Fields, Paige; Fraser, Donald; Bhargava, Rahul - In: Journal of Financial Research 26 (2003) 4, pp. 517-534
We examine differences in underwriting costs between commercial-bank-Section-20-underwritten initial public offerings (IPOs) and investment-bank-underwritten IPOs. Our results suggest that total underwriting costs (gross margin plus underpricing) are significantly lower for commercial bank IPOs....