High-end IPO prices
许多IPO定价恰好处于价格区间的高端，投资这类IPO的首日回报显著高于定价略低或略高的IPO，这源于发行公司与承销商谈判中倾向于选择正面感知的显著定价点。
Abstract Many initial public offerings (IPOs) are priced at exactly the high-end of the pricing range. Investing in IPOs priced at the high-end leads to first-day returns that are substantially higher than investing in IPOs that are priced just below or above the high-end. We argue that these results are in line with issuing firms settling for positively perceived salient pricing points in negotiations with underwriters.