A joint experimental analysis of the dutch auction, book building and competitive ipo pricing methods

dc.creatorAlmeida, Vinício de Souza e
dc.creatorLeal, Ricardo Pereira Câmara
dc.date2019-10-14T16:14:47Z
dc.date2023-09-27T03:00:49Z
dc.date2010
dc.date.accessioned2023-09-27T13:33:41Z
dc.date.available2023-09-27T13:33:41Z
dc.identifierALMEIDA, Vinício de Souza e; LEAL, Ricardo Pereira Câmara. A joint experimental analysis of the dutch auction, book building and competitive ipo pricing methods. Rio de Janeiro: UFRJ, 2010. 27 p. (Relatórios COPPEAD, 393).
dc.identifier9788575080801
dc.identifier1518-3335
dc.identifierhttp://hdl.handle.net/11422/10066
dc.identifier.urihttps://repositorioslatinoamericanos.uchile.cl/handle/2250/8909558
dc.descriptionWe examine the differences of three IPO pricing methods jointly: book building, employed worldwide, the Dutch clock auction, routinely cited as an alternative to book building, and the competitive IPO, a recent innovation, tested in a few offers in Europe. We employ experiments with South American subjects who are bank professionals or business students. The main result is the characterization of book building as a pricing method that mostly benefits the investor at the expense of the issuer and the selling shareholders. The competitive IPO, on the other hand, was the method that gave the best results for the issuer and selling shareholders, at the expense of investors. The competitive IPO, however, showed more dispersion of initial returns and evidence of the "bait-and-switch" strategy, which may be disguised in book building offers but is clearly exposed in the competitive IPO. Issuers could benefit from regulation or private contracting that favor the competitive IPO if its procedure discourages "baiting-and-switching". Moving towards the competitive IPO may not be in the interest of underwriters and their clients.
dc.descriptionIndisponível.
dc.languageeng
dc.publisherUniversidade Federal do Rio de Janeiro
dc.publisherBrasil
dc.publisherInstituto COPPEAD de Administração
dc.publisherUFRJ
dc.relationRelatórios COPPEAD
dc.rightsAcesso Aberto
dc.subjectFinanças
dc.subjectFinance
dc.subjectWorking paper
dc.subjectCNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO
dc.titleA joint experimental analysis of the dutch auction, book building and competitive ipo pricing methods
dc.typeRelatório


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