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| Tekijä: | Ellis, K. Michaely, R. O'Hara, M. |
| Otsikko: | When the underwriter is the market maker: an examination of trading in the IPO aftermarket |
| Lehti: | Journal of Finance
2000 : JUN, VOL. 55:3, p. 1039-1074 |
| Asiasana: | FINANCE TRADE UNDERWRITING |
| Kieli: | eng |
| Tiivistelmä: | This paper examines aftermarket trading of underwriters and unaffiliated market makers in the three-month period after an IPO. The authors find that the lead underwriter is always the dominant market maker; he takes substantial inventory positions in the aftermarket trading. The lead underwriter engages in stabilization activity for less successful IPOs, and uses the overallotment option to reduce his inventory risk. |
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