Underwriting Services and the New Issues Market integrates practice, theory and evidence from the global underwriting industry to present a comprehensive description and analysis of underwriting practices. After covering the regulation and mechanics of the underwriting process, it considers economic topics such as underwriting costs and compensation, the pricing of new issues, the stock price and operating performance of issuing firms, the evaluation of new issue decisions, and an analysis of the many choices issuers face in structuring new issues.
Unlike other books, it systematically develops a critical perspective about underwriting practices, both in the U.S. and international markets, and with a level of detail unavailable elsewhere and an approach that reveals how financial institutions deliver underwriting services. Underwriting Services and the New Issues Market delivers an innovative and long overdue look at security issuance.
Foreword by Frank Fabozzi
1. Cover image - p. Cover 2. Title page - p. iii 3. Table of Contents - p. iii 4. Copyright - p. iv 5. Dedication - p. v 6. Foreword - p. xiii 7. Preface - p. xv 8. 1. The Underwriting Business: Functions, Organization, and Structure - p. 1 9. 2. The New Issues Markets - p. 19 10. 3. Regulation of the New Issues Market in the United States - p. 31 11. 4. The Mechanics of the Issuance Process - p. 51 12. 5. Aftermarket Underwriting Activities - p. 73 13. 6. Underwriting Costs and Compensation - p. 89 14. 7. Alternative Offering Methods in New Issues Markets - p. 107 15. 8. Assessing the Price Performance of New Issues - p. 119 16. 9. Theories of New Issue Pricing - p. 135 17. 10. The Price and Operating Performance of Initial Public Offerings - p. 145 18. 11. The Price and Operating Performance of Seasoned Equity Offers, Debt Offers and Other Offerings - p. 169 19. 12. The Empirical Evidence on Underwriting Spreads - p. 191 20. 13. International Offers: Mechanics and Performance - p. 201 21. 14. The Decision to Issue Securities - p. 219 22. 15. Structuring Securities Offerings - p. 241 23. 16. New Issue Decisions: The Underwriter, Syndicate, Auditor, and Legal Counsel - p. 265 24. References - p. 279 25. Index - p. 303
Underwriting Services and the New Issues Market integrates practice, theory and evidence from the global underwriting industry to present a comprehensive description and analysis of underwriting practices. After covering the regulation and mechanics of the underwriting process, it considers economic topics such as underwriting costs and compensation, the pricing of new issues, the stock price and operating performance of issuing firms, the evaluation of new issue decisions, and an analysis of the many choices issuers face in structuring new issues.
Unlike other books, it systematically develops a critical perspective about underwriting practices, both in the U.S. and international markets, and with a level of detail unavailable elsewhere and an approach that reveals how financial institutions deliver underwriting services. Underwriting Services and the New Issues Market delivers an innovative and long overdue look at security issuance.
Foreword by Frank Fabozzi
1. Cover image - p. Cover 2. Title page - p. iii 3. Table of Contents - p. iii 4. Copyright - p. iv 5. Dedication - p. v 6. Foreword - p. xiii 7. Preface - p. xv 8. 1. The Underwriting Business: Functions, Organization, and Structure - p. 1 9. 2. The New Issues Markets - p. 19 10. 3. Regulation of the New Issues Market in the United States - p. 31 11. 4. The Mechanics of the Issuance Process - p. 51 12. 5. Aftermarket Underwriting Activities - p. 73 13. 6. Underwriting Costs and Compensation - p. 89 14. 7. Alternative Offering Methods in New Issues Markets - p. 107 15. 8. Assessing the Price Performance of New Issues - p. 119 16. 9. Theories of New Issue Pricing - p. 135 17. 10. The Price and Operating Performance of Initial Public Offerings - p. 145 18. 11. The Price and Operating Performance of Seasoned Equity Offers, Debt Offers and Other Offerings - p. 169 19. 12. The Empirical Evidence on Underwriting Spreads - p. 191 20. 13. International Offers: Mechanics and Performance - p. 201 21. 14. The Decision to Issue Securities - p. 219 22. 15. Structuring Securities Offerings - p. 241 23. 16. New Issue Decisions: The Underwriter, Syndicate, Auditor, and Legal Counsel - p. 265 24. References - p. 279 25. Index - p. 303
