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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.

Suggested Citation

  • Foster, F Douglas, 1989. " Syndicate Size, Spreads, and Market Power during the Introduction of Shelf Registration," Journal of Finance, American Finance Association, vol. 44(1), pages 195-204, March.
  • Handle: RePEc:bla:jfinan:v:44:y:1989:i:1:p:195-204
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    Cited by:

    1. Tufano, Peter, 1989. "Financial innovation and first-mover advantages," Journal of Financial Economics, Elsevier, vol. 25(2), pages 213-240, December.
    2. Anand, Bharat N & Galetovic, Alexander, 2000. "Information, Nonexcludability, and Financial Market Structure," The Journal of Business, University of Chicago Press, vol. 73(3), pages 357-402, July.
    3. 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.
    4. John Asker, 2006. "Sharing Investment Bankers," Working Papers 06-23, New York University, Leonard N. Stern School of Business, Department of Economics.
    5. 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.
    6. 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.
    7. 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, June.

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