Underwriter Reputation, Issuer-Underwriter Matching, and SEO Performance

Charles Calomiris, Yehuda Izhakian and Jaime F. Zender

No 26344, NBER Working Papers from National Bureau of Economic Research, Inc

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.

JEL-codes: D82 G14 G32 (search for similar items in EconPapers)
Date: 2019-10
Note: AP CF
References: View references in EconPapers View complete reference list from CitEc
Citations:

Published as Charles W. Calomiris & Yehuda Izhakian & Jaime F. Zender, 2022. "Underwriter Reputation, Issuer–Underwriter Matching, and SEO Performance," Journal of Financial and Quantitative Analysis, vol 57(6), pages 2444-2483.

Downloads: (external link)
http://www.nber.org/papers/w26344.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:nbr:nberwo:26344

Ordering information: This working paper can be ordered from
http://www.nber.org/papers/w26344

Access Statistics for this paper

More papers in NBER Working Papers from National Bureau of Economic Research, Inc National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.. Contact information at EDIRC.
Bibliographic data for series maintained by ().