The seven percent solution? An international perspective on underwriting spreads by Wilhelm, W, Ljungqvist, A

“…We provide evidence that this decision reflects an expectation that U.S. banks deliver a higher quality bundle of underwriting services. Specifically, a non-U.S. issuing firm that includes a U.S. bank in its underwriting syndicate can expect to have its offering underpriced by 17.7 percentage points less than had it not included a U.S. bank in the syndicate. …”

Government of Singapore Investment Corporation: Insurer of Last Resort and Bulwark of Nation-State Legitimacy. by Clark, G, Monk, A

“…In fact, in a number of East Asian countries SWFs have acted as 'insurers of last resort' for their nation-states underwriting financial stability and social welfare. …”

Decarbonisation of the electricity sector – is there still a place for markets? by Keay, M, Rhys, J, Robinson, D

“…A number of countries, like the UK, are already in the process of reforming their electricity markets in order to ensure the delivery of the huge quantities of low carbon investment which will be needed; these reforms have involved a more central role for the government in decision-making, and in underwriting investments. The paper considers whether the role of market forces is inevitably going to be increasingly limited by the existence of rigorous environmental targets, and examines a number of options which could still leave a significant degree of competition. …”

Financial dependence and firm survival in interwar Britain by Chambers, D

“…The interwar stock market laboured under problems of weak disclosure, inadequate investor protection and ineffective underwriting. New manufacturing industries were the most vulnerable to resulting asymmetric information problems. …”

Global integration in primary equity markets: the role of U.S. banks and U.S. investors by Jenkinson, T, Wilhelm, W, Ljungqvist, A

“…We examine the costs and benefits of the global integration of primary equity markets associated with the parallel diffusion of U.S. underwriting methods. We analyze both direct and indirect costs (associated with underpricing) using a unique dataset of 2,143 IPOs by non-U.S. issuers from 65 countries in 1992-1999. …”

Competitive IPOs. by Jenkinson, T, Jones, H

“…Competition between investment banks for lead underwriter mandates in IPOs is fierce, but having committed to a particular bank, the power of the issuer is greatly reduced. …”

IPO underpricing, wealth losses and the curious role of venture capitalists in the creation of public companies by Ljungqvist, A

“…We also find possible evidence of a conflict of interest between venture backers and entrepreneurs which could explain why more prestigious underwriters in the 1990s are associated with higher underpricing.…”

Underpricing and entrepreneurial wealth losses in IPOs: theory and evidence by Habib, M, Ljungqvist, A

“…We also find support for the prediction that equilibrium wealth losses are unrelated to the level of underpricing-reduction costs and the quality of underwriter, which indicates that entrepreneurs choose such variables optimally. …”