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...
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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...
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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. ...
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ژورنال
عنوان ژورنال: Nature Biotechnology
سال: 2004
ISSN: 1087-0156,1546-1696
DOI: 10.1038/nbt1204-1489