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Spinning and Underpricing: A Legal and Economic Analysis of the Preferential Allocation of Shares in Initial Public Offerings
The article investigates the preferential allocation, or
"spinning," of shares in initial public offerings by
examining the offering process and the incentives of underwriters, issuers, and investors. Through this examination of the participants and the process, it locates the harm of spinning in the underpricing of initial public offerings.
Link
http://lsr.nellco.org/cgi/viewcontent.cgi?article=1013&context=uconn/ucwps