Essays on the role of peer networks in investment banking
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The following series of three essays examine the impact of peer networks of investment banks, including those commercial banks that recently entered security underwriting, on investment banking activities. Specifically, I focus on underwriter and financial advisor peer networks in security underwriting and mergers and acquisitions advisory services, and examine how the structure of these peer networks affects the performance of initial public offerings, the shareholders' wealth in mergers and acquisitions, and the market share of underwriters. The results indicate that the peer relations of underwriters and advisors have significant implications along various dimensions.