IPO Allocations: Discriminatory or Discretionary?

Preprint OPEN
William Wilhelm; Alexander Ljungqvist;
  • Subject: bookbuilding; initial public offerings; intermediation; underpricing
    • jel: jel:G32

We estimate the structural links between IPO allocations, pre-market information production, and initial underpricing returns, within the context of theories of bookbuilding. Using a sample of both US and international IPOs we find evidence of the following: ? IPO alloc... View more
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