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| Tekijä: | Maksimovic, V. Pichler, P. |
| Otsikko: | Structuring the initial offering: Who to sell to and how to do it |
| Lehti: | Review of finance
2006 : VOL. 10:3, p. 353-387 |
| Asiasana: | initial public offerings securities decision making adverse selection models |
| Kieli: | eng |
| Tiivistelmä: | This paper develops a unified model of the issuers decisions taking into account both mechanism design and adverse selection risk, enabling to determine the optimal amount of information (hereafter as: info.) gathering prior to setting the offer price, and to understand causes for underpricing (here as: u-prg.). The key issue for u-prg. control is the flexibility to allocate securities btw. a pool of investors providing pricing-relevant info. and those not providing info. Policies guaranteeing a minimum allocation to investors in the pool result in u-prg. Policies capping the allocations to such investors do not etc. |
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