Has the Introduction of Bookbuilding Increased the Efficiency of International IPOs?
By 1999, close to 80% of non-US IPOs were marketed using bookbuilding methods. We study whether the recent introduction of this technology by US banks and their inclusion in non-US IPO syndicates has promoted efficiency in primary equity markets. We analyse both direct and indirect costs (associated...
| Main Authors: | , , |
|---|---|
| Format: | Working paper |
| Language: | English |
| Published: |
CEPR
2000
|