Abstract

http://ssrn.com/abstract=1485118
 
 

References (23)



 
 

Citations (10)



 


 



Universal Banking, Asset Management, and Stock Underwriting


William C. Johnson


Suffolk University - Sawyer School of Management

Jennifer Marietta-Westberg


U.S. Securities and Exchange Commission


European Financial Management, Vol. 15, Issue 4, pp. 703-732, September 2009

Abstract:     
This paper examines institutions that underwrite IPOs and have asset management divisions from 1993 through 1998. We provide evidence that these firms use asset management funds as vehicles to help them earn more equity underwriting business. We also show that asset managers affiliated with IPO underwriters use their superior information about their own institution's IPOs to earn annualised market adjusted returns 7.6% above asset managers of firms who did not underwrite the IPO. Superior future returns by asset managers who trade affiliated IPOs are dependent on the information environment for the IPO and the underwriter reputation rank.

Number of Pages in PDF File: 30

Accepted Paper Series





Date posted: October 8, 2009  

Suggested Citation

Johnson, William C. and Marietta-Westberg, Jennifer, Universal Banking, Asset Management, and Stock Underwriting. European Financial Management, Vol. 15, Issue 4, pp. 703-732, September 2009. Available at SSRN: http://ssrn.com/abstract=1485118 or http://dx.doi.org/10.1111/j.1468-036X.2008.00475.x

Contact Information

William C. Johnson (Contact Author)
Suffolk University - Sawyer School of Management ( email )
Boston, MA 02108
United States
Jennifer Marietta-Westberg
U.S. Securities and Exchange Commission ( email )
100 F St NE
Washington, DC 20549
United States
Feedback to SSRN


Paper statistics
Abstract Views: 317
Downloads: 2
References:  23
Citations:  10

© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo4 in 0.266 seconds