Wanna Dance? How Firms and Underwriters Choose Each Other
构建并检验了发行企业与承销商之间均衡匹配的理论，认为双方基于互补性进行正向选择，并发现顶级承销商的市场份额和平均发行质量与发行量负相关，实证结果支持理论。
ABSTRACT We develop and test a theory explaining the equilibrium matching of issuers and underwriters. We assume that issuers and underwriters associate by mutual choice, and that underwriter ability and issuer quality are complementary. Our model implies that matching is positive assortative, and that matches are based on firms' and underwriters' relative characteristics at the time of issuance. The model predicts that the market share of top underwriters and their average issue quality varies inversely with issuance volume. Various cross‐sectional patterns in underwriting spreads are consistent with equilibrium matching. We find strong empirical confirmation of our theory.