| dc.contributor.author | Fjesme, Sturla | |
| dc.date.accessioned | 2020-05-05T08:49:54Z | |
| dc.date.accessioned | 2020-05-15T15:58:23Z | |
| dc.date.available | 2020-05-05T08:49:54Z | |
| dc.date.available | 2020-05-15T15:58:23Z | |
| dc.date.issued | 2018-01-27 | |
| dc.identifier.citation | Fjesme S. When do Investment Banks use IPO Price Support?. European Financial Management. 2018;25(3):437-461 | en |
| dc.identifier.issn | 1354-7798 | |
| dc.identifier.issn | 1354-7798 | |
| dc.identifier.issn | 1468-036X | |
| dc.identifier.issn | 1468-036X | |
| dc.identifier.uri | https://hdl.handle.net/10642/8609 | |
| dc.description.abstract | Practitioners, regulators, and the financial media argue that
underwriters tie initial public offering (IPO) allocations to
investor post-listing buying of the issuer shares in a process
labelled price support. Arguably, this excess demand boosts
post-listing returns which underwriters trade quid pro
quo with investor stock-trading commission payments. In
this paper, I investigate unique data from the Oslo Stock
Exchange (OSE) including investor stock-trading commissions, IPO allocations, and post-listing trading. I document
that investors who provide high returns to underwriters
before IPOs benefit from price support through increased
returns in IPOs. I conclude that price support is used when
investors share boosted returns with underwriters | en |
| dc.description.sponsorship | The American–Scandinavian Association, the Center for Corporate Governance Research (CCGR) at BI Norwegian Business School, and the Central Bank of Norway provided financial support. | en |
| dc.language.iso | en | en |
| dc.publisher | Wiley | en |
| dc.relation.ispartofseries | European Financial Management;Volume 25, Issue 3, June 2019 | |
| dc.rights | This is the peer reviewed version of the following article: Fjesme, SL. When do investment banks use IPO price support?. Eur Financ Manag. 2019; 25: 437– 461, which has been published in final form at DOI: https://dx.doi.org/10.1111/eufm.12170. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Versions. | en |
| dc.subject | Initial public offerings | en |
| dc.subject | Price support | en |
| dc.subject | Stock-trading commissions | en |
| dc.title | When do Investment Banks use IPO Price Support? | en |
| dc.type | Journal article | en |
| dc.type | Peer reviewed | en |
| dc.date.updated | 2020-05-05T08:49:54Z | |
| dc.description.version | acceptedVersion | en |
| dc.identifier.doi | https://dx.doi.org/10.1111/eufm.12170. | |
| dc.identifier.cristin | 1551868 | |
| dc.source.journal | European Financial Management | |
