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| Tekijä: | Iannotta, G. Navone, M. |
| Otsikko: | Which factors affect bond underwriting fees? The role of banking relationships |
| Lehti: | European Financial Management
2008 : NOV, VOL. 14:5, p. 944-961 |
| Asiasana: | financial services banking insurance underwriting bonds Europe |
| Vapaa asiasana: | relationships |
| Kieli: | eng |
| Tiivistelmä: | Based on analysis of more than 2.200 bond issues completed by European firms from 1993 to 2003, this paper empirically examines the question of which factors are relevant in determining bond underwriting fees (henceforth as: u-fees). It is found that i. the introduction of the single currency in 1999 has generated an increase in competition among banks, resulting in a reduction in u-fees, ii. a strong relationship (as: r-ship) with the issuer's main bank reduces the level of u-fees, iii. new issuers are charged with lower u-fees relative to firms having completed issues without any strong r-ship with a bank, iv. higher reputation banks charge lower u-fees. |
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