Differences between European and American IPO Markets
简要回顾欧洲IPO市场的最新发展，包括Euro NM市场的兴衰、累计投标询价法的普及，以及与美国的差异，如较低的总价差和德国特有的发行前交易。
Abstract This brief survey discusses recent developments in the European initial public offering (IPO) market. The spectacular rise and fall of the Euro NM markets and the growth of bookbuilding as a procedure for pricing and allocating IPOs are two important patterns. Gross spreads are lower and less clustered than in the USA. Unlike the USA, some European IPOs, especially those in Germany, have when‐issued trading prior to the final setting of the offer price. Current research includes empirical studies on the valuation of IPOs and both theoretical and empirical work on the determinants of short‐run underpricing.