Price Discovery in Initial Public Offerings and the Role of the Lead Underwriter

By Rajesh K. Aggarwal, Patrick Conroy. 2000

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Allocation of initial public offerings and flipping activity (2003, background): “2 For example, see Aggarwal (2000), Aggarwal and Conroy (2000), Benveniste and Busaba (1997), Ellis, Michaely, and O’Hara (2000), Krigman, Shaw, and Womack (1999), Logue, Rogalski, Seard, and Foster-Johnson (2000), Benveniste, Busaba, and Wilhelm (1996), Hanley, Lee, and Seguin (1996), Hanley,…”
The Making of a Dealer Market: From Entry to Equilibrium in the Trading of Nasdaq Stocks (2002, background): “Aggarwal and Conroy (2000) also provide an interesting analysis of wholesaler behavior in the IPO pre-opening market.”
Divergence of Opinion, Uncertainty, and the Quality of Initial Public Offerings (2001, background): “Aggarwal and Conroy (2000) report that few IPOs begin trading when the market opens at 9:30 a.m.”
Hot Markets, Investor Sentiment, and IPO Pricing (2003, unknown): “Aggarwal and Conroy (2000) propose time-to-first-trade as a proxy: delaying the first trade may enable the underwriter to better gauge market demand and could thus be an indica- 29 tion of greater initial divergence of opinion.”