Why Do IPO Underwriters Allocate Extra Shares when They Expect to Buy Them Back?
提出IPO承销商超额分配股份是一种营销策略，旨在提高发行价和上市后价格，即使需求疲软时做空也能使发行方受益。
Abstract I argue that overallocation is used as a marketing strategy to increase the offer price and aftermarket price of an initial public offering (IPO). I show that, when there is weak demand, it can be optimal for the underwriter to oversell an issue and take a naked short position. The issuing firm benefits from a higher expected offer price. This is in spite of the fact that, in equilibrium, allocating more shares when there is weak demand requires greater underpricing when there is strong demand.