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Dutch-auction IPOs: institutional development and underpricing performance

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  • Mary Robinson
  • Richard Robinson

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  • Mary Robinson & Richard Robinson, 2012. "Dutch-auction IPOs: institutional development and underpricing performance," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 36(3), pages 521-554, July.
    • Handle: RePEc:spr:jecfin:v:36:y:2012:i:3:p:521-554
    DOI: 10.1007/s12197-010-9166-3
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    References listed on IDEAS

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    3. Jay R. Ritter & Ivo Welch, 2002. "A Review of IPO Activity, Pricing, and Allocations," Journal of Finance, American Finance Association, vol. 57(4), pages 1795-1828, August.
    4. Stoll, Hans R. & Curley, Anthony J., 1970. "Small Business and the New Issues Market for Equities," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 5(3), pages 309-322, September.
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    6. Carter, Richard B & Manaster, Steven, 1990. "Initial Public Offerings and Underwriter Reputation," Journal of Finance, American Finance Association, vol. 45(4), pages 1045-1067, September.
    7. Mark Grinblatt & Chuan Yang Hwang, "undated". "Signalling and the Pricing of Unseasoned New Issues," Rodney L. White Center for Financial Research Working Papers 1-89, Wharton School Rodney L. White Center for Financial Research.
    8. Tim Loughran & Jay R. Ritter, 2002. "Why Don't Issuers Get Upset About Leaving Money on the Table in IPOs?," The Review of Financial Studies, Society for Financial Studies, vol. 15(2), pages 413-444, March.
    9. Hanley, Kathleen Weiss, 1993. "The underpricing of initial public offerings and the partial adjustment phenomenon," Journal of Financial Economics, Elsevier, vol. 34(2), pages 231-250, October.
    10. Beatty, Randolph P. & Ritter, Jay R., 1986. "Investment banking, reputation, and the underpricing of initial public offerings," Journal of Financial Economics, Elsevier, vol. 15(1-2), pages 213-232.
    11. Benveniste, Lawrence M. & Spindt, Paul A., 1989. "How investment bankers determine the offer price and allocation of new issues," Journal of Financial Economics, Elsevier, vol. 24(2), pages 343-361.
    12. Richard Robinson & Mary Robinson & Chien-Chih Peng, 2004. "Underpricing and IPO ownership retention," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 28(1), pages 132-146, March.
    13. Beverly Marshall & Claire Crutchley & Diane Lending, 2004. "Early internet IPOs versus subsequent entrants," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 28(1), pages 104-116, March.
    14. Rock, Kevin, 1986. "Why new issues are underpriced," Journal of Financial Economics, Elsevier, vol. 15(1-2), pages 187-212.
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    18. Gregory Hebb & Gregory MacKinnon, 2004. "Valuation uncertainty and IPOs: Investment bank versus commercial bank underwriters," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 28(1), pages 68-87, March.
    19. Hsuan‐Chi Chen & Jay R. Ritter, 2000. "The Seven Percent Solution," Journal of Finance, American Finance Association, vol. 55(3), pages 1105-1131, June.
    20. Bradley, Daniel J. & Jordan, Bradford D., 2002. "Partial Adjustment to Public Information and IPO Underpricing," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 37(4), pages 595-616, December.
    21. McDonald, J G & Fisher, A K, 1972. "New Issue Stock Price Behavior," Journal of Finance, American Finance Association, vol. 27(1), pages 97-102, March.
    22. Neuberger, Brian M. & Hammond, Carl T., 1974. "A Study of Underwriters' Experience With Unseasoned New Issues," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 9(2), pages 165-177, March.
    23. Leland, Hayne E & Pyle, David H, 1977. "Informational Asymmetries, Financial Structure, and Financial Intermediation," Journal of Finance, American Finance Association, vol. 32(2), pages 371-387, May.
    24. Busaba, Walid Y. & Benveniste, Lawrence M. & Guo, Re-Jin, 2001. "The option to withdraw IPOs during the premarket: empirical analysis," Journal of Financial Economics, Elsevier, vol. 60(1), pages 73-102, April.
    25. Smith, Clifford Jr., 1986. "Investment banking and the capital acquisition process," Journal of Financial Economics, Elsevier, vol. 15(1-2), pages 3-29.
    26. Downes, David H & Heinkel, Robert, 1982. "Signaling and the Valuation of Unseasoned New Issues," Journal of Finance, American Finance Association, vol. 37(1), pages 1-10, March.
    27. FranÁois Derrien & Kent L. Womack, 2003. "Auctions vs. Bookbuilding and the Control of Underpricing in Hot IPO Markets," The Review of Financial Studies, Society for Financial Studies, vol. 16(1), pages 31-61.
    28. Beatty, Randolph P & Welch, Ivo, 1996. "Issuer Expenses and Legal Liability in Initial Public Offerings," Journal of Law and Economics, University of Chicago Press, vol. 39(2), pages 545-602, October.
    29. Richard B. Carter & Frederick H. Dark & Ajai K. Singh, 1998. "Underwriter Reputation, Initial Returns, and the Long-Run Performance of IPO Stocks," Journal of Finance, American Finance Association, vol. 53(1), pages 285-311, February.
    30. Baron, David P, 1982. "A Model of the Demand for Investment Banking Advising and Distribution Services for New Issues," Journal of Finance, American Finance Association, vol. 37(4), pages 955-976, September.
    31. Baron, David P & Holmstrom, Bengt, 1980. "The Investment Banking Contract for New Issues under Asymmetric Information: Delegation and the Incentive Problem," Journal of Finance, American Finance Association, vol. 35(5), pages 1115-1138, December.
    32. Reena Aggarwal, 2000. "Stabilization Activities by Underwriters after Initial Public Offerings," Journal of Finance, American Finance Association, vol. 55(3), pages 1075-1103, June.
    33. Bear, Robert M. & Curley, Anthony J., 1975. "Unseasoned Equity Financing," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 10(2), pages 311-325, June.
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    Citations

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    Cited by:

    1. Sanjay Dhamija & Ravinder Kumar Arora, 2017. "Initial and After-market Performance of SME IPOs in India," Global Business Review, International Management Institute, vol. 18(6), pages 1536-1551, December.
    2. Cerezo Sánchez, David, 2017. "An Optimal ICO Mechanism," MPRA Paper 81285, University Library of Munich, Germany.
    3. Li, Zhen & Yue, Jinfeng & Kuo, Ching-Chung, 2018. "Design of discrete Dutch auctions with consideration of time," European Journal of Operational Research, Elsevier, vol. 265(3), pages 1159-1171.

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    More about this item

    Keywords

    IPO; Dutch Auction; G12; G24;
    All these keywords.

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage

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