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Bids and Allocations in European IPO Bookbuilding.

Abstract:

This paper uses evidence from a data set of 27 European IPOs to analyze how investors bid and the factors that influence their allocations. We also make use of a unique ranking of investor quality, associated with the likelihood of flipping the IPO. We find that investors perceived to be long-term holders of the stock are consistently favored in allocation and in out-turn profits. In contrast to Cornelli and Goldreich (2001), we find little evidence that more informative bids receive larger a...

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Journal:
Journal of Finance
Volume:
59
Publication date:
2004-01-01
URN:
uuid:b439a83c-2b47-41ab-a1f1-2a4060ade426
Local pid:
oai:economics.ouls.ox.ac.uk:10974
Language:
English

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