Abstract

http://ssrn.com/abstract=891396
 
 

References (15)



 
 

Citations (12)



 


 



Ipo Pricing and Allocation: a Survey of the Views of Institutional Investors


Tim Jenkinson


University of Oxford - Said Business School; Centre for Economic Policy Research (CEPR); European Corporate Governance Institute (ECGI)

Howard Jones


University of Oxford, Saïd Business School

January 2007

AFA 2007 Chicago Meetings Paper

Abstract:     
Despite the central importance of investors to all IPO theories, relatively little is known about their role in practice. In this paper we survey institutional investors about how they assess IPOs, what information they provide to the investment banking syndicate, and the factors they believe influence allocations. Although the theoretical IPO literature has tended to focus on information revelation, the survey raises doubts as to the extent of incremental information production and whether bookrunners are, in practice, able to infer investors' valuations from their bids. We find that investor characteristics, in particular broking relationships with the bookrunner, are perceived to be the most important factors influencing allocations, which supports the view that IPO allocations are part of implicit quid pro quo deals with investment banks.

Number of Pages in PDF File: 31

Keywords: IPO, institutional investors, survey

JEL Classification: G20, G23, G24

working papers series


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Date posted: March 17, 2006  

Suggested Citation

Jenkinson, Tim and Jones, Howard, Ipo Pricing and Allocation: a Survey of the Views of Institutional Investors (January 2007). AFA 2007 Chicago Meetings Paper. Available at SSRN: http://ssrn.com/abstract=891396 or http://dx.doi.org/10.2139/ssrn.891396

Contact Information

Tim Jenkinson (Contact Author)
University of Oxford - Said Business School ( email )
Park End Street
Oxford, OX1 1HP
United Kingdom
+44 1865 288916 (Phone)
+44 1865 288831 (Fax)
HOME PAGE: http://www.sbs.oxford.edu/timjenkinson
Centre for Economic Policy Research (CEPR)
77 Bastwick Street
London, EC1V 3PZ
United Kingdom
European Corporate Governance Institute (ECGI)
c/o ECARES ULB CP 114
B-1050 Brussels
Belgium
HOME PAGE: http://www.ecgi.org
Howard Jones
University of Oxford, Saïd Business School ( email )
Park End Street
Oxford, OX1 1HP
Great Britain
HOME PAGE: http://www.sbs.ox.ac.uk/research/people/Pages/HowardJones.aspx
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