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What is The Underwriting Business about?

This chapter describes the underwriting business, the firms that provide underwriting services, how these firms organize the underwriting business within the broader scope of their operations, and how they compete in the market for underwriting services. Functions and Organization ## What Underwriters Do Corporations as well as other entities (e.g., municipalities, universities, etc.) need to raise new capital for various purposes by selling financial claims, like stocks or bonds. Because these issuers come to the market only periodically they lack the expertise required to ensure the new securities are appropriately priced and successfully placed with investors. To overcome these disadvantages, issuers retain financial institutions that operate as investment banks to assist with the pricing, marketing, and placement of their new issues. In full-service underwriting arrangements, the intermediary also assumes the risk of placing the issue. It is this risk bearing service, akin to an insurance policy, that gives the name "underwriting" to these business arrangements and by extension to this business activity. In return, issuers pay underwriting firms a fee to compensate them for the

Author

George J. Papaioannou; Ahmet K. Karagozoglu

Publisher

Elsevier

Published

2017

Language

EN