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NASD Regulation of IPO Conflicts of Interest - Does Gatekeeping Work.pdf

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NASD Regulation of IPO Conflicts of Interest - Does Gatekeeping Work

University of Missouri School of Law Scholarship Repository Faculty Publications Spring 2005 NASD Regulation of IPO Conflicts of Interest - Does Gatekeeping Work? Royce de R. Barondes University of Missouri School of Law, articles@ Follow this and additional works at: /facpubs Part of the Banking and Finance Commons, Secured Transactions Commons, and the Securities Law Commons This Article is brought to you for free and open access by University of Missouri School of Law Scholarship Repository. It has been accepted for inclusion in Faculty Publications by an authorized administrator of University of Missouri School of Law Scholarship Repository. Recommended Citation Royce de R. Barondes, Nasd Regulation of Ipo Conflicts of Interest-Does Gatekeeping Work?, 79 Tul. L. Rev. 859 (2005) NASD Regulation of IPO Conflicts of Interest- Does Gatekeeping Work? Royce de R. Barondes Numerous scholarly analyses of capital markets regulation conceptualize assorted professionals, e.g., lawyers, accountants, and investment banks, as atekeepers. Although some gatekeeping is explicit, e.g., the auditrequirement forpublic companies, other gatekeeping is implicit. Lawyers and investment banks act as gatekeepers in deciding whether to link their professional reputations to prospective clients. Much legal scholarshp investigating gatekeeping is qualitative, presenting merely indeteminate analyses. ThisArticle informs the debate bypresenting empirical evidence of the efficacy of one kind ofgatekeeper a qualified independent underwriter National Association of Securities Dealers, Inc. (NASD) rules provide that when an investment bank participating in a securities offering has one of several enumerated conflicts of interest, the securities cannot be sold at a price higher than that recommended by a qualified independent underwriter Examining prices of 1188 imtiai public offerings (IPOs) from 1997 through 2000, regression results sclose IPO purchasers have relatively worse initial returns, es