The benefits and costs of underwriters’ social capital in the US initial public offerings market
研究了美国IPO市场中承销商与机构投资者的嵌入关系如何影响股票抑价，发现需求低时抑价降低（利好卖方），需求高时抑价增加（利好买方），且高嵌入性削弱了承销商声誉与抑价的负相关。
This study explores the factors that influence the degree to which brokers in mediated markets employ their social capital to benefit either buyers or sellers in the context of underwriters’ involvement in the US initial public offerings (IPO) market. This study finds that the embeddedness of the lead underwriter with institutional investors in an IPO deal network is negatively associated with IPO stock underpricing when demand for the offering is low, thereby benefiting the seller, but is positively associated with the amount of underpricing when demand for the IPO is high, thereby benefiting the buyers. High underwriter embeddedness with institutional investors also reduces the negative relationship between underwriters’ reputation and underpricing.