Has the introduction of bookbuilding increased the efficiency of international IPOs?
By 1999, close to 80% of non-U.S. IPOs were marketed using bookbuilding methods. We study whether the recent introduction of this technology by U.S. banks and their inclusion in non-U.S. IPO syndicates has promoted efficiency in primary equity markets. We analyze both direct and indirect costs (asso...
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| Format: | Working paper |
| Published: |
University of Oxford
2000
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