The impact of bank entry in the Japanese corporate bond underwriting market

Sumiko Takaoka, C. R. McKenzie

研究成果: Article査読

17 被引用数 (Scopus)

抄録

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 shareholding relationships between the issuer and underwriter are not important in determining commissions or yield spreads.

本文言語English
ページ(範囲)59-83
ページ数25
ジャーナルJournal of Banking and Finance
30
1
DOI
出版ステータスPublished - 2006 1月

ASJC Scopus subject areas

  • 財務
  • 経済学、計量経済学

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