haku: @indexterm INSTITUTIONAL INVESTORS / yhteensä: 153
viite: 93 / 153
| Tekijä: | Benveniste, L. M. Wilhelm, W. J. |
| Otsikko: | A comaratice analysis of IPO proceeds under alternative regulatory environments ! IPO = initial public offering |
| Lehti: | Journal of Financial Economics
1990 : NOV-DEC, VOL. 28:1-2, p.173-207 |
| Asiasana: | FINANCIAL MODELS PUBLIC FINANCE INSTITUTIONAL INVESTORS REGULATIONS PRICES DISCRIMINATION ALLOCATION |
| Kieli: | eng |
| Tiivistelmä: | The effect on initial public offering (IPO) proceeds of uniform-price restrictions and restrictions on the allocation of oversubscribed issues is studied. The model suggests that underwriters, given the opportunity to allocate IPOs among both regular and retail investors, would maximize proceeds by using a combination of price and allocation discrimination. Uniform-price restrictions increase the cost of soliciting information from regular investors and, when combined with evenhanded distribution restrictions, make information gathering impossible. |
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