The DOI matches its Crossref record.
Preplay Communication, Participation Restrictions, and Efficiency in Initial Public Offerings
Abstract
The extent to which the observed procedures for selling new issues are efficient is studied. We show that a posted-price mechanism, in conjunction with nonbinding preplay communication and participation restrictions, leads to an allocation of the security (and payment) that maximizes the seller’s expected revenue, given the informational constraints imposed by the optimizing incentives of the potential buyers.
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Citations
Cited by
Initial public offerings: International insights
Loughran, T., Ritter, J. R., & Rydqvist, K. (1994) · Pacific-Basin Finance Journal · doi:10.1016/0927-538x(94)90016-7 · Cited by 1,254
Initial Public Offerings: An Analysis of Theory and Practice
BRAU, J. C., & FAWCETT, S. E. (2006) · The Journal of Finance · doi:10.1111/j.1540-6261.2006.00840.x · Cited by 837
The Information Content of IPO Prospectuses
Hanley, K. W., & Hoberg, G. (2010) · Review of Financial Studies · doi:10.1093/rfs/hhq024 · Cited by 594
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
Experience and Brokerage in Asset Markets: Evidence from Art Auctions
Bruno, B., Garcia‐Appendini, E., & Nocera, G. (2018) · Financial Management · doi:10.1111/fima.12207
Metadata
- Authors
- Spatt, C., & Srivastava, S.
- Venue
- Review of Financial Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 1991-10
- Volume
- 4
- Issue
- 4
- Pages
- 709-726
- ISSN
- 0893-9454 (ISSN-L)
- 1465-7368
- OpenAlex
- W2051861230
- Cited by
- 181
- References
- 0
- FWCI
- 2.61
- Type
- journal article
- Language
- en
- Open access
- closed
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- CoChat. (2026). Citation check: Preplay Communication, Participation Restrictions, and Efficiency in Initial Public Offerings. https://app.cochat.ai/papers/10.1093/rfs/4.4.709
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- Spatt, C., & Srivastava, S. (1991). Preplay Communication, Participation Restrictions, and Efficiency in Initial Public Offerings. Review of Financial Studies. https://doi.org/10.1093/rfs/4.4.709
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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.
