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| Author: | Busaba, W. Y. Benveniste, L. M. Guo, R.-J. |
| Title: | The option to withdraw IPOs during the premarket: empirical analysis |
| Journal: | Journal of Financial Economics
2001 : APR, VOL. 60:1, p. 73-102 |
| Index terms: | Initial public offerings Investors Stock markets USA |
| Freeterms: | Bookbuilding Price discovery |
| Language: | eng |
| Abstract: | American IPOs are priced after a process of bookbuilding, during which issuers can withdraw at any time. Empirical analysis of this study reveals that underpricing is lower when investor perception of an IPO's likelihood of withdrawal is higher. |
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