Does social capital matter in underwriter's fees?

Abakah, Alex Annan

doi:10.1016/j.gfj.2024.101005

Global Finance Journal

2024

DOI: 10.1016/j.gfj.2024.101005

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Does social capital matter in underwriter's fees?

Alex Annan Abakah

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Investment bank reputation and issuance fees: evidence from asset-backed securities

Karimov,

Kara,

Downing

2024

Rev Quant Finan Acc

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We examine the relationship between investment bank (IB) reputation and fees paid in ABS issuance. We compile an extensive instrument level dataset of over 35,000 ABS issued between 1997 and 2018 in the US and the European market. We find that reputation of IBs is influential in determining the compensation they are paid for their services in ABS issuance. On average, reputable IBs receive 3.74% higher fees in comparison to others. Moreover, our results show IBs’ ability to obtain lower initial yield spreads in ABS issuance. Overall, our findings provide evidence to the arguments that reputable IBs with high market presence offer high-quality services and assurance to the market participants (i.e., certification effect) leading to better deals. In return, they are able to charge higher fees.

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Investment bank reputation and issuance fees: evidence from asset-backed securities

Karimov,

Kara,

Downing

2024

Rev Quant Finan Acc

View full text Add to dashboard Cite

show abstract

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Does social capital matter in underwriter's fees?

Cited by 1 publication

References 61 publications

Investment bank reputation and issuance fees: evidence from asset-backed securities

Investment bank reputation and issuance fees: evidence from asset-backed securities

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