Valuation and performance of reallocated IPO shares

被引：13

作者：

Bonaventura, Matteo ^{[1
]}

Giudici, Giancarlo ^{[1
]}

Vismara, Silvio ^{[2
]}

机构：

[1] Politecn Milan, Sch Management, Milan, Italy

[2] Univ Bergamo, Bergamo, Italy

来源：

JOURNAL OF INTERNATIONAL FINANCIAL MARKETS INSTITUTIONS & MONEY | 2018年 / 54卷

关键词：

Initial public offerings; IPO allocation; Long run valuation; IPO valuation; INITIAL PUBLIC OFFERINGS; UNDERWRITER REPUTATION; OPERATING PERFORMANCE; STRATEGIC ALLOCATION; VENTURE; RETURNS; ISSUES; MARKET; FIRMS; OWNERSHIP;

D O I：

10.1016/j.intfin.2017.05.005

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Shares in book-building IPOs can be reallocated in different proportions between retail and institutional investors, compared to the target allocation initially reported in official prospectuses. We use a sample of 195 Italian IPOs to discover an increased reallocation to retail investors in IPOs overvalued compared to peer firms. Institutional investors benefit from reallocation as they obtain more shares in IPOs with better long run performance. (C) 2017 Elsevier B.V. All rights reserved.

引用

页码：15 / 26

页数：12

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