Does physical proximity to monitoring capital affect the firm's IPO decision? Using a geographic framework, we measure the amount of monitoring capital of equity investors and banks in each U.S. region. When regional equity capital is abundant, collateral-poor resident firms are more likely to...

This paper empirically examines the underwriter’s competitive behavior in the Japanese IPO underwriting markets. We apply a discrete choice model to estimate issuers’ demand for IPO underwriting services and calculate the predicted markups. We apply the model selection test to distinguish...