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Gentlemanly capitalism revisited: a case study of the underpricing of initial public offerings on the London Stock Exchange 1946-86

Abstract:

Allegations of British capital market failure are numerous, range from claims of domestic investor bias before 1914 to charges of short-termism against institutional investors towards the end of the last century, and are frequently contentious. This paper revisits this literature by pointing up the post-1945 IPO market as a clear example of capital market failure. Despite the tender offer method delivering 10% lower underpricing than the dominant IPO method, it was adopted by fewer than 1 in ...

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Publication status:
Published

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Publisher:
University of Oxford
Series:
Department of Economics Discussion Paper Series
Publication date:
2007-12-01
Paper number:
253
Keywords:
Pubs id:
1144061
Local pid:
pubs:1144061
Deposit date:
2020-12-15

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