Relationships, competition, and the structure of investment banking markets

@inproceedings{Anand2000RelationshipsCA,
  title={Relationships, competition, and the structure of investment banking markets},
  author={Bharat Narendra Anand and Alexander Galetovic},
  year={2000}
}
It is well known that competition can destroy incentives to invest in firm-specific relationships. This paper examines how the tension between relationships and competition is resolved in the investment banking market, which for decades has been characterized by both relationships and competition. The model studies the impact on relationships of four different dimensions of competition: non-exclusive relationships, competition from arm's-length intermediaries, non-price competition, and… CONTINUE READING

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