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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| Main Authors: | , , |
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| Format: | text |
| Language: | English |
| Published: |
Institutional Knowledge at Singapore Management University
2018
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| Subjects: | |
| 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 |