Aggarwal And Conroy-Price Discovery In Initial Public Offerings And The Role Of The Lead Underwri

We examine the price discovery process of initial public offerings ~IPOs! using a unique dataset. The first quote entered by the lead underwriter in the five-minute preopening window explains a large roportion of initial returns even for hot IPOs. Significant learning and price scovery continues to take place during ese five minutes with hundreds of quotes being entered. The lead underwriter bserves thequoting behavior of ther market makers, particularly the wholesalers, and accordinglyrevises his own uotes. There is a strong positive relationship betweeninitial returns and the time of day when trading starts in an IPO


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