درباره یکنواختی اسپرد بانکداری سرمایه گذاری: آیا راه حل هفت درصد منحصر به فرد نیست؟
|کد مقاله||سال انتشار||مقاله انگلیسی||ترجمه فارسی||تعداد کلمات|
|47343||2003||8 صفحه PDF||سفارش دهید||2739 کلمه|
Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)
Journal : Journal of Multinational Financial Management, Volume 13, Issue 3, July 2003, Pages 265–272
The clustering of underwriting spreads for initial public offerings at 7% in the U.S. is well known. We investigate investment bank gross spreads for Hong Kong IPOs during 1991–2000 and find pronounced clustering—nearly 94% have spreads of exactly 2.5%. This clustering is invariant to issue size and decreases through time. We find that SEO spreads cluster as well—at 2.0 and 2.5%. We document institutional features that contribute to the low level of spreads, and provide preliminary evidence that the recent arrival of the book-building process for Hong Kong IPOs has increased the level and decreased the clustering of IPO gross spreads.