Search Results
Conference Paper
Bank relationships and underwriter competition: evidence from Japan
Working Paper
Foreign Bank Lending and Bond Underwriting in Japan During the Lost Decade
We examine foreign intermediation activity in Japan during the so-called "lost decade" of the 1990s, contrasting the behavior of lending by foreign commercial banks and underwriting activity by foreign investment banks over that period. Foreign bank lending is shown to be sensitive to domestic Japanese conditions, particularly Japanese interest rates, more so than their domestic Japanese bank counterparts. During the 1990s, foreign bank lending in Japan fell, both in overall numbers and as a share of total lending. However, there was marked growth in foreign underwriting activity in the ...
Conference Paper
Reputation transfer : evidence from bank underwriting
Conference Paper
Differences across originators iin CMBS loan underwritten
Working Paper
Equity underwriting risk
Journal Article
Uniting investment and commercial banking
Report
Do underwriters matter? The impact of the near loss of an equity underwriter
The financial crisis provides a natural experiment for testing theoretical predictions of the equity underwriter's role following an initial public offering. Clients of Bear Stearns, Lehman Brothers, Merrill Lynch, and Wachovia saw their stock prices fall almost 5 percent, on average, on the day it appeared that their equity underwriter might collapse. Representing a loss in equity value of more than $3 billion, the decline was more than 1 percent lower than the conditional return predicted by a market model. The price impact was worse for companies with more opaque operations and fewer ...
Conference Paper
Banks and bubbles: how good are bankers at spotting winners?