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The Costs of Equity Issues since Rule 415: A Closer Look

  • Denis, David J
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    In this paper I reexamine the effect of shelf registration (SEC Rule 415) on the underwriter fees of firms issuing equity. The data indicate that lower fees cannot be obtained by typical firms using the shelf procedure. Rather, previously documented evidence of lower underwriter spreads for shelf issues appears to be due to a selection bias in the firms choosing shelf registration. These firms enjoy a comparative cost advantage over other firms regardless of the reistration procedure used.

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    Article provided by Southern Finance Association & Southwestern Finance Association in its journal Journal of Financial Research.

    Volume (Year): 16 (1993)
    Issue (Month): 1 (Spring)
    Pages: 77-88

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    Handle: RePEc:bla:jfnres:v:16:y:1993:i:1:p:77-88
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