Nepotism in IPOs: Consequences for Issuers and Investors
研究发现，承销商将更多股票分配给关联基金时，会导致IPO定价偏低，给发行人带来金钱损失。
Abstract IPO underwriters have an incentive to underprice an IPO when they allocate shares to their affiliated funds. We label this conflict of interest “supernepotism” and we analyze its effect on IPO pricing. Using a regression discontinuity design (RDD) on a novel hand-collected data set, we find that higher allocations to underwriter-affiliated funds cause higher IPO underpricing. Our evidence suggests that supernepotism has monetary costs for issuers.