8The following section provides an overview of the literature and deduces our main assumptions about the unionized structure and reputation of lead managers. Section 3 discusses the statistical methodology used and describes our variables. Section 4 presents our sample and the main descript statistics. Section 5 presents our results of multi-proletariat regression. Finally, section 6. 44Tabelle 6 shows the robustness of these results using an alternative hierarchy. Instead of taking the report, we use a dummy variable equal to 1 if we have the most concentrated structure of N Lead Manager = N Co-Manager = N Manager = 1. Each deviation from this structure takes the value 0 and constitutes a less concentrated structure. Given the different nature of the variables, we now expect a negative sign of reputation, which we find for the full sample. IPOs, which are designed by serious lead managers, are less concentrated than those of other lead managers.

45 In this study, we investigated the links between the structure of an IPO union and the reputation of lead managers. Our main objective was to understand the unionised structure in Europe with regard to two important dimensions: the number of participating banks (difference between the three participating teams) and the extent to which the Lead Manager delegates tasks to co-managers and other managers. Based on our sample of 1542 IPOs subscribed on the three European stock markets between 1995 and 2005, we presented several important results. 46The first fundamental result is the existence of different forms of syndication structures in European markets, which indicate segmented markets for small and large IPOs. What is most striking is that 87% of IPOs subscribed during the period under review were managed by a single service manager. In addition, the delegation of tasks to other participants (a second lead manager, a co-manager or another type of manager) takes place only occasionally. In fact, during our sampling period, the average unionized structure includes a single bank that performs all tasks alone, with no other lead manager, co-manager or other type of manager. However, many IPOs in Europe are relatively low in terms of the level of issuance. Download the distribution and marketing orientation worksheet. This Excel-based worksheet offers an easy-to-understand method for managing this distribution and marketing tuning and describes how a B-to-B-Lead Management agreement is established…