Integration of Lending And Underwriting : Implications of Scope Economies  

Oleh:

Kanatas, George ; Jianping Qi

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 58 no. 3 (2003), page 1167-1192.
Topik: social economies; studies; universal banking; underwriting; lending; economic theory; mathematical models
Fulltext: p 1167.pdf (207.24KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Informational scope economies provide a cost advantage to universal banks offering "one - stop shopping" for lending and underwriting that enables them to "lock in" their clients' subsequent business. This market power reduces universal banks' incentive, relative to that of specialized investment banks, to apply costly underwriting efforts, consequently, universal banks are less successful in selling their clients' securities. Our results suggest that an integrated financial services market is less innovative than one with specialized intermediaries. Our analysis also identifies economy, intermediary, and firm characteristics that motivate either the integration or segmentation of bank lending and underwriting.

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