Do Underwriters Short-Change Corporations Issuing Bonds?
研究发现债券发行普遍存在折价，但银行自己承销自己债券时折价显著更低，表明股东与承销商之间存在代理冲突。
Abstract We confirm prior evidence that bonds on average are offered at prices below their immediate post-offer secondary market prices. However, in cases where banks lead–manage their own bond offerings the underpricing is significantly less as compared with other non-self-marketed offerings. These findings are robust across various matched samples and selection models. Our results suggest that the bond offering process is characterized by substantive agency conflicts between shareholders of corporations (issuers) and underwriters.