When do investment banks use IPO price support?
研究利用奥斯陆证券交易所的独特数据，发现IPO前为承销商带来高回报的投资者在IPO后获得价格支持，表现为更高的回报，这种支持与投资者支付的股票交易佣金挂钩。
Abstract Practitioners, regulators, and the financial media argue that underwriters tie initial public offering (IPO) allocations to investor post‐listing buying of the issuer shares in a process labelled price support. Arguably, this excess demand boosts post‐listing returns which underwriters trade quid pro quo with investor stock‐trading commission payments. In this paper, I investigate unique data from the Oslo Stock Exchange (OSE) including investor stock‐trading commissions, IPO allocations, and post‐listing trading. I document that investors who provide high returns to underwriters before IPOs benefit from price support through increased returns in IPOs. I conclude that price support is used when investors share boosted returns with underwriters.