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| Tekijä: | Puri, M. Rocholl, J. |
| Otsikko: | On the importance of retail banking relationships |
| Lehti: | Journal of Financial Economics
2008 : AUG, VOL. 89:2, p. 253-267 |
| Asiasana: | Germany banking initial public offerings securities underwriting |
| Vapaa asiasana: | cross-selling |
| Kieli: | eng |
| Tiivistelmä: | Based on proprietary data, this paper analyzes the importance of retail banking relationships to commercial banks and their depositors with banks underwriting securities. Lead underwriters' retail customers are found to benefit as they demand and end up with significantly more of the highly underpriced issues. Underpricing is found to be beyond that predicted by grey markets driving the differential demand from the lead bank retail customers. Banks are suggested to pass on information about underpriced initial public offerings (IPOs) to their retail depositors. Banks' incentives for such behaviour are analysed. There is found evidence of banks benefiting through retail cross-selling. |
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