| 来源类型 | FEEM working papers "Note di lavoro" series |
| 规范类型 | 论文 |
| Conflict of Interest in Universal Banking: Evidence from the Post-Issue Performance of IPO Firms | |
| Oved Yosha; Hedva Ber; Yishay Yafeh | |
| 发表日期 | 1997 |
| 出处 | Economy and Society |
| 出版年 | 1997 |
| 语种 | 英语 |
| 摘要 | In this paper we provide evidence that the post-issue accounting profitability of firms underwritten by bank affiliated underwriters that are also borrowers from the same bank in the IPO (Initial Public Offerings) year is significantly better than average, but that the stock price performance of these firms during the first year following the IPO is lower than average. Furthermore, the stock price performance of firms whose equity is purchased by an investment fund that is affiliated with the underwriting and lending bank is even lower. We interpret this as evidence that universal banks use their superior information regarding underwritten firms to float the cherries, not the lemons, but that the combination of bank lending, underwriting, and investment fund management results in conflict of interest. Bank managed funds pay too much for bank underwritten IPOs at the expense of the investors in the funds. |
| 特色分类 | G1,G21,G23,G24,G32 |
| 关键词 | Investment banking,Universal banking,Conflict of interest,Corporate governance,Bank debt,Bank monitoring,Initial public offerings,IPO underperformance,IPO underpricing,Large shareholders,Bank underwriting,Investment funds |
| URL | https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/conflict-of-interest-in-universal-banking-evidence-from-the-post-issue-performance-of-ipo-firms/ |
| 来源智库 | Fondazione Eni Enrico Mattei (Italy) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/116262 |
| 推荐引用方式 GB/T 7714 | Oved Yosha,Hedva Ber,Yishay Yafeh. Conflict of Interest in Universal Banking: Evidence from the Post-Issue Performance of IPO Firms. 1997. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| NDL1997-063.pdf（284KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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