Relationship-Specific Assets and the Pricing of Underwriter Services
研究承销商为预期会再次发行的公司提供IPO服务时，因前期投入成本而收取更低承销费的现象，并发现公司更换承销商的可能性与发行间隔及承销商定价表现有关。
This paper investigates the effect of setup costs on the pricing of investment banking services. The existence of setup costs is predicted to result in lower underwriter spreads in IPOs for firms that are expected to issue again. Consistent with this prediction, I find significantly lower spreads for firms that make subsequent issues. I also find that a firm's likelihood of changing underwriters in a subsequent offer is related to the time between offerings and the underwriter's pricing performance in the IPO. These results suggest that the deviations from optimal IPO pricing carry a penalty for the underwriter.