Underwriting spread and the investment of security company-affiliated venture capital

Katsushi Suzuki

Applied Financial Economics Letters, 2007, vol. 3, issue 4, 275-278

Abstract: This article empirically examines the relationship between the underwriting spread of initial public offerings and the investment of security company-affiliated venture capital in Japan. The level of underwriting fee is negatively related to ownership by lead underwriter-affiliated venture capitals, while it is positively or not negatively related to ownership by the other venture capitals. This result suggests that lead underwriter-affiliated venture capitals provide their parent security companies with information regarding new issues.

Date: 2007
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DOI: 10.1080/17446540601118327

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