haku: @indexterm allocation / yhteensä: 247
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| Tekijä: | Ljungqvist, A. P. Wilhelm, W. J. Jr. |
| Otsikko: | IPO allocations: discriminatory or discretionary? |
| Lehti: | Journal of Financial Economics
2002 : AUG, VOL. 65:2, p. 167-201 |
| Asiasana: | Initial public offerings Allocation Investments Pricing |
| Vapaa asiasana: | Bookbuilding |
| Kieli: | eng |
| Tiivistelmä: | The authors estimate the structural links between IPO allocations, pre-market information production, and initial underpricing and find that (1) allocation policies favour institutional investors, (2) increasing institutional allocations results in offer prices that deviate more from the pre-marketing price range, (3) constraints on bankers' discretion reduce institutional allocations and result in smaller price revisions, indicating dimished information production; and (4) initial returns are directly related to information production and inversely related to institutional allocations. The results indicate that discretionary allocations promote price discovery in the IPO market and reduce indirect issuance costs for IPO firms. |
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