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1、BANKSINCAPITALMARKETS:ASURVEYby*StevenDruckerandManjuPuriMay2006Keywords:Commercialbanks;Investmentbanks;Underwriters;Certification;ConflictsofInterest;Glass-Steagall*DruckerisfromtheGraduateSchoolofBusiness,ColumbiaUniversity.PuriisfromtheFuquaSchoolofBusiness,DukeUni
2、versityandNBER.ThisarticlewillappearintheHandbookinCorporateFinance:EmpiricalCorporateFinance(Elsevier/North-Holland),editedbyB.EspenEckbo.Thefocusofthissurveyisbyitsverynaturelimitedinitsscopeand,inevitably,wehaveleftoutmanyimportantpapers.Weapologizetothosewhofeeltha
3、ttheirresearchhasbeenignoredormisrepresented.AbstractBanksareanimportantsourceoffundingineconomiesallaroundtheworld,makingitvitaltounderstandhowbanksdirectlyandindirectlyaffectfundingthroughcapitalmarkets.Fewissueshaveperhapsbeenascontroversialastheappropriatescopeofba
4、nkactivitiesandwhetherbanksshouldparticipatedirectlyincapitalmarketactivities,providingbothlendingandotherservices,suchasunderwriting.Wereviewtheargumentsandtheoreticalmodelsthatconsidertheconsequencesofcommercialbanksengagingininvestmentbankingactivities,andweexaminet
5、heempiricalevidenceonthepotentialforconflictsofinterest,whichfocusesonthepricingandlongrunperformanceofdebtandequityunderwrittensecurities,bothintheUnitedStatesandinternationally.Arelatedtopiciswhetherinvestmentbanksandcommercialbankscanco-existasunderwriters.Wesummari
6、zethetheoreticalandempiricalliterature,focusingontheeffectthatbanklendinghashadonunderwriterfeesandtheabilityofbankstowinunderwritingmandates,aswellashowinvestmentbankshaveadaptedtocommercialbankentryintoinvestmentbanking.Wealsoconsidertheindirectroleofcommercialbanksi
7、ncapitalmarkets,providingasummaryofbanks’abilitytosignalthequalityofborrowersthroughtheirdecisionstooriginateandsellloans.Finallyweexaminerelatedtopics,suchastheeffectsofbanksholdingequityandengaginginventurecapitalactivities,andwesuggestresearchdirections.TableofConte
8、nts1.Introduction12.CommercialBanksasUnderwriters:TheoreticalLiterature33.EmpiricalEvidenceonConflictsofInterest73.1.