The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.
IPOs and Long-Term Relationships: An Advantage of Book Building
Open accessAbstract
There is a global trend in initial public offerings toward the increased use of book building. Relative to other methods such as auctions, a key feature of book building is that the underwriter has total discretion in allocating shares, allowing allocations to be based on long-term relationships between underwriters and investors. In a multiperiod model with endogenous (and costly) information acquisition. I show that the underwriter's ability to lower underpricing depends largely on its ability to favor regular uninformed investors. One implication is that the hybrid book building/open offer method, which is becoming increasingly popular internationally, will lead to higher underpricing than straight book building.
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Citations
Cites
Stabilization, syndication and pricing of IPOs
Chowdhry, B., & Nanda, V. (1996) · The Journal of Financial and Quantitative Analysis · doi:10.2307/2331385 · Cited by 177
Cited by
A Review of IPO Activity, Pricing and Allocations
Ritter, J. R., & Welch, I. (2002) · SSRN Electronic Journal · doi:10.2139/ssrn.296393 · Cited by 466
Metadata
- Authors
- Sherman, A. E.
- Venue
- Review of Financial Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2000-07
- Volume
- 13
- Issue
- 3
- Pages
- 697-714
- ISSN
- 0893-9454 (ISSN-L)
- 1465-7368
- OpenAlex
- W3121729588
- Cited by
- 208
- References
- 1
- FWCI
- 46.14
- Type
- journal article
- Language
- en
- Open access
- green
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- Sherman, A. E. (2000). IPOs and Long-Term Relationships: An Advantage of Book Building. Review of Financial Studies. https://doi.org/10.1093/rfs/13.3.697
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
