haku: @indexterm initial public offerings / yhteensä: 176
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| Tekijä: | Degeorge, F. Derrien, F. Womack, K.L. |
| Otsikko: | Auctioned IPOs: The US evidence |
| Lehti: | Journal of Financial Economics
2010 : NOV, VOL. 98:2 p. 177-194 |
| Asiasana: | initial public offerings investment banks auctions USA demand investors market research |
| Kieli: | eng |
| Tiivistelmä: | In 1999-2007, WR Hambrecht completed 19 IPOs in the U.S. using an auction mechanism. This paper analyzes investor behavior and mechanism performance in these auctioned IPOs using detailed bidding data. The existence of some bids posted at high prices indicates that some investors (mostly retail) try to free-ride on the mechanism. But institutional demand in these auctions is very elastic, suggesting that institutional investors reveal information in the bidding process. Investor participation is largely predictable based on deal size, and demand is dominated by institutions. It is found that institutional investors, who provide more information, are rewarded by obtaining a larger share of the deals that have higher initial returns. The results suggest that auctioned IPOs could be an effective alternative to traditional bookbuilding. |
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