Underwriter Reputation, Issuer–Underwriter Matching, and SEO Performance
研究了在加速簿记、包销和全面营销三种增发方式中，控制发行人与承销商的内生匹配后，承销商声誉对公告日和发行日股价的不同影响。
Abstract The role of underwriters is altered in new seasoned equity offering deal types in which the offering follows quickly after its announcement. Controlling for the endogenous matching between issuing firms and underwriters, we find increased underwriter reputation mitigates the immediate price impact of announcing an accelerated bookbuilt offering, exacerbates the price impact of announcing a bought offering, and has no immediate price impact for fully marketed deals. In contrast, underwriter reputation positively affects price outcomes for fully marketed deals around the offer date. Reputation effects are not apparent in the absence of controlling for the endogenous matching.