Presidential Address: Issuers, Underwriter Syndicates, and Aftermarket Transparency
建模了二级市场价格透明度有限时，发行人、承销商、散户和机构投资者之间的策略互动，解释了承销团形成和IPO折价的原因。
ABSTRACT I model strategic interaction among issuers, underwriters, retail investors, and institutional investors when the secondary market has limited price transparency. Search costs for retail investors lead to price dispersion in the secondary market, while the price for institutional investors is infinitely elastic. Because retail distribution capacity is assumed to be limited for each underwriter‐dealer, Bertrand competition breaks down in the primary market and new issues are underpriced in equilibrium. Syndicates emerge in which underwriters bid symmetrically, with quantities allocated internally to efficiently utilize retail distribution capacity.