Bond underwriting by banks and conflicts of interest: Evidence from Japan during the pre-war period
Bond underwriting by banks and conflicts of interest: Evidence from Japan during the pre-war period
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银行债券承销与利益冲突：战前日本的证据
DOI：
10.1016/s0378-4266(01)00170-4
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发表时间：
2002
影响因子：
3.7
通讯作者：
M. Konishi
中科院分区：
文献类型：
--
作者：
M. Konishi
1948年生效的《日本证券交易法》第65条禁止银行承销公司证券，部分原因是担心银行和证券业务合并可能导致潜在的利益冲突。本文研究了战前日本允许银行承销工业债券时，由商业银行、日本工业银行（IBJ）和信托公司承销的工业债券与由投资公司承销的工业债券的定价和长期违约表现。证据驳斥了有关利益冲突的担忧。
Article 65 of the Securities and Exchange Law of Japan, which was carried into effect in 1948, prohibited banks from underwriting corporate securities partially because of the concern that combining the banking and securities businesses might result in a potential conflict of interest. This paper studies the pricing and long-term default performance of industrial bonds underwritten by commercial banks, the Industrial Bank of Japan (IBJ), and trust firms as compared to those underwritten by investment houses during the pre-war period in Japan when banks were allowed to underwrite industrial bonds. The evidence rejects the concern about the conflicts of interest.