The optimal spread and offering price for underwritten securities

Article Abstract:

Research for optimal spread and offering price for underwritten securities is given. The research develops net proceeds maximization theory explaining how the spread and offering price are determined.

Econometrics & Model Building, Econometrics, Pricing, Business models

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The optimal spread and offering price for underwritten securities

Article Abstract:

This article's net proceeds maximization theory explains how prices are set for United States underwritten securities offerings. Variations in spread and initial returns of different types of securities are also explained.

Investment Banking and Securities Dealing, Investment Banking, Security brokers and dealers, Investment banks, Securities prices, Securities offerings

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Symposium on market microstructure: focus on Nasdaq

Article Abstract:

Several issues about the market microstructure of the Nasdaq, trading costs in particular, have been raised by analyses such as Bessembinder (1997), Kandel and Marx (1997), Barclay (1997), and Harris and Schultz (1997). Majority cite the aversion of using odd-eights in quotations and its implications on the theory of price collusion. Generally concerns have also been raised by a possible lack of competition among Nasdaq securities traders concerning tick price, customer limit orders, vertical integration arrangements, and the Small Order Execution System.

Stocks, Stock prices, NASDAQ Market System

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