Commercial banks as underwriters: implications for the going public process
建立模型分析商业银行进入证券承销业务的影响，发现银行作为贷款人比投资银行更能认证企业证券，但持有股权会削弱其认证能力，且两类承销商可以共存。
Commercial bank entry into securities underwriting can affect underwriter behavior because, unlike investment houses, banks also lend to firms. This raises several issues. Are banks better certifiers of firms' securities than investment houses? If banks hold equity in firms rather than debt, does this make certification more credible? Would one type of underwriter drive out the other? This paper provides a model for analyzing such issues, and derives several interesting results. First, banks, as lenders to firms, can actually be better certifiers than investment houses. Second, equity holding can hinder banks' certification ability. Finally, banks and investment houses can co-exist.