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| Author: | Cornelli, F. Goldreich, D. |
| Title: | Bookbuilding and strategic allocation |
| Journal: | Journal of Finance
2001 : DEC, VOL. 56:6, p. 2337-2369 |
| Index terms: | ALLOCATION BIDDING INVESTMENT BANKS PRICING |
| Language: | eng |
| Abstract: | In the bookbuilding procedure, an investment banker solicits bids for shares from institutional investors prior to pricing an equity issue. The banker then prices the issue and allocates shares at his discretion to the investors. The authors examine the books for 39 international equity issues. They find that the investment banker awards more shares to bidders who provide information in their bids. |
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