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...

We examine the compensation strategies of commercial bank holding companies (BHCs) over the period 1992-2000 to assess the impact of some fundamental changes in their business activities. In particular, we seek to determine whether CEO compensation is more closely tied to the presence of growth...

We examine the factors that influence the structure (size and composition)of a commercial lending syndicate. We find that syndicates are smaller and more concentrated, as reflected in the Hirschman Herfindahl index for the lending group, when there is less information available about the...

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...

This paper analyzes the market for syndicated loans, a hybrid of public and private debt. The market is large (over $1 trillion in 1997) and growing rapidly. While loan sales have been heavily researched, there has been little work on syndications, which differ in character from sales. We...

This study examines the impact of the establishment of the Federal Reserve's source of strength policy on bank holding companies (BHCs). No significant change in share price or systematic risk was detected for BHCs with all healthy bank subsidiaries. In contrast, those BHCs with financially...

We examine the compensation strategies of commercial bank holding companies (BHCs) during 1992-2000. In particular, we analyze whether CEO compensation is more closely tied to the presence of growth options and to risk than has been revealed by earlier research. We also examine whether BHC entry...