Are IPO Allocations for Sale? Evidence from Mutual Funds
发现1996至1999年间，共同基金家族向主承销商支付的佣金与所持IPO数量正相关，且该关系仅存在于首日回报非负的IPO中，表明商业关系增加了投资者获得折价IPO的机会。
ABSTRACT Combining data on brokerage commissions that mutual fund families paid for trade execution between 1996 and 1999 with data on mutual fund holdings of initial public offerings (IPOs), I document a robust, positive correlation between commissions paid to lead underwriters and reported holdings of the IPOs they underwrite. Moreover, I find that the correlation is limited to IPOs with nonnegative first‐day returns and strongest for IPOs that occur shortly before mutual funds report their holdings, when the noise introduced by flipping is smallest. Overall, the evidence suggests that business relationships with lead underwriters increase investor access to underpriced IPOs.