Hale, Galina; Santos, João A. C. - Federal Reserve Bank of San Francisco - 2006
FEDERAL RESERVE BANK OF SAN FRANCISCO
WORKING PAPER SERIES
Working Paper 2006-42
http://www.frbsf.org/publications/economics … investment
banking business in the 1990s. Fenn (2000) also finds that IPO bonds carry higher ex-ante
credit spreads than bonds of … affect underwriting costs. If economies of
scale are prevalent in the underwriting business, we would expect larger issues to …