Auctions versus bookbuilding: The effects of IPO regulation in Japan
نویسندگان
چکیده
Abstract We analyze a regulatory change in the Japanese IPO market that created an abrupt shift from hybrid price‐discriminatory auctions to bookbuilding. find bookbuilding leads higher underpricing than auctions. Furthermore, we evidence price accuracy tends be for The results hold under variety of OLS specifications and with regression discontinuity designs exploiting regulation.
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ژورنال
عنوان ژورنال: The Financial Review
سال: 2022
ISSN: ['1540-6288', '0732-8516']
DOI: https://doi.org/10.1111/fire.12318