Bids and Allocations in European IPO Bookbuilding.
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 h...
| Hoofdauteurs: | , |
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| Formaat: | Journal article |
| Taal: | English |
| Gepubliceerd in: |
2004
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| _version_ | 1826292205508100096 |
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| author | Jenkinson, T Jones, H |
| author_facet | Jenkinson, T Jones, H |
| author_sort | Jenkinson, T |
| collection | OXFORD |
| description | 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 allocations or higher profits. Our results cast doubt upon the extent of information production during the bookbuilding period. |
| first_indexed | 2024-03-07T03:11:06Z |
| format | Journal article |
| id | oxford-uuid:b439a83c-2b47-41ab-a1f1-2a4060ade426 |
| institution | University of Oxford |
| language | English |
| last_indexed | 2024-03-07T03:11:06Z |
| publishDate | 2004 |
| record_format | dspace |
| spelling | oxford-uuid:b439a83c-2b47-41ab-a1f1-2a4060ade4262022-03-27T04:24:33ZBids and Allocations in European IPO Bookbuilding.Journal articlehttp://purl.org/coar/resource_type/c_dcae04bcuuid:b439a83c-2b47-41ab-a1f1-2a4060ade426EnglishDepartment of Economics - ePrints2004Jenkinson, TJones, HThis 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 allocations or higher profits. Our results cast doubt upon the extent of information production during the bookbuilding period. |
| spellingShingle | Jenkinson, T Jones, H Bids and Allocations in European IPO Bookbuilding. |
| title | Bids and Allocations in European IPO Bookbuilding. |
| title_full | Bids and Allocations in European IPO Bookbuilding. |
| title_fullStr | Bids and Allocations in European IPO Bookbuilding. |
| title_full_unstemmed | Bids and Allocations in European IPO Bookbuilding. |
| title_short | Bids and Allocations in European IPO Bookbuilding. |
| title_sort | bids and allocations in european ipo bookbuilding |
| work_keys_str_mv | AT jenkinsont bidsandallocationsineuropeanipobookbuilding AT jonesh bidsandallocationsineuropeanipobookbuilding |