| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2347 |
| DP2347 Determinants of Ownership Structure: A Comparative Analysis of Multinational Firms' Preferences in Greece and Portugal | |
| Eleni Louri-Dendrinou; Natália M C Barbosa | |
| 发表日期 | 2000-01-31 |
| 出版年 | 2000 |
| 语种 | 英语 |
| 摘要 | Using a newly-constructed data set on Israeli Initial Public Offering (IPO) firms in the 1990s, we study costs and benefits of universal banking. We find that a firm whose equity was underwritten by a bank-affiliated underwriter, when the same bank was also a large creditor of the firm in the IPO year, exhibits significantly better than average post-issue accounting performance, but that its stock performance during the first year following the IPO is considerably lower than average. When an investment fund managed by the same bank is heavily involved in the IPO as buyer of the newly-issued equity, the stock performance during the first year following the IPO is even lower. This, together with negative first day returns, is indicative of IPO overpricing. We interpret these findings as evidence that universal banks use their superior information regarding client firms to float the stock of the cherries, not the lemons (as measured by post-issue accounting performance), but that bank managed funds pay too much for bank underwritten IPOs, at the expense of the investors in the funds. These results suggest that there is conflict of interest in the combination of bank lending, underwriting, {\em and\/} fund management. |
| 主题 | Financial Economics |
| 关键词 | Bank underwriting and fund management Conflict of interest Initial public offerings Universal banking |
| URL | https://cepr.org/publications/dp2347 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531437 |
| 推荐引用方式 GB/T 7714 | Eleni Louri-Dendrinou,Natália M C Barbosa. DP2347 Determinants of Ownership Structure: A Comparative Analysis of Multinational Firms' Preferences in Greece and Portugal. 2000. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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