UNDERPRICING OF IPOS THAT FOLLOW PRIVATE PLACEMENT
研究发现，上市前进行过私募配售的公司，其IPO折价显著更低，承销费用也更低，且能吸引更知名的承销团和更多分析师关注，表明私募配售有助于降低上市成本。
In this study we examine the underpricing of initial public offerings (IPOs) by firms that have private placements of equity before their IPOs (PP IPO firms). We find that PP IPOs are associated with significantly less underpricing than their peers. Furthermore, PP IPOs are associated with lower underwriting spreads, more reputable underwriting syndicates, and greater postissue analyst coverage as compared to IPOs that are issued by their industry peers under similar market conditions. Consistent with the implications of the information asymmetry explanation for IPO underpricing, our findings suggest that companies could benefit by conveying their quality via successful pre-IPO private placements that help reduce the cost of going public.