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Evidence of Early-Mover Advantages in Underwriting Spreads

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  • Kenneth Carow
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    Abstract

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    File URL: http://hdl.handle.net/10.1023/A:1008034303050
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    Bibliographic Info

    Article provided by Springer in its journal Journal of Financial Services Research.

    Volume (Year): 15 (1999)
    Issue (Month): 1 (February)
    Pages: 37-55

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    Handle: RePEc:kap:jfsres:v:15:y:1999:i:1:p:37-55

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    Web page: http://www.springerlink.com/link.asp?id=102934

    Related research

    Keywords: early-mover advantages; underwriting spreads; innovations; corporate securities;

    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Linn, Scott C. & Michael Pinegar, J., 1988. "The effect of issuing preferred stock on common and preferred stockholder wealth," Journal of Financial Economics, Elsevier, vol. 22(1), pages 155-184, October.
    2. Smith, Clifford Jr., 1977. "Alternative methods for raising capital : Rights versus underwritten offerings," Journal of Financial Economics, Elsevier, vol. 5(3), pages 273-307, December.
    3. Miller, Merton H., 1986. "Financial Innovation: The Last Twenty Years and the Next," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 21(04), pages 459-471, December.
    4. Tufano, Peter, 1989. "Financial innovation and first-mover advantages," Journal of Financial Economics, Elsevier, vol. 25(2), pages 213-240, December.
    5. Allen, David S & Lamy, Robert E & Thompson, G Rodney, 1990. " The Shelf Registration of Debt and Self Selection Bias," Journal of Finance, American Finance Association, vol. 45(1), pages 275-87, March.
    6. Ederington, Louis H, 1978. "Bidding for Securities: The Effect on the Issuer's Interest Costs," The Journal of Business, University of Chicago Press, vol. 51(4), pages 673-86, October.
    7. A. M. Spence, 1981. "The Learning Curve and Competition," Bell Journal of Economics, The RAND Corporation, vol. 12(1), pages 49-70, Spring.
    8. Kidwell, David S. & Marr, M. Wayne & Thompson, G. Rodney, 1984. "SEC Rule 415: The Ultimate Competitive Bid," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 19(02), pages 183-195, June.
    9. 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.
    10. Carter, Richard B & Manaster, Steven, 1990. " Initial Public Offerings and Underwriter Reputation," Journal of Finance, American Finance Association, vol. 45(4), pages 1045-67, September.
    11. Denis, David J, 1991. "Shelf Registration and the Market for Seasoned Equity Offerings," The Journal of Business, University of Chicago Press, vol. 64(2), pages 189-212, April.
    12. Mandelker, Gershon & Raviv, Artur, 1977. "Investment Banking: An Economic Analysis of Optimal Underwriting Contracts," Journal of Finance, American Finance Association, vol. 32(3), pages 683-94, June.
    13. 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.
    14. Silber, William L, 1983. "The Process of Financial Innovation," American Economic Review, American Economic Association, vol. 73(2), pages 89-95, May.
    15. Baron, David P & Holmstrom, Bengt, 1980. " The Investment Banking Contract for New Issues under Asymmetric Information: Delegation and the Incentive Problem," Journal of Finance, American Finance Association, vol. 35(5), pages 1115-38, December.
    16. Leland E. Crabbe & Jean Hewlege, 1994. "Alternative Tests of Agency Theories of Callable Corporate Bonds," Financial Management, Financial Management Association, vol. 23(4), Winter.
    17. Van Horne, James C, 1985. " Of Financial Innovations and Excesses," Journal of Finance, American Finance Association, vol. 40(3), pages 621-31, July.
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    Citations

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    Cited by:
    1. Daniels, Kenneth N. & Vijayakumar, Jayaraman, 2007. "Does underwriter reputation matter in the municipal bond market?," Journal of Economics and Business, Elsevier, vol. 59(6), pages 500-519.
    2. Charupat, Narat & Prisman, Eliezer Z., 2004. "An essay on financial innovation: The case of instalment receipts," Journal of Banking & Finance, Elsevier, vol. 28(1), pages 129-156, January.
    3. de Jong, A. & Roosenboom, P.G.J. & Schramade, W.L.J., 2005. "Bond underwriting fees and keiretsu affiliation in Japan," ERIM Report Series Research in Management ERS-2005-038-F&A, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus Uni.
    4. J.W.B. Bos & J. Kolari & R. van Lamoen, 2009. "Competition and innovation: evidence from financial services," Working Papers 09-16, Utrecht School of Economics.
    5. repec:hal:cesptp:halshs-00177614 is not listed on IDEAS
    6. de Jong, Abe & Roosenboom, Peter & Schramade, Willem, 2006. "Bond underwriting fees and keiretsu affiliation in Japan," Pacific-Basin Finance Journal, Elsevier, vol. 14(5), pages 522-545, November.
    7. Encaoua, David & Guellec, Dominique & Martinez, Catalina, 2006. "Patent systems for encouraging innovation: Lessons from economic analysis," Research Policy, Elsevier, vol. 35(9), pages 1423-1440, November.

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