This paper examines the seasonal behavior of proportional dealer spreads for OTC NASDAQ common stocks. Results indicate there is seasonality in dealer spreads. Spreads tend to be larger in the second half of the calendar year, peaking in December. At the turn-ofthe-year, spreads tend to peak in...

This paper examines compensation for the underwriting activity in firm commitment initial public offerings (IPOs) of common stock in the U.S. When compensation for origination, management and marketing efforts are excluded from total underwriter compensation, we find that the portion of the...