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| Main Author: | |
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| Format: | Artículo científico |
| Language: | en |
| Published: |
Fundação Getulio Vargas
2015
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| Subjects: | |
| Online Access: | https://www.redalyc.org/articulo.oa?id=155133820002 https://www.redalyc.org/journal/1551/155133820002/ https://www.redalyc.org/journal/1551/155133820002/html/ https://www.redalyc.org/journal/1551/155133820002/155133820002.epub https://www.redalyc.org/journal/1551/155133820002/movil |
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Table of Contents:
- A JOINT EXPERIMENTAL ANALYSIS OF INVESTOR BEHAVIOR IN IPO PRICING METHODS VINICIO DE SOUZA E ALMEIDA RICARDO PEREIRA CÂMARA LEAL Administración y Contabilidad IPO Auction experiment book building competitive IPO This article jointly examines the differences of laboratory versions of the Dutch clock open auction,a sealed-bid auction to represent book building, and a two-stage sealed bid auction to proxy for the“competitive IPO”, a recent innovation used in a few European equity initial public offerings. We in-vestigate pricing, seller allocation, and buyer welfare allocation efficiency and conclude that the bookbuilding emulation seems to be as price efficient as the Dutch auction, even after investor learning,whereas the competitive IPO is not price efficient, regardless of learning. The competitive IPO is themost seller allocative efficient method because it maximizes offer proceeds. The Dutch auction emer-ges as the most buyer welfare allocative efficient method. Underwriters are probably seeking pricingefficiency rather than seller or buyer welfare allocative efficiency and their discretionary pricing andallocation must be important since book building is prominent worldwide. 2015 artículo científico 0034-7590 https://www.redalyc.org/articulo.oa?id=155133820002 https://www.redalyc.org/journal/1551/155133820002/ https://www.redalyc.org/journal/1551/155133820002/html/ https://www.redalyc.org/journal/1551/155133820002/155133820002.epub https://www.redalyc.org/journal/1551/155133820002/movil en http://www.redalyc.org/revista.oa?id=1551 RAE - Revista de Administração de Empresas application/pdf Fundação Getulio Vargas RAE - Revista de Administração de Empresas (Brasil) Num.1 Vol.55