First universal lending

First universal lending

Hedva Ber a, Yishay Yafeh b, Oved Yosha c, , a Research Department, Bank of Israel, Jerusalem 91007, Israel b Department of Economics, Hebrew University, Jerusalem 91905, Israel c Berglas School of Economics, Tel Aviv University, Tel Aviv 69978, Israel Abstract Using a newly constructed data set on Israeli Initial Public Offering (IPO) firms in the 1990s, we study costs and benefits of universal banking. We find that a firm whose equity was underwritten by a bank affiliated underwriter, when the same bank was also a large creditor of the firm in the IPO year, exhibits significantly better than average post-issue accounting performance, but that its stock performance during the first year following the IPO is considerably lower than average. When an investment fund managed by the same bank is heavily involved in the IPO as buyer of the newly issued equity, the stock performance during the first year following the IPO is even lower. This, together with negative first day returns, is indication of IPO overpricing. We interpret these findings as evidence that universal banks use their superior information regarding client firms to float the stock of the ‘cherries’, not the ‘lemons’ (as.

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