Do underwriters compete in IPO pricing?

We propose and implement a direct test of the hypothesis of oligopolistic competition in the U.S. underwriting market against the alternative of implicit collusion among underwriters. We construct a simple model of interaction between heterogenous underwriters and heterogenous firms and solve it und...

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Bibliographic Details
Main Authors: LYANDRES, Evgeny, FU, Fangjian, LI, Erica X. N.
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 2018
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Online Access:https://ink.library.smu.edu.sg/lkcsb_research/4425
https://ink.library.smu.edu.sg/context/lkcsb_research/article/5424/viewcontent/model_underwriters_May_24_2016.pdf
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Institution: Singapore Management University
Language: English

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