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| Tekijä: | Johnson, W.C. Marietta-Westberg, J. |
| Otsikko: | The distribution of IPO holdings across institutional mutual funds |
| Lehti: | Journal of Business Ethics
2009 : VOL 90:2 p. 119-128 |
| Asiasana: | initial public offerings banks investment banks funds pricing |
| Vapaa asiasana: | mutual funds institutional holdings |
| Kieli: | eng |
| Tiivistelmä: | Initial public offering holdings in the mutual funds of four large investment banks and five large non-investment banks are examined in this paper. The data is collected from the years 1997-2002. It is found that investment banks hold IPOs with different characteristics than non-investment banks. Investment banks hold IPOs outside the fund objective in 27 % of the fund/IPO pairs while non-investment banks hold outside their objective in just 5,4 % of them. Also significant differences in IPO underpricing is found. |
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