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• W3125792893 abstract "Laddering is a practice whereby the allocating underwriter requires the ladderer to buy additional shares of the issuer in the aftermarket as a condition for receiving shares at the offer price. This paper identifies factors that create incentives to engage in this type of manipulation, models the effect of laddering on IPO pricing and the aftermarket price of IPO shares, and finds empirical support for our predictions. Our model has several empirical implications. First, laddering could be more aggressive in IPOs with greater expected underpricing, without laddering, and greater expected information momentum in the aftermarket. Second, profit-sharing between underwriters and their investor clients encourages laddering. Third, laddering increases the IPO offer price. Fourth, laddering may not aggravate the first-day return, depending on the relative magnitude by which the offer price and the first-day close price are boosted by laddering. Fifth, laddering contributes to long-run underperformance and negative correlation between short-run and long-run returns. Our empirical tests are based on the IPO sample during 1998-2000, the period when laddering litigation related IPOs were issued. We have two main empirical findings, consistent with our predictions. First, laddering does not explain the high level of either the initial return (i.e., (close-offer)/offer) or the first-day opening return (i.e., (open-offer)/offer), after controlling for the endogeneity issue between the first-day return and laddering, market condition (prior market return), underwriter characteristics (reputation and all-star analyst), issuer characteristics (technology firm, VC backed, assets, and age), and offer characteristics (pure primary offer and offer price revision). Second, a greater first-day return leads to a greater probability of laddering, after controlling for the above factors. The results shed light on the relations between laddering and IPO underpricing." @default.
• W3125792893 created "2021-02-01" @default.
• W3125792893 creator A5014143103 @default.
• W3125792893 date "2005-01-01" @default.
• W3125792893 modified "2023-10-16" @default.
• W3125792893 title "Laddering in Initial Public Offerings" @default.
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• W3125792893 doi "https://doi.org/10.2139/ssrn.688066" @default.
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