Ch. 7: IPO Underpricing 419
Benveniste, L.M., Wilhelm Jr., W.J., 1990. A comparative analysis of IPO proceeds under alternative regula-
tory environments. Journal of Financial Economics 28, 173–207.
Biais, B., Bossaerts, P., Rochet, J.-C., 2002. An optimal IPO mechanism. Review of Economic Studies 69,
117–146.
Booth, J.R., Chua, L., 1996. Ownership dispersion, costly information and IPO underpricing. Journal of Fi-
nancial Economics 41, 291–310.
Booth, J.R., Smith, R., 1986. Capital raising, underwriting and the certification hypothesis. Journal of Finan-
cial Economics 15, 261–281.
Bradley, D.J., Jordan, B.D., 2002. Partial adjustment to public information and IPO underpricing. Journal of
Financial and Quantitative Analysis 37, 595–616.
Brennan, M.J., Franks, J., 1997. Underpricing, ownership and control in initial public offerings of equity
securities in the U.K. Journal of Financial Economics 45, 391–413.
Busaba, W.Y., Benveniste, L.M., Guo, R.-J., 2001. The option to withdraw IPOs during the premarket. Journal
of Financial Economics 60, 73–102.
Carter, R.B., Manaster, S., 1990. Initial public offerings and underwriter reputation. Journal of Finance 45,
1045–1067.
Chowdhry, B., Nanda, V., 1996. Stabilization, syndication, and pricing of IPOs. Journal of Financial and
Quantitative Analysis 31, 25–42.
Cook, D.O., Jarrell, S.L., Kieschnick, R., 2003. Investor sentiment and IPO cycles. Working Paper, University
of Texas at Dallas (unpublished).
Cook, D.O., Kieschnick, R., Van Ness, R.A., 2006. On the marketing of IPOs, Journal of Financial Economics,
in press.
Cornelli, F., Goldreich, D., 2001. Bookbuilding and strategic allocation. Journal of Finance 56, 2337–2369.
Cornelli, F., Goldreich, D., 2003. Bookbuilding: How informative is the order book? Journal of Finance 58,
1415–1443.
Cornelli, F., Goldreich, D., Ljungqvist, A., 2006. Investor sentiment and pre-IPO markets. Journal of Fi-
nance 61, 1187–1216.
Derrien, F., Womack, K.L., 2002. Auctions vs. bookbuilding and the control of underpricing in hot IPO
markets. Review of Financial Studies 16, 31–61.
Dorn, D., 2002. Does sentiment drive the retail demand for IPOs? Working Paper, Columbia University (un-
published).
Drake, P.D., Vetsuypens, M.R., 1993. IPO underpricing and insurance against legal liability. Financial Man-
agement 22, 64–73.
Dunbar, C.G., 1995. The use of warrants as underwriter compensation in initial public offerings. Journal of
Financial Economics 38, 59–78.
Dunbar, C.G., 2000. Factors affecting investment bank initial public offering market share. Journal of Finan-
cial Economics 55, 3–41.
Edelen, R.M., Kadlec, G.B., 2005. Issuer surplus and the partial adjustment of IPO prices to public informa-
tion. Journal of Financial Economics 77, 347–373.
Ellis, K., Michaely, R., O’Hara, M., 2000. When the underwriter is the market maker: An examination of
trading in the IPO after-market. Journal of Finance 55, 1039–1074.
Fernando, C.S., Gatchev, V.A., Spindt, P.A., 2005. Wanna dance? How firms and underwriters choose each
other. Journal of Finance 60, 2437–2469.
Field, L.C., Karpoff, J.M., 2002. Takeover defenses at IPO firms. Journal of Finance 57, 1857–1889.
Field, L.C., Sheehan, D.P., 2004. IPO underpricing and outside blockholdings. Journal of Corporate Fi-
nance 10, 263–280.
Grinblatt, M., Hwang, C.Y., 1989. Signaling and the pricing of new issues. Journal of Finance 44, 393–420.
Grossman, S., Hart, O., 1980. Takeover bids, the free-rider problem and the theory of the corporation. Bell
Journal of Economics 11, 42–64.
Habib, M.A., Ljungqvist, A., 1998. Underpricing and IPO proceeds: A note. Economics Letters 61, 381–383.
Habib, M.A., Ljungqvist, A., 2001. Underpricing and entrepreneurial wealth losses in IPOs: Theory and
evidence. Review of Financial Studies 14, 433–458.