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.
articolo
2018
Bonaventura, Matteo; Giudici, Giancarlo; Vismara, Silvio
(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
File allegato/i alla scheda:
File Dimensione del file Formato  
Bonaventura Giudici Vismara JIFMIM17 Valuation and performance of reallocated IPO shares.pdf

Solo gestori di archivio

Versione: postprint - versione referata/accettata senza referaggio
Licenza: Licenza default Aisberg
Dimensione del file 738.92 kB
Formato Adobe PDF
738.92 kB Adobe PDF   Visualizza/Apri
1-s2.0-S1042443117302226-main.pdf

Solo gestori di archivio

Versione: publisher's version - versione editoriale
Licenza: Licenza default Aisberg
Dimensione del file 344.74 kB
Formato Adobe PDF
344.74 kB Adobe PDF   Visualizza/Apri
Pubblicazioni consigliate

Aisberg ©2008 Servizi bibliotecari, Università degli studi di Bergamo | Terms of use/Condizioni di utilizzo

Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/10446/116738
Citazioni
  • Scopus 11
  • ???jsp.display-item.citation.isi??? 11
social impact