Negotiated Versus Competitive Underwritings of Public Utility Bonds: Just One More Time
回顾了关于公用事业债券采用协商还是竞争承销方式的争论，重点分析了SEC的U-50规则及其暂停对市场的影响，为关注债券承销效率的学者提供参考。
Over the past decade, a number of papers [1, 2, 3, 6, 7, 9] have explored the relative merits of negotiation versus competitive bidding in the underwriting of corporate bonds, particularly bonds issued by public utilities. Interest in this subject has been stimulated principally by an important public policy issue—namely, the SEC's posture vis a vis its Rule U–50. Originally promulgated in 1940, this rule required competitive bidding on certain classes of utility bonds. In 1974, however, it was “temporarily” suspended on the grounds that chaotic conditions in the market for these securities called for more flexibility in the way issues could be underwritten. While this suspension continues in effect, Rule U–50 could be reinstated at any time by the SEC.