A copy of this work was available on the public web and has been preserved in the Wayback Machine. The capture dates from 2010; you can also visit the original URL.
The file type is
We analyze 1.56 million account allocations in a sample of 265 initial public offerings (IPOs) to investigate the importance of on-going relationships between investors and underwriters. We find a sizable set of both institutional and retail investors who receive frequent allocations in IPOs. However, regular institutional investors receive more frequent allocations in hot IPOs compared to regular retail investors, suggesting that institutions provide more than just a dependable capital sourcedoi:10.2139/ssrn.517302 fatcat:r2pmgjem3rdfjcwp22h7uxi67i