On the Benefits of Concurrent Lending and Underwriting
研究金融中介同时向发行人贷款并承销其证券发行时，是否对发行人和承销商都有利。发现发行人（尤其是非投资级发行人）能获得更低的承销费和贷款利差，承销商则通过关系建设增加未来业务机会。
ABSTRACT This paper examines whether there are efficiencies that benefit issuers and underwriters when a financial intermediary concurrently lends to an issuer while also underwriting its public securities offering. We find issuers, particularly noninvestment‐grade issuers for whom informational economies of scope are likely to be large, benefit through lower underwriter fees and discounted loan yield spreads. Underwriters, both commercial banks as well as investment banks, engage in concurrent lending and provide price discounts, albeit in different ways. We find concurrent lending helps underwriters build relationships, increasing the probability of receiving current and future business.