Exogenous Switching or Endogenous Selection: Using the Bond Issuers’ Choice of Underwriters as an Example

摘要：

Empirical studies on corporate strategies are often concerned with endogenous selection bias. However, overly emphasizing the issue of endogeneity has left another important dimension of selection under-examined, i.e., the selection based on publicly observable characteristics of firms. Such an undue emphasis also leads to the misuse of the Heckman’s treatment model. In this paper, I use the bond issuers’ choice of commercial bank underwriting versus investment bank underwriting to demonstrate that a more appropriate model to use is “switching regressions with endogenous switching, which provides a more explicit and richer description of the underlying matching process of issuers/underwriters than does the treatment model.

关键词： Gramm-Leach-Bliley Act Underwriting Endogenous Switching Net yield

作者: Wei-Ling Song

作者单位: Department of Finance E. J. Ourso College of Business Louisiana State University Baton Rouge, LA 70803

会议类型: 国际会议

会议名称: 2005年中国金融国际年会

会议地点: 昆明

会议语种:英文

页码: 1-43

在线出版日期: 2005-07-05（万方平台首次上网日期，不代表论文的发表时间）