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| Tekijä: | Stoughton, N. M. Zechner, J. |
| Otsikko: | IPO-mechanisms, monitoring and ownership structure. |
| Lehti: | Journal of Financial Economics
1998 : JUL, VOL. 49:1, p. 45-77 |
| Asiasana: | INITIAL PUBLIC OFFERINGS SHARE OWNERSHIP UNDERWRITING |
| Kieli: | eng |
| Tiivistelmä: | The authors analyze the effect of different IPO mechanisms on the structure of share ownwership and explores the role of underpricing and rationing in determining investors' shareholdings. They focus on the agency problem that results when large institutions are the only investors capable of monitoring the firm whearas small shareholders free-ride on these activities. The major conclusion is that some well-known aspects of IPOs may be explained as rational responses by the issuer to the existence of regulatory constraints in public capital markets. In the model the existence of underpricing is an indication that the issuer has received a higher ex ante price than would have been obtained through a competitive Walrasian-type offering process. |
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