Commercial Bank Entry into Revenue Bond Underwriting: Competitive Impact and Public Benefits.

1969 ◽  
Vol 24 (4) ◽  
pp. 771
Author(s):  
J. Richard Aronson ◽  
Wm. Paul Smith
Keyword(s):  
Commercial Bank ◽  
Public Benefits ◽  
Bond Underwriting ◽  
Bank Entry

The Impact of Commercial Banks on Underwriting Spreads: Evidence from Three Decades

2008 ◽  
Vol 43 (4) ◽  
pp. 975-1000 ◽  
Author(s):  
Dongcheol Kim ◽  
Darius Palia ◽  
Anthony Saunders
Keyword(s):  
Time Series ◽  
Commercial Bank ◽  
Commercial Banks ◽  
Sample Period ◽  
Entire Sample ◽  
Long Time ◽  
The Impact ◽  
Section 20 Subsidiaries ◽  
Initial Entry ◽  
Bank Entry

AbstractThis paper examines the effect of commercial bank entry on underwriting spreads for IPOs, SEOs, and debt issues using a long time series that spans 30 years, from 1975 to 2004. We find that, on average, commercial banks charge lower spreads of approximately 72 basis points for IPOs, 43 basis points for SEOs, and 14 basis points for debt over the entire sample period. The economic impact of commercial banks on lowering underwriting spreads is most significant when commercial banks were allowed to enter via Section 20 subsidiaries but persists beyond. Commercial bank entry into underwriting appears to have a procompetitive effect that lasts many years after their initial entry.

scholarly journals The Impact on IPO Assurance Fees of Commercial Bank Entry into the Equity Underwriting Market

2000 ◽  
Vol 19 (Supplement) ◽  
pp. 23-35 ◽  
Author(s):  
Neil L. Fargher ◽  
L. Paige Fields ◽  
Michael S. Wilkins
Keyword(s):  
Commercial Bank ◽  
The Impact ◽  
Bank Entry

Commercial bank entry into equity IPO underwriting: modern evidence

2004 ◽  
Vol 14 (6) ◽  
pp. 421-428 ◽  
Author(s):  
Nancy L. Beneda ◽  
Ik-Whan G. Kwon
Keyword(s):  
Commercial Bank ◽  
Bank Entry
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