Underwriting spread and the investment of security company-affiliated venture capital
This article empirically examines the relationship between the underwriting spread of initial public offerings and the investment of security company-affiliated venture capital in Japan. The level of underwriting fee is negatively related to ownership by lead underwriter-affiliated venture capitals, while it is positively or not negatively related to ownership by the other venture capitals. This result suggests that lead underwriter-affiliated venture capitals provide their parent security companies with information regarding new issues.
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Volume (Year): 3 (2007)
Issue (Month): 4 ()
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