Academic Journal
Optimal IPO Design with Informed Trading.
| العنوان: | Optimal IPO Design with Informed Trading. |
|---|---|
| المؤلفون: | Fabrice Rousseau, Nui Maynooth, Sarah Parlaney |
| المساهمون: | The Pennsylvania State University CiteSeerX Archives |
| المصدر: | http://www.ucd.ie/economics/research/papers/2007/WP07.06.pdf. |
| سنة النشر: | 2007 |
| المجموعة: | CiteSeerX |
| مصطلحات موضوعية: | Initial Public O¤ering, Book-building, Auction, Informed Trad- ing, Secondary Market and Dealer Market. 2 |
| الوصف: | We characterize optimal IPO design in the presence of distinct ad-verse selection problems: one a¤ecting the IPO stage and one arising in the after-market. Allocating shares to an investor with superior information in the after-market depresses the shares value to less informed investors. However, because it facilitates truthful interest report at the IPO stage it increases the expected o¤er price provided disadvantaged investors are su ¢ ciently unlikely to ip their share. We compare the book-buildings outcome to that of uniform price auction. The auction can enhance the expected o¤er price only if it systematically allocates a share to the strategic trader. JEL Classi cation: G24, G32. |
| نوع الوثيقة: | text |
| وصف الملف: | application/pdf |
| اللغة: | English |
| Relation: | http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.497.9870; http://www.ucd.ie/economics/research/papers/2007/WP07.06.pdf |
| الاتاحة: | http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.497.9870 http://www.ucd.ie/economics/research/papers/2007/WP07.06.pdf |
| Rights: | Metadata may be used without restrictions as long as the oai identifier remains attached to it. |
| رقم الانضمام: | edsbas.9FC91B82 |
| قاعدة البيانات: | BASE |
| الوصف غير متاح. |