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| Author: | Fields, P. Fraser, D. Bhargava, R. |
| Title: | A comparison of underwriting costs of initial public offerings by investment and commercial banks |
| Journal: | Journal of Financial Research
2003 : WINTER, VOL. 26:4, p. 517-534 |
| Index terms: | Commercial banks Initial public offerings Investment banks Underwriting |
| Language: | eng |
| Abstract: | Differences in underwriting costs between commercial-bank-Section-20-underwritten initial public offerings (IPOs) and investment-bank-underwritten IPOs are examined in this article. The findings show that total underwriting costs (gross margin plus underpricing) are significantly lower for commercial bank IPOs. The lower cost for commercial bank IPOs is attributable to less severe underpricing for these issues. Gross margin costs generally do not differ between commercial bank and investment bank issues. |
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