Jeon, Jin Q.; Ligon, James A. - In: Journal of Banking & Finance 35 (2011) 5, pp. 1041-1056
We examine the effect on expected flotation costs of including co-managers in the underwriting syndicate. We consider five components of SEO flotation costs: announcement returns, underpricing, the probability of withdrawals, offering delays, and underwriting spreads. The results show that the...