Beneda, Nancy; Kwon, Ik-Whan - In: Applied Financial Economics 14 (2004) 6, pp. 421-428
This study examines the increased participation in underwriting of equity initial public offerings (IPOs) by section 20 subsidiaries of commercial banks. Using a four year test period (January 1995 to December 1998) this study finds that the average underpricing of equity IPOs decreased...