2006年1月
The impact of bank entry in the Japanese corporate bond underwriting market
JOURNAL OF BANKING & FINANCE
- ,
- 巻
- 30
- 号
- 1
- 開始ページ
- 59
- 終了ページ
- 83
- 記述言語
- 英語
- 掲載種別
- 研究論文(学術雑誌)
- DOI
- 10.1016/j.jbankfin.2004.12.005
- 出版者・発行元
- ELSEVIER SCIENCE BV
The 1993 Japanese financial system reform allowed banks to enter the underwriting market for corporate bonds through bank-owned security subsidiaries. This paper examines empirically whether underwriting commissions and yield spreads on corporate straight bonds issued domestically fell as a result of this bank entry. The empirical results show that bank entry significantly lowers both underwriting commissions and yield spreads. Commissions charged by banks are significantly lower than those charged by investment houses. Lending and share-holding relationships between the issuer and underwriter are not important in determining commissions or yield spreads. (c) 2005 Elsevier B.V. All rights reserved.
- リンク情報
- ID情報
-
- DOI : 10.1016/j.jbankfin.2004.12.005
- ISSN : 0378-4266
- Web of Science ID : WOS:000235742800005