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…material losses, but for the most part the losses were
confined to firms that engaged Lehman Brothers for
equity underwriting. After adjusting for individual
firm risk and movements in the overall stock market,
the authors show that Lehman’s equity underwriting
clients experienced significant stock price declines, on
average, in the days surrounding…
https://www.wichita.edu/academics/business/research-connection/_documents/RC-Aug2012.pdf