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In Tuesday's actions, the SEC stated that between 2011 and 2014, the 14 underwriting firms sold municipal bonds using offering documents that contained materially false statements or omissions about the bond issuers' compliance with continuing disclosure obligations.
Danalyst A dummy set to unity if the underwriting firm employed a star analyst listed by the Institutional Investor's All America Research Team, and zero otherwise (Mola and Loughran, 2004).
"This is very good for our marketplace," he said, explaining that a smaller differential between underwriting firms will "level the field" for market participants and help to eliminate instances where a company tries to compete through differing life expectancy reports.
Furthermore, financial advisors who are affiliated with bond underwriting firms have an especially difficult challenge wearing two hats: providing objective advice to their clients, while simultaneously marketing their underwriting services to those same firms that they are supposed to be evaluating.
But those optimistic forecasts tended to be wrong: In the 24 months following IPOs, stocks recommended by analysts associated with the underwriting firms trailed stocks recommended by non-underwriters by 15.5 percentage points.
Hondacare have brought together the wide range of expertise of several leading underwriting firms to provide customers with a variety of benefits and advantages.
The city council of Cleveland has approved the sale of up to USD750m of bonds for the Cleveland Hopkins International Airport as well as adding new law and underwriting firms to the deal.
Many large banking organizations that meet applicable criteria may elect to affiliate with full-service insurance and securities underwriting firms and thereby become comprehensive providers or "manufacturers" of financial products.
This maturity-by-maturity feature showed promise of allowing Pittsburgh to achieve one of its objectives, which seemed to have been suffering with the city's new competitive bidding policy: more participation by local, minority, and women-owned underwriting firms. "Unbundling" an issue in this fashion makes underwriting risk more manageable and purchase price more affordable for smaller, undercapitalized firms.
There are six independent variables in this study: (1) size of the board (SIZE); (2) affiliated directors from top-20 venture capital firms (AFVC); (3) affiliated directors from prestigious underwriting firms (AFUN); (4) reputation of directors who are affiliated university scientists (AFUS); (5) CEOs who were former university scientists (CEOUS); and (6) CEOs with financial backgrounds (CEOFI).
Shortly after the IBM debacle, analysts at underwriting firms ceased to cover the company, adds Chief Financial Officer Carlos S.
"This law will have major implications for accounting and underwriting firms and public companies, which typically are the first to be sued," said William Ezzell, chairman of the Accountants Coalition and partner of Deloitte Touche in Washington, D.C.
Following these and other allegations of malfeasance, the Securities and Exchange Commission asked several underwriting firms to report their political contributions at the municipal level (Stamas and Dickson, 1993).
There are more than 1,000 securities underwriting firms. These range in size, from one-man operators to the multi-branch, multi-owner, national organizations like Merrill Lynch or Smith Barney.
The 50-year-old legislation prevents financial institutions from operating both commercial banks and securities underwriting firms in the U.S., and the potential repeal of Glass-Steagall has proceeded slowly since the October, 1987, market crash.