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

Abstract:

We compare fees charged by investment banks for conducting IPOs in the United States and Europe. In recent years, the "7% solution," as documented by Chen and Ritter (2000), has become even more prevalent in the United States, and is now the norm for IPOs raising up to 250 million dollars. The same banks dominate both markets, but European IPO fees are roughly three percentage points lower, are much more variable, and have been falling. We review explanations for the gap in spreads and find t...

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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:
2011-01-01
DOI:
EISSN:
1540-6261
ISSN:
0022-1082
URN:
uuid:fe1afb10-c88f-4262-86b8-12166bcdb626
Source identifiers:
1943
Local pid:
daisy:1943

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