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Global Integration in Primary Equity Markets: The Role of U.S. Banks and U.S. Investors.

Abstract:

We examine the costs and benefits of the global integration of initial public offering (IPO) markets associated with the diffusion of U.S. underwriting methods in the 1990s. Bookbuilding is becoming increasingly popular outside the United States and typically costs twice as much as a fixed-price offer. However, on its own, bookbuilding only leads to lower underpricing when conducted by U.S. banks and/or targeted at U.S. investors. For most issuers, the gains associated with lower underpricing...

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Authors


Alexander P Ljungqvist More by this author
Tim Jenkinson More by this author
William J Wilhelm More by this author
Journal:
Review of Financial Studies
Volume:
16
Publication date:
2003
URN:
uuid:9a79e3c1-430b-4dbc-9fab-972b135eb870
Local pid:
oai:economics.ouls.ox.ac.uk:11421
Language:
English

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