haku: @author Mullineaux, D.J. / yhteensä: 2
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| Tekijä: | Roten, I. C. Mullineaux, D.J. |
| Otsikko: | Debt underwriting by commercial bank-affiliated firms and investment banks: More evidence |
| Lehti: | Journal of Banking and Finance
2002 : APR, VOL. 26:4, p. 689-718 |
| Asiasana: | DEBT SUBSIDIARY COMPANIES BANKS COMPANIES |
| Kieli: | eng |
| Tiivistelmä: | The authors compare underwriting performance by commercial bank-affiliated firms (Section 20s) and traditional investment banks over the period 1995-1998. The authors find that gross spreads are lower in the case of Section 20 underwritings, but that yield spreads are not. The authors' sample includes a substantial number of observations following changes in Federal Reserve policies that substantially eased restrictions on Section 20 activities in early 1997. The authors' findings differ somewhat from results in the literature that focused on periods prior to these policy changes. The authors find, for example, no evidence that a prior commercial bank lending relationship influences underwriting yields for any type of issue. |
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