search query: @author Carter, R. / total: 9
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| Author: | Carter, R. Manaster, S. |
| Title: | Initial public offerings and underwriter reputation |
| Journal: | Journal of Finance
1990 : SEP, VOL. 45:4, p. 1045-1067 |
| Index terms: | FINANCIAL MODELS EQUILIBRIUM THEORY NEW ISSUES UNDERWRITING |
| Language: | eng |
| Abstract: | The returns earned by subscribing to initial public offerings (IPOs) are examined. It is shown that IPOs with more informed investor capital require higher returns. The marketing underwriter's reputation reveals the expected level of "informed" activity. Prestigious underwriters are associated with lower risk offerings. With less risk there is less incentive to acquire information and fewer informed investors. Consequently, prestigious underwriters are associated with IPOs that have lower returns. |
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