CORWIN, SHANE A.; SCHULTZ, PAUL - In: Journal of Finance 60 (2005) 1, pp. 443-486
We examine syndicates for 1,638 IPOs from January 1997 through June 2002. We find strong evidence of information production by syndicate members. Offer prices are more likely to be revised in response to information when the syndicate has more underwriters and especially more co-managers. More...