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hal.structure.identifierDauphine Recherches en Management [DRM]
dc.contributor.authorNefedova, Tamara
hal.structure.identifierUNIVERSITY OF BRISTOL GBR
dc.contributor.authorPratobevera, Giuseppe
dc.date.accessioned2020-12-16T09:38:25Z
dc.date.available2020-12-16T09:38:25Z
dc.date.issued2020
dc.identifier.issn0929-1199
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/21372
dc.language.isoenen
dc.subjectIPO aftermarket tradingen
dc.subjectIPO allocationsen
dc.subjectInitial Public Offeringen
dc.subjectLadderingen
dc.subjectFlippingen
dc.subjectInstitutional investorsen
dc.subject.ddc332en
dc.subject.classificationjelG.G2.G24en
dc.subject.classificationjelG.G2.G23en
dc.titleDo institutional investors play hide-and-sell in the IPO aftermarket?en
dc.typeArticle accepté pour publication ou publié
dc.description.abstractenWe document a robust buy/sell asymmetry in the choice of the broker in the IPO aftermarket: institutions that sell IPO shares through non‑lead brokers tend to have bought them through the lead underwriters in the IPO aftermarket. This trading behavior is consistent with institutional investors hiding their sell trades and presumably breaking their laddering agreements with the lead underwriters. The asymmetry is the strongest in cold IPOs and is limited exclusively to the first month after the issue, when the incentives not to be detected are the strongest. We show that the intention to flip IPO allocations is not an important motive for hiding sell trades from the lead underwriters. We find that hiding sell trades is an effective strategy to circumvent underwriters' monitoring mechanisms: the more institutions hide their sell trades, the less they are penalized in subsequent IPO allocations.en
dc.relation.isversionofjnlnameJournal of Corporate Finance
dc.relation.isversionofjnlvol64en
dc.relation.isversionofjnldate2020
dc.relation.isversionofdoi10.1016/j.jcorpfin.2020.101627en
dc.relation.isversionofjnlpublisherElsevieren
dc.subject.ddclabelBourse, Marchés financiers. Taux d’intérêt – Stocks options – Optimisation mathématique – Analyse financièreen
dc.relation.forthcomingnonen
dc.relation.forthcomingprintnonen
dc.description.ssrncandidatenonen
dc.description.halcandidateouien
dc.description.readershiprechercheen
dc.description.audienceInternationalen
dc.relation.Isversionofjnlpeerreviewedouien
dc.relation.Isversionofjnlpeerreviewedouien
dc.date.updated2020-11-30T10:21:32Z
hal.identifierhal-03071724*
hal.version1*
hal.author.functionaut
hal.author.functionaut


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