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IPO share allocation and conflicts of interest Kojima, Naoki 5788 338.1 330 経済学 IPO share allocation Conflicts of interests Asymmetric information Mechanism design The underwriter of an IPO has two sources of compensation for its services on behalf of the issuer. One is through a commission (spread), the other is by buying issued shares for itself (or its affiliates) and reselling them in the post-issue market. Profits from the former decrease along with the magnitude of underpricing while profits from the latter increase with it. Faced with these countervailing interests, the present paper analyzes how the underwriter decides upon the pricing and allocation of IPOs. journal article Springer 2007-07 AM application/pdf Annals of finance 3 3 369 387 AA12248199 1614-2446 https://barrel.repo.nii.ac.jp/record/2713/files/ipo-7-06.pdf http://hdl.handle.net/10252/3160 https://barrel.repo.nii.ac.jp/records/2713 eng info:doi/10.1007/s10436-006-0051-1 The original publication is available at www.springerlink.com http://www.springerlink.com/content/665x20576156021n/