Побудова концептуальної моделі вибору емітентом оптимального контракту андерайтингу
Анотація
In light of the research objective, this paper analyzes the dynamics and the structure of the executed contracts under the underwriting conduction in Ukraine in 2008-2012, as well as it was determined the estimation intervals of banks’ efficiency as the investment services providers (according to the dynamics of the issuers’ share prices during the “period of silence”). The major result of this research is separation of the “efficient IBS market” and determine at which of the underwriting models (based on the “firm commitment” of the bank – model “FC”, or “maximum/best efforts” of the bank – model “BE”), as one of the leading investment services, the offering efficiency is higher and therefore it is more suitable for using by issuers for entering the domestic or foreign stock markets. The analysis was conducted by using the elements of the matrix theory of games. The authors draw conclusions on selection of the priority underwriting model, as well as the time of application by the bank maximum market-maker’s (marketing) efforts to promote market-placed securities.
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