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Please use this identifier to cite or link to this item: http://hdl.handle.net/2192/93

 
Title: Conflicts of Interest in Financial Markets - Evidence from Bond Underwriting in the Nineties.
Authors: Focarelli, Dario
Pozzolo, Alberto Franco
Keywords: Conflicts of interest
Glass-Steagall Act
Securities underwriting
Default performance.
Issue Date: 13-Jan-2005
Abstract: This paper presents some new evidence on the conflict of interest that may arise when banks underwrite corporate securities and sell them to their customers. Two alternative views are confronted; a) that commercial banks possess private information on the financial condition of their clients and so perform better screening (the certification hypothesis); and b) that commercial banks might convert loans to firms in financial difficulties into bonds marketed to unsuspecting clients (the naïv
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URI: http://hdl.handle.net/2192/93
Appears in Collections:4 - REPEC
Econpapers

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