Heated Negotiation within the Syndicate and IPOs

• 발행기관: 한국산업경영학회
• 저자명: Jin Q. Jeon Jin S. Kim Cheolwoo Lee
• 간행물 정보: 『한국산업경영학회 발표논문집』2010년도 동계학술대회 발표논문집, 1~21쪽, 전체 21쪽
• 주제분류: 경제경영 > 경영학
• 파일형태: PDF
• 발행일자: 2010.12.30

영문 초록

This paper examines the determinants of heated negotiation within the syndicate––i) between the lead underwriter and co-managers and ii) among co-managers––and how heated negotiation affects IPOs. We find that heated negotiation is positively related to underwriter compensation for the lead underwriter, the number of co-managers, and gross spread in dollars and negatively to underwriter compensation for co-managers and co-managers’ average reputation, The presence of co-manager all-star analysts is important for heated negotiation between the lead underwriter and co-managers but not a factor for that among co-managers. Heated negotiation appears to increase the number of market makers in the aftermarket and such result is more pronounced when there is heated negotiation among co-managers.

목차

1. Introduction

2. Data and Sample Characteristics

3. Empirical Questions and Results

4. Summary and Conclusions

키워드

Heated Negotiation Syndicate IPOs Underwriters