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Spinning and Underpricing: A Legal and Economic Analysis of the Preferential Allocation of Shares in Initial Public Offerings

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  • Sean Griffith

    (University of Connecticut)

Abstract

This article investigates the preferential allocation, or "spinning," of shares in initial public offerings. It begins by examining the offering process and the incentives of underwriters, issuers, and investors. Through this examination of the participants and the process, it locates the harm of spinning in the underpricing of initial public offerings. The article then seeks to identify precisely which participants in the offering process are harmed by the practice and finally evaluates the most appropriate means of addressing this harm.

Suggested Citation

  • Sean Griffith, "undated". "Spinning and Underpricing: A Legal and Economic Analysis of the Preferential Allocation of Shares in Initial Public Offerings," University of Connecticut School of Law Working Papers uconn_ucwps-1013, University of Connecticut School of Law.
    • Handle: RePEc:bep:conlaw:uconn_ucwps-1013
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    File URL: http://lsr.nellco.org/cgi/viewcontent.cgi?article=1013&context=uconn/ucwps
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    Cited by:

    1. Nugroho Sasikirono & Sumiati Sumiati & Nur Khusniyah Indrawati, 2018. "Underpricing and long-term market performance of initial public offerings in Indonesia: A quantile regression approach," Business and Economic Horizons (BEH), Prague Development Center, vol. 14(1), pages 152-167, January.

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