The Role of IPO Underwriting Syndicates: Pricing, Information Production, and Underwriter Competition

@article{Corwin2003TheRO,
  title={The Role of IPO Underwriting Syndicates: Pricing, Information Production, and Underwriter Competition},
  author={Shane A. Corwin and P. Schultz},
  journal={Social Science Research Network},
  year={2003}
}
  • Shane A. Corwin, P. Schultz
  • Published 2003
  • Business
  • Social Science Research Network
  • We examine syndicates for 1,638 IPOs from January 1997 through June 2002. We find strong evidence of information production by syndicate members. Offer prices are more likely to be revised in response to information when the syndicate has more underwriters and especially more co-managers. More comanagers also result in more analyst coverage and additional market makers following the IPO. Relationships between underwriters are critical in determining the composition of syndicates, perhaps… CONTINUE READING
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