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Keywords:Investment banking 

Working Paper
Banking relationships and sell-side research

This paper examines disclosures by sell-side analysts when their institution has a lending relationship with the firms being covered. Lending-affiliated analysts? earnings forecasts are found to be more accurate relative to forecasts by other analysts but this differential accuracy manifests itself only after the advent of the loan. Despite this increased earnings forecast accuracy, lending-affiliated analysts exhibit undue optimism in their brokerage recommendations and forecasts of long term growth. The optimism exists both before and after the lending commences. The evidence suggests that ...
Working Papers (Old Series) , Paper 1114

Conference Paper
Expanding bank powers: a Canadian perspective

Proceedings , Paper 144

Report
A cross-sectional analysis of mutual funds' market timing and security selection skill

Research Paper , Paper 9014

Working Paper
Bringing new issues to market: a theory of underwriting

Finance and Economics Discussion Series , Paper 39

Journal Article
The grass may not be greener: commercial banks and investment banking

Economic Perspectives , Volume 12 , Issue Nov , Pages 3-13

Conference Paper
Problems of community banks and their need for expanded powers

Proceedings , Paper 148

Journal Article
Assessing the fairness of investment bankers' fees

Economic Review , Issue Mar , Pages 2-7

Working Paper
Risk overhang and loan portfolio decisions

Despite operating under substantial regulatory constraints, we find that commercial banks manage their investments largely consistent with the predictions of portfolio choice models with capital market imperfections. Based on 1990-2002 data for small (assets less than $1 billion) U.S. commercial banks, net new lending to the business, real estate, and consumer sectors increased with expected sector profitability, tended to decrease with the illiquidity of existing (overhanging) loan stocks, and was responsive to correlations in cross-sector returns. Small banks are most appropriate for this ...
Working Paper Series , Paper WP-05-04

Conference Paper
What should regulators do in the age of money managers?

Proceedings , Paper 488

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Kwan, Simon H. 4 items

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Kroszner, Randall S. 2 items

Rajan, Raghuram G. 2 items

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