Underwriter Quality and Long‐Run IPO Performance
研究了承销商质量（以主承销商数量、声誉和绝对价格调整衡量）对IPO长期表现的影响，发现高质量承销商预测更好表现，且营销与认证作用显著，信息生产作用不显著。
We analyze the relationship between the quality of underwriters and the long‐run performance of initial public offerings (IPOs) in light of underwriter marketing, certification and screening, and information production. We find that higher underwriter quality (measured by the number of managing underwriters, underwriter reputation, and absolute price adjustment) predicts better long‐run performance, even when returns are value weighted. We compare underwriter quality measures and find that the effects of the number of managing underwriters and underwriter reputation are mutually complementary and are especially strong among IPOs with high uncertainty, while absolute price adjustment, which is more likely to be associated with information production than marketing or certification/screening, loses significance. Our findings are consistent with the marketing and certification and screening roles of investment banks but lend little support for the information production role of underwriters.