文章基本信息

标题：Bookbuilding and Strategic Allocation: Evidence from the Brazilian Stock Market
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作者：Richard Saito ; José André C. M. Pereira
期刊名称：Brazilian Review of Finance
印刷版ISSN：1984-5146
出版年度：2006
卷号：4
期号：1
页码：33-53
语种：Portuguese
出版社：Link to the Brazilian Society of Finance
摘要：We examine four bookbuilding processes on the Brazilian stock market executed by an investment bank from 2003 to 2004. In a bookbuilding process, the investment bank has the discretionary power in pricing and in allocating shares to investors. We analyze the allocation determinants and we find empirical evidence that bookbuilding does induce investors to disclose superior information. However there is strong evidence that issues related to majority controlling position, liquidity on secondary market, and flipping activities impact on allocation criteria. We find differences between allocation determinants derived from (a) initial public offerings and (b) seasoned equity offerings, but in both cases there is a tendency to favor long term investors.
其他摘要：We examine four bookbuilding processes on the Brazilian stock market executed by an investment bank from 2003 to 2004. In a bookbuilding process, the investment bank has the discretionary power in pricing and in allocating shares to investors. We analyze the allocation determinants and we find empirical evidence that bookbuilding does induce investors to disclose superior information. However there is strong evidence that issues related to majority controlling position, liquidity on secondary market, and flipping activities impact on allocation criteria. We find differences between allocation determinants derived from (a) initial public offerings and (b) seasoned equity offerings, but in both cases there is a tendency to favor long term investors.
关键词：equity public offerings;bookbuilding;strategic allocation;ofertas públicas de ações;bookbuilding;alocação estratégica
其他关键词：Business;equity public offerings; bookbuilding; strategic allocation;G14; G24