Underwriter deal pipeline and the pricing of IPOs

被引：16

作者：

Boeh, Kevin K. ^{[1
]}

Dunbar, Craig ^{[2
]}

机构：

[1] Univ Florida, Warrington Coll Business Adm, Bryan Hall, Gainesville, FL 32611 USA

[2] Western Univ, Ivey Sch Business, 1255 Western Rd,Room 3353, London, ON N6G 0N1, Canada

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2016年 / 120卷 / 02期

关键词：

Initial public offerings; First pricing; Underwriters; Syndicates; IPO markets; Underpricing; CERTIFICATION;

D O I：

10.1016/j.jfineco.2015.08.018

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study examines how initial public offering (IPO) pricing is affected by the pipeline of deals in registration, measured at the underwriter level. Examining IPOs from 2002 to 2013, we find evidence that measures of the IPO bookrunner's pipeline significantly affect pricing decisions. The evidence is mostly consistent with market power and agency theories, which argue that underwriters use a young or growing pipeline to push for higher IPO first day returns. (C) 2016 Elsevier B.V. All rights reserved.

引用

页码：383 / 399

页数：17

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