Syndicate Size In Global IPO Underwriting

How Syndicate Short Sales Affect the Informational Efficiency of IPO Prices and Underpricing

When a company goes public it is standard practice that more shares are allocated than issued. The resulting short position that the offering syndicate holds is commonly filled either by aftermarket trading or by the execution of the so-called overallotment option, a standard feature of IPO arrangements. We propose a simple theoretical model to study the implications of this combination of shor...

How Syndicate Short Sales Affect the Informational Efficiency of IPO Prices and Underpricing

When a company goes public, it is standard practice that the underwriting syndicate allocates more shares than issued. The underwriter thus holds a short position that it commonly fills by aftermarket trading when market prices fall or, when prices rise, by executing the so-called overallotment option. This option is a standard feature of IPO arrangements that allows the underwriter to purchase...

Conflicts of Interest and Research Quality of Affiliated Analysts: Evidence from IPO Underwriting

The quality of financial analysts’ equity research is pivotal for an efficient capital market. This study investigates the quality of earnings forecasts and stock recommendations for initial public offerings (IPOs) in Germany. The empirical study includes 12,605 earnings forecasts and 6,209 stock recommendations of individual analysts for the time period from 1997 to 2004. The focus of this stu...

The Impact on IPO Assurance Fees of Commercial Bank Entry into the Equity Underwriting Market

Coordinated Concurrent Programming in Syndicate

Most programs interact with the world: via graphical user interfaces, networks, etc. This form of interactivity entails concurrency, and concurrent program components must coordinate their computations. This paper presents Syndicate, a novel design for a coordinated, concurrent programming language. Each concurrent component in Syndicate is a functional actor that participates in scoped convers...