Evidence of Information Spillovers in the Production of Investment Banking Services
发现，拟IPO企业会根据同期其他企业的经验来调整发行条款和是否继续发行；同时，IPO首日回报与发行量在总体正相关，但在受共同估值因素影响的同期发行中呈负相关，这支持了投资银行通过捆绑发行来内化信息生产成本、防止协调失败的观点。
ABSTRACT We provide evidence that firms attempting IPOs condition offer terms and the decision whether to carry through with an offering on the experience of their primary market contemporaries. Moreover, while initial returns and IPO volume are positively correlated in the aggregate, the correlation is negative among contemporaneous offerings subject to a common valuation factor. Our findings are consistent with investment banks implicitly bundling offerings subject to a common valuation factor to achieve more equitable internalization of information production costs and thereby preventing coordination failures in primary equity markets.