Earticle

초록

영어

This study investigates the relation between IPO underwriting and subsequent lending. We find that when a bank underwrites a firm’s IPO, the bank is more likely to provide the issuer with future loans at a lower cost, compared to banks without an IPO underwriting relationship. The evidence also suggests that the underwriting banks share information surplus with the IPO firms in the post-IPO loans, supporting the cost-saving hypothesis. Finally, when borrowing firms are more satisfied with the IPO outcomes, they are more likely to retain their underwriting banks as subsequent lenders. We find no evidence that underwriting banks would exploit such satisfaction by charging higher interest rates in the post-IPO loans.

목차

Abstract
 1 Introduction
 2 Hypothesis Development
  2.1 The likelihood of obtaining the post-IPO loans
  2.2 The costs of post-IPO loans
  2.3 The Role of IPO Satisfaction
 3 Data and Sample
  3.1 Data source
  3.2 Sample construction
 4 Method
  4.1 IPO underwriting relationship and the likelihood of winning subsequent lending business for banks
  4.2 IPO underwriting relationship and the costs of subsequent loans
  4.3 The retention of IPO underwriters and the difference of lending costs
 5 Empirical Results
  5.1 Descriptive statistics
  5.2 The likelihood of winning subsequent lending business through the IPO underwriting relationship
  5.3 The effect of IPO underwriting relationship on the costs of subsequent loans
  5.4 The likelihood of retaining IPO underwriters as subsequent lenders and the difference of lending costs
  5.5 IPO satisfaction, the likelihood of subsequent lending, and costs of loans
 6 Conclusion
 References
 Table

키워드

저자

• Hsuan-Chi Chen [ Anderson School of Management University of New Mexico Albuquerque, NM 87131, USA ] Corresponding author.
• Li-Ping Chen [ Department of Finance Yuan Ze University 320 Jhongli, Taiwan ]
• Keng-Yu Ho [ Department of Finance National Taiwan University 106 Taipei, Taiwan ]
• Pei-Shih Weng [ Department of Finance National Central University 320 Jhongli, Taiwan ]

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간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

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  2006~2024

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  KDC 325 DDC 330