16, 2015 international FOB reference prices of $315/mt (Vietnam rice) and $344/mt (Thailand), the gross spreads
secured by NFA (attributed to ocean freight, insurance, survey fees, etc.
This increase was primarily driven by improvement in gross spreads
as a result of low cost of borrowings and continued low operating expenses.
Underwriting spreads are gross spreads
defined as the difference between the offered amount and the proceeds to the issuer, expressed as the percentage of the offered amount (or issue size; Gande, Puri, and Saunders, 1999).
We find these firms pay lower gross spreads
and go to market faster than the same type of firm that chooses the traditional registration procedure.
NABARD has a modest earnings profile, marked by low gross spreads
, driven largely by lending at mandated rates and increased reliance on borrowings at market rates.
Shelf public straight debt issues have lower gross spreads
, a larger market capitalization, and an older listing age than nonshelf public and 144A straight debt issues.
This was primarily driven by a sharp increase in its gross spreads
because of its reduced borrowing costs and better control on operating expenses.
We examine underpricing, long-run returns, lockup periods, and gross spreads
for penny stock IPOs over the 1990-1998 period.
On a univariate basis, foreign US IPOs are significantly less underpriced relative to domestic US IPOs, while gross spreads
are approximately the same on average.