TY  - JOUR
A1  - Laux, Christian
A1  - Walz, Uwe
T1  - Cross-selling lending and underwriting : scope economies and incentives
T2  - Review of finance
N2  - We highlight the implications of combining underwriting services and lending for the choice of underwriters and for competition in the underwriting business. We show that cross-selling can increase underwriters’ incentives, and we explain three phenomena: first, that cross-selling is important for universal banks to enter the investment banking business; second, that cross-selling is particularly attractive for highly leveraged borrowers; third, that less-than-market rates are no prerequisite for cross-selling to benefit a bank’s clients. In our model, cross-selling reduces rents in the underwriting business.
KW  - G21
KW  - G24
KW  - D49
Y1  - 2009
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/6601
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-66906
SN  - 1573-692X
SN  - 1572-3097
N1  - © The Author 2008. This is an Open Access article distributed under the terms of the Creative Commons Attribution Non-Commercial License (http://creativecommons.org/licenses/by-nc/2.0/uk/) which permits unrestricted non-commercial use, distribution, and reproduction in any medium, provided the original work is properly cited.
VL  - 13
IS  - 2
SP  - 341
EP  - 367
PB  - Oxford University Press
CY  - Oxford
ER  -