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Please use this identifier to cite or link to this item:
http://hdl.handle.net/2451/27383
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| Title: | Competition and the Structure of Vertical Relationships in Capital Markets |
| Authors: | Asker, John
Ljungqvist, Alexander |
| Keywords: | Investment banking
Securities underwriting
Competition
Bank deregulation
Bank entry
Glass-Steagall Act
Commercial banks |
| Issue Date: | 1-Apr-2008 |
| Series/Report no.: | FIN-06-003 |
| Abstract: | We document that firms appear disinclined to share underwriters with
other firms in the same industry. We show that this disinclination is
evident only when firms engage in product-market competition. This leads
us to suggest that concerns about information leakage may motivate the
patterns we see in the data. We discuss how these effects help us
understand how the investment banking industry is structured, how banks
compete, and how prices are set. At each step we exploit sources of
exogenous variation that correspond to specific margins on which the
effects of interest directly influence incentives and choices. |
| URI: | http://hdl.handle.net/2451/27383 |
| Appears in Collections: | Finance Working Papers
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