What factors affect the decision to switch underwriter?: A study of the Australian market
Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
An underwriter is the financial intermediary between the issuing firm and investors in a capital issue. The underwriter guarantees proceeds to the issuing firm in return for a fee. Recent studies show an increasing number of firms change underwriter between the Initial Public Offering (IPO) and Seasoned Equity Offering (SEO). The purpose of this thesis is to research the factors that may affect issuing firms’ decision to switch underwriter in Australia. The importance of this topic is threefold: (a) it has not been investigated in Australia; (b) underwriting fees constitute a major revenue source for investment banks; and (c) there are many international investment banks in Australia that transact in an environment very different from the U.S. and Europe.
Place, publisher, year, edition, pages
IdentifiersURN: urn:nbn:se:su:diva-3850OAI: oai:DiVA.org:su-3850DiVA: diva2:193230