Competition in Investment Banking
Competition in Investment Banking
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投资银行业的竞争
DOI：
10.2139/ssrn.491722
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发表时间：
2006
期刊：
影响因子：
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通讯作者：
Maureen O'Hara
中科院分区：
文献类型：
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作者：
K. Ellis;Roni Michaely;Maureen O'Hara
我们为后续发行构建了一个综合衡量整体投资银行竞争力的综合指标，该指标综合了竞争的各个方面，如费用、定价准确性、分析师建议、分销能力、做市能力、债券发行能力和整体声誉。该措施使我们能够纳入投资银行在争夺新客户或老客户时可能使用的权衡。我们发现，转向质量相似的承销商的公司在投资银行之间的竞争更加激烈，这表现在更低的费用和更乐观的推荐。投资银行确实在激烈争夺一些客户，竞争程度与获得或失去客户的可能性有关。最后，表现不符合市场规范的投资银行更有可能被排除在后续发行之外。相比之下，寻求更高声誉承销商的公司面临的是相对没有竞争的市场。
We construct a comprehensive measure of overall investment banking competitiveness for follow-on offerings that aggregates the various dimensions of competition such as fees, pricing accuracy, analyst recommendations, distributional abilities, market making prowess, debt offering capabilities, and overall reputation. The measure allows us to incorporate trade-offs that investment banks may use in competing for new or established clients. We find that firms who switch to similar-quality underwriters enjoy more intense competition among investment banks which manifests in lower fees and more optimistic recommendations. Investment banks do compete vigorously for some clients, with the level of competition related to the likelihood of gaining or losing clients. Finally, investment banks not performing up to market norms are more likely to be dropped in the follow-on offering. In contrast, firms who seek a higher reputation underwriter face relatively non-competitive markets.