Do underwriters short-change corporations issuing bonds?

Do underwriters short-change corporations issuing bonds?

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 to other non-self-marketed offerings. These findings a...

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Bibliographic Details
Main Authors: GOH, Choo Yong, Jeremy, YANG, Lisa
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 2022
Subjects:
Corporate Bond
Bond Offerings
Underpricing
Agency Problem
Finance
Finance and Financial Management
Online Access:https://ink.library.smu.edu.sg/lkcsb_research/7023
https://ink.library.smu.edu.sg/context/lkcsb_research/article/8022/viewcontent/SSRN_id4052561.pdf
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Institution: Singapore Management University
Language: English

Internet

https://ink.library.smu.edu.sg/lkcsb_research/7023
https://ink.library.smu.edu.sg/context/lkcsb_research/article/8022/viewcontent/SSRN_id4052561.pdf

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