goes public, it can engage an investment bank that is related through a common main bank, or can select an alternative … investment bank. The main bank relationship can be an efficient way for the investment bank to acquire information generated by … the main bank, but may give rise to conflicts of interest. We use data from two different investment banking regimes in …

goes public, it can engage an investment bank that is related through a common main bank, or can select an alternative … investment bank. The main bank relationship can be an efficient way for the investment bank to acquire information generated by … the main bank, but may give rise to conflicts of interest. We use data from two different investment banking regimes in …

with the bank certification hypothesis. As for IPO allocation, the main bank underwriters allocate little to mutual funds … consistent evidence supporting the nepotism hypothesis in aftermarket returns of IPO shares. Bank-involved allocation to mutual … funds is, however, unrelated to risk-adjusted return (i.e., real quality) and to bank loan reduction in the aftermarket …

between commercial bank equity investments and underwriting fees. First, we find that not only bank underwriters with private …. This result is robust when using multiple firm–bank relationship measurements or when changing the investing stage. This is … consistent with the strategic discount view that predicts that bank underwriters discount fees to expand bank market shares in …

through non-bank lenders only involved in pre-IPO financing yields a long-run advantage to investors in affiliated funds … shares by main bank underwriters. Financial conglomerates have helped many small firms go public and stay in the market, even …