Banks in Capital Markets: A Survey

摘要: Banks are an important source of funding in economies all around the world, making it vital to understand how banks directly and indirectly affect through capital markets. Few issues have perhaps been as controversial appropriate scope bank activities whether should participate market activities, providing both lending other services, such underwriting. We review arguments theoretical models that consider consequences commercial engaging investment banking we examine empirical evidence on potential for conflicts interest, which focuses pricing long run performance debt equity underwritten securities, United States internationally. A related topic is can co-exist underwriters. summarize literature, focusing effect has had underwriter fees ability win underwriting mandates, well adapted entry into banking. also indirect role markets, a summary banks' signal quality borrowers their decisions originate sell loans. Finally topics, effects holding venture suggest research directions.