资源描述：
《金融实证研究方法CH5-Banks》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。
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.
