IDEAS home Printed from https://ideas.repec.org/a/bla/finrev/v27y1992i3p355-74.html
   My bibliography  Save this article

An Empirical Examination of Investment Banking Reputation Measures

Author

Listed:
  • Carter, Richard B
  • Dark, Frederick H

Abstract

This paper empirically examines the explanatory power of investment banking reputation measures. One of these measures, a nineteen-tier indicator of underwriter reputation, is determined by the relative position of the underwriter's name within the tombstone announcements of security offerings. An alternative measure assigns four ranks according to the investment banking bracket of the underwriter. This "bracket" measure is considerably easier to create than the "tombstone" measure. The authors employ both measures in identical initial public offering empirical models and assess their relative performance. In all of the models tested, the tombstone measure appears to be superior. Moreover, they find that, unlike the bracket measure, the tombstone reputation indicator significantly explains the initial returns to initial public offerings even when a measure of ex post uncertainty is included in the model. Copyright 1992 by MIT Press.

Suggested Citation

  • Carter, Richard B & Dark, Frederick H, 1992. "An Empirical Examination of Investment Banking Reputation Measures," The Financial Review, Eastern Finance Association, vol. 27(3), pages 355-374, August.
    • Handle: RePEc:bla:finrev:v:27:y:1992:i:3:p:355-74
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Mirjana Pejić Bach & Berislava Starešinić & Mislav Ante Omazić & Ana Aleksić & Sanja Seljan, 2020. "m-Banking Quality and Bank Reputation," Sustainability, MDPI, vol. 12(10), pages 1-18, May.
    2. Monica C. Higgins & Ranjay Gulati, 2003. "Getting Off to a Good Start: The Effects of Upper Echelon Affiliations on Underwriter Prestige," Organization Science, INFORMS, vol. 14(3), pages 244-263, June.
    3. K. Gleason & J. Johnston & J. Madura, 2008. "What factors drive IPO aftermarket risk?," Applied Financial Economics, Taylor & Francis Journals, vol. 18(13), pages 1099-1110.
    4. Surendranath Jory & Jeff Madura, 2007. "Equity Offerings by Firms That Emerged from Bankruptcy," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 12(2), pages 1-22, Fall.
    5. Dunbar, Craig G., 1997. "Overallotment option restrictions and contract choice in initial public offerings," Journal of Corporate Finance, Elsevier, vol. 3(3), pages 251-275, June.
    6. Dunbar, Craig G., 2000. "Factors affecting investment bank initial public offering market share," Journal of Financial Economics, Elsevier, vol. 55(1), pages 3-41, January.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:finrev:v:27:y:1992:i:3:p:355-74. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: https://edirc.repec.org/data/efaaaea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.