Access the full text.
Sign up today, get DeepDyve free for 14 days.
(1973)
Premia on Unseasoned Equity Issues
Randolph Beatty, I. Welch (1996)
Issuer Expenses and Legal Liability in Initial Public OfferingsThe Journal of Law and Economics, 39
B. Biais, P. Bossaerts, J. Rochet (2002)
An optimal IPO mechanismThe Review of Economic Studies, 69
I. Welch (1992)
Sequential Sales, Learning, and CascadesJournal of Finance, 47
J. Yuen (2000)
Conflict of Interest and the Credibility of Underwriter Analyst RecommendationsCfa Digest, 30
Lawrence Benveniste, W. Wilhelm (1990)
A comparative analysis of IPO proceeds under alternative regulatory environmentsJournal of Financial Economics, 28
L. Krigman, W. Shaw, Kent Womack (1999)
The Persistence of IPO Mispricing and the Predictive Power of FlippingCapital Markets eJournal
(1983)
Sous-évaluation des titres et méthodes d'introduction au Second Marché
N. Stoughton, J. Zechner (1998)
IPO-mechanisms, monitoring and ownership structureJournal of Financial Economics, 49
Lawrence Benveniste, Walid Busaba (1997)
Bookbuilding vs. Fixed Price: An Analysis of Competing Strategies for Marketing IPOsJournal of Financial and Quantitative Analysis, 32
Roni Michaely, Kent Womack (1999)
Conflict of interest and the credibility of underwriter analyst recommendationsReview of Financial Studies, 12
(1993)
Post-IPO Performance: A French Appraisal
Tim Loughran, J. Ritter, Kristian Rydqvist (1994)
Initial public offerings: International insightsPacific-basin Finance Journal, 2
A. Prat (1999)
Campaign Advertising and Voter WelfareJournal of Econometrics
Craig Dunbar (1997)
Factors Affecting Investment Bank Initial Public Offering Market ShareBanking & Insurance
Kevin Rock (1986)
Why new issues are underpricedJournal of Financial Economics, 15
Dongwei Su (2003)
The Underpricing of Initial Public Offerings
Michel Habib, Alexander Ljungqvist (2001)
Underpricing and Entrepreneurial Wealth Losses in Ipos:Theory and EvidenceReview of Financial Studies, 14
Ann Sherman (2000)
Ipos and Long Term Relationships: An Advantage of Book BuildingCorporate Finance and Organizations eJournal
J. Ritter (1984)
The "Hot Issue" Market of 1980The Journal of Business, 57
R. Ibbotson, J. Sindelar, J. Ritter (1994)
THE MARKET'S PROBLEMS WITH THE PRICING OF INITIAL PUBLIC OFFERINGSJournal of Applied Corporate Finance, 7
M. Brennan, J. Franks (1997)
Underpricing, ownership and control in initial public offerings of equity securities in the UKJournal of Financial Economics, 45
Alexander Ljungqvist, T. Jenkinson, W. Wilhelm (2000)
Global Integration in Primary Equity Markets: The Role of U.S. Banks and U.S. InvestorsSPGMI: Capital IQ Data (Topic)
L. Krigman, Kent Womack (2001)
Why Do Firms Switch Underwriters?Corporate Finance: Capital Structure & Payout Policies
R. Ibbotson, J. Sindelar, J. Ritter (1988)
INITIAL PUBLIC OFFERINGSJournal of Applied Corporate Finance, 1
K. Kutsuna, Richard Smith (2000)
Issue Cost and Method of IPO Underwriting: Japan's Change from Auction Method Pricing to Book Building
Lawrence Benveniste, P. Spindt (1989)
How investment bankers determine the offer price and allocation of new issuesJournal of Financial Economics, 24
B. Biais, Anne Faugeron-Crouzet (2002)
IPO Auctions: English, Dutch, ... French, and InternetJournal of Financial Intermediation, 11
R. Ibbotson (1975)
Price performance of common stock new issuesJournal of Financial Economics, 2
Hsuan‐Chi Chen, J. Ritter (2000)
The Seven Percent SolutionJournal of Finance, 55
Randolph Beatty, J. Ritter (1986)
INVESTMENT BANKING, REPUTATION, AND THE UNDERPRICING OF INITIAL PUBLIC OFFERINGS*Journal of Financial Economics, 15
Market returns before the offer price is set affect the amount and variability of initial public offering (IPO) underpricing. Thus an important question is “What IPO procedure is best adapted for controlling underpricing in “hot” versus “cold” market conditions?” The French stock market offers a unique arena for empirical research on this topic, since three substantially different issuing mechanisms (auctions, bookbuilding, and fixed price) are used there. Using 1992–1998 data, we find that the auction mechanism is associated with less underpricing and lower variance of underpricing. We show that the auction procedure's ability to incorporate more information from recent market conditions into the IPO price is an important reason.
The Review of Financial Studies – Oxford University Press
Published: Jan 16, 2003
Read and print from thousands of top scholarly journals.
Already have an account? Log in
Bookmark this article. You can see your Bookmarks on your DeepDyve Library.
To save an article, log in first, or sign up for a DeepDyve account if you don’t already have one.
Copy and paste the desired citation format or use the link below to download a file formatted for EndNote
Access the full text.
Sign up today, get DeepDyve free for 14 days.
All DeepDyve websites use cookies to improve your online experience. They were placed on your computer when you launched this website. You can change your cookie settings through your browser.