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Bookbuilding and Strategic Allocation

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  • Francesca Cornelli
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    Abstract

    In the bookbuilding procedure, an investment banker solicits bids for shares from institutional investors prior to pricing an equity issue. The banker then prices the issue and allocates shares at his discretion to the investors. We examine the books for 39 international equity issues. We find that the investment banker awards more shares to bidders who provide information in their bids. Regular investors receive favorable allocations, especially when the issue is heavily oversubscribed. The investment banker also favors revised bids and domestic investors. Copyright The American Finance Association 2001.

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    Bibliographic Info

    Article provided by American Finance Association in its journal The Journal of Finance.

    Volume (Year): 56 (2001)
    Issue (Month): 6 (December)
    Pages: 2337-2369

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    Handle: RePEc:bla:jfinan:v:56:y:2001:i:6:p:2337-2369

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