Affiliation ties and underwriter selection
Affiliation ties and underwriter selection
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隶属关系和承销商选择
DOI：
10.1007/s11187-016-9832-8
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发表时间：
2018
影响因子：
6.4
通讯作者：
Takahashi Hidenori
中科院分区：
文献类型：
--
作者：
Masato Sasaki;Ulrike Schaede;髙橋秀徳;松嶋一成，青島矢一，高田直樹;高橋秀徳;髙橋秀徳，岡田克彦;松嶋一成;Takahashi Hidenori
本文研究了日本首次公开发行（IPO）承销委托的决定因素。作为决定因素，我将重点放在从属关系上，即发行人董事会成员与这些成员合作的承销商之间的关系。利用董事会成员的履历信息，我发现，在特定银行或其母公司工作过的董事会成员增加了选择该银行作为主承销商的可能性。这种影响在经济上比借贷关系的影响更大，即使发行人与承销商没有借贷和持股关系，这种影响仍然存在。此外，小规模发行公司选择高声誉承销商时，这种效应更为明显，这表明从属关系可以帮助通常不被信誉良好的承销商接受的小规模发行公司被信誉良好的承销商承保。我发现很少有证据表明从属关系会影响IPO结果（以价格修正和承销费衡量）。
This paper examines the determinant of an initial public offering (IPO) underwriting mandate in Japan. As a determinant, I focus on affiliation ties, which are the relationships between issuers’ board members and the underwriters with which these members have worked. Using board members’ biographical information, I find that the presence of board members who have worked at a specific bank or its parent company increases the probability of choosing the bank as the lead underwriter. This effect is economically larger than that of lending relationships and remains even if the issuer has no lending and shareholding relationships with the underwriter. In addition, the effect is more pronounced when firms with small issues choose high-reputation underwriters, suggesting that affiliation ties can help firms with small issues, which would usually not be accepted by reputable underwriters, to be underwritten by reputable underwriters. I find little evidence that affiliation ties affect IPO outcomes, as measured by price revisions and underwriting fees.