IPO Pricing with Bookbuilding and a When-Issued Market
研究德国IPO市场，考察发行前交易是否能为定价提供有用信息，以及它是否取代簿记作为信息来源。发现发行前交易揭示了定价相关信息，但簿记在交易开始前仍有信息收集作用。
Abstract We study IPO pricing in Germany to determine whether when-issued trading provides information that is useful for setting IPO offer prices, and whether such trading supplants bookbuilding as a source of information. We find that when-issued trading reveals relevant information for pricing IPOs, and that, once when-issued trading has begun, bookbuilding is not a source of costly information for pricing. But bookbuilding does not appear to be fully supplanted as a source of pricing information. We find evidence consistent with bookbuilding being used to gather information prior to the onset of when-issued trading.