Factors affecting investment bank initial public offering market share

• 成果类型: Article
• 署名作者: Dunbar, CG
• 署名单位: Western University (University of Western Ontario)
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/S0304-405X(99)00043-4
• 发表日期: 2000
• 页码: 3-41
• 关键词: initial public offerings; analyst reputation; Mispricing; Withdrawal; COMPENSATION

摘要

This paper examines the effect of several factors on the market share of investment banks that act as book managers in initial public offerings (IPOs) between 1984 and 1995. For established banks, IPO first-day returns, one-year abnormal performance, abnormal compensation, industry specialization, analyst reputation, and association with withdrawn offers have a significant impact on changes in market share. These factors have a more significant effect on market share changes in low-volume IPO markets. These factors have a less significant effect on market share, statistically and economically, for less established banks, consistent with the notion that less reputation is placed at risk. (C) 2000 Elsevier Science S.A. All rights reserved. JEL classification: G24; C21.