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- W1521663732 abstract "The introduction of many financial innovations in the last two decades provides an opportunity to examine the potential for early-mover advantages. Using a sample of 2370 public security offerings comprising 64 financial security innovations and four traditional security products, I test for early-mover advantages in underwriting spreads. After controlling for underwriter prestige and security features, I find evidence that underwriting spreads decrease as competition (the number of rival investment banks) in the new security market increases. These results show that underwriters are compensated through higher underwriting spreads during the early stages of security development. These findings are consistent with the clientele hypothesis, the learning curve hypothesis, the marketing cost hypothesis, or the liquidity hypothesis. This paper also documents that a security's features and the underwriter's reputation significantly influence the level of underwriting spreads. In general, features that increase the security's volatility or are included for tax purposes have higher underwriting spreads, while features designed to reduce price volatility have lower spreads. These results are consistent with underwriters valuing their position as a put option on the security. Finally, consistent with greater economies of scales for more prestigious underwriters, more prestigious underwriters charge lower underwriting spreads than less prestigious underwriters." @default.
- W1521663732 created "2016-06-24" @default.
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- W1521663732 date "1998-12-16" @default.
- W1521663732 modified "2023-09-23" @default.
- W1521663732 title "Evidence of Early-Mover Advantages in Underwriting Spreads" @default.
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