Reciprocity relationships between underwriters and institutional investors in the IPO market.
Publication Type
Conference Proceeding Article
Publication Date
8-2023
Abstract
This study seeks to extend research on initial public offering (IPO) by examining the intricate relationships between institutional investors and underwriters by viewing the IPO market as a social relational structure. We posit that institutional investors and underwriters maintain reciprocity relationships in the IPO market, and such relationships have a significant impact on underwriters’ share allocations and institutional investors’ investment decisions. Using a reciprocity dynamics perspective, our study further depicts how perceived fairness and indirect reciprocity affect the reciprocity relationships between underwriters and institutional investors. By illuminating their reciprocity relationships, our study furnishes a more in-depth understanding of the processes and mechanisms in the IPO market.
Discipline
Finance and Financial Management | Strategic Management Policy
Research Areas
Strategy and Organisation
Publication
Academy of Management Proceedings: 83rd Annual Meeting, Boston, 2023 August 4-8
Identifier
10.5465/AMPROC.2023.14715abstract
Publisher
Academy of Management
City or Country
USA
Citation
DENG, Chaowen; WAN, William; LI, Xuan; and YIU, Daphne W..
Reciprocity relationships between underwriters and institutional investors in the IPO market.. (2023). Academy of Management Proceedings: 83rd Annual Meeting, Boston, 2023 August 4-8.
Available at: https://ink.library.smu.edu.sg/lkcsb_research/7461
Additional URL
https://doi.org/10.5465/AMPROC.2023.14715abstract
