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| Tekijä: | Bennouri, M. Falconieri, S. |
| Otsikko: | The optimality of uniform pricing in IPOs: An optimal auction approach |
| Lehti: | Review of finance
2008 : VOL. 12:4, p. 673-700 |
| Asiasana: | initial public offerings pricing investments institutional investors models |
| Kieli: | eng |
| Tiivistelmä: | In this paper, an optimal auction approach is used to explore the conditions under which uniform pricing in initial public offerings (IPOs) is optimal. It is shown that the optimality of a uniform price in IPOs depends mainly on whether the (optimal) allocation rule is restricted. It is shown that the main determinant of the optimality of a uniform pricing rule is the existence and the shape of the retail investors' budget constraint. However in contrast, institutional investors' preferences are shown to mainly affect the optimal allocation rule. |
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