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How Firms Select Underwriters and Underwriters Select Firms.pdf
- Recent evidence documents a clustering of gross underwriting spreads on initial public offerings (IPOs). This trend is puzzling for at least two reasons. First, different offerings will require different effort and will result in different costs for an underwriter. Second, underwriters will differ in reputation and other service attributes, which will lead to different costs among underwriters. In this paper we advance the notion of a two-way selection process between firms and underwriters. We show that, with uniform pricing, higher reputation underwriters will seek to underwrite higher quality firms, and higher quality firms will seek underwriting from higher reputation underwriters. Our empirical tests provide confirmation for this matching hypothesis. Selecting higher quality firms presumably results in lower marketing and reputation costs for high reputation underwriters. Moreover, firms that hire more reputable underwriters at the IPO stage generate higher future cash fl
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Technology for underwriters-Nuclear energy.pdf
- underwriters37Nuclear energy1 HistoryOn its way anindustrialscale, peacefuluse nuclearfission develo
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Technology for underwriters 20 Steel plants.pdf
- Technology for underwriters 20 Steel plantsTechnology for underwriters 20 Steel plantsTechnology for underwriters 20 Steel plants
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Technology for underwriters No. 03 - Cement production.pdf
- 瑞再核保资料
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Venture capital investments by IPO underwriters: Certification or conflict of interest ?.pdf
- We study IPO pricing when underwriters can be venture capital investors in issuers and evaluate the effects of such equity investments by lead and non-lead underwriters. Theoretically, prior underwriter venture investment has several effects. First, it can improve underwriter access to IPO issuer information, thereby enhancing the credibility of due diligence investigations, which raises investor demand and IPO offer prices. Second, it can increase an underwriter s conflict of interest with IPO investors, which decreases the credibility of its due diligence investigation, lowering investor demand and IPO offer prices when prices are set competitively. Third, it can improve underwriter alignment of interest with IPO issuers, which can result in higher IPO offer prices when underwriters have some pricing power. Empirically, venture capital investments by lead underwriters significantly reduce IPO underpricing, while venture investments by other syndicate underwriters have no effect. Thi
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Underwriters´ Civil Liability for IPO´s An Economic Analysis.pdf
- Underwriters´ Civil Liability for IPO´s An Economic AnalysisUnderwriters´ Civil Liability for IPO´s An Economic AnalysisUnderwriters´ Civil Liability for IPO´s An Economic Analysis
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Venture capital investments by IPO underwriters: Certification, alignment of interest, or moral hazard?.pdf
- We study IPO pricing when underwriters are venture capital investors in issuers and test three hypotheses concerning the effects of underwriter share ownership on the IPO underwriting and pricing processes. We find that venture investments by underwriters significantly reduce IPO underpricing; and the result is stronger for lead underwriters. This evidence is consistent with both underwriter certification and improved underwriter alignment of interests with issuers. The fall in underpricing is substantially greater when there is greater uncertainty about IPO valuation, which further supports the underwriter certification effect. Controlling for endogeneity effects does not change our conclusions. Finally, lead underwriter venture investment in IPO issuers also reduces underwriter gross spreads. Overall, the evidence is consistent with an underwriter certification effect and to a lesser degree an underwriter-issuer alignment of interest effect and inconsistent with an IPO conflict of i
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Do Underwriters Overprice IPOs to Avert Potential Withdrawal by the.pdf
- Do Underwriters Overprice IPOs to Avert Potential Withdrawal by the
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向豆丁求助：有没有underwriters?
