Do the equity holding and soundness of bank underwriters affect issue costs of SEOs? Export

@article{citeulike:6051732, abstract = {This paper examines the effects of characteristics of bank underwriters on issue costs in seasoned equity offerings in Japan following deregulation in 1999. I find that banks' holding loans have a negative effect on price discounts and no effect on underwriting fees. However, banks' equity holdings have no effect on discount rates and a positive effect on underwriting fees. Furthermore, issuers with unhealthy banks pay higher discount rates, are more likely to be weak in their ex-post operating performance, and are less willing to switch underwriters. I conclude that the characteristics of banks have different effects on issue costs.}, author = {Suzuki, Katsushi}, citeulike-article-id = {6051732}, citeulike-linkout-0 = {http://dx.doi.org/10.1016/j.jbankfin.2009.10.011}, citeulike-linkout-1 = {http://linkinghub.elsevier.com/retrieve/pii/S0378426609002878}, day = {27}, doi = {10.1016/j.jbankfin.2009.10.011}, issn = {03784266}, journal = {Journal of Banking \& Finance}, month = {October}, posted-at = {2009-10-31 21:31:36}, title = {Do the equity holding and soundness of bank underwriters affect issue costs of SEOs?}, url = {http://dx.doi.org/10.1016/j.jbankfin.2009.10.011}, year = {2009} }

TY - JOUR ID - citeulike:6051732 L3 - citeulike-article-id:6051732 N2 - This paper examines the effects of characteristics of bank underwriters on issue costs in seasoned equity offerings in Japan following deregulation in 1999. I find that banks’ holding loans have a negative effect on price discounts and no effect on underwriting fees. However, banks’ equity holdings have no effect on discount rates and a positive effect on underwriting fees. Furthermore, issuers with unhealthy banks pay higher discount rates, are more likely to be weak in their ex-post operating performance, and are less willing to switch underwriters. I conclude that the characteristics of banks have different effects on issue costs. JF - Journal of Banking & Finance SN - 03784266 TI - Do the equity holding and soundness of bank underwriters affect issue costs of SEOs? AU - Suzuki, Katsushi PY - 2009/10/27/ UR - http://dx.doi.org/10.1016/j.jbankfin.2009.10.011 ER -