The impact of bank ownership of underwriters on the underpricing of initial public offerings

被引：0

作者：

Ursel, ND

Ljucovic, P

机构：

[1] Univ Windsor, Fac Business, Windsor, ON N9B 3P4, Canada

[2] Ford Motor Co, Windsor, ON, Canada

来源：

CANADIAN JOURNAL OF ADMINISTRATIVE SCIENCES-REVUE CANADIENNE DES SCIENCES DE L ADMINISTRATION | 1998年 / 15卷 / 01期

关键词：

D O I：

暂无

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This study examines the underpricing of Canadian initial public overings (IPOs) since July 1, 1987, when banks entered the underwriting business. The level of underpricing found (3.64%-3.95%) is much lower than that found by other studies. Bank ownership of an issue's underwriter is found to be significantly related to lower underpricing However this appears to be due to the fact that banks acquire high prestige underwriters and nor due to bank ownership per se.

引用

页码：17 / 27

页数：11

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