本篇論文主旨在探討承銷商與發行公司間，如果先前存在有承銷關係時，對於承銷商而言，會不會影響到未來的承銷業務權，以及對發行公司而言，這種承銷關係是否會得到利益。從我們的結果中發現， 對於承銷商而言， 如果先前與發行公司存在有承銷關係時，承銷商較容易取得未來的股票發行承銷權。然而，投資人對於股票發行時是否存在承銷關係，並不認為是一個好的訊息，在股價的表現上，具有承銷關係的股票發行比沒有承銷關係的股票發行間，股價表現顯著不好。而當發行公司與承銷商間具有首次發行承銷關係時，股價報酬沒有顯著差異。 Our paper finds the effect of past underwriting relationship on the choice of future equity underwriter. We found that underwriting relationship is valuable for increasing the likelihood for future underwriting business from that issuer. Similarly, IPO underwriting relationship also increases the likelihood of winning future underwriting business. Moreover, we found that firms derive a value decrease from past underwriting relationships no matter in the short-run or in the long-run. However, IPO underwriting relationships do not create value for firms no matter in the short run or long run period.
