INVESTMENT BANKING FEES ON SEASONED EQUITY OFFERINGS: EVIDENCE FROM CANADIAN ISSUERS AFTER THE PASSAGE OF CANADIAN SOX
作者: Arturo Rubalcava
刊名: Journal of International Finance Studies, 2018, Vol.18 (1)
来源数据库: International Academy of Business and Economics
DOI: 10.18374/JIFS-18-1.5
关键词: Investment Banking FeesSeasoned Equity OfferingsCanadian SOXSarbanes-Oxley ActCross-ListedBought DealsMarketed Underwritten Offers.
原始语种摘要: This paper explores the effects of Canadian SOX (CSOX) on investment banking fees for seasoned equity offerings of Canadian issuers. Canadian SOX is a Canadian law equivalent to the U.S. Sarbanes-Oxley (USSOX) of 2002 aimed in improved financial disclosure of public corporations. It finds the investment banking fees to all offer announcements are not different between the period 1999-2005 (pre-CSOX) and the period 2006-2011 (post-CSOX). When comparing offers by Canadian issuers cross-listed in major U.S. exchanges with matched non-cross-listed issuers, the fees are higher for the former during the post-CSOX period only, after controlling for offer, firm and trade variables. Additionally, when comparing offers between marketed underwritten with bought deals, the fees are higher for...
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关键词翻译
关键词翻译
  • banking 筑堤
  • listed 坏布边
  • Equity 衡平法
  • seasoned 时效了的
  • disclosure 暴露
  • equity 衡平法
  • investment 投资
  • trade 买卖
  • financial 财政的
  • former 成形机