| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2724 |
| DP2724 How Risky is Financial Liberalization in the Developing Countries? | |
| Charles Wyplosz | |
| 发表日期 | 2001-03-27 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | Non-US firms frequently pay a substantial premium to have a US bank lead their initial public offering of equity, even when the issuing firm is not seeking a listing on a US exchange. We provide evidence that this decision reflects an expectation that US banks deliver a higher quality bundle of underwriting services. Specifically, a non-US issuing firm that includes a US bank in its underwriting syndicate can expect to have its offering underpriced by 17.7% less than had it not included a US bank in the syndicate. Failure to account for the endogeneity of the decision to hire a US bank vastly understates the magnitude of the effect. This finding has direct implications for the claim that US bank spreads for domestic IPOs are above competitive levels. |
| 主题 | Financial Economics |
| 关键词 | Initial public offerings Investment banking Underwriting spreads |
| URL | https://cepr.org/publications/dp2724 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531780 |
| 推荐引用方式 GB/T 7714 | Charles Wyplosz. DP2724 How Risky is Financial Liberalization in the Developing Countries?. 2001. |
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