Relationship‐Specific Assets and the Pricing of Underwriter Services
研究首次公开募股中承销商的启动成本如何影响其服务定价，发现预期会再次发行的公司承销价差更低，且后续更换承销商与发行间隔和IPO定价表现有关。
ABSTRACT This paper investigates the effect of setup costs on the pricing of investment banking services. The existence of setup costs is predicted to result in lower underwriter spreads in IPOs for firms that are expected to issue again. Consistent with this prediction, I find significantly lower spreads for firms that make subsequent issues. I also find that a firm's likelihood of changing underwriters in a subsequent offer is related to the time between offerings and the underwriter's pricing performance in the IPO. These results suggest that the deviations from optimal IPO pricing carry a penalty for the underwriter.