A joint experimental analysis of the dutch auction, book building and competitive ipo pricing methods

Detalhes bibliográficos
Autor(a) principal: Almeida, Vinício de Souza e
Data de Publicação: 2010
Outros Autores: Leal, Ricardo Pereira Câmara
Tipo de documento: Relatório
Idioma: eng
Título da fonte: Repositório Institucional da UFRJ
Texto Completo: http://hdl.handle.net/11422/10066
Resumo: Indisponível.
id UFRJ_b3d6bd8f17ba9ad5952978a6aca941e0
oai_identifier_str oai:pantheon.ufrj.br:11422/10066
network_acronym_str UFRJ
network_name_str Repositório Institucional da UFRJ
repository_id_str
spelling Almeida, Vinício de Souza eLeal, Ricardo Pereira Câmara2019-10-14T16:14:47Z2023-11-30T03:01:14Z2010ALMEIDA, Vinício de Souza e; LEAL, Ricardo Pereira Câmara. A joint experimental analysis of the dutch auction, book building and competitive ipo pricing methods. Rio de Janeiro: UFRJ, 2010. 27 p. (Relatórios COPPEAD, 393).97885750808011518-3335http://hdl.handle.net/11422/10066Indisponível.We examine the differences of three IPO pricing methods jointly: book building, employed worldwide, the Dutch clock auction, routinely cited as an alternative to book building, and the competitive IPO, a recent innovation, tested in a few offers in Europe. We employ experiments with South American subjects who are bank professionals or business students. The main result is the characterization of book building as a pricing method that mostly benefits the investor at the expense of the issuer and the selling shareholders. The competitive IPO, on the other hand, was the method that gave the best results for the issuer and selling shareholders, at the expense of investors. The competitive IPO, however, showed more dispersion of initial returns and evidence of the "bait-and-switch" strategy, which may be disguised in book building offers but is clearly exposed in the competitive IPO. Issuers could benefit from regulation or private contracting that favor the competitive IPO if its procedure discourages "baiting-and-switching". Moving towards the competitive IPO may not be in the interest of underwriters and their clients.Submitted by Anderson Luiz Cardoso Rodrigues (andersonlcr@hotmail.com) on 2019-10-14T16:14:47Z No. of bitstreams: 1 RC_393-Comp..pdf: 363491 bytes, checksum: b6bb84def465b866b6f5063a1efe001c (MD5)Made available in DSpace on 2019-10-14T16:14:47Z (GMT). No. of bitstreams: 1 RC_393-Comp..pdf: 363491 bytes, checksum: b6bb84def465b866b6f5063a1efe001c (MD5) Previous issue date: 2010engUniversidade Federal do Rio de JaneiroUFRJBrasilInstituto COPPEAD de AdministraçãoRelatórios COPPEADCNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAOFinançasFinanceWorking paperA joint experimental analysis of the dutch auction, book building and competitive ipo pricing methodsinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/report393abertoinfo:eu-repo/semantics/openAccessreponame:Repositório Institucional da UFRJinstname:Universidade Federal do Rio de Janeiro (UFRJ)instacron:UFRJORIGINALRC_393-Comp..pdfRC_393-Comp..pdfapplication/pdf363491http://pantheon.ufrj.br:80/bitstream/11422/10066/1/RC_393-Comp..pdfb6bb84def465b866b6f5063a1efe001cMD51LICENSElicense.txtlicense.txttext/plain; charset=utf-81853http://pantheon.ufrj.br:80/bitstream/11422/10066/2/license.txtdd32849f2bfb22da963c3aac6e26e255MD5211422/100662023-11-30 00:01:14.881oai:pantheon.ufrj.br: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Repositório de PublicaçõesPUBhttp://www.pantheon.ufrj.br/oai/requestopendoar:2023-11-30T03:01:14Repositório Institucional da UFRJ - Universidade Federal do Rio de Janeiro (UFRJ)false
dc.title.en.fl_str_mv A joint experimental analysis of the dutch auction, book building and competitive ipo pricing methods
title A joint experimental analysis of the dutch auction, book building and competitive ipo pricing methods
spellingShingle A joint experimental analysis of the dutch auction, book building and competitive ipo pricing methods
Almeida, Vinício de Souza e
CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO
Finanças
Finance
Working paper
title_short A joint experimental analysis of the dutch auction, book building and competitive ipo pricing methods
title_full A joint experimental analysis of the dutch auction, book building and competitive ipo pricing methods
title_fullStr A joint experimental analysis of the dutch auction, book building and competitive ipo pricing methods
title_full_unstemmed A joint experimental analysis of the dutch auction, book building and competitive ipo pricing methods
title_sort A joint experimental analysis of the dutch auction, book building and competitive ipo pricing methods
author Almeida, Vinício de Souza e
author_facet Almeida, Vinício de Souza e
Leal, Ricardo Pereira Câmara
author_role author
author2 Leal, Ricardo Pereira Câmara
author2_role author
dc.contributor.author.fl_str_mv Almeida, Vinício de Souza e
Leal, Ricardo Pereira Câmara
dc.subject.cnpq.fl_str_mv CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO
topic CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO
Finanças
Finance
Working paper
dc.subject.por.fl_str_mv Finanças
dc.subject.eng.fl_str_mv Finance
Working paper
description Indisponível.
publishDate 2010
dc.date.issued.fl_str_mv 2010
dc.date.accessioned.fl_str_mv 2019-10-14T16:14:47Z
dc.date.available.fl_str_mv 2023-11-30T03:01:14Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/report
format report
status_str publishedVersion
dc.identifier.citation.fl_str_mv ALMEIDA, Vinício de Souza e; LEAL, Ricardo Pereira Câmara. A joint experimental analysis of the dutch auction, book building and competitive ipo pricing methods. Rio de Janeiro: UFRJ, 2010. 27 p. (Relatórios COPPEAD, 393).
dc.identifier.uri.fl_str_mv http://hdl.handle.net/11422/10066
dc.identifier.isbn.pt_BR.fl_str_mv 9788575080801
dc.identifier.issn.pt_BR.fl_str_mv 1518-3335
identifier_str_mv ALMEIDA, Vinício de Souza e; LEAL, Ricardo Pereira Câmara. A joint experimental analysis of the dutch auction, book building and competitive ipo pricing methods. Rio de Janeiro: UFRJ, 2010. 27 p. (Relatórios COPPEAD, 393).
9788575080801
1518-3335
url http://hdl.handle.net/11422/10066
dc.language.iso.fl_str_mv eng
language eng
dc.relation.ispartof.pt_BR.fl_str_mv Relatórios COPPEAD
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.publisher.none.fl_str_mv Universidade Federal do Rio de Janeiro
dc.publisher.initials.fl_str_mv UFRJ
dc.publisher.country.fl_str_mv Brasil
dc.publisher.department.fl_str_mv Instituto COPPEAD de Administração
publisher.none.fl_str_mv Universidade Federal do Rio de Janeiro
dc.source.none.fl_str_mv reponame:Repositório Institucional da UFRJ
instname:Universidade Federal do Rio de Janeiro (UFRJ)
instacron:UFRJ
instname_str Universidade Federal do Rio de Janeiro (UFRJ)
instacron_str UFRJ
institution UFRJ
reponame_str Repositório Institucional da UFRJ
collection Repositório Institucional da UFRJ
bitstream.url.fl_str_mv http://pantheon.ufrj.br:80/bitstream/11422/10066/1/RC_393-Comp..pdf
http://pantheon.ufrj.br:80/bitstream/11422/10066/2/license.txt
bitstream.checksum.fl_str_mv b6bb84def465b866b6f5063a1efe001c
dd32849f2bfb22da963c3aac6e26e255
bitstream.checksumAlgorithm.fl_str_mv MD5
MD5
repository.name.fl_str_mv Repositório Institucional da UFRJ - Universidade Federal do Rio de Janeiro (UFRJ)
repository.mail.fl_str_mv
_version_ 1784097164162498560

Registros relacionados