Are IPO Allocations for Sale? Evidence from Mutual Funds

By Jon Reuter. 2006

281 citations recorded by the source corpus.

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Citations in the corpus

The Economic Consequences of IPO Spinning (2010, unknown): “…bubble in 2000-2002.1 The other three practices, laddering, analyst conflicts of interest, and the exchange of soft dollar commission business in return for IPO allocations, are examined either theoretically or empirically by Hao (2007), Cliff and Dennis (2004), and Reuter (2006), respectively.”
Strength of Analyst Coverage Following IPOs (2006, background): “First, there is evidence that lead underwriters allocate IPOs to their best brokerage clients (see Reuter, 2004; Aggarwal, et al., 2002b).”
Local Underwriter Oligopolies and IPO Underpricing (2011, background): “First, underwriters can allocate underpriced shares to investors in exchange for soft dollar commission business (Loughran and Ritter (2002, 2004), Reuter (2006), Hoberg (2007), and Nimalendran, Ritter, and Zhang (2007)).”
Do Funds Make More When They Trade More (2016, unknown): “Lead underwriters tend to allocate more IPO shares to fund families from which they receive larger brokerage commissions (e.g., Reuter, 2006).”
Affiliated mutual funds and analyst optimism (2007, unknown): “Sirri and Tufano (1998) show a nonlinear relation between fund performance and money inflows: Poor fund performers experience almost no impact on inflows, while top fund performers considerably increase their inflows.”
Affiliated Mutual Funds and the Allocation of Initial Public Offerings (2007, methodology): “Second, the investment bank receives commission “paybacks” when it allocates underpriced IPOs to an unaffiliated fund (Nimalendran et al., 2006, Reuter, 2006, and Goldstein et al., 2006).”
When do high stock returns trigger equity issues (2012, unknown): “24 See, for example, Reuter (2006), who finds a positive correlation between brokerage commissions paid by mutual funds to lead IPO underwriters and reported holdings of the IPOs that they underwrite.”
Purchasing IPOs with Commissions (2011, unknown): “As in Reuter (2006), Binay, Gatchev, and Pirinsky (2007), and Goldstein et al.”
Side-by-Side Management of Hedge Funds and Mutual Funds (2010, unknown): “Moreover, Reuter (2006) provides evidence that allocations of initial public”
Financial Expertise of Directors (2008, unknown): “Affiliation with financial institutions has raised concerns in several areas of financial intermediation, such as analyst recommendations and IPO allocations (Malmendier and Shanthikumar, 2007; Reuter, 2006).”
Do Today's Trades Affect Tomorrow's IPO Allocations? (2007, methodology): “Our findings complement those of Reuter (2006).”
Auctioned IPOs: The U.S. Evidence (2009, unknown): “and Reuter (2006) find that bookbuilding underwriters allocate underpriced IPOs partly on the basis of “soft dollars” – i.”