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Why don't U.S. issuers demand European fees for IPOs?

Abstract:

We compare the fees charged by investment banks for conducting IPOs in the U.S. and Europe. In recent years the “7% solution”, as documented by Chen and Ritter (2000), has become even more prevalent in the U.S., and is now the norm for IPOs raising up to 250m dollars. The same banks dominate both markets but European IPO fees are roughly three percent lower, are much more variable, and have been falling. We review explanations for the gap in spreads and find the evidence consistent with strat...

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Publication status:
Published
Peer review status:
Peer reviewed
Version:
Accepted Manuscript

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Publisher copy:
10.1111/j.1540-6261.2011.01699.x

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Institution:
University of Oxford
Department:
Saïd Business School
Role:
Author
More by this author
Institution:
University of Oxford
Department:
Saïd Business School
Role:
Author
More by this author
Institution:
University of Oxford
Department:
Saïd Business School
Role:
Author
Centre for Corporate Reputation More from this funder
Publisher:
Wiley Publisher's website
Journal:
Journal of Finance Journal website
Volume:
66
Issue:
6
Pages:
2055–2082
Publication date:
2011-12-05
DOI:
EISSN:
1540-6261
ISSN:
0022-1082
URN:
uuid:cf406437-7ba7-4fec-aa1a-2425e86b426f
Local pid:
oai:economics.ouls.ox.ac.uk:15364
Language:
English

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