The DOI matches its Crossref record; 22 of the 22 references it cites were found in a registry or an index.
The Role of IPO Underwriting Syndicates: Pricing, Information Production, and Underwriter Competition
Open accessAbstract
We examine syndicates for 1,638 IPOs from January 1997 through June 2002. We find strong evidence of information production by syndicate members. Offer prices are more likely to be revised in response to information when the syndicate has more underwriters and especially more co‐managers. More co‐managers also result in more analyst coverage and additional market makers following the IPO. Relationships between underwriters are critical in determining the composition of syndicates, perhaps because they mitigate free‐riding and moral hazard problems. While there appear to be benefits to larger syndicates, we discuss several factors that may limit syndicate size.
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Cites
Fama, E. F., & French, K. R. (1997) · Journal of Financial Economics · doi:10.1016/s0304-405x(96)00896-3 · Cited by 5,669
Home Bias at Home: Local Equity Preference in Domestic Portfolios
Coval, J. D., & Moskowitz, T. J. (1999) · The Journal of Finance · doi:10.1111/0022-1082.00181 · Cited by 2,870
Why new issues are underpriced
Rock, K. (1986) · Journal of Financial Economics · doi:10.1016/0304-405x(86)90054-1 · Cited by 2,788
Investment banking, reputation, and the underpricing of initial public offerings
Beatty, R. P., & Ritter, J. R. (1986) · Journal of Financial Economics · doi:10.1016/0304-405x(86)90055-3 · Cited by 2,575
Initial Public Offerings and Underwriter Reputation
CARTER, R., & MANASTER, S. (1990) · The Journal of Finance · doi:10.1111/j.1540-6261.1990.tb02426.x · Cited by 2,441
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How investment bankers determine the offer price and allocation of new issues
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How Distance, Language, and Culture Influence Stockholdings and Trades
Grinblatt, M., & Keloharju, M. (2001) · The Journal of Finance · doi:10.1111/0022-1082.00355 · Cited by 1,667
Underwriter Reputation, Initial Returns, and the Long‐Run Performance of IPO Stocks
Carter, R. B., Dark, F. H., & Singh, A. K. (1998) · The Journal of Finance · doi:10.1111/0022-1082.104624 · Cited by 1,508
Information quality and the valuation of new issues
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Cited by
Shipilov, A. V., & Li, S. X. (2012) · Organization Science · doi:10.1287/orsc.1100.0568 · Cited by 152
Gas, Guns, and Governments: Financial Costs of Anti-ESG Policies
Garrett, D. G., & Ivanov, I. T. (2023) · doi:10.21033/wp-2023-07 · Cited by 44
Metadata
- Authors
- CORWIN, S. A., & SCHULTZ, P.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2005-02
- Volume
- 60
- Issue
- 1
- Pages
- 443-486
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W3122368406
- Cited by
- 412
- References
- 22
- FWCI
- 99.25
- Type
- journal article
- Language
- en
- Open access
- green
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