Raising capital with uncertainty

机译：不确定地筹集资金

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I study the effect of indirect ties between the firm's scientific advisory board members and the Food and Drug Administration advisory committees on underwriter prestige, underwriting fee, underpricing and the initial offering price range for firms pursuing highly uncertain opportunities. Prestigious underwriters compete to underwrite securities offered by firms connected to the regulator. This result in overpricing even though the underwriter seeks to enforce underpricing. The findings contribute to the Coase-Knight debate about the role of uncertainty for firm boundaries.

机译：我研究了该公司的科学顾问委员会成员与食品和药物管理局顾问委员会之间的间接联系对追求极不确定机会的公司的承销商信誉，承销费，定价偏低和初始发行价格范围的影响。著名的承销商竞争承销与监管机构有联系的公司提供的证券。即使承销商试图实施定价过低，这也会导致定价过高。这些发现有助于科斯·奈特辩论有关不确定性对企业边界的作用的辩论。

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《Science and Innovation Policy, 2009》|2009年|1-6|共6页
会议地点 Atlanta GA(US)
作者
Chok Jay I.;
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Department of management and organization, University of Southern California, Los Angeles, United States;

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firm-regulator ties; pricing; uncertainty;

机译：公司与监管者之间的关系;定价;不确定性;

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Raising capital with uncertainty

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