This paper focuses on relative equity issue costs at commercial bank-affiliated and investment bank underwriters over the period 1995-99. We estimate models for the gross spreads associated with both IPOs and SEOs, but disaggregate the sample by type of underwriter. Our methods are driven by...

We suggest that the medium-term note market provides an excellent laboratory for exploring the relationships between yield, liquidity, and the label affixed to a financial instrument. Crabbe and Turner (1995) examined the liquidity issue and uncovered the counter-intuitive result that issue size...

We examine underwriting performances by commercial bank-affiliated firms (Section 20's) and traditional investment banks over the period 1995-98. We find that gross spreads are significantly lower in the case of Section 20 underwritings, but that yield spreads are not. Our sample includes a...

The Income-Based Repayment (IBR) plan decreases the burden of student loan debt for borrowers with high levels of debt or relatively low incomes. For borrowers with high debt or low income, student loan debt payments are based on income instead of the amount of debt and the interest rate. The...

Most initial public offerings (IPOs) feature so-called quot;lockupquot; agreements, which bar insiders from selling the stock for a set period following the IPO, usually 180 days. We examine stock price behavior in the period surrounding lockup expiration for a sample of 2,529 firms over 1988 to...

We show that small firms using syndicated loans for their mid- and long-term financial needs have significantly higher leverage than firms that do not borrow in this market. This difference cannot be attributed to firm characteristics like the availability of growth opportunities, asset...

Using Moody's “Ultimate Recovery Database,” we estimate a model for bank loan recoveries using variables reflecting loan and borrower characteristics, industry and macroeconomic conditions, and several recovery process variables. We find that loan characteristics are more significant...

We study whether investment banks, which began to originate syndicated loans in 1996, price debt claims differently than commercial banks. Differences between the two institution types in funding access, regulation, accounting rules, scope economies, and the relevance of relationships could...

We analyze the relatively new phenomenon of ratings on syndicated loans. We examine whether credit ratings on these loans convey information to the capital markets. Our event study results show that while initial ratings and upgrades do not inform the market, downgrades do. The market...