1543-1551
Persistent link: https://www.econbiz.de/10001594015
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The demand of stocks : an analysis of IPO aauctions
Kandel, Shmuel; Sarig, Oded H.; Wohl, Avi - In: The review of financial studies 12 (1999) 2, pp. 227-247
Persistent link: https://www.econbiz.de/10001421797
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The impacts of Japanese price-competitive IPO auctions versus the US underwriter-priced IPOs
Pettway, Richard H. - In: The Japanese finance : corporate finance and capital …, (pp. 35-56). 2003
Persistent link: https://www.econbiz.de/10002947569
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Why does book building drive out auction methods of IPO issuance? : Evidence from Japan
Kutsuna, Kenji; Smith, Richard Lester - In: The review of financial studies 17 (2004) 4, pp. 1129-1168
Persistent link: https://www.econbiz.de/10002396521
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Issue cost and method of IPO underwriting : Japan's change from auction method pricing to book building
Kutsuna, Kenji; Smith, Richard Lester - 2001
In 1997, Japan introduced book building an alternative to an auction method of IPO pricing that had been required since … 1989. Shortly after its authorization, all IPOs in Japan were priced by book building. The shift occurred despite economic … arguments and evidence suggesting that the auction method reduced underpricing. We attribute the shift to creation of an …
Persistent link: https://www.econbiz.de/10011567714
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Auctions Versus Bookbuilding : The Effects of IPO Regulation in Japan
Lehmann, Timo; Weber, Matthias - 2023
We analyze a regulatory change in the Japanese IPO market that created an abrupt shift from hybrid price-discriminatory auctions to bookbuilding. We find that bookbuilding leads to higher underpricing than hybrid price-discriminatory auctions. Furthermore, we find evidence that price accuracy...
Persistent link: https://www.econbiz.de/10014351154