A joint experimental analysis of the dutch auction, book building and competitive ipo pricing methods
Autor(a) principal: | |
---|---|
Data de Publicação: | 2010 |
Outros Autores: | |
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 |