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| Author: | Jenkinson, T. Morrison, A.D. Wilhelm, W.J. Jr. |
| Title: | Why are European IPOs so rarely priced outside the indicative price range? |
| Journal: | Journal of Financial Economics
2006 : APR, VOL. 80:1, p. 185-209 |
| Index terms: | stock markets initial public offerings pricing information models Europe USA |
| Language: | eng |
| Abstract: | Unlike in the U.S., the initial price range for European IPOs is seldom revised. This paper develops a model explaining this seemingly inefficient pricing behaviour. As in Europe, but not in the U.S., underwriters obtain information from investors before establishing the indicative price range. The model has important implications for empirical research based on European primary market data. |
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