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Costs of Issuing Private Versus Public Equity
The authors examine a sample of 2,108 PIPEs and 1,990 SEOs completed between 1993 and 2003, and show that, as expected, PIPEs are discounted more than SEOs, although the commissions paid to investment bankers are lower.
Link
http://www.cirano.qc.ca/pdf/publication/2005s-14.pdf