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- W3123663007 abstract "We develop a theory of initial public offering (IPO) underpricing based on differentiated underwriting services and localized competition. Even though a large number of investment banks compete for IPOs, if issuers care about non-price dimensions of underwriting, then the industry structure is best characterized as a series of local oligopolies. We test our model implications on all-star analyst coverage, industry expertise, and other non-price dimensions. Furthermore, we posit that venture capitalists (VCs) are especially focused on all-star analyst coverage, and develop the analyst lust theory of the underpricing of VC-backed IPOs. Consistent with this theory, we find that VC-backed IPOs are much more underpriced when they have coverage from an all-star analyst." @default.
- W3123663007 created "2021-02-01" @default.
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- W3123663007 date "2011-12-01" @default.
- W3123663007 modified "2023-10-18" @default.
- W3123663007 title "Local underwriter oligopolies and IPO underpricing" @default.
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- W3123663007 doi "https://doi.org/10.1016/j.jfineco.2011.01.009" @default.
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