臺灣博碩士論文加值系統

一直以來，在美國商業銀行參與證券承銷的業務的行為是很重要的討論。主要是因為在考慮到證券與借款業務結合之後，會有潛在的利益衝突現象，而這種現象是會傷害到投資人。所以在1933年Glass-Steagall Act禁止商業銀行參與證劵承銷業務，直到1999年Gramm-Leach-Bliley Financial Modernization Act正式地解除了限制。因此本篇論文從美國的現金增資股票市場中來探討銀行與公司的借款關係是會呈現利益衝突的現象還是銀行會提供保證的角色。我分別從承銷費用、定價和股票長期績效三個部份來檢驗這兩種假說。實證結果顯示若現金增資股票是由與公司有借款關係的銀行所承銷，銀行所收取的費用較少，定價得較合理，且長期來講股票表現的績效較佳。結果顯示與現金增資股票公司有借款關係的銀行為提供保證的角色。

Section 20 and 32 of the 1933 Glass-Steagall Act addressed the potential conflict of interest by banning commercial banks from the market for corporate securities underwriting. This restriction was officially overruled on 1999, by the Gramm-Leach-Bliley Financial Modernization Act. These policy developments have drawn renewed attention to the debate on the role that the commercial banks play, conflict of interest or certification. In this paper, I examine whether conflicts of interest or certification more accurately characterize the underwriting of SEOs by the lending relationship banks. Overall, the results suggest that the presence of the lending relationship banks lowers the gross spreads and underpricing. Furthermore, over the long run SEOs underwritten by lending relationship banks have better performances. The evidences support the certification hypothesis.

Contents
I. Introduction 1
II. Hypotheses and Predictions 5
A. The Certification Hypothesis 5
B. The Conflict of Interest Hypothesis 6
III. Data Description 7
A. The Sample 7
B. Offer Date Correction 8
C. Identifying the Firm-Banking Relationship 9
IV. Methodology 10
A. Gross Spreads 10
B. Underpricing 11
C. Buy-and-Hold Abnormal Returns 12
V. Empirical Results 13
A. Univariate Analysis 13
B. Multiple Regression Results 17
VI. Conclusion 21
References 22


Tables
Table 1 Summary Statistics for Seasoned Equity Offers, 1998 through 2001 24
Table 2 Gross spreads across the firm categories, 1998 through 2001 25
Table 3 Underpricing across the firm categories, 1998 through 2001 26
Table 4 Buy-and-hold abnormal return across the firm categories, 1998 through 2001 27
Table 5 Lending relationships and gross spreads 28
Table 6 Lending relationships and underpricing 30
Table 7 Lending relationships and buy-and-hold abnormal returns 32

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