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| Author: | Carow, K. |
| Title: | Underwriting spreads and reputational capital: an analysis of new corporate securities |
| Journal: | Journal of Financial Research
1999 : SPRING, VOL. 22:1, p. 15-28 |
| Index terms: | FINANCE RESEARCH CAPITAL |
| Language: | eng |
| Abstract: | When entering a new security market, investment banks must establish their reputation. This is done through direct experience in the security market or through reputational capital established in existing security markets. The author examines the effects of underwriters' market reputation in publicly underwritten offerings in forty-three financial innovations and find more significant entry barriers for less prestigeous underwriters. |
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