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The economics of IPO stabilization, syndicates and naked shorts

Abstract:

Stabilisation is the bidding for and purchase of securities by an underwriter immediately after an offering for the purpose of preventing or retarding a fall in price. Stabilisation is price manipulation, but regulators allow it within strict limits – notably that stabilisation may not occur above the offer price. For legislators and market authorities, a false market is a price worth paying for an orderly market. This paper compares the rationale for regulators' allowing IPO stabilisation wi...

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Authors


Howard Jones More by this author
Tim Jenkinson More by this author
Publication date:
2007
URN:
uuid:19e1d0f6-39d1-4872-8f83-5922c71f0364
Local pid:
oai:eureka.sbs.ox.ac.uk:1043

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