Competing for Securities Underwriting Mandates : Banking Relationships And Analyst Recommendations  

Oleh:

Ljungqvist, Alexander ; Wilhelm, William J. ; Marston, Felicia

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 61 no. 1 (Feb. 2006), page 301-340.
Topik: BANKING; analysts; behaviour; impact analysis; studies; underwriting; investment bankers
Fulltext: p 301.pdf (287.32KB)

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

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Isi artikel

We investigate whether analysts behavior influenced banks' likelihood of winning underwriting mandates for a sample of 16,625 U.S. debt and equity offerings in 1993 - 2002. We control for the strength of the issuer's investment banking relationship with potential competitors for the mandate, prior lending relationshipos, and the endogeneity of analyst behaviour and the bank's decision to provide analysts coverage. Although analysts behavior was influenced by economic incentives, we find no evidence that aggressive analyst behavior increased their banks probability of winning an underwriting mandate. The main determinant of the lead - bank choice is the strength of prior underwriting and lending relationships.

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