Bookbuilding: How Informative is the Order Book

By Francesca Cornelli, David Goldreich. 2003

312 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/b56beb68f0b143ca97fc2bdc752d12a64248869e

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Accounting

Citations in the corpus

Perceptions and Price: Evidence from CEO Presentations at IPO Roadshows (2017, background): “In fact, the majority of final offerings price outside of the initially proposed range, suggesting that investors’ indications of interest are often significantly different from underwriters’ expectations (Cornelli and Goldreich, 2001, 2003; Lowry and Schwert, 2004).”
Litigation Risk, Strategic Disclosure and the Underpricing of Initial Public Offerings (2012, background): “As most IPO investors are institutional investors (Hanley and Wilhelm, 1995; Cornelli and Goldreich, 2003; Aggarwal, Prabhala, and Puri, 2002; Ljungqvist and Wilhelm, 2002; Jenkinson and Jones, 2004), the expectation of greater litigation success provides an additional motivation as to why issuers…”
Investor Demand for Ipos and Aftermarket Performance: Evidence from the Hong Kong Stock Market (2008, unknown): “The positive relation between investor demand and IPO initial returns is consistent with the results reported by Hanley (1993), Kandel et al. (1999) and Cornelli and Goldreich (2003).”
Global trends in IPO methods: Book building versus auctions with endogenous entry (2005, background): “Cornelli and Goldreich (2001) and Jenkinson and Jones (2004) use unique data sets to examine the orders and allocations for investors in book building IPOs (Cornelli and Goldreich, 2003, examine the determinants of offer prices).”
IPO Research in Management and Entrepreneurship: Moving the Agenda Forward (2009, background): “Thus, to reduce uncertainty associated with the offering, the book-building process is often designed to extract information from investors (Cornelli & Goldreich, 2003).”
Is the IPO pricing process efficient (2004, background): “Also, Hanley (1993) and Cornelli and Goldreich (2001) show that this private information learned during the registration period is only partially incorporated into the offer price.”
Issuer surplus and the partial adjustment of IPO prices to public information (2005, unknown): “Evidence in Cornelli and Goldreich (2002) suggests that they don’t learn much more than that.”
Shareholder Diversification and the Decision to Go Public (2008, unknown): “Spindt (1989), Benveniste and Wilhelm (1990), Hughes and Thakor (1992), Welch (1992), Chemmanur (1993), Chemmanur and Fulghieri (1994, 1999), Zingales (1995), Booth and Chua (1996), Black and Gilson (1998), Pagano, Panetta and Zingales (1998), Stoughton and Zechner (1998), Krigman, Shaw and Womack (”
IPO Market Timing (2005, background): “See Allen and Faulhaber (1989), Grinblatt and Hwang (1989), and Chemmanur (1993) for models where issuers are better informed than investors.”
Auctioned IPOs: The U.S. Evidence (2009, unknown): “6% of total demand, which is in line with the numbers reported in Cornelli and Goldreich (2001) and Jenkinson and Jones (2004) for bookbuilt IPOs. The median oversubscription ratio (total shares bid for relative to shares issued) is 1.82, with a range of slightly more than one to more than five. Thi”