Underwriting fees and shareholder rights

NCUIR > School of Management at National Central University > Department of Finance > journal & Dissertation > Item 987654321/105063

Please use this identifier to cite or link to this item: https://ir.lib.ncu.edu.tw/handle/987654321/105063

Title:	Underwriting fees and shareholder rights
Authors:	林基財;Lin, Ji-Chai;Ulupinar, Bahar
Contributors:	管理學院財務金融學系
Keywords:	analyst coverage;Analysts;Companies;Corporate finance;Equity;Externalities;Fees;Fees & charges;Financing;Governance;gross spreads;Indexes;Professional fees;Right;Rights;SEOs;shareholder rights;Shareholders rights;Stockholders;Studies;Underwriting
Date:	2013-11-01
Issue Date:	2026-04-23 12:05:52 (UTC+8)
Publisher:	Wiley-Blackwell Publishing Ltd;Oxford: Blackwell Publishing Ltd
Abstract:	摘要： Do firms’ governance provisions affect their terms of obtaining external financing? We hypothesize that it is more difficult for firms with more restrictions on shareholder rights to raise external equity, and that since analyst coverage is an important part of underwriting services, underwriters would use analyst recommendations to promote issuing firms with weaker shareholder rights more strongly and charge them higher underwriting fees. Consistent with our hypothesis, we find that analyst recommendations on issuing firms with weak shareholder rights increase more than those with strong shareholder rights prior to SEOs, and that underwriting spreads are positively related to issuing firms’ shareholder rights as proxied by the G‐index. Furthermore, the effect of shareholder rights on underwriting fees is largely contained in the six provisions in the E‐index. 其他題名： Journal of Business Finance & Accounting 出版者： Oxford: Blackwell Publishing Ltd 出版日期： 2013-11 出處： Journal of business finance & accounting, 2013-11, Vol.40 (9-10), p.1276-1303 資源來源： Wiley Online Library - AutoHoldings Journals 版權： 2013 John Wiley & Sons Ltd 版權： Copyright Blackwell Publishing Ltd. Nov/Dec 2013 識別號： ISSN: 0306-686X 識別號： EISSN: 1468-5957 識別號： DOI: 10.1111/jbfa.12026
Appears in Collections:	[Department of Finance] journal & Dissertation

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