Handbook of Corporate Finance Empirical Corporate Finance Volume 1

214 S. Drucker and M. Puri the equity and debt markets suggest that conflicts of interest are limited by commercial banks certif ...

Ch. 5: Banks in Capital Markets 215 a firm’s prospects, signal the quality of firms to outside investors through their lend- ing ...

216 S. Drucker and M. Puri generate duplicate information and reduce information asymmetries between firms and capital markets. ...

Ch. 5: Banks in Capital Markets 217 Building onJames (1987), Lummer and McConnell (1989)make an important dis- tinction between ...

218 S. Drucker and M. Puri initiations and renewals produce positive abnormal returns, while for large firms, neither initiation ...

Ch. 5: Banks in Capital Markets 219 loans from AAA lenders significantly exceed the excess returns from lenders rated BAA or low ...

220 S. Drucker and M. Puri and firms that are performing poorly.^29 Second, the authors find that firms that have their loans so ...

Ch. 5: Banks in Capital Markets 221 at-issue yield spread (higher price) of a firm’s first public debt issuance. The authors fo- ...

222 S. Drucker and M. Puri capitalists as equity holders reduce IPO underpricing when they underwrite and, further, gross spread ...

Ch. 5: Banks in Capital Markets 223 highlight the impact of organizational form on the incentives and behavior of investors. Thi ...

224 S. Drucker and M. Puri Berger and Udell (1993)develop the “monitoring technology hypothesis”, which attempts to explain loan ...

Ch. 5: Banks in Capital Markets 225 proportion of loans than an unconstrained bank (Haubrich and Thomson, 1996; Pavel and Philli ...

226 S. Drucker and M. Puri than managers with more limited decision authority.Berger and Udell (1996)show that large banks do no ...

Ch. 5: Banks in Capital Markets 227 Many empirical studies document that, in both debt and equity offerings, borrowers receive l ...

228 S. Drucker and M. Puri Baker, M., Gompers, P., 2003. The determinants of board structure at the time of the IPO. Journal of ...

Ch. 5: Banks in Capital Markets 229 Chiappori, P., Salanie, B., 2000. Testing for asymmetric information in insurance markets. J ...

230 S. Drucker and M. Puri Heckman, J., Ichimura, H., Todd, P., 1998. Matching as an econometric evaluation estimator. Review of ...

Ch. 5: Banks in Capital Markets 231 Lindsey, L., 2004. The venture capital Keiretsu effect: An Empirical analysis of strategic a ...

232 S. Drucker and M. Puri Roten, I., Mullineaux, D., 2002. Debt underwriting by commercial bank-affiliated firms and investment ...

Chapter 6 SECURITY OFFERINGS* B. ESPEN ECKBO Tuck School of Business, Dartmouth College, Hanover, NH 03755, USA e-mail:b.espen.e ...