The role of IPO underwriting syndicates : pricing, information production, and underwriter competition

Deskripsi

We examine syndicates for 1,638 IPOs from January 1997 through June 2002. We find strong evidence of information production by syndicate members. Offer proces are more likely to be revised in response to information when the syndicate has more underwriters and especially more co-managers. More co-managers also result in more analyst coverage and additional market makers following the IPO..Printed Journal