Skip navigation
Full metadata record
DC FieldValueLanguage
dc.contributor.authorBenveniste, Lawrence M.-
dc.contributor.authorLjungqvist, Alexander-
dc.contributor.authorWilhelm, William J. Jr.-
dc.contributor.authorYu, Xiaoyun-
dc.date.accessioned2008-05-30T10:56:36Z-
dc.date.available2008-05-30T10:56:36Z-
dc.date.issued2001-08-21-
dc.identifier.urihttp://hdl.handle.net/2451/27191-
dc.description.abstractWe present evidence that firms attempting IPOs learn from the experience of their contemporaries. These information spillovers affect revisions in offer terms and the decision whether to carry through with an offering. The evidence also supports the argument that IPOs are implicitly bundled as a means of promoting more equitable sharing of information production costs. One apparent consequence of this behavior is that while initial returns and IPO volume are positively correlated in the aggregate, the correlation is negative among contemporaneous offerings subject to a common valuation factor. These findings are consistent with the Benveniste, Busaba, and Wilhelm (2001) argument that the dynamics of volume and initial returns in primary equity markets reflect, at least in part, an institutional response to information externalities.en
dc.language.isoen_USen
dc.relation.ispartofseriesS-FI-01-04en
dc.subjectInitial public offeringsen
dc.subjectinvestment bankingen
dc.subjectinformation externalitiesen
dc.subjectgoing public decisionen
dc.titleEvidence of Information Spillovers in the Production of Investment Banking Servicesen
dc.typeWorking Paperen
Appears in Collections:Financial Institutions

Files in This Item:
File Description SizeFormat 
S-FI-01-04.pdf167.28 kBAdobe PDFView/Open


Items in FDA are protected by copyright, with all rights reserved, unless otherwise indicated.