IPOs and Product Quality
نویسندگان
چکیده
منابع مشابه
Competitive IPOs
Competition between investment banks for lead underwriter mandates in IPOs is fierce, but having committed to a particular bank, the power of the issuer is greatly reduced. Although information revelation theories justify giving the underwriters influence over pricing and allocation, this creates the potential for conflicts of interest. In this clinical paper we analyse an interesting innovatio...
متن کاملPurchasing IPOs with Commissions
We find direct evidence that institutions churn stocks, increase commissions per share and pay unusually high commissions on trades in order to send abnormally high commissions to lead underwriters of upcoming IPOs. These excess commission payments are a particularly effective way for transient investors to receive lucrative IPO allocations. Our results suggest that the underwriter’s concern fo...
متن کاملPurchasing IPOs with Commissions
We find direct evidence that institutions increase round-trip stock trades, increase average commissions per share, and pay unusually high commissions on some trades in order to send abnormally high commissions to the lead underwriters of profitable initial public offerings (IPOs). These excess commission payments are a particularly effective way for transient investors to receive lucrative IPO...
متن کاملAnchor Investors in IPOs
Anchor Investors in IPOs In July 2009, the Securities and Exchange Board of India (SEBI) permitted a version of bookbuilding in which IPO managers solicit bids from and allocate allocations to anchor investors in the IPO pre-market, subject to disclosure of the price, quantity, and identity of anchors participating in the pre-market bookbuilding. We obtain share allocation data in anchor IPOs. ...
متن کاملProduct Quality and Market Size∗
Urban economists generally understand cities to balance negative externalities of congestion against the positive effects of agglomeration on productivity and consumers (Henderson, 1969). It is commonly assumed that that agglomeration promotes product variety. Here we explore a related but distinct effect on consumers, the effect of agglomeration (or city size) on product quality. This question...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: The Journal of Business
سال: 2001
ISSN: 0021-9398,1537-5374
DOI: 10.1086/321931