The Study of Underwriter''s Compensation Structure in Taiwan

• Main Authors: Hsu Yun-Lan, 徐韻嵐
• Other Authors: Chiu Shean-Bii
• Format: Others
• Language: zh-TW
• Published: 1994
• Online Access: http://ndltd.ncl.edu.tw/handle/05844903050399393230

碩士 === 國立臺灣大學 === 國際貿易學系 === 82 === Under the limitation of the regulations for underwriting securi- ties in Taiwan, the major origin of underwriting compensation is the revenue of dealing with drawing lots, not the underwriting spread. The revenue of dealing with drawing lots depends on several exogenous factors, as the way of underwriting, offering size, the percentage of underpricing, and the condition of stock market . particularly, the condition of stock market is the most factor. The revenue of underwriting spread also depends on several , as the nature of issuance ( IPO or seasoned securities), the percentage of underpricing, whether the sponsor of the dicating, the right to assign securities buyer, and the amount of public underwriting, but irrelevant with the demand and supply condition of the stock market. The expenditure of underwriting is almost fixed cost, also levant with the condition of the stock market. With the structure of underwriting compensation, the underwriting profit is much uncertainty in Taiwan.