Bookbuilding vs. Fixed Price: An Analysis of Competing Strategies for Marketing IPOs
比较了固定价格法和累计投标询价法两种IPO发行机制，发现累计投标询价能带来更高预期收益但不确定性更大，且提供按边际非折价增发的选择权。
We compare two mechanisms for selling IPOs, the fixed price method and American book-building, when investors have correlated information and can observe each other's subscription decisions. In this environment, the fixed price method is a strategy that can create cascading demand. Alternatively, an underwriter building a book aggregates investor information into the offer price. We find that bookbuilding generates higher expected proceeds but exposes the issuer to greater uncertainty, and that it provides the option to sell additional shares that are not underpriced on the margin.