کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5091635 | 1375697 | 2006 | 26 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Investment banker reputation and two-stage combination carve-outs and spin-offs
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
This study examines whether investment banker reputation impacts the initial period returns of two stage combinations (carve-outs followed by spin-offs). All prior literature regarding investment banker reputation is based on single-stage events (IPOs). An analysis is conducted of all completed two-stage carve-outs/spin-offs from 1981 to 2002. Findings indicate that underwriters for two-stage combinations retain their reputation in contrast with the single-stage findings of Carter et al. [Carter, R.B., Dark, F.H., Piwowar, M.S., 2002. IPOs and underwriter reputation: Redeeming the value of reputation. Working Paper, Iowa State University] that investment bankers redeemed (cashed-in) their reputation. Also, this study finds that the Carter et al. reputation factors dominate the Loughran and Ritter [Loughran, T., Ritter, J.R., 2002. Why don't issuers get upset about leaving money on the table in IPOs? The Review of Financial Studies 15 (2), 413-443] reputation factors.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Banking & Finance - Volume 30, Issue 1, January 2006, Pages 85-110
Journal: Journal of Banking & Finance - Volume 30, Issue 1, January 2006, Pages 85-110
نویسندگان
Thomas H. Thompson, Vince Apilado,