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National Research University Higher School of EconomicsInternational College of Economics and FinanceInternational Laboratory of Financial EconomicsNewsJune 30 at 5.30 pm - Research seminar by Taufique Samdani (IESEG) "Investor Protection and Institutional Investors’ Incentive for Information Production" joint with Sagi Akron

News

June 30 at 5.30 pm - Research seminar by Taufique Samdani (IESEG) "Investor Protection and Institutional Investors’ Incentive for Information Production" joint with Sagi Akron

Venue: Shabolovka st. 26, Room 3211

On Thursday, June 30 at 5.30 pm International College of Economics and Finance will hold the Research Seminar.
Speaker: Taufique Samdani (IESEG) <Curriculum Vitae>
Theme: "Investor Protection and Institutional Investors’ Incentive for Information Production" joint with Sagi Akron
Venue: Shabolovka st. 26, Room 3211

Abstract: We exploit a quasi-experimental setting to demonstrate that non-discretionary allocation of book-building initial public offering (IPO) shares incentivizes institutional investors to understate the value of IPO shares in the primary market so they can profit from mispricing in the secondary market, thereby increasing IPO underpricing. Conversely, discretionary allocation of book-building IPO shares incentivizes well-informed institutional investors to truthfully disclose their private information about the IPO in the primary market, thereby decreasing IPO underpricing. Our empirical framework, which elucidates an important facet of underwriters’ risk in firm-commitment contracts, reveals a market-specific allocation policy tradeoff; between information production and investor protection.

Everyone interested is welcome to attend!

See the web-page of the seminar < https://icef.hse.ru/en/announcements/185901382.html >
Pass can be ordered by:
tel. +7 (495) 772-95-90 ext. 26090
e-mail: vzheleznov@hse.ru
contact: Slava Zheleznov