Shares in book-building IPOs can be reallocated in different proportions between retail and institutional investors, compared to the target allocation initially reported in official prospectuses. We use a sample of 195 Italian IPOs to discover an increased reallocation to retail investors in IPOs overvalued compared to peer firms. Institutional investors benefit from reallocation as they obtain more shares in IPOs with better long run performance.
(2018). Valuation and performance of reallocated IPO shares [journal article - articolo]. In JOURNAL OF INTERNATIONAL FINANCIAL MARKETS, INSTITUTIONS & MONEY. Retrieved from http://hdl.handle.net/10446/116738
Valuation and performance of reallocated IPO shares
GIUDICI, Giancarlo;Vismara, Silvio
2018-01-01
Abstract
Shares in book-building IPOs can be reallocated in different proportions between retail and institutional investors, compared to the target allocation initially reported in official prospectuses. We use a sample of 195 Italian IPOs to discover an increased reallocation to retail investors in IPOs overvalued compared to peer firms. Institutional investors benefit from reallocation as they obtain more shares in IPOs with better long run performance.| File | Dimensione del file | Formato | |
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Bonaventura Giudici Vismara JIFMIM17 Valuation and performance of reallocated IPO shares.pdf
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