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Commercial banks as underwriters: implications for the going public process

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Cited by:

  1. Barbara Su, 2023. "Banking practices and borrowing firms’ financial reporting quality: evidence from bank cross-selling," Review of Accounting Studies, Springer, vol. 28(1), pages 201-236, March.
  2. Associate Prof. Renato Giovannini & Associate Prof. Vincenzo Capizzi & Associate Prof. Gian Marco Chiesi, 2010. "Investment Banking Services: Ownership Structures, Financial Advisory and Corporate Governance Models," International Journal of Business Administration, International Journal of Business Administration, Sciedu Press, vol. 1(1), pages 49-63, November.
  3. Kilian Huber, 2021. "Are Bigger Banks Better? Firm-Level Evidence from Germany," Journal of Political Economy, University of Chicago Press, vol. 129(7), pages 2023-2066.
  4. Sandeep Dahiya & Manju Puri & Anthony Saunders, 2003. "Bank Borrowers and Loan Sales: New Evidence on the Uniqueness of Bank Loans," The Journal of Business, University of Chicago Press, vol. 76(4), pages 563-582, October.
  5. Ber, Hedva & Yafeh, Yishay & Yosha, Oved, 2001. "Conflict of interest in universal banking: Bank lending, stock underwriting, and fund management," Journal of Monetary Economics, Elsevier, vol. 47(1), pages 189-218, February.
  6. David P. Ely & Kenneth J. Robinson, 2004. "The impact of banks' expanded securities powers on small‐business lending," Review of Financial Economics, John Wiley & Sons, vol. 13(1-2), pages 79-102.
  7. Hiraki, Takato & Honda, Toshiki & Ito, Akitoshi & Liu, Ming, 2021. "Banks, IPO underwriting, and allocation in Japan," Journal of Economics and Business, Elsevier, vol. 116(C).
  8. Ivan Roten & Donald Mullineaux, 2005. "Equity Underwriting Spreads at Commercial Bank Holding Companies and Investment Banks," Journal of Financial Services Research, Springer;Western Finance Association, vol. 27(3), pages 243-258, September.
  9. Gande, Amar & Puri, Manju & Saunders, Anthony, 1999. "Bank entry, competition, and the market for corporate securities underwriting," Journal of Financial Economics, Elsevier, vol. 54(2), pages 165-195, October.
  10. Lee, Gemma & Masulis, Ronald W., 2009. "Seasoned equity offerings: Quality of accounting information and expected flotation costs," Journal of Financial Economics, Elsevier, vol. 92(3), pages 443-469, June.
  11. Glenn Boyle & Graeme Guthrie & Luke Gorton, 2010. "Holding onto Your Horses: Conflicts of Interest in Asset Management," Journal of Law and Economics, University of Chicago Press, vol. 53(4), pages 689-713.
  12. Mehran, Hamid & Stulz, Rene M., 2007. "The economics of conflicts of interest in financial institutions," Journal of Financial Economics, Elsevier, vol. 85(2), pages 267-296, August.
  13. Krishnan, Karthik, 2013. "Commercial banks getting underwriting business: Tying or business building?," Journal of Economics and Business, Elsevier, vol. 66(C), pages 47-75.
  14. Güner, Z. Nuray & Önder, Zeynep, 2022. "Bank affiliation and discounts on closed-end funds," International Review of Financial Analysis, Elsevier, vol. 83(C).
  15. Choi, Jay Pil & Stefanadis, Christodoulos, 2015. "Monitoring, cross subsidies, and universal banking," International Journal of Industrial Organization, Elsevier, vol. 43(C), pages 48-55.
  16. H. Semih Yildirim & Seung‐Woog (Austin) Kwag & M. Cary Collins, 2006. "An Examination of the Equity Market Response to The Gramm‐Leach‐Bliley Act Across Commercial Banking, Investment Banking, and Insurance Firms," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 33(9‐10), pages 1629-1649, November.
  17. Takaoka, Sumiko & McKenzie, C.R., 2006. "The impact of bank entry in the Japanese corporate bond underwriting market," Journal of Banking & Finance, Elsevier, vol. 30(1), pages 59-83, January.
  18. Claudia M. Buch & Stefan M. Golder, 2000. "Foreign competition and disintermediation: no threat to the German banking system?," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 53(213), pages 107-133.
  19. Mamun, Abdullah, 2023. "Understanding growth and its policy implications for Canadian credit unions," International Review of Economics & Finance, Elsevier, vol. 86(C), pages 652-665.
  20. Sohn, Wook, 2010. "Market response to bank relationships: Evidence from Korean bank reform," Journal of Banking & Finance, Elsevier, vol. 34(9), pages 2042-2055, September.
  21. Wolfgang Bessler & Andreas Kurth, 2007. "Agency Problems and the Performance of Venture-backed IPOs in Germany: Exit Strategies, Lock-up Periods, and Bank Ownership," The European Journal of Finance, Taylor & Francis Journals, vol. 13(1), pages 29-63.
  22. Takaoka, Sumiko, 2018. "Convenience yield on government bonds and unconventional monetary policy in Japanese corporate bond spreads," MPRA Paper 86418, University Library of Munich, Germany.
  23. Neil Esho & Michael G. Kollo & Ian G. Sharpe, 2006. "Eurobond underwriter spreads," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 46(1), pages 71-95, March.
  24. Focarelli, Dario & Pozzolo, Alberto Franco, 2005. "Conflicts of Interest in Financial Markets - Evidence from Bond Underwriting in the Nineties," Economics & Statistics Discussion Papers esdp05023, University of Molise, Department of Economics.
  25. Yunzhi Hu & Felipe Varas, 2021. "A Theory of Zombie Lending," Journal of Finance, American Finance Association, vol. 76(4), pages 1813-1867, August.
  26. Kutsuna, Kenji & Smith, Janet Kiholm & Smith, Richard L., 2007. "Banking relationships and access to equity capital markets: Evidence from Japan's main bank system," Journal of Banking & Finance, Elsevier, vol. 31(2), pages 335-360, February.
  27. Konishi, Masaru, 2002. "Bond underwriting by banks and conflicts of interest: Evidence from Japan during the pre-war period," Journal of Banking & Finance, Elsevier, vol. 26(4), pages 767-793, April.
  28. Theo Cotrim Martins & Rafael Schiozer & Fernando de Menezes Linardi, 2023. "The Information Content from Lending Relationships Across the Supply Chain," Working Papers Series 577, Central Bank of Brazil, Research Department.
  29. Kollo, Michael G., 2005. "Underwriter competition and gross spreads in the eurobond market," Working Paper Series 550, European Central Bank.
  30. Liu, Wenchien & Miu, Peter & Chang, Yuanchen & Ozdemir, Bogie, 2012. "Information asymmetry and bank regulation: Can the spread of debt contracts be explained by recovery rates?," Journal of Financial Intermediation, Elsevier, vol. 21(1), pages 123-150.
  31. Mamun, Abdullah & Meier, Garrett & Wilson, Craig, 2023. "How do noninterest income activities affect bank holding company performance?," Finance Research Letters, Elsevier, vol. 53(C).
  32. Yoshiaki Ogura, 2017. "The Certification Role of pre-IPO Banking Relationships: Evidence from IPO Underpricing in Japan," The Japanese Economic Review, Springer, vol. 68(2), pages 257-278, June.
  33. Carow, Kenneth A. & Kane, Edward J., 2002. "Event-study evidence of the value of relaxing long-standing regulatory restraints on banks, 1970-2000," The Quarterly Review of Economics and Finance, Elsevier, vol. 42(3), pages 439-463.
  34. Geranio, Manuela & Mazzoli, Camilla & Palmucci, Fabrizio, 2017. "The effects of affiliations on the initial public offering pricing," International Review of Economics & Finance, Elsevier, vol. 51(C), pages 295-313.
  35. Ayako Yasuda, 2001. "Institutions, Relationships and Bank Competition in Bond Underwriting Markets: An International Comparative Study," Center for Financial Institutions Working Papers 01-31, Wharton School Center for Financial Institutions, University of Pennsylvania.
  36. Zhang, Xiaoqian & Huang, Bin, 2022. "Does bank competition inhibit the formation of zombie firms?," International Review of Economics & Finance, Elsevier, vol. 80(C), pages 1045-1060.
  37. Hvide, Hans K., 2004. "A Theory of Certification with an Application to the Market for Auditing Services," Discussion Papers 2004/10, Norwegian School of Economics, Department of Business and Management Science.
  38. Marcia Millon Cornett & Evren Ors & Hassan Tehranian, 2002. "Bank Performance around the Introduction of a Section 20 Subsidiary," Journal of Finance, American Finance Association, vol. 57(1), pages 501-521, February.
  39. Akhigbe, Aigbe & Stevenson, Bradley A., 2010. "Profit efficiency in U.S. BHCs: Effects of increasing non-traditional revenue sources," The Quarterly Review of Economics and Finance, Elsevier, vol. 50(2), pages 132-140, May.
  40. Christian Andres & André Betzer & Peter Limbach, 2013. "Underwriter Reputation and the Quality of Certification: Evidence from High-Yield Bonds," Schumpeter Discussion Papers SDP13006, Universitätsbibliothek Wuppertal, University Library.
  41. Duarte-Silva, Tiago, 2010. "The market for certification by external parties: Evidence from underwriting and banking relationships," Journal of Financial Economics, Elsevier, vol. 98(3), pages 568-582, December.
  42. Akiyoshi, Fumio, 2019. "Effects of separating commercial and investment banking: Evidence from the dissolution of a joint venture investment bank," Journal of Financial Economics, Elsevier, vol. 134(3), pages 703-714.
  43. Chen, Hsuan-Chi & Ho, Keng-Yu & Weng, Pei-Shih, 2013. "IPO underwriting and subsequent lending," Journal of Banking & Finance, Elsevier, vol. 37(12), pages 5208-5219.
  44. Lin, Qi, 2015. "Growth options effect on leverage: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 34(C), pages 152-168.
  45. de Jong, Abe & Roosenboom, Peter & Schramade, Willem, 2006. "Bond underwriting fees and keiretsu affiliation in Japan," Pacific-Basin Finance Journal, Elsevier, vol. 14(5), pages 522-545, November.
  46. Yao, Tong & Yu, Tong & Zhang, Ting & Chen, Shaw, 2011. "Asset growth and stock returns: Evidence from Asian financial markets," Pacific-Basin Finance Journal, Elsevier, vol. 19(1), pages 115-139, January.
  47. Andrikopoulos, Andreas, 2015. "Truth and financial economics: A review and assessment," International Review of Financial Analysis, Elsevier, vol. 39(C), pages 186-195.
  48. Jeon, Jin Q. & Ligon, James A., 2011. "The role of co-managers in reducing flotation costs: Evidence from seasoned equity offerings," Journal of Banking & Finance, Elsevier, vol. 35(5), pages 1041-1056, May.
  49. Kaehny, Maximilian & Herweg, Fabian, 2022. "Do Zombies Rise When Interest Rates Fall? A Relationship-Banking Model," VfS Annual Conference 2022 (Basel): Big Data in Economics 264126, Verein für Socialpolitik / German Economic Association.
  50. Maretno Harjoto & Donald J. Mullineaux & Ha‐Chin Yi, 2006. "A Comparison of Syndicated Loan Pricing at Investment and Commercial Banks," Financial Management, Financial Management Association International, vol. 35(4), pages 49-70, December.
  51. Bharat N. Anand & Alexander Galetovic, 2002. "Investment Banking and Security Market Development: Does Finance Follow Industry?," Documentos de Trabajo 121, Centro de Economía Aplicada, Universidad de Chile.
  52. Vithanage, Kulunu & Neupane, Suman & Chung, Richard, 2016. "Multiple lead underwriting syndicate and IPO pricing," International Review of Financial Analysis, Elsevier, vol. 48(C), pages 193-208.
  53. McKenzie, C.R. & Takaoka, Sumiko, 2005. "Deregulation of bank underwriting activities: impacts in the Euro–yen and Japanese corporate bond markets," Mathematics and Computers in Simulation (MATCOM), Elsevier, vol. 68(5), pages 526-535.
  54. Chen, Hsuan-Chi & Chou, De-Wai & Lai, Christine W. & Yeh, Yi-Ting, 2014. "The role of lending-relationship banks in the underwriting of seasoned equity offerings: Conflict of interest or certification?," The North American Journal of Economics and Finance, Elsevier, vol. 28(C), pages 327-346.
  55. Laux, Christian & Walz, Uwe, 2006. "Tying lending and underwriting: Scope economies, incentives, and reputation," CFS Working Paper Series 2006/27, Center for Financial Studies (CFS).
  56. Andres, Christian & Betzer, André & Limbach, Peter, 2014. "Underwriter reputation and the quality of certification: Evidence from high-yield bonds," Journal of Banking & Finance, Elsevier, vol. 40(C), pages 97-115.
  57. Walter Boudry & Jarl Kallberg & Crocker Liu, 2011. "Analyst Behavior and Underwriter Choice," The Journal of Real Estate Finance and Economics, Springer, vol. 43(1), pages 5-38, July.
  58. William C. Johnson & Jennifer Marietta†Westberg, 2009. "Universal Banking, Asset Management, and Stock Underwriting," European Financial Management, European Financial Management Association, vol. 15(4), pages 703-732, September.
  59. Maretno Harjoto & Ha-Chin Yi & Tosporn Chotigeat, 2012. "Why do banks acquire non-banks?," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 36(3), pages 587-612, July.
  60. Bengi Ertuna & Metin Ercan & Vedat Akgiray, 2003. "The Effect of the Issuer-Underwriter Relationship on IPOs: The Case of an Emerging Market," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 8(3), pages 43-55, Fall.
  61. Allen, Linda & Gottesman, Aron A. & Peng, Lin, 2012. "The impact of joint participation on liquidity in equity and syndicated bank loan markets," Journal of Financial Intermediation, Elsevier, vol. 21(1), pages 50-78.
  62. Fabrizio Adriani & Luca G. Deidda & Silvia Sonderegger, 2014. "How do Financial Intermediaries Create Value in Security Issues?," Review of Finance, European Finance Association, vol. 18(5), pages 1915-1951.
  63. Bulan, Laarni & Hull, Tyler, 2013. "The impact of technical defaults on dividend policy," Journal of Banking & Finance, Elsevier, vol. 37(3), pages 814-823.
  64. Steven Drucker & Manju Puri, 2004. "The Tying of Lending and Equity Underwriting," NBER Working Papers 10491, National Bureau of Economic Research, Inc.
  65. Hans Gersbach & Harald Uhlig, 2007. "On the Coexistence of Banks and Markets," Scandinavian Journal of Economics, Wiley Blackwell, vol. 109(2), pages 225-243, June.
  66. Carow, Kenneth A. & Heron, Randall A., 2002. "Capital market reactions to the passage of the Financial Services Modernization Act of 1999," The Quarterly Review of Economics and Finance, Elsevier, vol. 42(3), pages 465-485.
  67. Falko Fecht & Andreas Hackethal & Yigitcan Karabulut, 2018. "Is Proprietary Trading Detrimental to Retail Investors?," Journal of Finance, American Finance Association, vol. 73(3), pages 1323-1361, June.
  68. Kathy Czyrnik & Linda Schmid Klein, 2004. "Who Benefits from Deregulating the Separation of Banking Activities? Differential Effects on Commercial Bank, Investment Bank, and Thrift Stock Returns," The Financial Review, Eastern Finance Association, vol. 39(2), pages 317-341, May.
  69. Benzoni, Luca & Schenone, Carola, 2010. "Conflict of interest and certification in the U.S. IPO market," Journal of Financial Intermediation, Elsevier, vol. 19(2), pages 235-254, April.
  70. Katsushi Suzuki & Kazuo Yamada, 2010. "Does the Intended Use of Proceeds and Bank's Characteristics Affect the Bank Underwriters' Certification Role? Evidence from Seasoned Equity Offerings," Discussion Papers 2010-55, Kobe University, Graduate School of Business Administration.
  71. Suzuki, Katsushi, 2010. "Do the equity holding and soundness of bank underwriters affect issue costs of SEOs?," Journal of Banking & Finance, Elsevier, vol. 34(5), pages 984-995, May.
  72. Yasuda, Ayako, 2007. "Bank relationships and underwriter competition: Evidence from Japan," Journal of Financial Economics, Elsevier, vol. 86(2), pages 369-404, November.
  73. de Jong, A. & Roosenboom, P.G.J. & Schramade, W.L.J., 2005. "Bond underwriting fees and keiretsu affiliation in Japan," ERIM Report Series Research in Management ERS-2005-038-F&A, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
  74. Neale, Faith R. & Peterson, Pamela P., 2005. "The effect of the Gramm-Leach-Bliley Act on the insurance industry," Journal of Economics and Business, Elsevier, vol. 57(4), pages 317-338.
  75. Zhang, Cinder Xinde & King, Tao-Hsien Dolly, 2010. "The decision to list abroad: The case of ADRs and foreign IPOs by Chinese companies," Journal of Multinational Financial Management, Elsevier, vol. 20(1), pages 71-92, February.
  76. Fabian Herweg & Maximilian Kähny, 2022. "Do Zombies Rise when Interest Rates Fall? A Relationship Banking Model," CESifo Working Paper Series 9628, CESifo.
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