Essays on underwriting and reputation

Abstract

This doctoral thesis focuses on the analysis of different aspects of the intermediation role performed by specialized financial intermediaries known as underwriters in capital markets with the aim of contributing to the knowledge on the relationship between underwriting and reputation. The chapters are grouped around three specific issues. Firstly, this analysis explores the issuer‒reputable underwriting matching for non-financial issuers and banks. Then, the underwriting syndicate formation is examined. Finally, reputation is disentangled by examining the evolution of underwriters’ market shares.