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Underwriter Certification, Issuer-Underwriter Matching, and SEO Performance


  • Charles W. Calomiris
  • Yehuda Izhakian
  • Jaime F. Zender


The introduction of deal types for issues of seasoned equity in which the offer follows quickly after its announcement highlights the role of underwriter certification in the performance of SEOs. Controlling for the matching between underwriters and issuers, underwriter quality is positively related to the announcement effect in rapidly completed SEOs. For these deal types, we also find that the discount is significantly negatively related to underwriter quality. For fully marketed deals we are unable to detect any significant relation between SEO performance and underwriter quality. Issuers pay for the value provided by high-quality underwriters with higher fees.

Suggested Citation

  • Charles W. Calomiris & Yehuda Izhakian & Jaime F. Zender, 2019. "Underwriter Certification, Issuer-Underwriter Matching, and SEO Performance," NBER Working Papers 26344, National Bureau of Economic Research, Inc.
  • Handle: RePEc:nbr:nberwo:26344
    Note: AP CF

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    JEL classification:

    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill


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