{"title":"与投资银行的关系及其价值:来自经验丰富的股票发行的证据","authors":"Ying Dou , Yulia Merkoulova , Betty Wu","doi":"10.1016/j.jbankfin.2025.107441","DOIUrl":null,"url":null,"abstract":"<div><div>External networks are usually believed to add value, but what happens when the connected parties have conflicting interests in a transaction? We study the impact of social connections between seasoned equity offering (SEO) issuers and their lead underwriters on SEO outcomes. We find that, during accelerated offerings, connected issuers profit substantially from their links to investment banks through both lower direct issuance costs and smaller SEO discounts. Results of an event study based on the sudden collapse of Lehman Brothers show that the effect of connections is causal. We present evidence supporting an information flow hypothesis that connections improve deal outcomes by facilitating more efficient information exchange.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"175 ","pages":"Article 107441"},"PeriodicalIF":3.6000,"publicationDate":"2025-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Connections with investment banks and their value: Evidence from seasoned equity offerings\",\"authors\":\"Ying Dou , Yulia Merkoulova , Betty Wu\",\"doi\":\"10.1016/j.jbankfin.2025.107441\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>External networks are usually believed to add value, but what happens when the connected parties have conflicting interests in a transaction? We study the impact of social connections between seasoned equity offering (SEO) issuers and their lead underwriters on SEO outcomes. We find that, during accelerated offerings, connected issuers profit substantially from their links to investment banks through both lower direct issuance costs and smaller SEO discounts. Results of an event study based on the sudden collapse of Lehman Brothers show that the effect of connections is causal. We present evidence supporting an information flow hypothesis that connections improve deal outcomes by facilitating more efficient information exchange.</div></div>\",\"PeriodicalId\":48460,\"journal\":{\"name\":\"Journal of Banking & Finance\",\"volume\":\"175 \",\"pages\":\"Article 107441\"},\"PeriodicalIF\":3.6000,\"publicationDate\":\"2025-03-27\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Banking & Finance\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0378426625000615\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Banking & Finance","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0378426625000615","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
Connections with investment banks and their value: Evidence from seasoned equity offerings
External networks are usually believed to add value, but what happens when the connected parties have conflicting interests in a transaction? We study the impact of social connections between seasoned equity offering (SEO) issuers and their lead underwriters on SEO outcomes. We find that, during accelerated offerings, connected issuers profit substantially from their links to investment banks through both lower direct issuance costs and smaller SEO discounts. Results of an event study based on the sudden collapse of Lehman Brothers show that the effect of connections is causal. We present evidence supporting an information flow hypothesis that connections improve deal outcomes by facilitating more efficient information exchange.
期刊介绍:
The Journal of Banking and Finance (JBF) publishes theoretical and empirical research papers spanning all the major research fields in finance and banking. The aim of the Journal of Banking and Finance is to provide an outlet for the increasing flow of scholarly research concerning financial institutions and the money and capital markets within which they function. The Journal''s emphasis is on theoretical developments and their implementation, empirical, applied, and policy-oriented research in banking and other domestic and international financial institutions and markets. The Journal''s purpose is to improve communications between, and within, the academic and other research communities and policymakers and operational decision makers at financial institutions - private and public, national and international, and their regulators. The Journal is one of the largest Finance journals, with approximately 1500 new submissions per year, mainly in the following areas: Asset Management; Asset Pricing; Banking (Efficiency, Regulation, Risk Management, Solvency); Behavioural Finance; Capital Structure; Corporate Finance; Corporate Governance; Derivative Pricing and Hedging; Distribution Forecasting with Financial Applications; Entrepreneurial Finance; Empirical Finance; Financial Economics; Financial Markets (Alternative, Bonds, Currency, Commodity, Derivatives, Equity, Energy, Real Estate); FinTech; Fund Management; General Equilibrium Models; High-Frequency Trading; Intermediation; International Finance; Hedge Funds; Investments; Liquidity; Market Efficiency; Market Microstructure; Mergers and Acquisitions; Networks; Performance Analysis; Political Risk; Portfolio Optimization; Regulation of Financial Markets and Institutions; Risk Management and Analysis; Systemic Risk; Term Structure Models; Venture Capital.