Add to ORKGWe clarify and reinterpret the results of Benveniste and Wilhelm (1990) concerning the effect of a uniform price restriction on the proceeds of an IPO. If regular institutional investors are, on average, at least as well informed as ordinary retail investors then our corrected version of Benveniste and Wilhelm's model shows that a uniform price restriction does not affect IPO proceeds.
We develop a theoretical analysis of the choice of Þrms between Þxed-price offerings and uniform-pri...
Investors who possess information about the value of an IPO can participate in the offering as well ...
We present a dynamic model of an IPO market in which firms go public to raise capital for investment...
Recent events are replete with stories of fraudulent or opportunistic behavior in the initial public...
This paper provides an economic model resulting in two distinct marketing strategies available to in...
Concerns about the negative consequences of the excessive underpricing of the current arrangement in...
This paper uses an optimal auction approach to investigate the conditions under which uniform pricin...
We study the role of underwriter compensation in mitigating conflicts of interest between companies ...
We estimate the structural links between IPO allocations, pre-market information production, and ini...
In their chapter in Dynamic Competition and Public Policy (2001, Cambridge University Press), Burtis...
We document a robust buy/sell asymmetry in the choice of the broker in the IPO aftermarket: institut...
Despite their theoretical efficiency in selling shares to the public, auctions are not the preferred...
The proposed model, by incorporating both (1) banker screening of new issues and (2) costly evaluati...
A relevant factor in determining the quality of an initial public offering (IPO) mechanism is the le...
Extant literature shows that IPO first-day returns are correlated with market returns preceding the ...
We develop a theoretical analysis of the choice of Þrms between Þxed-price offerings and uniform-pri...
Investors who possess information about the value of an IPO can participate in the offering as well ...
We present a dynamic model of an IPO market in which firms go public to raise capital for investment...
Recent events are replete with stories of fraudulent or opportunistic behavior in the initial public...
This paper provides an economic model resulting in two distinct marketing strategies available to in...
Concerns about the negative consequences of the excessive underpricing of the current arrangement in...
This paper uses an optimal auction approach to investigate the conditions under which uniform pricin...
We study the role of underwriter compensation in mitigating conflicts of interest between companies ...
We estimate the structural links between IPO allocations, pre-market information production, and ini...
In their chapter in Dynamic Competition and Public Policy (2001, Cambridge University Press), Burtis...
We document a robust buy/sell asymmetry in the choice of the broker in the IPO aftermarket: institut...
Despite their theoretical efficiency in selling shares to the public, auctions are not the preferred...
The proposed model, by incorporating both (1) banker screening of new issues and (2) costly evaluati...
A relevant factor in determining the quality of an initial public offering (IPO) mechanism is the le...
Extant literature shows that IPO first-day returns are correlated with market returns preceding the ...
We develop a theoretical analysis of the choice of Þrms between Þxed-price offerings and uniform-pri...
Investors who possess information about the value of an IPO can participate in the offering as well ...
We present a dynamic model of an IPO market in which firms go public to raise capital for investment...