Evidence of Information Spillovers in the Production of Investment Banking Services  

Oleh:

Benveniste, Lawrence M. ; Ljungqvist, Alexander ; Wilhelm, William J. ; Xiaoyun, Yu

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 58 no. 2 (Apr. 2003), page 577-608.
Fulltext: p 577.pdf (244.56KB)

Isi artikel

We provide evidence that ¢rms attempting IPOs condition o¡er terms and the decision whether to carry through with an o¡ering 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 o¡erings subject to a common valuation factor. Our ¢ndings are consistent with investment banks implicitly bundling o¡erings subject to a common valuation factor to achieve more equitable internalization of information production costs and thereby preventing coordination failures in primary equity markets.

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