scholarly journals The Investment Bank’s Reputation And The Price Of Underwriting Services: Evidence From China

2016 ◽  
Vol 12 (16) ◽  
pp. 498
Author(s):  
Yubo Li
Keyword(s):  
Small Firms ◽  
Investment Banks ◽  
Chinese Firm ◽  
Underwriting Fees

In this paper, I examine the influence of the investment bank’s reputation on the price of underwriting services of Chinese firm. Based on a sample of offers from 2004-2015, the results show that prestigious investment banks charge higher fees. Furthermore, in comparison to big firms, prestigious investment banks charge more underwriting fees for small firms. In comparison to state-owned firms, high-reputation investment banks charge higher underwriting fees for non-state-owned firms. The results indicate that the investment bank’s reputation capital is different for different firms. For firms with more information problems, the reputation of investment banks is more valuable.

‘Relational Marketplaces’ and the Rise of Boutiques in London's Corporate Finance Industry

2007 ◽  
Vol 39 (8) ◽  
pp. 1838-1854 ◽  
Author(s):  
Sarah Hall
Keyword(s):  
Corporate Finance ◽  
Financial Services ◽  
Small Firms ◽  
Investment Banks ◽  
Profit Margins ◽  
Services Sector ◽  
Finance Industry ◽  
Financial Services Sector ◽  
Theoretical Perspectives ◽  
The Media

In this paper I examine the rise of corporate finance boutiques in London's financial district from the early 2000s onwards. These small firms, typically employing no more than 25 people, specialise in a single corporate finance client sector (such as telecommunications or the media). It is argued that the growth of these boutiques is best understood with reference to the changing circumstances faced by London's established investment banks. Boutiques grew both in number and in size whilst well-known investment banking brands suffered significant decreases in profit margins, and redundancies were made across the financial services sector more widely. Two related theoretical perspectives are deployed to understand the growth of corporate finance boutiques in London within a ‘relational marketplace’. First, the concept of a marketplace is developed by spatialising recent work in new economic sociology on markets. Second, a relational perspective is used to conceptualise the coconstitutive networks that exist between corporate finance boutiques and investment banks within this marketplace.

scholarly journals Revisiting The Certifying Role Of Financial Intermediaries On IPOs

2012 ◽  
Vol 28 (5) ◽  
pp. 1017 ◽  
Author(s):  
Kyojik Song ◽  
Young-Soo Choi ◽  
Jong Eun Lee
Keyword(s):  
Venture Capital ◽  
Commercial Banks ◽  
Small Firms ◽  
Investment Banks ◽  
Venture Capitalists ◽  
Bank Debt ◽  
Ipo Underpricing ◽  
Partial Adjustment ◽  
Complementary Role

This paper re-examines the role of commercial banks, investment banks, and venture capitalists in monitoring and certifying the value of the firms that went public in the 2000s. We find that investment banks that have better reputations are associated with larger underpricing for venture-capital-backed IPOs, but not for non-venture-capital-backed IPOs. The partial adjustment phenomenon observed in Carter et al. (2001) exists only for venture-capital-backed IPOs. The presence of venture capital is inversely related to IPO underpricing only when venture capitalists certify small firms. We do not find that the presence of bank debt reduces IPO underpricing. In addition, we do not find any substitutive or complementary role between commercial banks and venture capitalists in certifying IPOs.

SINGLE VERSUS MULTIPLE BANKING RELATIONSHIPS-EVIDENCE FROM CHINESE LENDING MARKET

2017 ◽  
Vol 62 (01) ◽  
pp. 227-250 ◽  
Author(s):  
WEI YIN ◽  
KENT MATTHEWS
Keyword(s):  
Small Firms ◽  
Market Competition ◽  
Bank Loan ◽  
Medium Size ◽  
High Quality ◽  
Firm Level ◽  
Lending Relationships ◽  
Chinese Firm ◽  
Level Data ◽  
Banking Relationships

Using Chinese firm level data for 2003–2012, this paper determines the factors that drive firms to switch from single bank loan providers to multiple bank loan providers. The results show that large firms are more likely to switch from single to multiple lending relationships. This study finds that medium size and small firms of high quality are more likely to have a single borrower relationship while large and high quality firms are more likely to have multiple bank relationships. Increasing market competition decreases the probability of single bank-firm relationship.

The Effects of Share Repurchase Announcements on Returns in the Malaysia Stock Market

2018 ◽  
Vol 1 (1) ◽  
pp. 1 ◽  
Author(s):  
Tze San Ong ◽  
Pei San Ng
Keyword(s):  
Stock Market ◽  
Abnormal Return ◽  
Small Firms ◽  
Abnormal Returns ◽  
Share Repurchase ◽  
Before And After ◽  
Positive Abnormal Return ◽  
Repurchase Announcements ◽  
Signaling Hypothesis ◽  
Firm Characteristic

This paper examines the market response surrounding the share repurchase announcements of Malaysia Listed Companies from years 2012 to 2016. One sample T-test was carried out to identify the abnormal return in the range before and after 20 days from share repurchase announcements. The result shows a significant positive abnormal return in the day of repurchase announcements and continuously until day 1 after the announcements. Multiple regression analysis was performed in order to identify the firm characteristic of share repurchase. The finding is supported with information asymmetric, which shows that stock market reacts more favorably through the repurchase announcements by small firms than large firms. This study is consistent with the signaling hypothesis that shows share repurchase announcement can be an effective tool in stabilizing the stock market in Malaysia. The finding of this study acts as a useful tool for managers and investors to improve their decisions on share repurchase announcements in Malaysia. Company’s managers can conduct share repurchase announcements that are able to make the stock market react positively in order to generate positive abnormal returns.

INTELLECTUAL SUPPORT OF SMALL FIRMS' MANAGEMENT

2006 ◽  
Vol 11 (01) ◽  
Author(s):  
Leonid A. Kuznetsov
Keyword(s):  
Small Firms

Small firms and R&D spillovers : Evidence from Italy

1994 ◽  
Vol 67 (1) ◽  
pp. 225-237 ◽  
Author(s):  
David B. Audretsch ◽  
Marco Vivarelli
Keyword(s):  
Small Firms
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