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istribution strategy , IPO will then followed by follow-up financing - additional (Seasoned Public Offering). By underpricing issuer issued to investors a good impression , so that enterprises in the future at a higher price for issuance . As long as the issuing company to maintain enough patience , you can in different ways after the listing underpricing issue of compensation for damage caused .

Baron (1982) from the distribution companies and underwriters information asymmetry between the perspective of IPO underpricing phenomenon . Baron that companies in the distribution and underwriting IPO underwriters before the contract is signed , the issue of information between companies and underwriters are asymmetrical , the underwriters in information dominance : on the one hand because the underwriters at a fixed price mechanism, the issue price shall be determined administratively or by the underwriters and issuers determined according to certain criteria , investors are excluded, does not participate in the price -setting process . According to the stock price after the distribution, fixed-price method can be further divided to allow the placing and public subscription (Public Offer) in two forms. The former allows underwriters allocate shares freely ( at least in part ) , and the latter does not confer such a right underwriter . In practice, the fixed price is greater use of the public subscription method .

In the auction mechanism, the underwriters before the IPO price in determining the needs of investors need to collect price and quantity demanded of the information , and has a relatively small share free distribution of power ( compared with other methods ) , the stock allocation according to prespecified good rule proceed. Specific methods include hair uniform price auction bidding and differential price auction . In the uniform price auction , the lead underwriter for all valid purchase in accordance with the highest to lowest total cumulative amount of the purchase price to achieve the amount of new shares issued is effective price, on top of all the reporting are successful . Meanwhile, the effective price is the IPO price , all successful purchase are at that price. The difference between the price at the auction , the price is the lowest price , the purchase price of the successful bidder is their bid.


Bookbuilding pricing as the highest degree of market pricing mechanism is widely used in the United States , other pricing mechanisms are rarely used. In the United States , IPO pricing mechanism unregulated , may have freedom of choice. American-style bookbuilding as the highest degree of market IPO pricing , and its high degree of market , but no performance is required before the IPO price determination through a multi-stage , extensive information gathering process , more importantly, the U.S. underwriters allocate shares can be freely . This is considered American way of bookbuilding IPO pricing mechanism with other essential difference . Some researchers (Sherman, 2001) that the free distribution of shares the underwriters the right is very important , only to have to allocate shares based on the right to information , underwriters can give investors enough incentive to correctly report their information, which can make the "total tender " and play the role as possible.

In addition to auction tender offer and the total fixed price mechanism , you 本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。