CFA的一道考题是，承销的总成本是承销商的利润来源之一吗？为什么不算呢？解释是                                                                                                                                                [size=12.000000pt]No. The underwriters do not capture the part of the costs correspondingto the underpricing. The underpricing may be a rational marketingstrategy. Without it, the underwriters would need to spend moreresources in order to place the issue with the public. The underwriterswould then need to charge higher explicit fees to the issuing firm. Theissuing firm may be just as well off paying the implicit issuance costrepresented by the underpricing.
[size=12.000000pt]不太明白！谢谢各位了~