学术讲座：A Novel Channel for Rent-seeking in IPOs
日期：2017-04-25 | 访问量：
学术讲座：A Novel Channel for Rent-seeking in IPOs
学术讲座：A Novel Channel for Rent-seeking in IPOs 讲座题目：A Novel Channel for Rent-seeking in IPOs 时间：2017年4月26日 18:30-20:00 讲座地点：博学楼925 讲座内容：In sharp contrast to the conventional wisdom that underwriters rely only on share allocation discretion when engaging in rent-seeking behavior in IPO book buildings (Ritter 2011), we find (for the first time in the literature) that in IPO auction without allocation discretion, rent-seeking still occurs. However, the rent-seeking occurs in a novel channel. Specifically, underwriters intentionally leak private information about IPO auction bidding and offer price setting to their main customers, especially valuable mutual fund customers who contribute high brokerage commission fees to underwriters’ affiliated brokerage firms. Using the unique and comprehensive proprietary account-level databases of mutual funds (their contribution of trading commission fees to individual brokerage firms and their IPO auction bidding, allocation records in China), we find these valuable mutual funds submit orders much later in the IPO auction, bid more shares at a more accurate price, bid with less price dispersion, and win higher shares allocation. Underwriters will intentionally set a relatively lower offer price to guarantee their valuable mutual funds be qualified and allocated. The above phenomenon is stronger when the contributed commission fees are greater. These results hold after controlling for potential endogeneity. The rent-seeking behavior is prominent under pro-rata allocation system due to its less uncertainty in shares allocation. To maintain such a rent-seeking process, mutual funds subsequently contribute more trading commission fees to underwriters’ affiliated brokerage firms. The results reveal a novel channel for rent-seeking behavior in IPOs that has not previously been explored in the literature. 主讲人简介：刘波，教授，首届中美富布赖特（Fulbright）项目联合培养金融学博士，哥伦比亚大学商学院访问学者，电子科技大学国际MBA中心主任，主要研究方向包括IPO、另类投资（对冲基金/私募股权/风险投资）、量化投资与程序化交易、做空机制与策略、企业创新与动态投融资等，在European Journal of Finance、European Financial Management、International Review of Economics and Finance、Economics Letters、Finance Research Letters、China Economic Review、North American Journal of Economics and Finance、《经济研究》等国际国内权威学术期刊和AFA、FMA、CICF等国际重要学术会议发表论文40余篇，出版学术专著两部，主持多项国家级和省部级科研项目，曾获四川省科技进步奖、中国青少年科技创新奖、“挑战杯”特等奖、中国金融学年会优秀论文“一等奖”、China Finance Review International Conference最佳论文奖、金融系统工程与风险管理国际年会优秀论文奖、四川省哲学社会科学优秀成果奖、四川省教育厅哲学社会科学科研成果奖、四川省数量经济学会优秀科研成果奖等奖项。