On the Riskiness of Universal Banking: Evidence from Banks in the Investment Banking Business Pre- and Post-GLBA

We explore whether an economically significant differential exists in market-based risk measures between universal banks and traditional banks. Using a three-asset portfolio regression model, we find that between 1990 and 2007—a period of gradual deregulation culminating in passage of the Gramm–Leach–Bliley Act (GLBA) of 1999—an increased participation in investment banking was associated with higher total and unsystematic risks and no significant change in systematic risk. Small risk-reduction benefits emerged in the post-GLBA era, but such benefits were likely the result of the particular sample period rather than a fundamental change in bank structure following the GLBA. Our results cannot justify the GLBA on risk-reduction grounds, though the Act may be defensible for other reasons.     

The Demise of Investment Banking Partnerships: Theory and Evidence

In 1970 the New York Stock Exchange relaxed rules that prohibited the public incorporation of member firms. Investment banking concerns went public in waves, with Goldman Sachs the last of the bulge bracket banks to float. We explain the pattern of investment bank flotations. We argue that partnerships foster the formation of human capital and we use technological advances that undermine the role of human capital to explain the partnership's going‐public decision. We support our theory using a new data set of investment bank partnership statistics.     

A Model of the Demand for Investment Banking Advising and Distribution Services for New Issues

This paper presents a theory of the demand for investment banking advising and distribution services for the case in which the investment banker is better informed about the capital market than is the issuer, and the issuer cannot observe the distribution effort expended by the banker. The optimal contract under which the offer price decision is delegated to the better-informed banker in order to deal with the adverse selection and moral hazard problems resulting from the informational asymmetry and the observability problem is characterized. The model demonstrates a positive demand for investment banking advising and distribution services and provides an explanation of the underpricing of new issues.     

The Value of Investment Banking Relationships: Evidence from the Collapse of Lehman Brothers

We examine the long‐standing question of whether firms derive value from investment bank relationships by studying how the Lehman collapse affected industrial firms that received underwriting, advisory, analyst, and market‐making services from Lehman. Equity underwriting clients experienced an abnormal return of around ?5%, on average, in the 7 days surrounding Lehman's bankruptcy, amounting to $23 billion in aggregate risk‐adjusted losses. Losses were especially severe for companies that had stronger and broader security underwriting relationships with Lehman or were smaller, younger, and more financially constrained. Other client groups were not adversely affected.     

我国商业银行投行业务发展初探

随着市场竞争的日趋激烈和管制的放松,我国商业银行出现了投资银行业务与传统业务交叉融合的现象,投资银行业务成为商业银行一项重要的中间业务收入来源。当前,尽管综合经营已成为商业银行重要的利润增长点,但在经营过程中还存在着诸多问题。因此,必须实行投行业务分级准入制,完善风险的内外部控制体系及监控体系,才能使投行业务取得显著进展。     

The Value of Market Information in Banking Supervision: Evidence from Italy

We examine the potential use of signals arising from financial markets as a complement to the information set available to banking supervisors. We provide empirical evidence on Italian banks, using a unique dataset matching accounting ratios, market variables, and supervisory ratings. To verify what type of signal they are able to convey, we analyze the behavior of four equity-based indicators for the Italian banks listed on the Milan stock exchange. We then investigate whether the same indicators provide additional information for supervisors. Econometric results confirm the informative content of market variables and their complementarity with supervisory information.JEL Classification: Bank, banking supervision, early warning, market discipline     

挖掘投行业务的潜能

国内投行业务以股票发行与承销为核心,主要收入来源于股票发行手续费。在国际著名投行业务中,虽然股票的发行承销也是其主要业务内容,但其他业务收入在投行总收入中占据了很大的比例,投行业务涉猎十分广泛:股票、债券的发行与承销;兼并与收购顾问;项目融资服务;委托理财服务;财务顾问服务;投资咨询和     

Relationship Banking and the Pricing of Financial Services

We investigate pricing effects of the joint production of loans and security underwritings. We control for firm and borrower characteristics, including differences in sequencing, which are important for pricing. Contrary to previous studies, when banks combine lending and underwriting within the same customer relationship they charge premiums for both loans and underwriting services. Abstracting from effects of joint production within relationships, depository banks engaged in underwriting price lending and underwriting more cheaply than stand alone investment banks. One advantage borrowers enjoy from bundling products within a banking relationship is a form of liquidity risk insurance, which is manifested in a reduced demand for lines of credit. We also find evidence of a “road show” effect; firms enjoy loan pricing discounts on loans that are negotiated at times close to the debt underwritings, whether or not the same bank provides both services. Relationship effects are only visible when lending and underwriting both occur, and are stronger for equity-loan relationships than for debt-loan relationships. Electronic supplementary material  The online version of this article (doi:) contains supplementary material, which is available to authorized users.

银行市场竞争结构、信息生产和中小企业融资

本文试图在银行信息生产的理论框架下研究我国银行市场结构以及竞争变化对中小企业融资效率的影响,解释中小银行金融资源对信息不透明的中小企业融资的重要性,提出构建银行业合理市场结构,在长期内通过促进中小银行市场发展突破中小企业融资困境,在短期内通过引导大银行市场合理竞争改善中小企业融资效率。     

商业银行发展投行业务的思考

商业银行可以充分发挥资金、客户源、网点、销售渠道等方面的优势,搭建若干投行业务创新平台,快速有效的拓展投资银行业务。近来,海外一些综合性的金融集团已通过各种渠道分别进入我国的保险、证券、银行等金融领域,利用其在人才、数据、产品及混业经营方面的优势,为国内客户提供综合性的金融服务,给国内商业银行带来了激烈的竞争。面对国外混业经营的强烈冲击和严峻挑战,发展我国商业银行投资银行业     

日欧金融中心的投行萧条

在经过近两年的全球股市持续低迷之后,世界各金融中心的投资银行,纷纷着手大幅度裁减员工和降低工资,对各地区的业务进行合并和撤销,希望借此渡过难关.据一些分析人士估计,受全球的经济不景气影响,投资银行业受到公司合并数目大减及股市低迷等问题拖累,美国投资银行业自2001年底以来已裁减约6万人,而目前的员工仍有10%以上的过剩,预期未来还将陆续有裁员行动.同时,其他地区的金融中心的投资银行业也陷入了严重的困境,其中东京和伦敦市场,尤为甚,当前他们都面临着前所未有的挑战.     

杨凯生瞄准投资银行

这两年每到年底该公布资产管理公司业绩的时候,人们自然会想到华融.2002年11月,华融与摩根斯坦利和高盛组建的两家合资公司的消息对外公布后,华融再次成为焦点.     

关于我国商业银行开展投资银行业务的策略选择

随着我国银行业对外资全面开放以及金融业综合经营的稳步推进,商业银行将面临新的形势和挑战。国内商业银行在现有监管环境下开展投资银行业务,是创造新的利润增长点、提高核心竞争力的重要途径之一。商业银行可以充分利用和发挥资金、客户、网点、销售渠道等方面的优势,搭建若干投资银行业务平台,采取有效措施加快拓展投资银行业务。     

2013年中国银行业投资策略分析——超越悲观预期,分享稳定增长

2013年银行业经营环境展望经济环境方面,由于存在增长和转型的双重困境,短期内保持经济的稳定增长、降低传统行业经营波动风险、保持金融体系良性运转,或许才能给转型带来时间和空间,预计2013年的投资贡献度将继续提升。金融生态继续沿市场化方向前行,具体来讲:(1)监管生态方面,央行灵活运用市场化的政策工具实现货币政策目标,监管政策在业务创新和风险管理间平衡;(2)金融市场生态方面,直接融资发展导致投融资结构变化,市场主体沿多元化、工具沿多样化、传导机制沿市场化方向发展;     

Information Complementarities and the Dynamics of Transparency Shock Spillovers

We show that information complementarities play an important role in the spillover of transparency shocks. We exploit the revelation of financial misconduct by S&P 500 firms, and in a “Stacked Difference-in-Differences” design, find that the implied cost of capital increases for “close” industry peers of the fraudulent firms relative to “distant” industry peers. The spillover effect is particularly strong when the close peers and the fraudulent firm share common analyst coverage and common institutional ownership, which have been shown to be powerful proxies for fundamental linkages and information complementarities. We provide evidence that increase in the cost of capital of peer firms is due, at least in part, to “beta shocks.” Disclosure by close peers—especially those with co-coverage and co-ownership links—also increases following fraud revelation. Although disclosure remains high in the following years, the cost of equity starts to decrease.     

商业银行投资银行业务之路

我国银行业对外资全面开放,以及金融业综合化经营的稳步推进,商业银行将面临新的形势和挑战。国内银行提高其核心竞争力,投资银行业务是重要的利润增长点。如果能够充分运用现有的各类优势,选择好清晰的发展思路和平台,商业银行将迎来投行业务做大做强的时代。     

投行业务稳健中崛起--访中国工商银行投资银行部总经理李勇博士

大势所趋 《银行家》:刚刚过去的2004年,工商银行中间业务收入达115亿元,作为其中重要组成部分的投资银行业务非常引人关注,在企业的融资顾问、财务顾问、资产重组、不良资产证券化等方面,我们经常可以看到工行的身影。近年来,商业银行纷纷进军投资银行业,以高速发展的态势引起了各方面的关注,您能谈谈商业银行为什么如此重视发展投资银行业务吗?     

投行关系与并购财务顾问选择

以我国A股上市公司2009-2014年聘请了财务顾问的并购事件为样本,考量投行关系对公司选择并购财务顾问及并购绩效的影响.结果显示:与没有"关系"的投行相比,有"关系"的投行被聘请担任财务顾问的概率大23.8%;并且"关系"越紧密,被选中的概率越大;进一步分析表明,"直接关系"比"间接关系"发挥的作用更大,投行的"关系"与"声誉"之间存在替代效应;并且公司选择有"关系"的投行提高了其并购绩效,但仅存在于非国有上市公司发生的市场化并购中.