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Neil Brisley
''A Comparative Analysis of IPO Proceeds Under Alternative Regulatory Environments: A Comment.''
( 2003, Vol. 7 No.1 )
We clarify and reinterpret the results of Benveniste and Wilhelm (1990) concerning the effect of a uniform price restriction on the proceeds of an IPO. If regular institutional investors are, on average, at least as well informed as ordinary retail investors then our corrected version of Benveniste and Wilhelm's model shows that a uniform price restriction does not affect IPO proceeds.
JEL: G2 - Financial Institutions and Services: General
D8 - Information, Knowledge, and Uncertainty: General
Manuscript Received : Oct 11 2002 Manuscript Accepted : Jan 13 2003

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