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Effects of Securities Deregulation in Underwriting: An Analysis of SEC Rule 415

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  • Marr, M Wayne
  • Netter, Jeffry M
  • Poulsen, Annette B

Abstract

In this paper we present evidence on the effects of Rule 415, the SEC Rule that relaxed the SEC's long-standing opposition to delayed offerings. Shelf registration allows securities to be offered on a continuous or delayed basis in certain circumstances. We provide evidence on one aspect of the controversy surrounding Rule 415's adoption: the effect of shelf registration on the distribution of underwriting revenues among brokers/dealers. We find, on average, all broker/dealers experienced an increase in underwriting revenues following the adoption of shelf registration due to an increase in total business financing. However, we find that the largest underwriters experienced an increase in underwriting revenues relative to total business financing. The relationship for smaller broker/dealers between underwriting revenues and total business financing did not change significantly after the adoption of shelf registration. Thus, shelf registration appears not to have harmed small broker/dealers. Copyright 1994 by Kluwer Academic Publishers

Suggested Citation

  • Marr, M Wayne & Netter, Jeffry M & Poulsen, Annette B, 1994. "Effects of Securities Deregulation in Underwriting: An Analysis of SEC Rule 415," Journal of Regulatory Economics, Springer, vol. 6(1), pages 27-39, February.
    • Handle: RePEc:kap:regeco:v:6:y:1994:i:1:p:27-39
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