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This article enframes `risk' as a biopolitical security technology. It explains how biopolitics of security take life as their referent object of security; how the grid of intelligibility for biopolitics is economic; and how, in the second half of the 20th century, life also came to be understood as emergent being. Contingency is constitutive especially of the life of emergent being, and so the article argues that a biopolitics of security that seeks `to make life live' cannot secure life against contingency but must secure life through governmental technologies of contingency. Risk is one of these technologies. The article also explains how risk has come to pervade the biopolitics of security of the 21st century, and how, through the way in which it is traded on the capital markets, it has begun to acquire the properties of money. The article closes by describing how the biopolitics of security differ from traditional prophylactic accounts of security, and how these biopolitics of security exceed the liberal political thinking that rationalizes and legitimates them.

PurposeThe purpose of this paper is to investigate factors influencing the underwriting discount for US Real Estate Investment Trust (REIT) Seasoned Equity Offerings (SEOs).Design/methodology/approachThe study provides new evidence on determinants of underwriting discounts with a comprehensive dataset of 783 US REIT SEOs from 1996 until June 2010. Ordinary least squares regressions are performed to estimate the effect of the level of representative underwriting along with other potential factors on underwriting discounts.FindingsThe study complements the well‐documented notion of the economies of scale in SEO underwriting discounts. The equally (value) weighted underwriting discounts averaged 4.21 per cent (4.10 per cent) with a declining trend over time. The findings of this study show the statistically and economically significant negative effect of the level of representative underwriting on the underwriting discounts, as well as the significance of the structure of underwriting syndicate in determining the underwriting discounts. The findings suggest that issuers can minimize the costs of raising secondary equity capital by optimally allocating the underwriting business among the underwriters.Originality/valueThis paper adds to the international REIT SEO literature by exploring new evidence behind underwriting discounts. The study includes data before and after the REIT Modernization Act 1999 and during the recent global financial crisis period.

Revised by updated sheets. ; "Housing production and mortgage credit-Federal Housing Administration". ; Mode of access: Internet.