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Ranking Underwriters of European IPOs


  • The original idea for this paper comes from a discussion with Jay Ritter, to whom we are deeply indebted and grateful. We would like to thank an anonymous referee, Fabio Bertoni, Luigi Buzzacchi, Thomas Chemmanur, Andrey Golubov, Dimitrios Gounopoulos, Arif Khurshed, Erik Lehmann, Michele Meoli, Stefano Paleari, Renato Redondi, Andrea Signori and participants at the 2012 CCSE Workshop and seminars at Cass Business School, London Stock Exchange, University of Bergamo, University of Manchester, and University of Surrey for helpful comments. Correspondence: Silvio Vismara


Reputational capital is a valuable asset for underwriters in IPO markets. Existing measures of their reputation are tailored to the US market, where the same established investment banks typically handle IPOs on both the NYSE and NASDAQ. The widely used Carter-Manaster rankings do not grade the reputations of underwriters of 67.5% of IPOs in Europe. The European IPO market is a series of domestic markets, where most underwriters operate almost entirely in a single country. This paper presents European-based rankings of 260 underwriters of 3,776 IPOs in France, Italy, Germany, and the UK from 1995 to 2010, with the number of IPOs underwritten and the amount of capital raised.

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