Bids and Allocations in European IPO Bookbuilding
利用27个欧洲IPO的数据，分析投资者如何投标以及影响配售的因素，发现被视为长期持股的投资者在配售和利润上持续受优待，而信息含量高的投标并未获得更大配售或更高利润。
ABSTRACT This paper uses evidence from a data set of 27 European IPOs to analyze how investors bid and the factors that influence their allocations. We also make use of a unique ranking of investor quality, associated with the likelihood of flipping the IPO. We find that investors perceived to be long‐term holders of the stock are consistently favored in allocation and in out‐turn profits. In contrast to Cornelli and Goldreich (2001) , we find little evidence that more informative bids receive larger allocations or higher profits. Our results cast doubt upon the extent of information production during the bookbuilding period.