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- W3125025322 abstract "This paper investigates conflicts of interest associated with relationship banking. Using a sample of 270 German initial public offerings (IPOs), we ask if universal-bankunderwritten IPOs perform differently from IPOs underwritten by specialized investment banks. We find that universal-bank affiliation is correlated with higher first-day returns (underpricing) but uncorrelated with long-term performance. This suggests that underpricing compensates for potential conflicts of interest. The results also suggest that preexisting bank relationships, rather than issuer characteristics, may determine the choice of underwriter. JEL codes: G32, G34, G21, G24" @default.
- W3125025322 created "2021-02-01" @default.
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- W3125025322 date "2003-09-01" @default.
- W3125025322 modified "2023-09-27" @default.
- W3125025322 title "Universal Banking and Conflicts of Interest: Evidence from German Initial Public Offerings" @default.
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