INFORMATIONAL EXTERNALITIES OF SEASONED EQUITY ISSUES - DIFFERENCES BETWEEN BANKS AND INDUSTRIAL FIRMS
成果类型：
Article
署名作者：
SLOVIN, MB; SUSHKA, ME; POLONCHEK, JA
署名单位：
Arizona State University; Arizona State University-Tempe; Oklahoma State University System; Oklahoma State University - Stillwater
刊物名称：
JOURNAL OF FINANCIAL ECONOMICS
ISSN/ISSBN：
0304-405X
DOI：
10.1016/0304-405X(92)90026-T
发表日期：
1992
页码：
87-101
关键词：
摘要：
We examine share-price reactions of commercial bank common stock issues and find negative effects on rival commercial and investment banking firms. In comparison, we find no such intra-industry effects for equity issues by industrial firms. Our results support theoretical models in which bank loan portfolios impound asymmetric information about client firms, so that adverse individual bank announcements generate external information effects on other banks. A policy implication of these results is that regulatory pressures applied to individual banks induce spillover costs for the commercial and investment banking industries. Our evidence also indicates that the legal separation of commercial and investment banking activities is artificial.