We examine interactions between firms issuing seasoned equity and their underwriters. Our approach contrasts with many studies which assume the interests of issuing firms and their underwriters are aligned, thus rendering distinctions between the two parties unimportant. We specifically examine...

We show competition between underwriters even when fees are clustered. We study accelerated seasoned equity offerings (SEOs), which are now the predominant form of public SEO in the U.S., Canada, and Europe. Underwriters compete by establishing capacity sufficient to allow them to maintain close...

This paper analyzes the 1987 change in Canadian legislation permitting commercial banks to engage in investment banking, and makes comparisons to the US, where similar regulatory change is under way. The study focuses on the impact of such regulatory change on issue costs for corporations...