Syndicate Size, Spreads, and Market Power during the Introduction of Shelf Registration
利用1982年货架注册制度的引入，研究投资银行的价格接受行为，通过分析承销辛迪加规模变化与承销价差、管理费调整的关系，发现辛迪加存在较高的组织成本或市场势力。
ABSTRACT The introduction of shelf registration in 1982 is used to examine the extent of price‐taking behavior among investment banks. Changes in underwriting syndicates are compared with the concomitant adjustment in underwriting spreads and management fees. The evidence is consistent with higher organizing costs and/or market power in the underwriting syndicate. Evidence on the components of the spreads and syndicate composition during the introduction of shelf registration is also presented.