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Reciprocity relationships between underwriters and institutional investors in the IPO market
Author(s)
Date Issued
2023
Publisher
Academy of Management
ISSN
0065-0668
2151-6561
Citation
Deng, C., Wan, W., Li, X., & Yiu, D. (2023). Reciprocity relationships between underwriters and institutional investors in the IPO market. In Taneja, S (Ed.). Academy of management proceedings. 83rd Annual Meeting of the Academy of Management, Boston, United States. Academy of Management.
Type
Conference Paper
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.
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