Universal Banking, Asset Management, and Stock Underwriting
研究1993-1998年间同时从事IPO承销和资产管理的机构，发现它们利用资产管理基金获取更多承销业务，且关联资产管理经理利用内幕信息获得年化7.6%的超额收益。
Abstract This paper examines institutions that underwrite IPOs and have asset management divisions from 1993 through 1998. We provide evidence that these firms use asset management funds as vehicles to help them earn more equity underwriting business. We also show that asset managers affiliated with IPO underwriters use their superior information about their own institution's IPOs to earn annualised market adjusted returns 7.6% above asset managers of firms who did not underwrite the IPO. Superior future returns by asset managers who trade affiliated IPOs are dependent on the information environment for the IPO and the underwriter reputation rank.