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| Tekijä: | Benveniste, L.M. Busaba, W.Y. Wilhelm Jr., W.J. |
| Otsikko: | Information externalities and the role of underwriters in primary equity markets |
| Lehti: | Journal of Financial Intermediation
2002 : JAN, VOL. 11:1, p. 61-86 |
| Asiasana: | INFORMATION INITIAL PUBLIC OFFERINGS STOCK MARKETS UNDERWRITING |
| Kieli: | eng |
| Tiivistelmä: | Firms that go public produce information that influences the production decisions of their rivals as well as their own production decisions. If information-production costs are borne primarily by pioneering firms, market failures can occur in which both pioneers and followers remain private and make ill-informed investment decisions. Solving this coordination problem requires a transfer between pioneers and followers that leads to a more equitable distribution of information-production costs. The authors contend that investment banks can enforce such a transfer by effectively bundling IPOs within an industry. |
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