Banks' role as underwriters has gained relevance, fostering competition for market share in this traditional investment banking activity. This paper explores the effects of competitive pricing and non-pricing factors on banks’ market share as underwriters. Using a panel of active-underwriters in the European corporate bond markets during a highly competitive period (2007–2013), we find that pricing factors are of second-order importance in explaining changes in market shares. Providing joint lending and underwriting services, hiring star-analysts, and being the leader in placing bonds within an industry positively affect market share. These results explain how banks have developed their underwriting businesses.

银行作为承销商的角色越来越重要，在这种传统的投资银行活动中促进了市场份额的竞争。本文探讨了竞争性定价和非定价因素对银行作为承销商的市场份额的影响。在竞争激烈的时期（2007-2013 年）使用欧洲公司债券市场的一组活跃承销商，我们发现定价因素在解释市场份额的变化方面具有次要的重要性。提供联合贷款和承销服务、聘请明星分析师以及成为行业内发行债券的领导者都会对市场份额产生积极影响。这些结果解释了银行如何发展其承销业务。