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A New Measure for Heated Negotiation in the IPO Syndicate

This paper develops novel measures for heated negotiation within the IPO syndicate––(i) between the lead underwriter and co-managers and (ii) among co-managers. We find that the inferior bargaining position for the lead underwriter and superior bargaining power for co-managers with initial low compensation for co-managers lead to heated negotiation. Our results indicate that underwriters do not negotiate their shares of compensation based on their pre-commitment and actual provision of key underwriter services. Rather, it appears that heated negotiation materializes as co-managers resist against the lead underwriter's initial unfair profit sharing design.