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Institutional Allocation In Initial Public Offerings: Empirical Evidence / Reena Aggarwal, Nagpurnanand R. Prabhala, Manju Puri.
- Format:
- Book
- Author/Creator:
- Aggarwal, Reena.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w9070.
- NBER working paper series no. w9070
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Institutional Allocation In Initial Public Offerings
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2002.
- Summary:
- We analyze institutional allocation in initial public offerings (IPOs) using a new dataset of US offerings between 1997 and 1998. We document a positive relationship between institutional allocation and day one IPO returns. This is partly explained by the practice of giving institutions more shares in IPOs with strong pre-market demand, consistent with book-building theories. However, institutional allocation also contains private information about first-day IPO returns not reflected in pre-market demand and other public information. Our evidence supports book-building theories of IPO underpricing, but suggests that institutional allocation in underpriced issues is in excess of that explained by book-building alone.
- Notes:
- Print version record
- July 2002.
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