Why Don't U.S. Issuers Demand European Fees for IPOs?
比较美欧IPO承销费，发现美国费率更高且固定为7%，而欧洲费率更低、波动大且下降，美国发行人若按欧洲费率每年可节省超10亿美元。
ABSTRACT We compare fees charged by investment banks for conducting IPOs in the United States and Europe. In recent years, the “7% solution,” as documented by Chen and Ritter (2000) , has become even more prevalent in the United States, and is now the norm for IPOs raising up to $250 million. The same banks dominate both markets, but European IPO fees are roughly three percentage points lower, are much more variable, and have been falling. We review explanations for the gap in spreads and find the evidence consistent with strategic pricing. U.S. issuers could have saved over $1 billion a year by paying European fees.