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Market Structure, Changing Incentives, And Underwriter Certification

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  • Steven D. Dolvin

Abstract

Early studies find that higher quality underwriters are associated with lower underpricing; however, more recent evidence suggests the opposite relation. By controlling for influences associated with the changing market structure of the underwriter industry, I provide a potential explanation for this conflict, that is, that higher quality underwriters do certify initial public offerings, resulting in lower underpricing. However, effects associated with increasing market shares tend to offset certification benefits, particularly for issues underwritten by the largest investment banks.

Suggested Citation

  • Steven D. Dolvin, 2005. "Market Structure, Changing Incentives, And Underwriter Certification," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 28(3), pages 403-419, September.
    • Handle: RePEc:bla:jfnres:v:28:y:2005:i:3:p:403-419
    DOI: 10.1111/j.1475-6803.2005.00131.x
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    Cited by:

    1. Daniel J. Bradley & John W. Cooney, Jr. & Steven D. Dolvin & Bradford D. Jordan, 2006. "Penny Stock IPOs," Financial Management, Financial Management Association, vol. 35(1), Spring.
      • Daniel J. Bradley & John W. Cooney Jr. & Steven D. Dolvin & Bradford D. Jordan, 2006. "Penny Stock IPOs," Financial Management, Financial Management Association International, vol. 35(1), pages 5-29, March.
    2. Steven Dolvin & Mark Pyles, 2009. "REIT IPOs and the Cost of Going Public," The Journal of Real Estate Finance and Economics, Springer, vol. 39(1), pages 92-106, July.

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