Evidence of information spillovers in the production of investment banking services

被引:158
作者
Benveniste, LM [1 ]
Ljungqvist, A
Wilhelm, WJ
Yu, XY
机构
[1] Univ Minnesota, Carlson Sch Management, Minneapolis, MN 55455 USA
[2] Ctr Econ Policy Res, London SW1Y 6LA, England
[3] NYU, Stern Sch Business, New York, NY USA
[4] Univ Oxford, Said Business Sch, Oxford, England
[5] Univ Virginia, McIntire Sch Commerce, Charlottesville, VA 22903 USA
[6] Indiana Univ, Sch Business, Bloomington, IN 47405 USA
关键词
D O I
10.1111/1540-6261.00538
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
We provide evidence that firms attempting IPOs condition offer terms and the decision whether to carry through with an offering on the experience of their primary market contemporaries. Moreover, while initial returns and IPO volume are positively correlated in the aggregate, the correlation is negative among contemporaneous offerings subject to a common valuation factor. Our findings are-consistent with investment banks implicitly bundling offerings subject to a common valuation factor to achieve more equitable internalization of information production costs and thereby preventing coordination failures in primary equity markets.
引用
收藏
页码:577 / 608
页数:32
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