1 论文标题（求中文版） Institutional Allocation in Initial Public Offerings: Empirical Evidence

2 作者信息REENA AGGARWAL, NAGPURNANAND R. PRABHALA, and MANJU PURI
3 出处和链接THE JOURNAL OF FINANCE • VOL. LVII, NO. 3 • JUNE 2002

4 摘要
We analyze institutional allocation in initial public offerings ~IPOs! using a new
data set of U.S. offerings between 1997 and 1998. We document a positive rela-
tionship between institutional allocation and day one IPO returns. This is partly
explained by the practice of giving institutions more shares in IPOs with strong
premarket demand, consistent with book-building theories. However, institutional
allocation also contains private information about first-day IPO returns not re-
flected in premarket demand and other public information. Our evidence supports
book-building theories of IPO underpricing, but suggests that institutional alloca-
tion in underpriced issues is in excess of that explained by book-building alone.

求中文版