Why do Underwriters Charge Low Underwriting Fees for Initial Public Offerings in Taiwan?
研究台湾IPO承销费用极低的现象，发现承销商在市场对IPO需求增加时，有动机降低费用，因为资本利得占总收入比重更大。
Abstract: In Taiwan, underwriting fees for initial public offerings (IPOs) are extremely low compared to fees in other countries. From 1989 to 1999, the average underwriting fee for IPOs in Taiwan is 0.99%—far below the regulatory limit. Although the Taiwanese underwriting industry is highly concentrated, underwriting fees do not cluster at any particular level. We examine the underwriting fee and income structure in Taiwan and find support for an incentive hypothesis. Underwriters have an incentive to charge lower underwriting fees when market demand for IPO shares increases and capital gains account for a larger portion of their total income.