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Conference Paper
The competitive impact of foreign underwriters in the United States
Conference Paper
Bank securities powers: are there diversification gains?
Conference Paper
Tying knots: lending to win equity underwriting business
This article examines the practice of ?tying,? which occurs when an underwriter lends to an issuer around the time of a public securities offering. We examine whether there are efficiencies from tying lending and underwriting which lead to benefits for issuers and underwriters. We find evidence consistent with tying occurring for issues when there are informational economies of scope from combining lending and underwriting. Firms benefit from tying through lower financing costs, as tied issuers receive lower underwriter fees on seasoned equity offerings and discounted loan yield spreads. ...
Conference Paper
Equity underwriting risk
Working Paper
Foreign bank lending and bond underwriting in Japan during the lost decade
We examine foreign intermediation activity in Japan during the so-called "lost decade" of the 1990s, contrasting the behavior of lending by foreign commercial banks and underwriting activity by foreign investment banks over that period. Foreign bank lending is shown to be sensitive to domestic Japanese conditions, particularly Japanese interest rates, more so than their domestic Japanese bank counterparts. During the 1990s, foreign bank lending in Japan fell, both in overall numbers and as a share of total lending. However, there was marked growth in foreign underwriting activity in the ...
Conference Paper
Differences across originators iin CMBS loan underwritten
Conference Paper
Bank relationships and underwriter competition: evidence from Japan