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Competing for securities underwriting mandates: banking relationships and analyst recommendations
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 Number | Location | Available |
|---|---|---|
| PSB lt.dasar - Pascasarjana | 1 |
| Penerbit | The American Finance Association., |
|---|---|
| Edisi | - |
| Subjek | Investment bankers Underwriting Behavior Impact analysis studies Analysts |
| ISBN/ISSN | 221082 |
| Klasifikasi | - |
| Deskripsi Fisik | - |
| Info Detail Spesifik | - |
| Other Version/Related | Tidak tersedia versi lain |
| Lampiran Berkas | Tidak Ada Data |