underwriting practices in London's primary sovereign bond market from 1870 to 1914. It shows how underwriting risk developed from … position of issuing houses and forced them to shoulder an increasing share of the underwriting risk. Issuing houses had to find … methods to deal with this risk, but they were initially hamstrung by public perception of underwriting as detrimental to the …

the arrival of silver fleets. This allowed for effective risk-sharing between the king and his bankers. The defaults that …

sovereign debt integration, the paper highlights a substantial increase in the risk premium for low-yield bonds. Using break …

competition between underwriters, but also by the tight regulation of underwriting, which ensured the quality of all firms on the … for underwriters was dominated by a small oligopoly of six large banks, there was still perceptible competition, which …, although the German IPO business was in the hands of a small oligopoly, investors did not benefit from the lack of competition …

long run. We focus on output, quality control, information provision, competition, pricing, charging and signaling. We find … ; primary bond market ; sovereign debt crises ; banks competition …

’s effect on yield spreads shows that this markup had significant effects on financial markets, leading to risk premiums for …