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- Underwriter Reputation And Short-Run IPO Returns: A Re-Evaluation For An Emerging Market
- This paper examines the effect of underwriter reputation on the initial-day IPO Initial public offering returns in an emerging market. It uses both a traditional and an extended model given the characteristics of the IPO market under analysis. The results from the traditional model indicate that underwriter reputation does not...
- White papers 2006-03-09
- Explaining Mispricing Of Initial Public Offerings
- This paper examines the relative importance of underpricing as a signal of firm value, underwriter certification, subscription levels of shares on offer, and uncertainty surrounding firm value on mispricing of initial public offerings. A sample of 100 Singaporean Initial Public Offerings IPOs during the period 1998-2000 indicates that subscription levels...
- White papers 2005-10-09
Additional Resources
- The Impact of Client's Alleged Financial Reporting Fraud on Underwriter Reputation
- This paper examines underwriter reputation loss by using a sample of investment banks that have served corporate clients prior to the discovery of client's alleged financial reporting fraud. The results indicate that underwriters lose reputation upon the filing of lawsuits against their clients. The magnitude of reputation loss is greater...
- White papers 2004-06-08
- Regional Differences And Underwriter Location In Initial Public Offerings
- Equity capital is often an important source of funds for growing firms. This paper investigates the regional differences in the size of newly organized Initial Public Offerings, an important source of equity capital. It also investigates the importance of underwriter reputation and location to the size of the offering. The...
- White papers 2005-05-23
- Do Firms Choose To Minimize IPO Underpricing Through Their Choice Of Underwriters?
- This paper examines whether the choice of underwriters is consistent with issuing firms trying to minimize underpricing, or to reap other potential associated benefits. It also determines if the relation between underwriter reputation and underpricing has changed, as previous studies present conflicting evidence. The results suggest that issuers trade off...
- White papers 2004-12-01
- Investment Bank Reputation and the Underwriting of Nonconvertible Debt
- Robert E. Miller [*] We examine the impact of investment banker prestige on underwriter spreads, offering yields, and other expenses for 2,449 nonconvertible industrial debt issues offered during the period 1990 to 1997. We find that higher prestige underwriters charge significantly lower underwriting fees. Offering yields are also lower...
- Research articles 2000-06-22
- The IPO Derby: Are There Consistent Losers And Winners On This Track?
- Studies have documented that various factors such as discretionary accounting accruals, underwriter reputation, venture capital backing, and firm size will affect the long-run performance of IPOs Initial Public Offerings. However, it is not clear whether the return predictability of these attributes are the manifestation of one phenomenon, or independent results....
- White papers 2003-01-14
- International IPO Underpricing, Earnings Quality, And Governance
- Examining a sample of more than 4,600 IPOs Initial Public Offerings across 24 countries from 2000-2004, it was found that firm- and deal-specific characteristics widely used in IPO single-country underpricing studies (e.g., offer size, underwriter reputation, and industry) can explain variation in an international cross section of initial returns. More...
- White papers 2006-12-21
- Investment bank takes stock in Park; Friedman Billings Ramsey trades off Madison address; school passes exam.(Real Estate)(biref)
- After rising to become the country's third-ranked underwriter of U.S. initial public offerings in 2003, Virginia-based investment firm Friedman Billings Ramsey Group Inc. wanted a prestigious address to match its budding reputation. FBR signed a 1 After rising to become the country's third-ranked...
- Research articles 2004-07-05
- Suit charges AIG and execs with hiding underwriting losses.(Maurice R. Greenberg and Howard I. Smith of American International Group Inc.)
- Byline: JUDY GREENWALD NEW YORK-American International Group Inc. disguised losses in two widely different types of business-auto warranty and Brazilian life insurance-as investment losses in an effort to protect its reputation as an underwriter, Byline: JUDY GREENWALD NEW YORK-American...
- Research articles 2005-05-30
- The Travelers Companies Inc. Q3 2008 Earnings Call Transcript
- Question-and-Answer SessionOperator Operator Instructions Your first question is from Josh Shanker Citi. Josh Shanker Citi Back before the merger of Travelers and St. Paul, St. Paul had a reputation for writing some larger commercial business. I am wondering, given what's going on in...
- Earnings calls 2008-10-22
- Keefe rebuilds in New York as doubts remain over merger.(Brief Article)
- SINCE SEPTEMBER 11, much can be said about the power of friendship on Wall Street. Keefe, Bruyette & Woods, the US investment banking boutique that lost 67 of its 224 employees, knows this well. The firm, which has a strong reputation as a domestic M&A market maker...
- Research articles 2001-11-01
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