LIBROS DEL AUTOR: matthew pritsker

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  • Finance and Economics Discussion Series
    Matthew Pritsker / United States Federal Reserve Board
    I present a fully-rational symmetric-information model of an IPO, and a dynamic imperfectly competitive model of trading in the IPO aftermarket. The model helps to explain IPO underpricing, underperformance, and why share allocations favor large institutional investors. In the model, underwriters need to sell a fixed number of shares at the IPO or in the aftermarket. To maximiz...
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