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http://ssrn.com/abstract=2354565
 
 

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The Changing Nature of Investment Banking Relationships


Shane A. Corwin


University of Notre Dame - Mendoza College of Business

Mike Stegemoller


Baylor University

April 2014


Abstract:     
We examine relationships between firms and their investment banks (IBs), both within and across different IB functions. For all transaction types, we find an increase in the number of relationships and a decrease in relationship exclusivity over time. We identify significant transaction-type specific relationship components, with relationships being strongest for equity and weakest for M&A. Relationships are less exclusive for firms with more bargaining power and more exclusive for younger, smaller firms, and firms with more growth options. Most importantly, we find strong evidence of a firm-wide relationship component that spans the functional areas of I-banking and increases over time.

Number of Pages in PDF File: 64

Keywords: Investment Banking, Underwriting, M&A Advising, Underwriter Relationships

JEL Classification: G10, G24, G34, L14

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Date posted: November 15, 2013 ; Last revised: May 3, 2014

Suggested Citation

Corwin, Shane A. and Stegemoller, Mike, The Changing Nature of Investment Banking Relationships (April 2014). Available at SSRN: http://ssrn.com/abstract=2354565 or http://dx.doi.org/10.2139/ssrn.2354565

Contact Information

Shane A. Corwin (Contact Author)
University of Notre Dame - Mendoza College of Business ( email )
240 Mendoza College of Business
Notre Dame, IN 46556-0399
United States
Michael A. Stegemoller
Baylor University ( email )
P.O. Box 98004
Waco, TX 76798-8004
United States
254-710-4145 (Phone)
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