Bookbuilding and Strategic Allocation
研究了39个国际股权发行案例，发现投资银行在累计投标询价中会向提供信息的投标者、经常参与的投资者以及国内投资者倾斜配售股份。
ABSTRACT In the bookbuilding procedure, an investment banker solicits bids for shares from institutional investors prior to pricing an equity issue. The banker then prices the issue and allocates shares at his discretion to the investors. We examine the books for 39 international equity issues. We find that the investment banker awards more shares to bidders who provide information in their bids. Regular investors receive favorable allocations, especially when the issue is heavily oversubscribed. The investment banker also favors revised bids and domestic investors.