We compare underwriting performance by commercial bank-affiliated firms (Section 20's) and traditional investment banks over the period 1995-98. We find that gross spreads are lower in the case of Section 20 underwritings, but that yield spreads are not. Our sample includes a substantial number...

This paper focuses on relative equity issue costs at commercial bank-affiliated and investment bank underwriters over the period 1995-99. We estimate models for the gross spreads associated with both IPOs and SEOs, but disaggregate the sample by type of underwriter. Our methods are driven by...

We suggest that the medium-term note market provides an excellent laboratory for exploring the relationships between yield, liquidity, and the label affixed to a financial instrument. Crabbe and Turner (1995) examined the liquidity issue and uncovered the counter-intuitive result that issue size...

Purpose: US taxing authorities allow property investment to be separated into components. The purpose of this paper is to demonstrate how the classification of property affects the amount and timing of depreciation. Increased and accelerated depreciation increases after-tax cash flows and...