We investigate how universal banking groups utilized information advantage at the initial public offerings (IPOs) in Japan over the period 2002-2012. We focus on the IPO issues of universal bank clients allocated by underwriters from the issuers’ main bank groups, competing commercial bank groups, and traditional investment bank groups. We find that the main bank underwriters do not advantage their affiliated mutual funds in terms of the initial and aftermarket returns; neither do the traditional investment bank underwriters. We interpret the former finding as indicating that the information advantage generated by universal banking had not been utilized to increase the benefits of their investment customers. On the other hand, the less informed and thus less monitored commercial bank underwriters allocate IPO issues with low risk-adjusted aftermarket returns to their affiliated mutual funds, suggesting conflicts of interest or an inefficient outcome.

我们调查了全能银行集团如何在 2002 年至 2012 年期间日本首次公开募股 (IPO) 中利用信息优势。我们专注于发行人主要银行集团、竞争商业银行集团和传统投资银行集团的承销商分配的全能银行客户的IPO发行。我们发现，主要银行承销商在初始和售后市场回报方面并不占其附属共同基金的优势；传统的投资银行承销商也不行。我们将前一个发现解释为表明，全能银行产生的信息优势并未被用来增加其投资客户的利益。另一方面，