The Demise of the Rights Issue
用交易成本解释美国配股发行减少的现象，发现承销配股虽承销费低，但发行前价格跌幅更大，这种价格折让是承销公开发行没有的交易成本。
This article suggests that the lack of use of rights offerings in the United States, a phenomenon referred to as the equity underwriting paradox, can be explained by transaction costs. A sample of underwritten rights offerings provides support for the explanation. Firms making underwritten rights offerings paid lower underwriter fees but incurred significantly larger price drops just prior to the offering than did firms making underwritten offerings. Further analysis reveals that the underwritten-rights-offering price concessions are a form of transaction cost that is not found in underwritten public offerings.