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Drexel Burnham Lambert's bankruptcy and the subsequent decline in underwriter fees

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  • Livingston, Miles
  • Williams, Glenn

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  • Livingston, Miles & Williams, Glenn, 2007. "Drexel Burnham Lambert's bankruptcy and the subsequent decline in underwriter fees," Journal of Financial Economics, Elsevier, vol. 84(2), pages 472-501, May.
    • Handle: RePEc:eee:jfinec:v:84:y:2007:i:2:p:472-501
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    1. Hannan, Timothy H., 1991. "Bank commercial loan markets and the role of market structure: evidence from surveys of commercial lending," Journal of Banking & Finance, Elsevier, vol. 15(1), pages 133-149, February.
    2. James, Christopher, 1987. "Some evidence on the uniqueness of bank loans," Journal of Financial Economics, Elsevier, vol. 19(2), pages 217-235, December.
    3. Gilbert, Richard J., 1988. "The Role of Potential Competition in Industrial Organization," Department of Economics, Working Paper Series qt01s8v4v3, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
    4. Hsuan‐Chi Chen & Jay R. Ritter, 2000. "The Seven Percent Solution," Journal of Finance, American Finance Association, vol. 55(3), pages 1105-1131, June.
    5. Lily Hua Fang, 2005. "Investment Bank Reputation and the Price and Quality of Underwriting Services," Journal of Finance, American Finance Association, vol. 60(6), pages 2729-2761, December.
    6. Joe S. Bain, 1951. "Relation of Profit Rate to Industry Concentration: American Manufacturing, 1936–1940," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 65(3), pages 293-324.
    7. Berger, Allen N & Hannan, Timothy H, 1989. "The Price-Concentration Relationship in Banking," The Review of Economics and Statistics, MIT Press, vol. 71(2), pages 291-299, May.
    8. Roten, Ivan C. & Mullineaux, Donald J., 2002. "Debt underwriting by commercial bank-affiliated firms and investment banks: More evidence," Journal of Banking & Finance, Elsevier, vol. 26(4), pages 689-718, April.
    9. Glen L. Urban & Theresa Carter & Steven Gaskin & Zofia Mucha, 1986. "Market Share Rewards to Pioneering Brands: An Empirical Analysis and Strategic Implications," Management Science, INFORMS, vol. 32(6), pages 645-659, June.
    10. Gilbert, Richard J, 1989. "The Role of Potential Competition in Industrial Organization," Journal of Economic Perspectives, American Economic Association, vol. 3(3), pages 107-127, Summer.
    11. Douglas W. Diamond, 1984. "Financial Intermediation and Delegated Monitoring," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 51(3), pages 393-414.
    12. repec:bla:jfinan:v:44:y:1989:i:4:p:923-52 is not listed on IDEAS
    13. Berger, Allen N. & Demsetz, Rebecca S. & Strahan, Philip E., 1999. "The consolidation of the financial services industry: Causes, consequences, and implications for the future," Journal of Banking & Finance, Elsevier, vol. 23(2-4), pages 135-194, February.
    14. Joe S. Bain, 1951. "Corrigendum"Relation of Profit Rate to Industry Concentration: American Manufacturing, 1936–1940" by Joe S. Bain (August 1951)," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 65(4), pages 602-602.
    15. Tim Loughran & Jay Ritter, 2004. "Why Has IPO Underpricing Changed Over Time?," Financial Management, Financial Management Association, vol. 33(3), Fall.
    16. Jean Tirole, 1988. "The Theory of Industrial Organization," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262200716, April.
    17. A. Michael Spence, 1977. "Entry, Capacity, Investment and Oligopolistic Pricing," Bell Journal of Economics, The RAND Corporation, vol. 8(2), pages 534-544, Autumn.
    18. Elijah Brewer & William Jackson, 2000. "Requiem for a Market Maker: The Case of Drexel Burnham Lambert and Junk Bonds," Journal of Financial Services Research, Springer;Western Finance Association, vol. 17(3), pages 209-235, September.
    19. Gilbert, R Alton, 1984. "Bank Market Structure and Competition: A Survey," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 16(4), pages 617-644, November.
    20. repec:bla:econom:v:44:y:1977:i:176:p:369-80 is not listed on IDEAS
    21. Carl Shapiro, 1983. "Premiums for High Quality Products as Returns to Reputations," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 98(4), pages 659-679.
    22. Benveniste Lawrence M. & Singh Manoj & Wilhelm Jr. , William J., 1993. "The Failure of Drexel Burnham Lambert: Evidence on the Implications for Commercial Banks," Journal of Financial Intermediation, Elsevier, vol. 3(1), pages 104-137, October.
    23. Chemmanur, Thomas J & Fulghieri, Paolo, 1994. "Investment Bank Reputation, Information Production, and Financial Intermediation," Journal of Finance, American Finance Association, vol. 49(1), pages 57-79, March.
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    Cited by:

    1. Liu, Xiaoding & Ritter, Jay R., 2011. "Local underwriter oligopolies and IPO underpricing," Journal of Financial Economics, Elsevier, vol. 102(3), pages 579-601.
    2. Jose A. Lopez & Mark M. Spiegel, 2014. "Foreign Entry into Underwriting Services: Evidence from Japan's “Big Bang” Deregulation," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 46(2-3), pages 445-468, March.
    3. Ravi Kashyap, 2019. "Michael Milken: The Junk Dealer," Papers 1910.13882, arXiv.org.
    4. Kim, Jaewoo, 2018. "Asymmetric timely loss recognition, adverse shocks to external capital, and underinvestment: Evidence from the collapse of the junk bond market," Journal of Accounting and Economics, Elsevier, vol. 65(1), pages 148-168.

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