Initial public offering allocations

This dissertation consists of three papers. In the paper 'Laddering in Initial Public Offering Allocations' it is investigated if IPO allocations are tied to after-listing purchases of the IPO shares (IPO laddering). In the paper 'Using Stock-trading Commissions to Secure IPO Allocations' (with Roni Michaely and Øyvind Norli) it is investigated if IPO allocations are tied to investor stock-trading commission. The research question addressed in the paper 'Initial Public Offering or Initial Private Placement?' (with Øyvind Norli) is whether private placements are used, instead of IPOs, to transfer private benefits of control from sellers to buyers. A common contribution of all papers is that we introduce new and unique data on private company share ownership. This data allow us to investigate share allocations questions it has previously been difficult to investigate.