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Do Bank Relationships Affect The Firm's Underwriter Choice in The Corporate - Bond Underwriting Market ?
Oleh:
Yasuda, Ayako
Jenis:
Article from Journal - ilmiah internasional
Dalam koleksi:
The Journal of Finance (EBSCO) vol. 60 no. 3 (Jun. 2005)
,
page 1259-1292.
Topik:
relationships
;
underwriting
;
effects
;
commercial banks
;
mathematical models
Fulltext:
p 1259.pdf
(194.44KB)
Ketersediaan
Perpustakaan Pusat (Semanggi)
Nomor Panggil:
JJ88
Non-tandon:
1 (dapat dipinjam: 0)
Tandon:
tidak ada
Lihat Detail Induk
Isi artikel
This paper studies the effect of bank relationships on underwriter choice in the US corporate - bond underwriting market following the 1989 commercial - bank entry. I find that bank relationships have positive and significant effects on a firm's underwriter choice, over and above their effects on fees. This result is sharply stronger for junk - bond issuers and first -time issuers. I also find that there is a significant fee discount when there are relationships between firms and commercial banks. Finally, I find that serving as arranger of past loan transactions has the strongest effect on underwriter choice, whereas serving merely as participant has no effect.
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