跳到主要內容

臺灣博碩士論文加值系統

(18.97.14.86) 您好!臺灣時間:2025/02/08 02:13
字體大小: 字級放大   字級縮小   預設字形  
回查詢結果 :::

詳目顯示

我願授權國圖
: 
twitterline
研究生:陳莉萍
研究生(外文):Li-Ping Chen
論文名稱:IPO承銷關係對後續貸款業務是否有所影響?
論文名稱(外文):Do IPO underwriting relationships affect the subsequent loan business?
指導教授:陳軒基陳軒基引用關係
學位類別:碩士
校院名稱:元智大學
系所名稱:財務金融學系
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2006
畢業學年度:94
語文別:英文
論文頁數:29
中文關鍵詞:初次公開發行貸款
外文關鍵詞:IPOLOAN
相關次數:
  • 被引用被引用:0
  • 點閱點閱:203
  • 評分評分:
  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:0
本論文探討IPO承銷關係對後續貸款業務之影響。特別是從銀行的觀點出發,探討建立了承銷關係後是否會增加獲得後續貸款業務之機率或是對貸款定價有何影響。本論文發現就貸方而言,當過去曾經與借方建立IPO承銷關係時,會有較高的機率擔任該發行公司後續貸款業務之主辦行,且可從中索取較高的貸款費用。此實證結果與純粹只有在IPO後才有貸款紀錄之子樣本中仍然成立。然而,本論文發現,對商業銀行而言,進入IPO承銷市場並沒有顯著有助於贏得該發行公司後續貸款之業務,亦對於後續貸款之定價無顯著之影響。
This paper investigates the relationship between IPO underwriting and subsequent loan business. Specially, does establishing an underwriting relationship today add value for the underwriter by increasing the probability of attracting future loan business from the same customer? I provide significant evidences that a lender which has IPO underwriting relationship with a borrower has far greater odds of providing its customers with future loans and charging higher interest rate compared to a lender lacking such an underwriting relationship. The results are robust in the sample restricted to customers that have exclusively post-IPO loans. The results show that existence of IPO underwriting relationship is strongly associated with an increased probability of winning future loan business from the same customer. There is no significant evidence that those effects are present for commercial banks.
Contents
I. Introduction 1
II. Theory and hypotheses 4
A. The effect of IPO underwriting relationship on the probability of getting the subsequent loan business 4
B. The effect of IPO underwriting relationship on cost of loans 5
C. Do commercial banks can get benefits from the follow-on loan business by the entry into equity underwriting? 7
III. Data and sample selection process 9
A. Data source 9
B. Data selection process 9
IV. Methodology 11
A. The probability of getting the subsequent loan business 12
B. The costs of subsequent loans 14
C. Do banks get benefits from the follow-on loan business by the entry into equity underwriting? 15
V. Empirical results 16
A. Descriptive statistics 16
B. Regression results 18
B 1. Probability of getting the subsequent loan business 18
B 2. Effect of IPO underwriting relationships on the costs of loans 19
B 3. Impact of non-prior lending underwriting relationship on the probability of getting the subsequent loan business 21
B 4. Impact of non-prior lending underwriting relationship on loan pricing 22
VI. Conclusion 23
Asquith, Paul, Beatty, Anne and Joseh weber. “Performance pricing in bank debt contracts.”Journal of Accounting and Economics 39 (2005), 1-28.
Bharath, Sreedhar, Dahiya, Sandeep, Saunders, Anthony and Anand Srinivasan, “So what do I get? The bank''s view of lending relationships.”Journal of Financial Economics, forthcoming.
Corwin, Shane A. and Paul Schultz. “The role of IPO underwriting syndicates: pricing, information production, and underwriter competition.”Journal of Finance 60 (2005), 443-486.
Marcia M., Ors, Evren and Hassan Tehranian, “Bank Performance around the Introduction of a Section 20 Subsidiary.”Journal of Finance 57 (2002), 501-521.
James, Christopher, “Relationship-specific assets and the pricing of underwriter services.”Journal of Finance 47 (1992), 1865-1885.
Burch, Timothy R., Nanda,Vikram and Vincent Warther. “Does it pay to be loyal? An empirical analysis of underwriting relationships and fees.”Journal of Financial Economics 77 (2004), 673-699.
Drucker, Steven and Manju Puri. “On the benefits of concurrent lending and underwriting.”The Journal of Finance 60 (2005), 1133-1161.
Drucker, Steven and Manju Puri. “Does it pay to be loyal? An empirical analysis of underwriting relationships and fees.”Journal of Financial Economics 77 (2004), 673-699.
Gande, Amar, Manju Puri, and Anthony Saunders. “Bank entry, competition and market for corporate securities underwriting.”Journal of Financial Economics 54 (1999), 165-195.
Hedva Ber, Yishay Yafeh, Oved Yosha. “Conflict of interest in universal banking: Bank lending, stock underwriting, and fund management.” Journal of Monetary Economics 47 (2001), 189-218.
Hugh Thomas and Zhiqiang Wang. “The integration of bank syndicated loan and junk bond markets.”The Journal of Banking and Finance 28 (2004), 299-329.
Houston, Joel and Christopher James. “Bank information monopolies and the mix of private and public debt claims.”The Journal of Finance 51 (1996), 1863-1889.
Kang, Jun-Koo and Wei-Lin Liu. “Is Universal Banking Justified? Evidence from Bank Underwriting of Corporate Bonds in Japan.”Journal of Financial Economics, (2006), forthcoming.
Krigman, Laurie, Wayne H. Shaw, and Kent L. Womack, “Why do firms switch underwriters?”Journal of Financial Economics 60 (2001), 245-284.
Mullineaux, Donald J., Agus Harjoto, Maretno and Ha-Chin,YI. “Commercial loan pricing at investmet versus commercial banks, working paper (2004)
Pajesh. Narayanan, Kasturi P. Rangan and Nanda K. Rangan., “The role of syndicate structure in bank underwriting.”Journal of Financial Economics 72 (2004), 555-580.
Peterson, Mitchell A., and Raghuram G. Rajan, “The benefits of lending relationships: evidence from small business data.”The Journal of Finance 49 (1994), 3-37.
Puri, M., “Commercial banks in investment banking: conflict of interest or certification role?”Journal of Financial Economics 40 (1996), 373-401.
Schenone, Carola, “The Effect of Banking Relations on the Firm''s IPO
Underpricing, Journal of Finance 59 (2004), 2903-2958.
Song, “Competition and coalition among underwriters: the decision to join a syndicate.”The Journal of Finance 59 (2004), 2421-2444.
Sudip Datta, Mai Iskandar-Datta and Ajay Patel. “Bank monitoring and the pricing of corporate public.”Journal of Financial Economics 51 (1999), 435-449.
Sufi, Amir, “Information Asymmetry and Financing Arrangements: Evidence from Syndicated Loan.” Journal of Finance (2006), forthcoming.
Susan chaplinsky and Gayle R. Erwin. “Commercial banks as equity underwriters, working paper (2001)
Yasuda, AYAKO. “Do bank relationships affect the firm’s underwriter choice in the corporate-bond underwriting market? The Journal of Finance 60 (2005), 1259-1291.
QRCODE
 
 
 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                               
第一頁 上一頁 下一頁 最後一頁 top