Integration of Lending and Underwriting: Implications of Scope Economies
研究全能银行同时提供贷款和承销服务时，范围经济带来的成本优势如何使其锁定客户，但削弱了承销努力，导致证券销售成功率低于专业投行，并指出整合市场比专业中介市场更缺乏创新。
Abstract Informational scope economies provide a cost advantage to universal banks offering “one‐stop shopping” for lending and underwriting that enables them to “lock in” their clients' subsequent business. This market power reduces universal banks' incentive, relative to that of specialized investment banks, to apply costly underwriting efforts; consequently, universal banks are less successful in selling their clients' securities. Our results suggest that an integrated financial services market is less innovative than one with specialized intermediaries. Our analysis also identifies economy, intermediary, and firm characteristics that motivate either the integration or segmentation of bank lending and underwriting.