Equity issues and the impact of lead manager affiliation on broker market share and trading volume

被引：1

作者：

He, Peng William ^{[1
]}

Jarnecic, Elvis ^{[1
]}

Liu, Yubo ^{[2
]}

机构：

[1] Univ Sydney, Sch Business, Finance Discipline, Sydney, NSW 2006, Australia

[2] Univ Sydney, Sch Business, 4E Wolseley Grove, Zetland, NSW 2017, Australia

来源：

PACIFIC-BASIN FINANCE JOURNAL | 2016年 / 38卷

关键词：

Seasoned equity offerings; Equity issues; Broker affiliation; Broker market share; UNDERWRITER; REPUTATION;

D O I：

10.1016/j.pacfin.2016.03.005

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper studies the trading volume and market share of brokers around seasoned equity offerings (SEOs) in the Australian equity market based on a unique broker ID dataset. We examine the drivers behind the behaviour of affiliated and unaffiliated brokers around SEOs. The findings contribute to the understanding of how broker affiliation impact SEO trading activity. Results show that SEO affiliation is positively related to broker trading volume and market share on both the announcement day and issuance day. However, there is no evidence suggesting that lead managers or co-manager generate additional trading volume compared to other co-underwriters. Broker reputation, market capitalization and relative SEO size of the offering firm are shown as the primary determinants influencing broker trading activity. (C) 2016 Elsevier B.V. All rights reserved.

引用

页码：17 / 33

页数：17

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