Scaling the Hierarchy: How and Why Investment Banks Compete for Syndicate Co-management Appointments

Alexander Ljungqvist (), Felicia Marston and William J. Wilhelm

Review of Financial Studies, 2009, vol. 22, issue 10, pages 3977-4007

Abstract: We show that relatively optimistic research and even the mere provision of research coverage for the issuer (regardless of its direction) attract co-management appointments for securities offerings. Co-management appointments are valuable because they help banks establish relationships with issuers. These relationships, in turn, substantially increase the banks' chances of winning more lucrative lead-management mandates in the future. This is true even in the presence of historically exclusive banking relationships. The Author 2009. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oxfordjournals.org., Oxford University Press.

Date: 2009

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