What do investment banks charge to underwrite American Depositary Receipts?

被引：7

作者：

Chen, Hsuan-Chi ^{[2
]}

Fauver, Larry ^{[1
]}

Yang, Pei-Ching ^{[3
]}

机构：

[1] Univ Tennessee, Dept Finance, Knoxville, TN 37996 USA

[2] Univ New Mexico, Anderson Sch Management, Albuquerque, NM 87131 USA

[3] Yuan Ze Univ, Dept Finance, Chungli 320, Taiwan

来源：

JOURNAL OF BANKING & FINANCE | 2009年 / 33卷 / 04期

关键词：

American Depositary Receipts (ADRs); Gross spread; Underwriters; Clustering; Firm and offer characteristics; INITIAL PUBLIC OFFERINGS; LONG-RUN PERFORMANCE; AFTERMARKET PERFORMANCE; IPOS; EQUITY; COSTS; PRICE; REPUTATION; RETURNS; STOCKS;

D O I：

10.1016/j.jbankfin.2008.12.004

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We investigate how investment banks determine the gross spreads paid by American Depositary Receipts (ADRs) from 1980 to 2004. We begin by comparing the gross spreads of ADR IPOs and ADR SEOs to those of matching US IPOs and US SEOs, We document clustering at the 7% level far Our ADR 1170 sample (44%, for the ADR IPO firms without a Previous equity listing), whereas our ADR SEO sample exhibits no discernable clustering at any level. We then Find that ADR IPO gross spreads can be explained by firm and offer characteristics (similar to our matched sample of US IPOs), and by whether the ADR IPO firm has a previous equity listing. ADR SEO gross spreads can be explained more by offer characteristics (more similar to our matched sample of US SEOs). (C) 2008 Elsevier B.V. All rights reserved.

引用

页码：609 / 618

页数：10

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