On The Benefits of Concurrent Lending And Underwriting  

Oleh:

Puri, Manju ; Drucker, Steven

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 60 no. 6 (Dec. 2005), page 2763-2800.
Topik: LENDING; underwriting; correlation analysis; commercial banks; lending; stock offerings; advantages
Fulltext: p 2763.pdf (193.3KB)

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

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This paper examines whether there are efficiencies that benefit issuers and underwriters when a financial intermediary concurrently lends to an issuer while also undwriting its public securities offering. We find issuers, particularly noninvestment-grade issuers for whole informational economies of scope are likely to be large, benefit through lower underwriter fees and discounted loan yield spreads. Underwriters, both commercial banks as well as investment banks, engage in concurrent lending and provide price discounts, albeit in different ways. We find lending helps underwriters build relationships, increasing the probability of receiving current and future business.

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