承销商重要吗?股票承销商濒临破产的影响

A. Kovner
{"title":"承销商重要吗?股票承销商濒临破产的影响","authors":"A. Kovner","doi":"10.2139/SSRN.1645365","DOIUrl":null,"url":null,"abstract":"The financial crisis provides a natural experiment for testing theoretical predictions of the equity underwriter’s role following an initial public offering. Clients of Bear Stearns, Lehman Brothers, Merrill Lynch, and Wachovia saw their stock prices fall almost 5 percent, on average, on the day it appeared that these institutions might collapse. Representing a loss in equity value of almost $3 billion, the decline was more than 1 percent lower than the abnormal return of other newly public companies. The price impact was worse for companies with fewer monitors, suggesting that underwriters play an important role in monitoring newly public companies. There is no evidence that the abnormal price decrease was related to the role of the underwriter as market maker, lender or counterparty to investors.","PeriodicalId":445238,"journal":{"name":"ERPN: Initial Public Offerings (IPOs) (Sub-Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2011-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"16","resultStr":"{\"title\":\"Do Underwriters Matter? The Impact of the Near Failure of an Equity Underwriter\",\"authors\":\"A. Kovner\",\"doi\":\"10.2139/SSRN.1645365\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"The financial crisis provides a natural experiment for testing theoretical predictions of the equity underwriter’s role following an initial public offering. Clients of Bear Stearns, Lehman Brothers, Merrill Lynch, and Wachovia saw their stock prices fall almost 5 percent, on average, on the day it appeared that these institutions might collapse. Representing a loss in equity value of almost $3 billion, the decline was more than 1 percent lower than the abnormal return of other newly public companies. The price impact was worse for companies with fewer monitors, suggesting that underwriters play an important role in monitoring newly public companies. There is no evidence that the abnormal price decrease was related to the role of the underwriter as market maker, lender or counterparty to investors.\",\"PeriodicalId\":445238,\"journal\":{\"name\":\"ERPN: Initial Public Offerings (IPOs) (Sub-Topic)\",\"volume\":\"1 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2011-02-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"16\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"ERPN: Initial Public Offerings (IPOs) (Sub-Topic)\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/SSRN.1645365\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"ERPN: Initial Public Offerings (IPOs) (Sub-Topic)","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/SSRN.1645365","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 16

摘要

金融危机为检验首次公开发行(ipo)后股票承销商角色的理论预测提供了一个天然实验。贝尔斯登(Bear Stearns)、雷曼兄弟(Lehman Brothers)、美林(Merrill Lynch)和美联银行(Wachovia)的客户在这些机构可能倒闭的那一天,股价平均下跌了近5%。这意味着股票价值损失近30亿美元,比其他新上市公司的异常回报率低1%以上。对于监督机构较少的公司,价格影响更大,这表明承销商在监督新上市公司方面发挥着重要作用。没有证据表明价格异常下跌与承销商作为做市商、出借人或投资者交易对手的角色有关。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Do Underwriters Matter? The Impact of the Near Failure of an Equity Underwriter
The financial crisis provides a natural experiment for testing theoretical predictions of the equity underwriter’s role following an initial public offering. Clients of Bear Stearns, Lehman Brothers, Merrill Lynch, and Wachovia saw their stock prices fall almost 5 percent, on average, on the day it appeared that these institutions might collapse. Representing a loss in equity value of almost $3 billion, the decline was more than 1 percent lower than the abnormal return of other newly public companies. The price impact was worse for companies with fewer monitors, suggesting that underwriters play an important role in monitoring newly public companies. There is no evidence that the abnormal price decrease was related to the role of the underwriter as market maker, lender or counterparty to investors.
求助全文
通过发布文献求助,成功后即可免费获取论文全文。 去求助
来源期刊
自引率
0.00%
发文量
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术官方微信