A theory of IPO pricing with tender prices
A theory of IPO pricing with tender prices
复制标题
招股定价的IPO定价理论
DOI：
10.1080/096031099332096
复制
发表时间：
1999
期刊：
影响因子：
--
通讯作者：
E. Ng
中科院分区：
文献类型：
--
作者：
K. Lim;E. Ng
首次公开募股（ipo）是市场资本化的重要组成部分，其定价已被理论化。ipo的新方法往往会给现有理论带来新的见解。本文研究了一种具有法国投标的新型IPO形式，并提出了一种信息理论来解释行权价格和上市价格溢价。该模型的一个结果是，它显示了知情投资者在传统ipo中的超额回报可能如何在竞争性的法国招标中消散。
Initial Public Offerings (IPOs) are an integral part of market capitalization, and the pricing of such offerings have been theorized considerably. New methods of IPOs often bring new insights to existing theories. This paper studies a new form of IPO with French tenders, and proposes an information theory to explain the strike price and the listing price premia. An outcome of the model is that it shows how informed investors' excess returns in traditional IPOs may be dissipated under competitive French tendering.