Firm Value and the Choice of Offering Method in Initial Public Offerings
研究公司在首次公开发行时，如何在包销和代销两种发行方式中做选择，以及如何向潜在投资者传递公司价值信息。高价值公司通过包销发行揭示自身价值，低价值公司则选择代销发行且无法与其他公司区分。
A firm raising capital in an initial public offering faces the problems of choosing between a firm-commitment and a best-efforts offering and of how to convey information about its value to potential investors. The offering method chosen affects both the firm's cost of obtaining capital and investors' perceptions about firm value. A partially pooling, partially separating equilibrium is found where high-valued firms have information about their values revealed in a firm-commitment offering, while low-valued firms use best-efforts offerings and are unable to distinguish themselves from other firms.