Friends can help: The effects of relationship in the Chinese book-building process

• Main Authors: LUO, Ting, LUO, Wei, YUE, Heng, ZHANG, Lu
• 格式: text
• 語言: English
• 出版: Institutional Knowledge at Singapore Management University 2023
• 主題: IPOs; Book-building; Relationship; Collusive bidding; China; Accounting; Asian Studies
• 在線閱讀: https://ink.library.smu.edu.sg/soa_research/2021; https://ink.library.smu.edu.sg/context/soa_research/article/3048/viewcontent/Friends_can_help.pdf

Using detailed bidding information in Chinese IPO book-building process, we find that institutional investors who have a close relationship with the underwriter are more likely to participate in bidding and their bidding prices are higher, compared to other institutional investors. We also find that...