Student or educator? Sign up with your school email and get 6 months of Pro free.
CoChat
Sign Up
Cited by 929

The DOI matches its Crossref record.

A Model of the Demand for Investment Banking Advising and Distribution Services for New Issues

BARON, DAVID P.·1982·The Journal of Finance
DOI 10.1111/j.1540-6261.1982.tb03591.x
Open this paper in CoChat — free account

Abstract

This paper presents a theory of the demand for investment banking advising and distribution services for the case in which the investment banker is better informed about the capital market than is the issuer, and the issuer cannot observe the distribution effort expended by the banker. The optimal contract under which the offer price decision is delegated to the better‐informed banker in order to deal with the adverse selection and moral hazard problems resulting from the informational asymmetry and the observability problem is characterized. The model demonstrates a positive demand for investment banking advising and distribution services and provides an explanation of the underpricing of new issues.

Overview

The claims and statistics of this paper haven’t been checked yet.

Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.

A few free checks a day · papers already verified open instantly · results are public

Integrity signals

Registry

Crossref · 10.1111/j.1540-6261.1982.tb03591.x

Cites

Statistics

Verification

Claims the paper makes

The claims and statistics of this paper haven’t been checked yet.

Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.

A few free checks a day · papers already verified open instantly · results are public

Self-check

Percentages, sums and reported differences re-computed from the paper’s own numbers.

The self-check needs the paper’s full text.

Citations

Cited by

See all 929

Metadata

Authors
BARON, D. P.
Venue
The Journal of Finance
Publisher
Wiley
Published
1982-09
Volume
37
Issue
4
Pages
955-976
ISSN
  • 0022-1082 (ISSN-L)
  • 1540-6261
DOI
10.1111/j.1540-6261.1982.tb03591.x
OpenAlex
W2124092784
Cited by
929
References
0
FWCI
13.90
Type
journal article
Language
en
Open access
closed

About these checks

Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.

Statistics and arithmetic are recomputed, not judged.

Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.

What counts as a claim ›How we measure confidence ›How we check this ›

Are you an author, or do you see a problem with this page? Request a review

How to cite

Cite CoChat for the checks on this page, and the paper for its own findings.

This page
CoChat. (2026). Citation check: A Model of the Demand for Investment Banking Advising and Distribution Services for New Issues. https://app.cochat.ai/papers/10.1111/j.1540-6261.1982.tb03591.x
The paper
BARON, D. P. (1982). A Model of the Demand for Investment Banking Advising and Distribution Services for New Issues. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.1982.tb03591.x

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.