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Competing for securities underwriting mandates: banking relationships and analyst recommendations

Wilhelm Jr., William J. - ; Ljungqvist, Alexander - ; Marston, Felicia - ;

We investigate whether analysts behavior influenced banks' likelihood of winning underwriting mandates for a sample of 16,625 U.S. debt and equity offerings in 1993-2002. We control for the strength of the issuer's investment banking relationship with potential competitors for the mandate, prior lending relationshipos, and the endogeneity of analyst behavior and the bank's decision to provide analysts coverage. Although analysts behavior was influenced by economic incentives, we find no evidence that aggressive analyst behavior increased their banks probability of winning an underwriting mandate. The main determinant of the lead-bank choice is the strength of prior underwriting and lending relationships..Printed Journal


Ketersediaan

Call NumberLocationAvailable
PSB lt.dasar - Pascasarjana1
Penerbit: The American Finance Association
Edisi-
SubjekInvestment bankers
Underwriting
Behavior
Impact analysis
studies
Analysts
ISBN/ISSN221082
Klasifikasi-
Deskripsi Fisik-
Info Detail Spesifik-
Other Version/RelatedTidak tersedia versi lain
Lampiran BerkasTidak Ada Data

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