Working paper icon

Working paper

Has the introduction of bookbuilding increased the efficiency of international IPOs?

Abstract:

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 (associated with underpricing) using a unique dataset containing information on 2,051 initial public offerings in 61 non-U.S. markets during the period 1992-1999. The direct costs of bookbuilding are ty...

Expand abstract
Publication status:
Published

Actions


Access Document


Files:

Authors


Publisher:
University of Oxford Publisher's website
Series:
Department of Economics Discussion Paper Series
Publication date:
2000-04-01
Paper number:
2000-FE-04
Keywords:
Pubs id:
1144399
Local pid:
pubs:1144399
Deposit date:
2020-12-15

Terms of use


Views and Downloads






If you are the owner of this record, you can report an update to it here: Report update to this record

TO TOP