This paper examines the multiple-bookrunning phenomenon by focusing on the role of firm–bank relationships. Using a sample of European corporate bonds from 2003 to 2013, we show that the existence and strength of prior firm–bank relationships affects the multiple-bookrunning choice. Firms with strong (more concentrated) lending relationships are less likely to issue a multiple-bookrunner bond. Nevertheless, during the GFC crisis, the opposite effect is found. Issuer–bank relationships have a larger impact on issuers' selection of bookrunners during the crisis than before the crisis. However, reputable bookrunners refrain from becoming joint bookrunners if they are matching with less reputable counterparts.

本文通过关注公司-银行关系的作用来研究多重账簿管理现象。使用 2003 年至 2013 年欧洲公司债券的样本，我们表明先前公司-银行关系的存在和强度会影响多重账簿管理选择。贷款关系牢固（更集中）的公司不太可能发行多簿记行债券。然而，在全球金融危机期间，却发现了相反的效果。与危机前相比，发行人与银行的关系在危机期间对发行人选择账簿管理人的影响更大。但是，如果信誉良好的簿记管理人与信誉较差的同行匹配，则不会成为联合簿记管理人。