Shivdasani, Anil; Song, Wei-Ling - In: Journal of Financial Economics 99 (2011) 3, pp. 581-600
We argue that the entry of commercial banks into bond underwriting led to the evolution of co-led underwriting arrangements and lowered the screening incentives of underwriters. Lead underwriters in co-led syndicates faced weaker incentives to screen issuer quality. In boom markets, issues...