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dc.contributor.authorKlein, Peter G.eng
dc.contributor.authorZoeller, Kathrineng
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.eng
dc.identifier.citationSocial Science Research Network, 2003.eng
dc.identifier.urihttp://hdl.handle.net/10355/8912eng
dc.publisherSocial Science Research Networkeng
dc.relation.ispartofContracting and Organizations Research Institute publications (MU)eng
dc.relation.ispartofcommunityUniversity of Missouri-Columbia. Contracting and Organizations Research Instituteeng
dc.source.harvestedSocial Science Research Network Web siteeng
dc.subject.lcshRelationship bankingeng
dc.subject.lcshGoing public (Securities)eng
dc.subject.lcshUniversal bankseng
dc.titleUniversal Banking and Conflicts of Interest: Evidence from German Initial Public Offeringseng
dc.typeWorking papereng


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