The Seven Percent Solution  

Oleh:

Ritter, Jay R. ; Hsuan-Chi Chen

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 55 no. 3 (2000), page 1105-1132.
Topik: SOLUTION; studies; spread; investment bankers; stock offerings; going public; professional fees; statistical analysis
Fulltext: p 1105.pdf (331.45KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88.2 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Gross spreads received by underwriters on initial public offerings (IPOs) in the united states are much higher than in other countries. Furthermore, in recent years more than 90 percent of deals raising $ 20 - 80 million have spread of exactly seven percent, three times the proportion of a decade earlier. Investment bankers readily admit that the IPO business is very profitable, and that they avoid competing on fees because they "don't want to turn it into a commodity business". We examine several features of the IPO underwriting business that result in a market structure where speeds are high.

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