The Strategy of Going Public: How UK Firms Choose Their Listing Contracts
研究英国上市公司在公开发行和定向配售之间的选择，发现事前不确定性高的公司更倾向配售，而高声誉保荐人和债权人筛选可作为质量信号，使公司能选择公开发行。
Abstract: UK firms going public have a choice between public offers and placings. This choice has important implications in terms of who bears the risk of the issue failing and of its costs. We find that firms with higher ex ante uncertainty choose a placing contract. Highly reputable sponsors and creditor screening serve as signals of firm quality, enabling such firms to choose a public offer. Large and multinational firms usually choose a public offer whereas there is some evidence that very small issues choose a placing. Finally, the ‘hotness’ of the IPO market increases the probability of placings.