1997
DOI: 10.2139/ssrn.38480
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Factors Affecting Investment Bank Initial Public Offering Market Share

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Cited by 63 publications
(60 citation statements)
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“…Second, previous literature suggests that underwriters help reduce information asymmetry through certification in the United States (Booth & Smith, 1986;Beatty & Ritter, 1986;Chemmanur & Fulghieri, 1994;Ng & Smith, 1996;Puri, 1996;Dunbar, 2000;McLaughlin et al, 2000), the United Kingdom (Slovin, Sushka, & Lai, 2000), and Japan (Cooney, Kato, & Schallheim, 2003). 7 McLaughlin et al (2000 suggest that hiring a low-quality underwriter is a bad signal to the market.…”
Section: The Endogenous Determination Of Underwriter Choice and Earnimentioning
confidence: 99%
“…Second, previous literature suggests that underwriters help reduce information asymmetry through certification in the United States (Booth & Smith, 1986;Beatty & Ritter, 1986;Chemmanur & Fulghieri, 1994;Ng & Smith, 1996;Puri, 1996;Dunbar, 2000;McLaughlin et al, 2000), the United Kingdom (Slovin, Sushka, & Lai, 2000), and Japan (Cooney, Kato, & Schallheim, 2003). 7 McLaughlin et al (2000 suggest that hiring a low-quality underwriter is a bad signal to the market.…”
Section: The Endogenous Determination Of Underwriter Choice and Earnimentioning
confidence: 99%
“…2 Previous literature on underwriter certification suggests that underwriters help reduce information asymmetry through certification in the US (Booth and Smith 1986;Beatty and Ritter 1986;Chemmanur and Fulghieri 1994;Ng and Smith 1996;Puri 1996;Dunbar 2000;McLaughlin et al 2000), the UK (Slovin et al 2000), and Japan (Cooney et al 2003). For instance, Booth and Smith (1986) argue that if the net benefit from revealing the true issuing-firm value of an SEO, after accounting for the cost of hiring a high-quality underwriter, exceeds the benefit of hiding the true issuing-firm value, then the firm will hire high-quality underwriters.…”
Section: Literature Review and Hypothesis Developmentmentioning
confidence: 99%
“…Besides, this institutional aspect makes the Chinese IPO market different from any Western IPO market, where the market mechanism itself plays a major role in rewarding and punishing investment banks based on their behaviour in the IPO market. For IPOs in the U.S.A., Dunbar (2000) indeed finds that investment banks performing poorly in terms of IPO certification, pricing, and research coverage subsequently lose market share. 2 Nonetheless, along with the growth of the Chinese IPO market, the regulator has gradually reduced its direct market intervention and has allowed market forces to become more influential.…”
Section: Accepted Manuscriptmentioning
confidence: 99%
“…So, it fosters managerial incentives to perform and ensures that only the best firms in an industry survive. Interestingly, while the Chinese regulator embraced a pro-competitive regulatory regime over time, it did not introduce this framework at once, 2 Dunbar (2000) is the only study to date that has examined how the quality and the price of underwriting services affect investment-bank market shares in IPOs. His sample consists of U.S. IPOs on the New York Stock Exchange, American…”
Section: Accepted Manuscriptmentioning
confidence: 99%