{"title":"承销商重要吗?股票承销商濒临破产的影响","authors":"A. Kovner","doi":"10.2139/SSRN.1645365","DOIUrl":null,"url":null,"abstract":"The financial crisis provides a natural experiment for testing theoretical predictions of the equity underwriter’s role following an initial public offering. Clients of Bear Stearns, Lehman Brothers, Merrill Lynch, and Wachovia saw their stock prices fall almost 5 percent, on average, on the day it appeared that these institutions might collapse. Representing a loss in equity value of almost $3 billion, the decline was more than 1 percent lower than the abnormal return of other newly public companies. The price impact was worse for companies with fewer monitors, suggesting that underwriters play an important role in monitoring newly public companies. There is no evidence that the abnormal price decrease was related to the role of the underwriter as market maker, lender or counterparty to investors.","PeriodicalId":445238,"journal":{"name":"ERPN: Initial Public Offerings (IPOs) (Sub-Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2011-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"16","resultStr":"{\"title\":\"Do Underwriters Matter? The Impact of the Near Failure of an Equity Underwriter\",\"authors\":\"A. Kovner\",\"doi\":\"10.2139/SSRN.1645365\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"The financial crisis provides a natural experiment for testing theoretical predictions of the equity underwriter’s role following an initial public offering. Clients of Bear Stearns, Lehman Brothers, Merrill Lynch, and Wachovia saw their stock prices fall almost 5 percent, on average, on the day it appeared that these institutions might collapse. Representing a loss in equity value of almost $3 billion, the decline was more than 1 percent lower than the abnormal return of other newly public companies. The price impact was worse for companies with fewer monitors, suggesting that underwriters play an important role in monitoring newly public companies. There is no evidence that the abnormal price decrease was related to the role of the underwriter as market maker, lender or counterparty to investors.\",\"PeriodicalId\":445238,\"journal\":{\"name\":\"ERPN: Initial Public Offerings (IPOs) (Sub-Topic)\",\"volume\":\"1 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2011-02-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"16\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"ERPN: Initial Public Offerings (IPOs) (Sub-Topic)\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/SSRN.1645365\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"ERPN: Initial Public Offerings (IPOs) (Sub-Topic)","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/SSRN.1645365","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Do Underwriters Matter? The Impact of the Near Failure of an Equity Underwriter
The financial crisis provides a natural experiment for testing theoretical predictions of the equity underwriter’s role following an initial public offering. Clients of Bear Stearns, Lehman Brothers, Merrill Lynch, and Wachovia saw their stock prices fall almost 5 percent, on average, on the day it appeared that these institutions might collapse. Representing a loss in equity value of almost $3 billion, the decline was more than 1 percent lower than the abnormal return of other newly public companies. The price impact was worse for companies with fewer monitors, suggesting that underwriters play an important role in monitoring newly public companies. There is no evidence that the abnormal price decrease was related to the role of the underwriter as market maker, lender or counterparty to investors.