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Determinants of Underwriters' Spreads on Tax-Exempt Bond Issues: Comment*

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  • Mendelson, Morris

Abstract

The most conspicuous deficiency of my study of underwriting compensation is my failure to examine the determinants of underwriting spreads on tax-exempt bond issues. That deficiency has now been remedied by Richard West. Unfortunately, my study was not published very long before West's and there was little opportunity for him to compare his results and speculation with my own. Although a few of the comments below are critical of West, and I point out some alternative interpretations of his statistical findings, this note should be considered a supplement to, rather than a critique of, West's paper.

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  • Mendelson, Morris, 1968. "Determinants of Underwriters' Spreads on Tax-Exempt Bond Issues: Comment*," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 3(2), pages 215-224, June.
    • Handle: RePEc:cup:jfinqa:v:3:y:1968:i:02:p:215-224_01
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