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The optimal spread and offering price for underwritten securities

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  • Yeoman, John C.

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  • Yeoman, John C., 2001. "The optimal spread and offering price for underwritten securities," Journal of Financial Economics, Elsevier, vol. 62(1), pages 169-198, October.
    • Handle: RePEc:eee:jfinec:v:62:y:2001:i:1:p:169-198
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    References listed on IDEAS

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    1. repec:bla:jfinan:v:43:y:1988:i:4:p:789-822 is not listed on IDEAS
    2. Hansen, Robert S & Torregrosa, Paul, 1992. "Underwriter Compensation and Corporate Monitoring," Journal of Finance, American Finance Association, vol. 47(4), pages 1537-1555, September.
    3. Gerard, Bruno & Nanda, Vikram, 1993. "Trading and Manipulation around Seasoned Equity Offerings," Journal of Finance, American Finance Association, vol. 48(1), pages 213-245, March.
    4. Welch, Ivo, 1992. "Sequential Sales, Learning, and Cascades," Journal of Finance, American Finance Association, vol. 47(2), pages 695-732, June.
    5. Allen, Franklin & Faulhaber, Gerald R., 1989. "Signalling by underpricing in the IPO market," Journal of Financial Economics, Elsevier, vol. 23(2), pages 303-323, August.
    6. Beatty, Randolph P. & Ritter, Jay R., 1986. "Investment banking, reputation, and the underpricing of initial public offerings," Journal of Financial Economics, Elsevier, vol. 15(1-2), pages 213-232.
    7. Michael W. Becker & Michael S. Long, 1997. "An Explanation of Underwriting Spread Differentials on Complex Securities," Financial Management, Financial Management Association, vol. 26(2), Summer.
    8. Rock, Kevin, 1986. "Why new issues are underpriced," Journal of Financial Economics, Elsevier, vol. 15(1-2), pages 187-212.
    9. Jun-Koo, Kang & Lee, Yul W., 1996. "The pricing of convertible debt offerings," Journal of Financial Economics, Elsevier, vol. 41(2), pages 231-248, June.
    10. Hansen, Robert S., 2001. "Do investment banks compete in IPOs?: the advent of the "7% plus contract"," Journal of Financial Economics, Elsevier, vol. 59(3), pages 313-346, March.
    11. Hsuan‐Chi Chen & Jay R. Ritter, 2000. "The Seven Percent Solution," Journal of Finance, American Finance Association, vol. 55(3), pages 1105-1131, June.
    12. Shiller, Robert J, 1990. "Speculative Prices and Popular Models," Journal of Economic Perspectives, American Economic Association, vol. 4(2), pages 55-65, Spring.
    13. Smith, Clifford Jr., 1986. "Investment banking and the capital acquisition process," Journal of Financial Economics, Elsevier, vol. 15(1-2), pages 3-29.
    14. Hughes, Patricia J & Thakor, Anjan V, 1992. "Litigation Risk, Intermediation, and the Underpricing of Initial Public Offerings," The Review of Financial Studies, Society for Financial Studies, vol. 5(4), pages 709-742.
    15. Miller, Edward M, 1977. "Risk, Uncertainty, and Divergence of Opinion," Journal of Finance, American Finance Association, vol. 32(4), pages 1151-1168, September.
    16. Barry, Christopher B. & Muscarella, Chris J. & Vetsuypens, Michael R., 1991. "Underwriter warrants, underwriter compensation, and the costs of going public," Journal of Financial Economics, Elsevier, vol. 29(1), pages 113-135, March.
    17. Blackwell, David W. & Marr, M. Wayne & Spivey, Michael F., 1990. "Shelf Registration and the Reduced Due Diligence Argument: Implications of the Underwriter Certification and the Implicit Insurance Hypotheses," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 25(2), pages 245-259, June.
    18. David J. Denis, 1993. "The Costs Of Equity Issues Since Rule 415: A Closer Look," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 16(1), pages 77-88, March.
    19. Krigman, Laurie & Shaw, Wayne H. & Womack, Kent L., 2001. "Why do firms switch underwriters?," Journal of Financial Economics, Elsevier, vol. 60(2-3), pages 245-284, May.
    20. Bhagat, Sanjai & Frost, Peter A., 1986. "Issuing costs to existing shareholders in competitive and negotiated underwritten public utility equity offerings," Journal of Financial Economics, Elsevier, vol. 15(1-2), pages 233-259.
    21. Mark Grinblatt & Chuan Yang Hwang, "undated". "Signalling and the Pricing of Unseasoned New Issues," Rodney L. White Center for Financial Research Working Papers 1-89, Wharton School Rodney L. White Center for Financial Research.
    22. Mauer, David C. & Senbet, Lemma W., 1992. "The Effect of the Secondary Market on the Pricing of Initial Public Offerings: Theory and Evidence," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 27(1), pages 55-79, March.
    23. Welch, Ivo, 1991. "An Empirical Examination of Models of Contract Choice in Initial Public Offerings," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 26(4), pages 497-518, December.
    24. Smith, Clifford Jr., 1977. "Alternative methods for raising capital : Rights versus underwritten offerings," Journal of Financial Economics, Elsevier, vol. 5(3), pages 273-307, December.
    25. Benveniste, Lawrence M. & Spindt, Paul A., 1989. "How investment bankers determine the offer price and allocation of new issues," Journal of Financial Economics, Elsevier, vol. 24(2), pages 343-361.
    26. Inmoo Lee & Scott Lochhead & Jay Ritter & Quanshui Zhao, 1996. "The Costs Of Raising Capital," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 19(1), pages 59-74, March.
    27. Altinkilic, Oya & Hansen, Robert S, 2000. "Are There Economies of Scale in Underwriting Fees? Evidence of Rising External Financing Costs," The Review of Financial Studies, Society for Financial Studies, vol. 13(1), pages 191-218.
    28. Baron, David P, 1982. "A Model of the Demand for Investment Banking Advising and Distribution Services for New Issues," Journal of Finance, American Finance Association, vol. 37(4), pages 955-976, September.
    29. repec:bla:jfinan:v:44:y:1989:i:2:p:421-49 is not listed on IDEAS
    30. Safieddine, Assem & Wilhelm, William J, Jr, 1996. "An Empirical Investigation of Short-Selling Activity Prior to Seasoned Equity Offerings," Journal of Finance, American Finance Association, vol. 51(2), pages 729-749, June.
    31. Jeff Jewell & Miles Livingston, 1998. "Split Ratings, Bond Yields, And Underwriter Spreads," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 21(2), pages 185-204, June.
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    Cited by:

    1. Neil Esho & Michael G. Kollo & Ian G. Sharpe, 2006. "Eurobond underwriter spreads," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 46(1), pages 71-95, March.
    2. Ljungqvist, Alexander, 2003. "Conflicts of Interest and Efficient Contracting in IPOs," CEPR Discussion Papers 4163, C.E.P.R. Discussion Papers.

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