Commercial bank entry into equity IPO underwriting: modern evidence
Commercial bank entry into equity IPO underwriting: modern evidence
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商业银行进入股权IPO承销：现代证据
DOI：
10.1080/09603100410001673658
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发表时间：
2004
期刊：
影响因子：
--
通讯作者：
Ik
中科院分区：
文献类型：
--
作者：
N. Beneda;Ik
本研究探讨增加参与承销的股票首次公开发行（IPO）的第20节子公司的商业银行。本研究使用了四年的测试期（1995年1月至1998年12月），发现股票IPO的平均抑价显着下降后，从23.0%至17.4%，放宽收入限制，商业银行的第20节活动，由联邦储备委员会于1996年8月3日。进一步的研究发现，抑价率的降低与商业银行IPO市场份额的增加密切相关。本研究还发现，IPO承销费并没有增加后，银行进入。本研究的结果进一步证明，商业银行增加对新发行市场的参与对新发行市场的竞争和信息传播产生了积极影响。
This study examines the increased participation in underwriting of equity initial public offerings (IPOs) by section 20 subsidiaries of commercial banks. Using a four year test period (January 1995 to December 1998) this study finds that the average underpricing of equity IPOs decreased significantly from 23.0% to 17.4% after the decision to relax revenue constraints, on Section 20 activities of commercial banks, by the Federal Reserve Board on 3 August 1996. A further finding is that the decrease in underpricing is highly related to the increasing IPO market share of commercial banks. This study also finds that IPO underwriter fees did not increase after bank entry. The results of this study provides further evidence that increased participation of commercial banks in new issues markets has had a positive impact on competition and information dissemination in new issues markets.