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dc.contributor.authorKlein, Peter G.
dc.contributor.authorZoeller, Kathrin
dc.date.issued2003-09eng
dc.description.abstractThis 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.en_US
dc.identifier.citationSocial Science Research Network, 2003.en_US
dc.identifier.urihttp://hdl.handle.net/10355/8912
dc.publisherSocial Science Research Networken_US
dc.relation.ispartofContracting and Organizations Research Institute publications (MU)en_US
dc.relation.ispartofcommunityUniversity of Missouri-Columbia. Contracting and Organizations Research Institute
dc.source.harvestedSocial Science Research Network Web siteen_US
dc.subject.lcshRelationship bankingen_US
dc.subject.lcshGoing public (Securities)en_US
dc.subject.lcshUniversal banksen_US
dc.titleUniversal Banking and Conflicts of Interest: Evidence from German Initial Public Offeringsen_US
dc.typeWorking paperen_US


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