The direct costs of UK rights issues and open offers
分析了英国配股和公开要约的发行成本，发现平均成本为5.78%，远高于常说的2%，且成本随承销比例和折价深度增加，随大股东持股比例增加而降低。
The paper describes selling and underwriting procedures in rights issues and open offers, and analyses the costs of issue reported in prospectuses, including the substantial costs which are not for underwriting. The impression is often given that costs are fixed at 2 % of gross proceeds, but they vary and average 5.78 %(median 4.28 %). Controlling for economies of scale and fees not related to the issue, costs increase with the proportion of the issue underwritten and with the depth of discount, and decrease with the proportion of the company owned by large shareholders.