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Underwriter Reputation, Issuer-Underwriter Matching, and SEO Performance / Charles W. Calomiris, Yehuda Izhakian, Jaime F. Zender.
- Format:
- Book
- Author/Creator:
- Calomiris, Charles W.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w26344.
- NBER working paper series no. w26344
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2019.
- Summary:
- The role of underwriters is altered in new seasoned equity offering deal types in which the offering follows quickly after its announcement. Controlling for the endogenous matching between issuing firms and underwriters, we find increased underwriter reputation mitigates the immediate price impact of announcing an accelerated bookbuilt offering, exacerbates the price impact of announcing a bought offering, and has no immediate price impact for fully marketed deals. In contrast, underwriter reputation positively affects price outcomes for fully marketed deals around the offer date. Reputation effects are not apparent in the absence of controlling for the endogenous matching.
- Notes:
- Print version record
- October 2019.
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