دانلود مقاله ISI انگلیسی شماره 49408
عنوان فارسی مقاله

تضاد منافع در بانکداری جهانی: وام دهی بانک، تعهد سهام و مدیریت صندوق سرمایه گذاری

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
49408 2001 30 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
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عنوان انگلیسی
Conflict of interest in universal banking: Bank lending, stock underwriting, and fund management ☆
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Monetary Economics, Volume 47, Issue 1, February 2001, Pages 189–218

کلمات کلیدی
بانکداری جهانی؛ تضاد منافع؛ تعهد بانک و مدیریت صندوق؛ عرضه اولیه عمومی
پیش نمایش مقاله
پیش نمایش مقاله تضاد منافع در بانکداری جهانی: وام دهی بانک، تعهد سهام و مدیریت صندوق سرمایه گذاری

چکیده انگلیسی

Using a newly constructed data set on Israeli Initial Public Offering (IPO) firms in the 1990s, we study costs and benefits of universal banking. We find that a firm whose equity was underwritten by a bank affiliated underwriter, when the same bank was also a large creditor of the firm in the IPO year, exhibits significantly better than average post-issue accounting performance, but that its stock performance during the first year following the IPO is considerably lower than average. When an investment fund managed by the same bank is heavily involved in the IPO as buyer of the newly issued equity, the stock performance during the first year following the IPO is even lower. This, together with negative first day returns, is indication of IPO overpricing. We interpret these findings as evidence that universal banks use their superior information regarding client firms to float the stock of the ‘cherries’, not the ‘lemons’ (as measured by post-issue accounting performance), but that bank managed funds pay too much for bank underwritten IPOs, at the expense of the investors in the funds. These results suggest that there is conflict of interest in the combination of bank lending, underwriting, and fund management.

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