An Explanation of Underwriting Spread Differentials on Complex Securities
研究复杂证券的承销成本如何因其特殊税务处理、转换特征、债券看跌期权和结构复杂性而变化，实证表明信息成本增加导致承销价差扩大，而投资者期权特征则降低价差。
Underwriting costs for complex securities can vary with their special tax treatment, conversion features, bond put options, and structural complexity. Securities with one or more of these features are more difficult to value. These complexities must be communicated to prospective investors by the underwriter. Empirical tests demonstrate that the increased information costs result in increased underwriting spreads, while included investor-option features results in decreased underwriting spreads.