haku: @indexterm underwriting / yhteensä: 58
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| Tekijä: | Chen, C. R. Mohan, N. J. |
| Otsikko: | Underwriter Spread, Underwriter Reputation, and IPO Under-pricing: A Simultaneous Equation Analysis |
| Lehti: | Journal of Business Finance and Accounting
2002 : VOL. 29:3-4, p. 521-540 |
| Asiasana: | UNDERWRITING PRICING EQUATIONS ANALYTICAL REVIEW |
| Kieli: | eng |
| Tiivistelmä: | This paper studies the relationships between underwriter reputation, underwriter spread, and IPO underpricing. The authors consider the information content of underwriter spread and find that it conveys information pertinent to IPO quality. Because underwriter spread is endogenous, underpricing and underwriter spread are jointly determined in a simultaneous equation system. Also, the authors examine the IPO market for evidence of segmentation, and the authors' results suggest some market segmentation. Underwriter spread impacts initial underpricing for a group of medium-reputation underwriters, while underpricing affects underwriter spread for groups of low- and high-reputation underwriters. |
SCIMA