We examine the impact of investment banker prestige on underwriter spreads, offering yields, and other expenses for 2,449 nonconvertible industrial debt issues offered during the period 1990 to 1997. We find that higher prestige underwriters charge significantly lower underwriting fees. Offering...

Securities issued under Rule 144A do not have to file a public registration statement with the Securities and Exchange Commission, but can be sold only to qualified financial institutions. This paper examines industrial and utility bonds issued under Rule 144A. Rule 144A issues are found to have...

"This paper examines the relationship between split bond ratings and bond yields at the notch level for newly issued corporate bonds. We find that split rated bonds average a 7-basis-point yield premium over nonsplit rated bonds of similar credit risk. The yield premium increases from 5 basis...

We examine the relation between asset opaqueness and split ratings. We find that firms with asset opaqueness problems are more likely to receive split bond ratings from Moody s and S&P rating agencies. Our results suggest that there is a causal link between asset opaqueness and split ratings....