Investment Bank Reputation and the Price and Quality of Underwriting Services

By Lily Fang. 2005

533 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/91d8d1fa6bf3d97366987588b3a1dbe7848762df

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Accounting

In Finance

Citations in the corpus

Do More Reputable Financial Institutions Reduce Earnings Management by IPO Issuers (2011, background): “Given underwriting is a repeated game business with a limited number of competitors, an underwriter’s survival, as well as future expected profitability, is strongly influenced by its reputation, and its reputation is directly affected by the post-IPO stock and accounting performance of its underwri”
Self-Selection Models in Corporate Finance (2005, unknown): “I = 1Ziγ+ηi>0 (28) YE,i = XE,iβE + E,i (29) YNE,i = XNE,iβNE + NE,i (30)”
Family control and dilution in mergers (2009, methodology): “This model has also been used by Dunbar (1995) and Fang (2005).”
It’s What You Say and What You Buy: A Holistic Evaluation of the Corporate Credit Facilities (2020, background): “Fang, L. H. (2005): “Investment bank reputation and the price and quality of underwriting services,” The Journal of Finance, 60, 2729–2761.”
Media Coverage and the Cost of Debt (2019, unknown): “To control for underwriter quality, following Fang (2005), we deﬁne an indicating variable, REPU IVBANK, which has a value of 1 if the issuing ﬁrm hires a brand name bank (i.e., Goldman Sachs, Merrill Lynch, Morgan Stanley, Salomon Brothers, CSFB, Lehman Brothers, JP Morgan, or DLJ), and 0…”
Why Do Firms Form New Banking Relationships (2011, unknown): “In this section, we estimate a switching regression model (see Fang (2005) and Li and Prabhala (2007)) to control for both observable and unobservable characteristics that may affect a firm’s propensity to form new banking relationships.”
Governmental venture capital in Europe: Screening and certification (2016, methodology): “…two subsamples (the GVC-backed or the control group), an inverse Mills ratio (IMR) is computed after the first stage and added to the regressors (see Fang 2005 for details regarding how to compute the IMR).16 GVCfundraisingc,t-1, which is included in the first step of the endogenous switching…”
Corporate Fraud and Business Conditions: Evidence from IPOs (2010, background): “V.A.2 Investment Banks A large literature has established the gate-keeping role of investment banks when taking a firm public (e.g., Beatty and Ritter 1986, Carter and Manaster 1990, Chemmanur and Fulghieri 1994, and Fang 2005).”
Bank reputation in the private debt market (2010, methodology): “We adopt the methodology used by Fang (2005) and others, who consider this correction as important.”
The Effectiveness of Reputation as a Disciplinary Mechanism in Sell-Side Research (2009, unknown): “Related empirical work includes Carter and Manaster (1990); Carter, Dark, and Singh (1998); Megginson and Weiss (1991); and Fang (2005).”
The "Dominant Bank Effect:" How High Lender Reputation Affects the Information Content and Terms of Bank Loans (2010, methodology): “Like Billett, Flannery, and Garfinkel (1995), I use a one-day window, because the time stamps on the news stories allow me”
Independent Director Incentives: Where Do Talented Directors Spend Their Limited Time and Energy? (2014, background): “The prior literature uses firm size and market share as reputation measures for investment banks, venture capitalists, accounting firms and other institutions (Carter and Manaster, 1990; Carter, Frederick and Singh, 1998; Chemmanur and Fulghieri, 1994; Megginson and Weiss, 1991; Fang, 2005; Krishnan”