We investigate the effect of the “7% solution”—the fact that underwriters in the U.S. charge a 7% spread to most IPOs between $20 million and $100 million in size—on the ensuing pricing of the offerings. Our identification exploits the variation in spreads that is due to distinct kinks in the relation between spread and offer size at these two thresholds. We find the spread positively influences underpricing but also the offer-price adjustment from the filing range's midpoint. Our evidence indicates the spread influences the aftermarket price, suggesting underwriters can shape, not merely discover, investor valuations.

中文翻译：

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“7% 解决方案”和 IPO（低于）定价

我们调查了“7% 解决方案”——事实上，美国的承销商对大多数 2000 万至 1 亿美元的 IPO 收取 7% 的价差——对随后的发行定价的影响。我们的识别利用了价差的变化，这是由于这两个阈值处的价差和报价大小之间的关系存在明显的扭结。我们发现价差对抑价有积极影响，但也会对申报范围中点的报价调整产生积极影响。我们的证据表明，价差会影响售后市场价格，这表明承销商可以塑造，而不仅仅是发现投资者的估值。