Auctions vs. Bookbuilding and the Control of Underpricing in Hot IPO Markets

By F. Derrien, Kent L. Womack. 2003

340 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/1e9e38ac404ec7fccf230e908dc0386385468dfa

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Citations in the corpus

Auctioned IPOs: The U.S. Evidence (2009, positive): “Using data from countries in which several mechanisms were available, Derrien and Womack (2003), Kaneko and Pettway (2003) and Kutsuna and Smith (2004) document lower mean underpricing and lower fees for auctioned vs. bookbuilt IPOs.”
An empirical examination of IPO underpricing in the Chinese A-share market (2006, background): “Derrien and Womach (2003) find that there is a difference in underpricing between fixed-price, bookbuilding and auction-offering mechanisms.”
Long-Run IPO Performance Analysis of German and Spanish Family-Owned Businesses (2005, neutral): “…& Sorensen (2001) 1984–1992 76 60 -30.4% Finland Keloharju (1993) 1984–1989 79 36 -21.1% France Leleux & Muzyka (1997) 1987–1991 56 36 -30.3% France Derrien & Womack (2003) 1992–1998 264 24 -6.3% Germany Schlag & Wodrich (2000) 1884–1914 163 60 -7.8% Germany Schmidt et al. (1988) 1984–1985 32…”
The Effects of Information Disclosure and Board Independence on IPO Discount** (2008, background): “CHAHINE AND FILATOTCHEV 223 listings (for a more detailed discussion of French IPO mechanisms, see Derrien and Womack 2003; Chahine 2007).”
Underwriter Networks, Investor Attention, and Initial Public Offerings (2016, positive): “32 Derrien and Womack (2003) show that pre-IPO market return is a”
Founders, Private Equity Investors, and Underpricing in Entrepreneurial IPOs (2009, background): “Stock market conditions vary with time, and there are periods when IPO investors exhibit (periodic) over-optimism (Derrien & Womack, 2003; Finkle, 1998).”
Global trends in IPO methods: Book building versus auctions with endogenous entry (2005, background): “Derrien and Womack (2003) found that, by requiring the offer price to be set too far in advance, France’s earlier sequential hybrid book-building method led to higher initial returns than either auctions or pure public offers.”
IPO Underpricing Over the Very Long Run (2009, neutral): “Firstly, we excluded 119 offers for sale by the tender method, given their intrinsically different procedure for price determination as compared to fixed price offers; see Derrien and Womack (2003) and Jagannathan and Sherman (2006).”
Differences between European and American IPO Markets (2003, background): “Biais and Faugeron (2002), Vandemaele (2003), and Derrien and Womack (2003) all examine the choice of mechanism for selling IPOs in France.”