国外证券承销商声誉研究综述
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外国经济与管理 2006 年 第 28 卷第 02 期, 页码：52 - 59
摘要
参考文献
摘要
金融市场是存在大量信息不对称现象的市场,这在证券首次公开发行(initialpublic offering,IPO)时表现得最为明显。国外学者从20世纪80年代开始就对此问题进行了持续而又深入的研究。本文在分析IPO信息不对称现象的基础上,就国外学者关于证券承销商声誉与IPO抑价I、PO证券长期弱势、证券承销费用、证券分析师预测准确度以及证券监管机构监管效率等方面关系的研究进行了综述,并对我国证券市场的新股发行提出了加强监管效率等建议。
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[9]Beckman,J,Garner,J,Marshall,B and Okamura,H.The influence of underwriter reputation,Keiretsu affiliation,and financial health on the underpricing of Japanese IPOs[J].Pacific-Basin Financial Journal.2001,9(2):513-534.
[10]Booth,L C.Underwriter reputation and aftermarket performance of closed-end funds[J].Journal of Financial Re-search.2004,27(4):539-557.
[11]Mclaughlin,R,Safieddine,A and Vasudevan,G K.Investment banker reputation and the performance of seasoned eq-uity issuers[J].Financial Management.2000,10(1):96-110.
[12]Chen,H C and Ritter,J R.The seven percent solution[J].Journal of Finance.2000,55(3):1105-1131.
[13]Livingston,M and Miller,R E.Investment bank reputation and the underwriting of nonconvertible debt[J].FinancialManagement 2000,29(2):21-34.
[14]Fang,L H.Investment bank reputation and the price and quality of underwriting services[DB/OL].Working Paper,ht-tp://www.ssrn.com.2002:1-52.
[15]Fang,L and Yasuda,A.Analyst reputation,underwriter pressure,and forecast accuracy[DB/OL].Working Paper,http://www.ssrn.com.2004:1-46.
[16]Krigman,L,Shaw,W H and Womack,K L.Why do firms switch underwriters?[J].Journal of Financial Economics.2001,60(2):245-284.
[17]Bowen,R M,Chen,X and Cheng,Q.Analyst coverage and the cost of raising equity capital:evidence from underpri-cing of seasoned equity offerings[DB/OL].Working Paper,http://www.ssrn.com.2005:1-49.
[18]Ellis,K,Michaely,R and O’hara,M.Competition in investment banking:proactive,reactive,or retaliatory?[DB/OL].Working Paper,http://www.ssrn.com.2005:1-60.
[19]Bradley,D.Do co-managing all-star analysts influence IPOs pricing?[DB/OL].Working Paper,http://www.ssrn.com.2005:1-31.
[20]Fang,L and Yasuda,A.The effectiveness of reputation as a disciplinary device in sell-side research[DB/OL].WorkingPaper,http://www.ssrn.com.2005:1-55.
[21]Ramirez,G G and Yung,K K.Firm reputation and insider trading:the investment banking industry[J].QuarterlyJournal of Business and Economics,2000,39(3):49-67.
[22]Song,W L.The impact of clients’alleged financial reporting fraud on underwriter reputation[DB/OL].Working Pa-per,http://www.ssrn.com.2004:1-41.
[2]Dunbar,C G.Factors affecting investment bank initial public offerings market share[J].Journal of Financial Economics.2000,55(1):3-41.
[3]Kirkulak,B and Davis,C.Underwriter reputation and underpricing:evidence from the Japanese IPOs market[J].Pacific-Basin Financial Journal.2005,13(4):451-470.
[4]Ellis,K,Michaely,R and O’hara,M.When the underwriter is the market maker:an examination of trading in the IPOsaftermarket[J].Journal of Finance.2000,55(2):1039-1074.
[5]Logue,D E,Rogalski,R J,Seward,J K and Johnson,L F.What is special about the roles of underwriter reputationand market activities in initial public offerings?[J].Journal of Business,2002,75(2):213-243.
[6]Benveniste,L M,Busaba,W Y and Wilhelm,W J.Information externalities and the role of underwriters in primary eq-uity markets[J].Journal of Financial Intermediation,2002,11(1):61-86.
[7]Dewenter,K L and Field,L C.Investment bank reputation and relaxed listing requirements:evidence from infrastruc-ture firm IPOs in Hong Kong[J].2001,9(2):101-117.
[8]Jelic,R,Saaddouni,B,and Briston,R.Performance of Malaysian IPOs:underwriters reputation and management earn-ings forecasts[J].Pacific-Basin Financial Journal.2001,9(2):457-486.
[9]Beckman,J,Garner,J,Marshall,B and Okamura,H.The influence of underwriter reputation,Keiretsu affiliation,and financial health on the underpricing of Japanese IPOs[J].Pacific-Basin Financial Journal.2001,9(2):513-534.
[10]Booth,L C.Underwriter reputation and aftermarket performance of closed-end funds[J].Journal of Financial Re-search.2004,27(4):539-557.
[11]Mclaughlin,R,Safieddine,A and Vasudevan,G K.Investment banker reputation and the performance of seasoned eq-uity issuers[J].Financial Management.2000,10(1):96-110.
[12]Chen,H C and Ritter,J R.The seven percent solution[J].Journal of Finance.2000,55(3):1105-1131.
[13]Livingston,M and Miller,R E.Investment bank reputation and the underwriting of nonconvertible debt[J].FinancialManagement 2000,29(2):21-34.
[14]Fang,L H.Investment bank reputation and the price and quality of underwriting services[DB/OL].Working Paper,ht-tp://www.ssrn.com.2002:1-52.
[15]Fang,L and Yasuda,A.Analyst reputation,underwriter pressure,and forecast accuracy[DB/OL].Working Paper,http://www.ssrn.com.2004:1-46.
[16]Krigman,L,Shaw,W H and Womack,K L.Why do firms switch underwriters?[J].Journal of Financial Economics.2001,60(2):245-284.
[17]Bowen,R M,Chen,X and Cheng,Q.Analyst coverage and the cost of raising equity capital:evidence from underpri-cing of seasoned equity offerings[DB/OL].Working Paper,http://www.ssrn.com.2005:1-49.
[18]Ellis,K,Michaely,R and O’hara,M.Competition in investment banking:proactive,reactive,or retaliatory?[DB/OL].Working Paper,http://www.ssrn.com.2005:1-60.
[19]Bradley,D.Do co-managing all-star analysts influence IPOs pricing?[DB/OL].Working Paper,http://www.ssrn.com.2005:1-31.
[20]Fang,L and Yasuda,A.The effectiveness of reputation as a disciplinary device in sell-side research[DB/OL].WorkingPaper,http://www.ssrn.com.2005:1-55.
[21]Ramirez,G G and Yung,K K.Firm reputation and insider trading:the investment banking industry[J].QuarterlyJournal of Business and Economics,2000,39(3):49-67.
[22]Song,W L.The impact of clients’alleged financial reporting fraud on underwriter reputation[DB/OL].Working Pa-per,http://www.ssrn.com.2004:1-41.
引用本文
姚铮, 罗炜阳. 国外证券承销商声誉研究综述[J]. 外国经济与管理, 2006, 28(2): 52–59.
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