Description
Underwriting Services and the New Issues Market integrates practice, theory and evidence from the global underwriting industry to present a comprehensive description and analysis of underwriting practices. After covering the regulation and mechanics of the underwriting process, it considers economic topics such as underwriting costs and compensation, the pricing of new issues, the stock price and operating performance of issuing firms, the evaluation of new issue decisions, and an analysis of the many choices issuers face in structuring new issues.Unlike other books, it systematically develops a critical perspective about underwriting practices, both in the U.S. and international markets, and with a level of detail unavailable elsewhere and an approach that reveals how financial institutions deliver underwriting services. Underwriting Services and the New Issues Market delivers an innovative and long overdue look at security issuance.Foreword by Frank Fabozzi- Covers underwriting contracts and arrangements on pricing and costs- Focuses on the financial consequences of the issuance decision for the firm- Describes and evaluates decisions regarding the features and structure of new security offerings.
Table of Contents
1. The Underwriting Business: Functions, Organization and Structure2. The New Issues Markets3. Regulation of the New Issues Market in the U.S.4. The Mechanics of the Issuance Process5. Aftermarket Underwriting Activities6. Underwriting Costs and Compensation7. Alternative Offering Methods in New Issues Markets8. Assessing the Price Performance of New Issues9. Theories of New Issue Pricing10. The Price and Operating Performance of Initial Public Offerings11. The Price and Operating Performance of Seasoned Equity Offers, Debt Offers, and Other Offerings12. The Empirical Evidence on Underwriting Spreads13. International Offers: Mechanics and Evidence14. The Decision to Issue Securities15. Structuring Securities Offerings16. New Issue Decisions: The Underwriter, Syndicate, Auditor and Legal Counsel
