IPO Pricing and Allocation: A Survey of the Views of Institutional Investors
基于对机构投资者的调查，了解他们如何评估IPO、向投行提供哪些信息以及认为哪些因素影响股票分配，发现投资者特征（尤其是与主承销商的经纪关系）被视为影响分配的最重要因素，支持IPO分配是投行隐性互惠交易一部分的观点。
Despite the central importance of investors to all initial public offering (IPO) theories, relatively little is known about their role in practice. This article is based on a survey of how institutional investors assess IPOs, what information they provide to the investment banking syndicate, and the factors they believe influence allocations. We find that investor characteristics, in particular brokerage relationships with the bookrunner, are perceived to be the most important factors influencing allocations, which supports the view that IPO allocations are part of implicit quid pro quo deals with investment banks. The survey raises doubts as to the extent of information production or revelation.