Do Underwriters Certify Value? Evidence from UK Rights Issues and Open Offers
检验了承销商是否认证发行公司价值的理论，利用英国配股和公开增发数据发现，承销商的主要作用是保证发行收入，而非认证价值；公开增发有正面反应，但深度折价发行伴随价值损失，归因于坏消息释放。
Eckbo and Masulis (1992) and Slovin, Sushka and Lai (2000) have proposed that underwriters of seasoned equity offers certify issuer value. The study tests predictions resulting from these papers and finds little evidence from UK rights issues and open offers that underwriting banks certify. The main purpose of underwriting appears to be simply to guarantee the proceeds. There is a positive reaction to open offers (a type of private placing) but this is unlikely to be due to underwriter certification. There is a large loss of value for companies announcing deeply discounted offers, which is attributed to release of bad news on announcement