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Non-pricing drivers of underwriters’ market shares in corporate bond markets

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  • Carbó-Valverde, Santiago
  • Cuadros-Solas, Pedro J.
  • Rodríguez-Fernández, Francisco

Abstract

Banks' role as underwriters has gained relevance, fostering competition for market share in this traditional investment banking activity. This paper explores the effects of competitive pricing and non-pricing factors on banks’ market share as underwriters. Using a panel of active-underwriters in the European corporate bond markets during a highly competitive period (2007–2013), we find that pricing factors are of second-order importance in explaining changes in market shares. Providing joint lending and underwriting services, hiring star-analysts, and being the leader in placing bonds within an industry positively affect market share. These results explain how banks have developed their underwriting businesses.

Suggested Citation

  • Carbó-Valverde, Santiago & Cuadros-Solas, Pedro J. & Rodríguez-Fernández, Francisco, 2021. "Non-pricing drivers of underwriters’ market shares in corporate bond markets," International Review of Economics & Finance, Elsevier, vol. 76(C), pages 671-693.
    • Handle: RePEc:eee:reveco:v:76:y:2021:i:c:p:671-693
    DOI: 10.1016/j.iref.2021.07.011
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    More about this item

    Keywords

    Underwriters; Market shares; Bond; Lending; Competitive forces;
    All these keywords.

    JEL classification:

    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • H81 - Public Economics - - Miscellaneous Issues - - - Governmental Loans; Loan Guarantees; Credits; Grants; Bailouts

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