IPO Pricing and Allocation: A Survey of the Views of Institutional Investors

被引:53
|
作者
Jenkinson, Tim [1 ]
Jones, Howard [1 ]
机构
[1] Univ Oxford, Said Business Sch, Oxford OX1 1HP, England
来源
REVIEW OF FINANCIAL STUDIES | 2009年 / 22卷 / 04期
关键词
G23; G24; INITIAL PUBLIC OFFERINGS; MUTUAL FUNDS;
D O I
10.1093/rfs/hhn079
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
Despite the central importance of investors to all initial public offering (IPO) theories, relatively little is known about their role in practice. This article is based on a survey of how institutional investors assess IPOs, what information they provide to the investment banking syndicate, and the factors they believe influence allocations. We find that investor characteristics, in particular brokerage relationships with the bookrunner, are perceived to be the most important factors influencing allocations, which supports the view that IPO allocations are part of implicit quid pro quo deals with investment banks. The survey raises doubts as to the extent of information production or revelation.
引用
收藏
页码:1477 / 1504
页数:28
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