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1、“BanksandCapitalMarkets”StevenDruckerandManjuPuriToappearinB.EspenEckbo(ed.),HandbookofCorporateFinance:EmpiricalCorporateFinance(HandbooksinFinanceSeries,Elsevier/North-Holland),Chapter10,2005BANKSANDCAPITALMARKETS:ASURVEYby*StevenDruckerandManjuPuriJune2005*DruckerisfromtheGraduateSc
2、hoolofBusiness,ColumbiaUniversity.PuriisfromtheFuquaSchoolofBusiness,DukeUniversityandNBER.ThisarticlewillappearintheHandbookinCorporateFinance:EmpiricalCorporateFinance(Elsevier/North-Holland),editedbyB.EspenEckbo.Thefocusofthissurveyisbyitsverynaturelimitedinitsscopeand,inevitably,we
3、haveleftoutmanyimportantpapers.Weapologizetothosewhofeelthattheirresearchhasbeenignoredormisrepresented.AbstractBanksareanimportantsourceoffundingineconomiesallaroundtheworld,makingitvitaltounderstandhowbanksaffectfundingthroughcapitalmarkets,bothdirectlyandindirectly.Fewissueshaveperh
4、apsbeenascontroversialastheappropriatescopeofbankactivitiesandwhetherbanksshouldparticipatedirectlyincapitalmarketactivities,providingbothlendingandotherservices,suchasunderwriting.Whiletherehasbeenmuchrhetoriconpotentialconflictsofinterestthatcanarisewhenbankscombinelendingwithunderwr
5、iting,theacademicliteratureonthissubjectburgeonedonlyrecently.Wereviewtheargumentsandtheoreticalmodelsthatconsidertheconsequencesofcommercialbanksengagingininvestmentbankingactivities,andweexaminetheempiricalevidenceonthepotentialforconflictsofinterest,whichfocusesonthepricingandlongru
6、nperformanceofdebtandequityunderwrittensecurities,bothintheUnitedStatesandinternationally.Arelatedtopiciswhetherinvestmentbanksandcommercialbankscanco-existasunderwriters.Wesummarizethetheoreticalandempiricalliterature,focusingontheeffectthatbanklendinghashadonunderwriterfeesandtheabil
7、ityofbankstowinunderwritingmandates,aswellashowinvestmentbankshaveadaptedtocommercialbankentryintoinvestmentbanking.Wealsoconsidertheindirectroleofcommercialbanksincapitalmarkets,providingasummaryofbanks’abilitytosignalthequalityofborrowersthroughtheirdecisionstooriginateandsellloans
