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IPO Pricing in the Dot-Com Bubble: Complacency or Incentives
IPO underpricing reached astronomical levels during 1999 and 2000. We show that the regime shift in initial returns and other elements of pricing behavior can be at least partially accounted for by… Expand
Competing for Securities Underwriting Mandates: Banking Relationships and Analyst Recommendations
We investigate directly whether analyst behaviour influenced the likelihood of banks winning underwriting mandates for a sample of 16,625 US debt and equity offerings sold between December 1993 and… Expand
A comparative analysis of IPO proceeds under alternative regulatory environments
Abstract We study the effect on IPO proceeds of uniform-price restrictions and restrictions on the allocation of oversubscribed issues. Our model suggests that underwriters, given the opportunity to… Expand
Global Integration in Primary Equity Markets: The Role of U.S. Banks and U.S. Investors
We examine the costs and benefits of the global integration of IPO markets associated with the diffusion of U.S. underwriting methods in the 1990s. Bookbuilding is becoming increasingly popular… Expand
Information Externalities and the Role of Underwriters in Primary Equity Markets
Firms that go public produce information that influences the production decisions of their rivals as well as their own. If information-production costs are borne primarily by pioneering firms, market… Expand
What's special about the specialist?
Abstract Exchange members claim that the professional relationships that evolve on exchange floors yield benefits not easily duplicated by an anonymous exchange mechanism. We show that longstanding… Expand
A Theory of the Syndicate: Form Follows Function
We relate the organizational form of investment banking syndicates to moral hazard in team production. Although syndicates are dissolved upon deal completion, membership stability across deals… Expand
Price Stabilization as a Bonding Mechanism in New Equity Issues
Examines the use of price stabilization and penalty bid provisions in primary equity markets. The model created in this analysis is based on the assumption that an underwriter represents the firm,… Expand
IPO Allocations: Discriminatory or Discretionary?
Provided herein is a method for manufacturing a semiconductor device. The method may include: forming a stack including at least one first material layer and at least one second material layer which… Expand