Journal article
Investment-banking relationships: 1933–2007
- Abstract:
- We study the evolution of investment-banking relationships from 1933 to 2007. Relationship exclusivity and client concerns for the state of their banking relationships were strong through the first part of our sample period but then entered a period of sharp decline beginning around 1970. We interpret the bank-client relationship as an informal governance mechanism for curbing opportunistic behavior in a weak contracting environment and examine how technological change aggravated conflicts of interest within investment banks and between banks and their clients. This perspective sheds light on why trust between banks and their clients now appears to be in short supply.
- Publication status:
- Published
- Peer review status:
- Peer reviewed
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Access Document
- Files:
-
-
(Preview, Accepted manuscript, pdf, 1.5MB, Terms of use)
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- Publisher copy:
- 10.1093/rcfs/cfy004
Authors
- Publisher:
- Oxford University Press
- Journal:
- Review of Corporate Finance Studies More from this journal
- Volume:
- 7
- Issue:
- 2
- Pages:
- 194–244
- Publication date:
- 2018-07-17
- Acceptance date:
- 2018-06-11
- DOI:
- EISSN:
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2046-9136
- ISSN:
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2046-9128
- Language:
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English
- Pubs id:
-
pubs:858719
- UUID:
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uuid:035f7672-6a4e-4f61-bf3e-845d273ff5cc
- Local pid:
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pubs:858719
- Source identifiers:
-
858719
- Deposit date:
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2018-06-21
- ARK identifier:
Terms of use
- Copyright holder:
- Morrison et al.
- Copyright date:
- 2018
- Rights statement:
- © Authors 2018. Published by Oxford University Press on behalf of The Society for Financial Studies.
- Notes:
- This is the accepted manuscript version of the article. The final version is available online from Oxford University Press at: https://doi.org/10.1093/rcfs/cfy004
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