银行附属机构投资者和 IPO 财团的组建

IF 7.2 1区 经济学 Q1 BUSINESS, FINANCE Journal of Corporate Finance Pub Date : 2024-05-03 DOI:10.1016/j.jcorpfin.2024.102587
Giuseppe Pratobevera
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引用次数: 0

摘要

通过使用美国 IPO 样本中的机构交易数据,我提供了 IPO 银团银行利用其关联机构投资者与 IPO 主承销商建立关系并促进其承销业务的证据。首先,我证明了投资经理在其母行为非牵头银团成员的 IPO 后市中提供了无利可图的价格支持。这种代价高昂的支持主要集中在冷门 IPO 和由独立机构净销售的 IPO 上。其次,我表明主承销商更有可能在 IPO 银团中选择其关联机构投资者支持 IPO 价格的银行。我讨论并记录了承销商和关联机构的激励机制证据,这些激励机制使得价格支持在均衡状态下出现。
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Bank-affiliated institutional investors and IPO syndicates formation

By using institutional trading data in a sample of US IPOs, I provide evidence that IPO syndicate banks use their affiliated institutional investors to build a relationship with IPO lead underwriters and boost their underwriting business. First, I show that investment managers provide unprofitable price support in the aftermarket of IPOs in which their parent banks are non-lead syndicate members. This costly support is concentrated in cold IPOs and IPOs net sold by independent institutions. Second, I show that lead underwriters are more likely to select in the IPO syndicate the banks whose affiliated institutional investors support IPO prices. I discuss and document evidence of the incentives of underwriters and affiliated institutions that make price support emerge in equilibrium.

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来源期刊
Journal of Corporate Finance
Journal of Corporate Finance BUSINESS, FINANCE-
CiteScore
11.80
自引率
3.30%
发文量
0
期刊介绍: The Journal of Corporate Finance aims to publish high quality, original manuscripts that analyze issues related to corporate finance. Contributions can be of a theoretical, empirical, or clinical nature. Topical areas of interest include, but are not limited to: financial structure, payout policies, corporate restructuring, financial contracts, corporate governance arrangements, the economics of organizations, the influence of legal structures, and international financial management. Papers that apply asset pricing and microstructure analysis to corporate finance issues are also welcome.
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