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Syndicate Size, Spreads, and Market Power during the Introduction of Shelf Registration

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  • Foster, F Douglas

Abstract

The introduction of shelf registration in 1982 is used to examine the extent of price taking behavior among investment banks. Changes in underwriting syndicates are compared with the concomitant adjustment in underwriting spreads and management fees. The evidence is consistent with higher organizing cost and/or market power in the underwriting syndicate. Evidence on the components of the spreads and syndicate composition during the introduction of shelf registration is also presented. Copyright 1989 by American Finance Association.

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Bibliographic Info

Article provided by American Finance Association in its journal Journal of Finance.

Volume (Year): 44 (1989)
Issue (Month): 1 (March)
Pages: 195-204

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Handle: RePEc:bla:jfinan:v:44:y:1989:i:1:p:195-204

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Cited by:
  1. Bharat N. Anand & Alexander Galetovic, 1996. "Information, Nonexcludability, and Financial Market Structure," Documentos de Trabajo 7, Centro de Economía Aplicada, Universidad de Chile.
  2. Tufano, Peter, 1989. "Financial innovation and first-mover advantages," Journal of Financial Economics, Elsevier, vol. 25(2), pages 213-240, December.
  3. Cornett, Marcia Millon & Davidson, Wallace III & Rangan, Nanda, 1996. "Deregulation in investment banking: Industry concentration following Rule 415," Journal of Banking & Finance, Elsevier, vol. 20(1), pages 85-113, January.
  4. John Asker & Alexander Ljungqvist, 2010. "Competition and the Structure of Vertical Relationships in Capital Markets," Journal of Political Economy, University of Chicago Press, vol. 118(3), pages 599-647, 06.
  5. Michael W. Becker & Michael S. Long, 1997. "An Explanation of Underwriting Spread Differentials on Complex Securities," Financial Management, Financial Management Association, vol. 26(2), Summer.
  6. James Ang & Shaojun Zhang, 2006. "Underwriting relationships: Information production costs, underwriting fees, and first mover advantage," Review of Quantitative Finance and Accounting, Springer, vol. 27(2), pages 205-229, September.
  7. repec:ste:nystbu:06-23 is not listed on IDEAS

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