Quid Pro Quo? What Factors Influence IPO Allocations to Investors?

Autor:	Felix Suntheim, Tim Jenkinson, Howard Jones
Rok vydání:	2018
Předmět:	040101 forestry Economics and Econometrics 050208 finance International investment 05 social sciences Control (management) 04 agricultural and veterinary sciences Monetary economics Accounting 0502 economics and business 0401 agriculture forestry and fisheries Production (economics) Revenue Business Initial public offering Finance
Zdroj:	The Journal of Finance. 73:2303-2341
ISSN:	0022-1082
Popis:	With data from all the leading international investment banks on 220 IPOs raising $160bn, we test the determinants of IPO allocations. We compare investors’ IPO allocations with proxies for their information production during the bookbuilding and the broking (and other) revenues those investors generate for bookrunners. We find evidence consistent with information revelation theories. We also find strong support for the existence of a quid pro quo: broking revenues are a significant driver of investors’ IPO allocations and profits. The quid pro quo remains when we control for any unobserved investor characteristics and investor-bank relationships.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::a9aaa36bbe85c9bea8c8757c2d2826b3 https://doi.org/10.1111/jofi.12703 Zobrazit plný text záznamu Plný text ve formátu PDF Plný text ve formátu HTML
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