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A test of the effect on underpricing...

Burke, William P.

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A test of the effect on underpricing of IPOs from the affiliation of investment banks with commercial banks.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	A test of the effect on underpricing of IPOs from the affiliation of investment banks with commercial banks./
作者:	Burke, William P.
面頁冊數:	180 p.
附註:	Source: Dissertation Abstracts International, Volume: 65-09, Section: A, page: 3497.
Contained By:	Dissertation Abstracts International65-09A.
標題:	Economics, Finance. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3144699
ISBN:	9780496033966

A test of the effect on underpricing of IPOs from the affiliation of investment banks with commercial banks.
Burke, William P.

A test of the effect on underpricing of IPOs from the affiliation of investment banks with commercial banks. - 180 p.

Source: Dissertation Abstracts International, Volume: 65-09, Section: A, page: 3497.

Thesis (D.B.A.)--Nova Southeastern University, 2004.

This study addresses the effect on underpricing of IPOs issued by underwriters affiliated with commercial banks. Commercial banks participating in investment banking represent a new phenomenon arising from the repeal of the Glass-Steagall Act. IPOs represent a substantial revenue source for investment banks. Underpricing, an anomaly that has persisted in the more than 40 years of research into IPOs, is the excess initial-day returns enjoyed by investors. This underpricing increases the cost of capital of the issuer.

ISBN: 9780496033966Subjects--Topical Terms:

626650
Economics, Finance.

A test of the effect on underpricing of IPOs from the affiliation of investment banks with commercial banks.
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245 1 2 $a A test of the effect on underpricing of IPOs from the affiliation of investment banks with commercial banks.
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500 $a Adviser: Alan Gart.
502 $a Thesis (D.B.A.)--Nova Southeastern University, 2004.
520 $a This study addresses the effect on underpricing of IPOs issued by underwriters affiliated with commercial banks. Commercial banks participating in investment banking represent a new phenomenon arising from the repeal of the Glass-Steagall Act. IPOs represent a substantial revenue source for investment banks. Underpricing, an anomaly that has persisted in the more than 40 years of research into IPOs, is the excess initial-day returns enjoyed by investors. This underpricing increases the cost of capital of the issuer.
520 $a Certification theory suggests that underpricing is reduced when reputable third-party agents participate in the IPOs. A negative relationship has been observed between the reputation of these agents and underpricing. Commercial bank affiliation with the investment banks should decrease the underpricing of the IPOs associated with the affiliated entity.
520 $a The study uses a matched pair design. A sample of IPOs is examined using paired difference of means t-test and OLS regression methods. Sample data is drawn from 2,718 firm commitment IPOs offered between 1995 and 1999. Actual business descriptions identify industry sectors.
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