Underpricing and Firm Quality in Initial Public Offerings: Evidence from Singapore
研究新加坡股市中，IPO公司选择固定价格发行或两阶段发行（固定价加招标）对抑价的影响，发现招标公司固定价部分抑价更高，但通过招标部分收回，表明招标用于传递公司质量信号。
Firms seeking initial public listings on the Stock Exchange of Singapore can choose between offering their shares at a fixed price or selling them in two tranches: the first tranche is offered at a fixed price while the issue price of the second tranche is determined via a tender system. Consistent with the existing signalling literature, tendering IPO firms underprice their fixed price tranche more than non‐tendering IPO firms. The underpricing in the fixed tranche is recouped through higher proceeds from the tender tranche. Our evidence suggests that IPO firms use the tender option to signal superior firm quality.