Valuation uncertainty and IPOs: Investment bank versus commercial bank underwriters

Journal of Economics and Finance

Volumn 28, Issue 1, 2004, Pages 68-87

  Hebb, Gregory M ^a   MacKinnon, Gregory H ^b  

^a DALHOUSIE UNIVERSITY   (Canada)

^b SAINT MARY S UNIVERSITY   (Canada)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 77952436679     PISSN: 10550925     EISSN: 19389744     Source Type: Journal    
DOI: 10.1007/BF02761456     Document Type: Article

References (30)

1. Aggarwal, R. 2000. "Stabilization Activities by Underwriters after Initial Public Offerings." Journal of Finance 55:1075-1103.
2. Allen, F., and G.R. Faulhaber. 1989. "Signaling by Underpricing in the IPO Market." Journal of Financial Economics 23:303-323.
3. Ang, J., and T. Richardson. 1994. "The Underwriting Experience of Commercial Bank Affiliates Prior to the Glass-Steagall Act: A Re-examination of Evidence for Passage of the Act." Journal of Banking and Finance 18:351-395.
4. Bagehot, W. (pseudonym). 1971. "The Only Game in Town." Financial Analysts Journal 27:31- 53.
5. Benston, G. 1996. The Origins and Justification for the Glass-Steagall Act. New York University.
6. Carter, R., F. Dark, and A. Singh. 1998. "Underwriter Reputation, Initial Returns, and the Long-Run Performance of IPO Stocks." Journal of Finance 53:285-313.
7. Carter, R., and S. Manaster. 1990."Initial Public Offerings and Underwriter Reputation." Journal of Finance 45:1045-1068.
8. Copeland, W.G., and D. Galai. 1983. "Information Effects of the Bid-Ask Spread." Journal of Finance 38: 1457-1469.
9. Ellis, K., R. Michaely, and M. O'Hara. 2000. "When the Underwriter is the Market Maker: An Examination of Trading in the IPO Aftermarket." Journal of Finance 55:1039-1074.
10. Fama, E. 1985. "What's Different about Banks?" Journal of Monetary Economic 15: 29-39.
11. Gande, A., M. Puri, A. Saunders, and I. Walter. 1997. "Bank Underwriting of Debt Securities: Modern Evidence." Review of Financial Studies 10:1175-1202.
12. Glosten, L., and P. Milgrom. 1985. "Bid, Ask and Transaction Prices in a Specialist Market with Heterogeneously Informed Traders." Journal of Financial Economics 14:71-100.
13. Gompers, P., and J. Lemer. 1999. "Conflict of Interest and Reputation in the Issuance of Public Securities: Evidence from Venture Capital." Journal of Law and Economics 42: 1-29.
14. Hasbrouck, J. 1991. "Measuring the Information Content of Stock Trades." Journal of Finance 46: 179-207.
15. Hebb, G. 2002. "Commercial Bank Involvement in Equity Underwritings." Financial Review 37:185-205.
16. Hegde, S., and R. Miller. 1989. "Market-Making in Initial Public Offerings of Common Stocks: An Empirical Analysis." Journal of Financial and Quantitative Analysis 24: 75-90.
17. Huang, R., and H. Stoll. 1997. "The Components of the Bid-Ask Spread: A General Approach." Review of Financial Studies 10: 995-1034.
18. James, C. 1987. "Some Evidence on the Uniqueness of Bank Loans." Journal of Financial Economics 19:217-235.
19. Jones, C.M., and M.L. Lipson. 1999. "Price Impacts and Quote Adjustment on the Nasdaq and NYSE/AMEX. Working paper. Columbia University.
20. Kroszner, R., and R. Rajan. 1994. "Is the Glass-Steagall Act Justified?" A study of the U.S. Experience with Universal Banking before 1933." American Economic Review 84:810-832.
21. Kyle, A. 1985. "Continuous Auctions and Insider Trading." Econometrica 53:1315-1335.
22. Madhavan, A., M. Richardson, and M. Roomans. 1997. "Why Do Security Prices Change? A Transaction-Level Analysis of NYSE Stocks." Review of Financial Studies 10: 1035-1064.
23. Megginson, W.L., and K.A. Weiss. 1991. "Venture Capitalist Certification in Initial Public Offerings." Journal of Finance 46: 879-904.
24. Puri, M. 1994. "The Long-Term Default Performance of Bank Underwritten Security Issues." Journal of Banking and Finance 18:397-418.
25. Purl, M. 1996. "Commercial Banks in Investment Banking: Conflict of Interest or Certification Role?" Journal of Financial Economics 40: 373-401.
26. Ritter, J., and I. Welch. 2002. "A Review of IPO Activity, Pricing and Allocations." Journal of Finance 57: 1795-1828.
27. Rock, K. 1986. "Why New Issues Are Underpriced." Journal of Financial Economics 15: 187- 212.
28. Ross, K., J. Shapiro, and K. Smith. 1996. "Price Improvement of Super Dot Market Orders on the NYSE." NYSE working paper #96-02.
29. Saunders. A. 1985. "Conflict of Interest: An Economic View." In Deregulating Wall St.: Commercial Bank Penetration of the Corporate Securities Market, edited by I. Walter. New York: John Wiley and Sons.
30. Saunders, A., and I. Walter. 1994. Universal Banking in the United States. Oxford University Press.