This paper investigates how commercial banks can use lending to attract underwriting business from loan clients. The empirical evidence in this paper indicates that rather than using less credit and higher spreads to punish firms that do not give them underwriting business (i.e., coercive...

There is a burgeoning literature on IPO allocations to institutions with retail clientele typically being treated as a monolithic entity. However, there is potential for differential treatment of different groups of retail investors because of the underlying relationship with the underwriter. We...