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作者：Yasuda, Ayako
作者单位：University of Pennsylvania
摘要：I examine the effects of bank relationships on underwriter choice in the Japanese corporate bond market following the 1993 deregulation. Bank relationships have significant positive effects on a firm's underwriter choice. Relationship firms receive a small but significant fee discount and, consistent with the mitigating effect of competition on hold-up costs, multiple-relationship firms receive a significantly deeper discount than single-relationship firms. Bank shareholding alone negatively a...
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作者：Bolton, Patrick; Freixas, Xavier; Shapiro, Joel
作者单位：Columbia University; Pompeu Fabra University
摘要：In some markets sellers have better information than buyers over which products best serve a buyer's needs. Depending on the market structure, this may lead to conflicts of interest in the provision of information by sellers. This paper studies this issue in the market for financial services. The analysis presents a new model of competition between banks, where price competition influences the ensuing incentives for truthful information revelation. We also compare conflicts of interest in two ...
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作者：Griffin, John M.; Harris, Jeffrey H.; Topaloglu, Selim
作者单位：Queens University - Canada; University of Texas System; University of Texas Austin; University of Delaware
摘要：In Nasdaq initial public offerings (IPOs) issued between 1997 and 2002, purchases of lead underwriter clients exceed sales by an amount equal to 8.79% of the total issue. We find that lead underwriter clients do not buy to build larger long-term positions, capitalize on superior execution quality, or because of clientele effects. However, characteristics of net buying that are at odds with these explanations and other behaviors (like institutional purchases of cold IPOs) are all consistent wit...
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作者：Stulz, Rene M.
作者单位：University System of Ohio; Ohio State University
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作者：Do, Quy-Toan; Levchenko, Andrei A.
作者单位：International Monetary Fund; The World Bank
摘要：This paper analyzes the effect of comparative advantage in international trade on a country's level of financial development. Countries with comparative advantage in financially intensive goods experience a higher demand for external finance, and therefore financial development. By contrast, financial development is lower in countries that primarily export goods which do not rely on external finance. We use disaggregated trade data to develop a measure of a country's external finance need of e...
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作者：Becker, Bo
作者单位：University of Illinois System; University of Illinois Urbana-Champaign
摘要：Demographic variation in savings behavior can be exploited to provide evidence on segmentation in US bank loan markets. Cities with a large fraction of seniors have higher volumes of bank deposits. Since many banks rely heavily on deposit financing, this affects local loan supply and economic activity. I show a positive effect of local deposit supply on local outcomes, including the number of firms, the number of manufacturing firms, and the number of new firms started. The effect is stronger ...
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作者：Bergman, Nittai K.; Jenter, Dirk
作者单位：Massachusetts Institute of Technology (MIT)
摘要：The use of equity-based compensation for rank-and-file employees is a puzzle. We analyze whether the popularity of option compensation may be driven by employee optimism, and show that optimism by itself is insufficient to make option compensation optimal. The crucial insight is that firms compete with financial markets as suppliers of equity to employees and that employees' access to the equity market restricts firms' ability to profit from employee optimism. Firms must be able to extract som...
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作者：Kalay, Avner; Singhal, Rajeev; Tashjian, Elizabeth
作者单位：Utah System of Higher Education; University of Utah; Tel Aviv University; Oakland University
摘要：We examine a sample of 459 firms filing for Chapter 11 during the period 1991-1998 and find that our sample firms experience significant improvements in their operating performance during Chapter 11. Our evidence is consistent with the hypothesis that Chapter 11, if anything, provides net benefits to bankrupt firms. In the cross section, firms with higher debt ratios experience greater improvements in operating performance, and the complexity of the renegotiation process negatively affects the...
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作者：Djankov, Simeon; McLiesh, Caralee; Shleifer, Andrei
作者单位：Harvard University; The World Bank
摘要：We investigate cross-country determinants of private credit, using new data on legal creditor rights and private and public credit registries in 129 countries. Both creditor protection through the legal system and information-sharing institutions are associated with higher ratios of private credit to gross domestic product, but the former is relatively more important in the richer countries. An analysis of legal reforms shows that credit rises after improvements in creditor rights and in infor...
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作者：Livingston, Miles; Williams, Glenn
作者单位：State University System of Florida; University of Florida; State University System of Florida; Florida Atlantic University
摘要：In the 1980s, Drexel Burnham Lambert dominated the underwriting of junk bonds with close to a 50% market share. In 1990, Drexel went bankrupt and was liquidated, and the percentage underwriting fees for junk bonds subsequently dropped dramatically. We present strong evidence that the exit of Drexel Burnham Lambert and the resulting increase in competition for market share were major contributing factors to the decline in junk bond underwriter fees. (c) 2006 Elsevier B.V. All rights reserved.
