The Effect of Private-Debt-Underwriting Reputation on Bank Public-Debt Underwriting
研究发现商业银行在银团贷款和私募（私人债务）中的承销声誉能延伸至债券承销，帮助其赢得贷款客户的债券承销业务，并通过可信承诺带来更高的发行价格和更低的总发行成本。
We provide evidence that commercial banks extend their reputation in underwriting syndicated loans and private placements (private debt) to their bond-underwriting activities. In the absence of bond market reputation, private-debt-market reputation enables commercial banks to win underwriting mandates from their loan clients. Furthermore, it allows them to credibly commit to investors against opportunistically using lending information and thereby deliver superior certification benefits in the form of higher issue prices relative to investment-bank underwriters. This pricing benefit is not offset by higher underwriting fees and thus results in lower total issuance costs for borrowers.