develop a model of optimal IPO timing in which IPO waves are caused by declines in expected market return, increases in … find support for the model's empirical predictions. For example, we find that IPO waves tend to be preceded by high market …

Using a large proprietary IPO bidding dataset from China, we examine whether there is information production in … auctioned IPOs in which uniform price applies and the underwriter has no allocation discretion. Our IPO-level and IPO …-bidder-level analyses suggest that institutions bid in IPO auctions in a way broadly consistent with the information production hypothesis …

Using a regime change setting, this paper examines whether investors flip less in bookbuilding than in auction initial … in IPOs that are managed by high reputation underwriters in bookbuilding IPOs compared to auction IPOs. The results …-bid information in the IPO process. Finally, we examine the implications of flipping and find that although flipping increases …

We document a somewhat surprising regularity: of the many countries that have used IPO auctions, virtually all have … abandoned them. The common explanations given for the lack of popularity of the auction method in the US, viz., issuer …

In this paper, we propose and construct a direct measure of investors' divergence of opinionbased on auction bids data …

institutional investors in 715 auctioned IPOs between 2009 and 2012 in China, where an IPO auction is first conducted among … bidding information from the IPO auction has predictive power for IPO initial returns and for long-run post-IPO stock returns … IPO share allocations in better performing IPOs, with institutions able to produce more precise information receiving …

We study how institutional investors utilize potentially biased information by analyzing the effect of IPO underwriters …' earnings forecasts on investors' bidding behaviors in Chinese IPO auctions. Despite the presence of upward biases in … information about the IPO but has a biased incentive in presenting the information to investors. Consistent with the model …

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 …