Assortative Matching and Reputation in the Market for First Issues
通过结构模型分析承销商与发行企业的匹配均衡，发现高声誉承销商能带来5.3%-14.1%的额外剩余，但也会因迎合认购者偏好而增加抑价，尤其在市场火热时。
Using a tractable structural model of the matching equilibrium between underwriters and equity-issuing firms, we study the determinants of value in underwriter–firm relationships. Our estimates imply that high underwriter prestige is associated with 5.3%–14.1% greater equilibrium surplus. According to the structural model, high prestige exhibits a significant certification effect throughout the sample (1985–2010), but there is also a countervailing effect of underwriter prestige that reflects subscriber preferences for more underpricing. Consistent with trading off profits from issuers and subscribers, high-prestige underwriters underprice more in hot markets when rents to catering to subscribers are greatest. This paper was accepted by Gustavo Manso, finance.