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研究生:葉宜婷
研究生(外文):Yi-Ting Yeh
論文名稱:借款關係對現金增資股票市場的影響
論文名稱(外文):Does lending relationship bank play the conflict of interest or certification role in the SEO market?
指導教授:陳軒基陳軒基引用關係
指導教授(外文):Hsuan-Chi Chen
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:33
中文關鍵詞:保證利益衝突承銷定價承銷費用股票績效現金增資股票借款關係
外文關鍵詞:CertificationConflict of InterestUnderpricingGross SpreadsUnderperformancesSeasoned Equity OfferingLending Relationship
相關次數:
  • 被引用被引用:0
  • 點閱點閱:183
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  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:1
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
Benzoni, Luca and Carola Schenone, 2005. Conflict of Interest and Certification in the U.S. IPO Market. Working paper.
Bharath, Sreedhar, Sandeep Dahiya, Anthony Saunders and Anand Srinivasan. So What Do I Get? The Bank''s View of Lending Relationships. Journal of Financial Economics. Forthcoming.
Carter, Richard B., Frederick H. Dark, Ajai K. Singh, 1998. Underwriter Reputation, Initial Returns, and the Long-Run Performance of IPO Stocks. Journal of Finance 53, 285-311.
Carter, Richard, Steven Manaster, 1990. IPOs and underwriter reputation. Journal of Finance 45, 1045-1067.
Corwin, Shane A., 2003, The Determinants of Underpricing for Seasoned Equity Offers, Journal of Finance 58, 2249-2279.
Fang, Lily Hua, 2005. Investment Bank Reputation and the Price and Quality of Underwriting Services. Journal of Finance 60, 2729-2761.
Fields, Paige, Donald Fraser and Rahul Bhargava, 2003. A Comparison of Underwriting Costs of Initial Public Offerings by Investment and Commercial Banks. Journal of Financial Research 26, 517-534.
Hebb, Gregory M., 2002. Conflict of Interest in Commercial Bank Equity Underwriting. Financial Review 37, 185-206.
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Liu, Yang, Jimmy Yang, 2006. Are Banking Relations Beneficial to Established Firms? Evidence from Seasoned Equity Offerings. Working paper.
Loughran, Tim, Jay Ritter, 2004. Why Has IPO Underpricing Changed over Time? Financial Management 33, 5-37.
Mola, Simona and Tim Loughran, 2004. Discounting and Clustering in Seasoned Equity Offering Prices. Journal of Financial and Quantitative Analysis 39, 1-23.
Narayanan, Rajesh P., Kasturi P. Rangan and Nanda K. Rangan, 2004. The Role of Syndicate Structure in Bank Underwriting. Journal of Financial Economics 72, 555-580.
Puri, Manju, 1996. Commercial Banks in Investment Banking Conflict of Interest or Certification Role? Journal of Financial Economics 40, 373-401.
Puri, Manju, 1999. Commercial Banks as Underwriters: Implications for the Going Public Process. Journal of Financial Economics 54, 133-163.
Roten, Ivan C. and Donald J. Mullineaux, 2005. Equity Underwriting Spreads at Commercial Bank Holding Companies and Investment Banks. Journal of Financial Services Research 27, 243-258.
Safieddine, Assem, and William J. Wilhelm, Jr.,1996. An Empirical Investigation of Short-Selling Activity Prior to Seasoned Equity Offerings. Journal of Finance 51, 729-749.
Schenone, Carola, 2004. The Effect of Banking Relationships on the Firm''s IPO Underpricing. Journal of Finance 59, 2903-2958.
Spiess, D. Katherine and John Affleck-Graves, 1995, Underperformance in Long-run Stock Returns Following Seasoned Equity Offerings. Journal of Financial Economics 38, 243-267.
Yasuda, Ayako, 2005. Do Bank Relationships Affect the Firm''s Underwriter Choice in the Corporate-Bond Underwriting Market? Journal of Finance 60, 1259-1292.
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