haku: @journal_id 62 / yhteensä: 680
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| Tekijä: | Benvensite, L. Busaba, W. |
| Otsikko: | Bookbuilding vs. fixed price: an analysis of competing strategies for marketing IPOs |
| Lehti: | Journal of Financial and Quantitative Analysis
1997 : DEC, VOL. 32:4, p. 383-404 |
| Asiasana: | PRICES COMPETITION STRATEGY |
| Kieli: | eng |
| Tiivistelmä: | The authors compare two mechanisms for selling IPOs, the fixed price method and American bookbuilding, when investors have correlated information and can observe each other's subscription decisions. In this environment, the fixed price method is a strategy that can create cascading demand. Alternatively, an underwriter building a book aggregates investor information into the offer price. The authors find that bookbuilding generates higher expected proceeds but exposes the issuer to greater uncertainty. |
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