Innovation, Differentiation, and the Choice of an Underwriter: Evidence from Equity-Linked Securities
利用股权关联和衍生证券的发行数据，发现发行人更倾向于选择创新证券的承销商，但这种需求优势随时间递减，且后续创新证券的递减更快。
Investment banks imitate other bank's innovative corporate securities and compete with the innovator to underwrite new issues. This article uses data of all the corporate offerings of equity-linked and derivative securities in the Securities Data Company (SDC) to estimate the issuer's demand of underwriting services provided by investment banks across different varieties of securities. It finds that the demand for the innovator's variety is larger than the imitators'. This demand advantage decreases with time and faster for securities that appear later in a sequence of innovations. Imitation becomes less attractive later in the sequence as information from earlier deals spills-over to all banks. Copyright 2006, Oxford University Press.