INITIAL PUBLIC OFFERINGS: GOING BY THE BOOK
INITIAL PUBLIC OFFERINGS: GOING BY THE BOOK
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首次公开募股：按章办事
DOI：
10.1111/j.1745-6622.1997.tb00130.x
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发表时间：
1997
影响因子：
0.9
通讯作者：
W. J. Wilhelm
中科院分区：
文献类型：
--
作者：
Lawrence M. Benveniste;W. J. Wilhelm
在美国，在其他国家也越来越多，IPO证券通过一个被称为“簿记建档”的过程向投资者推销--这相当于对机构投资者进行民意调查，以确定对发行的需求时间表，然后根据个人投资者声称的兴趣将股票分配给他们。虽然簿记建档方法需要使用的歧视性策略，吸引了强烈的批评，从投资者和监管机构，本文捍卫这种做法，证明簿记建档是更有效的替代方法。它有效地允许发行人通过更好地利用有关市场需求状况的信息来增加其发行的净收益。1997年摩根士丹利。
In the U.S., and increasingly in other countries as well, IPO securities are marketed to investors in a process known as "book-building"-one that amounts to polling institutional investors to establish a demand schedule for the issue and then allotting stock to individual investors according to the strength of their professed interest. Although book-building methods require use of discriminatory tactics that have attracted strong criticism from investors and regulators, this article defends such practices by demonstrating that book-building is more efficient than alternative methods. It effectively allows issuers to increase the net proceeds of their offerings by making better use of information about market demand conditions. 1997 Morgan Stanley.