haku: @all stability / yhteensä: 255
viite: 249 / 255
| Tekijä: | Pichler, P. Wilhelm, W. |
| Otsikko: | A theory of the syndicate: form follows function |
| Lehti: | Journal of Finance
2001 : DEC, VOL. 56:6, p. 2237-2264 |
| Asiasana: | INVESTMENT BANKS MORAL HAZARD |
| Vapaa asiasana: | SYNDICATES |
| Kieli: | eng |
| Tiivistelmä: | The authors relate the organizational form of investment banking syndicates to moral hazard in team production. Although syndicates are dissolved upon deal completion, membership stability across deals represent a barrier to entry that enables the capture of quasi-rents. This improves incentives for individual bankers to cultivate investor relationships that translate into greater expected proceeds. Reputational concerns of lead bankers amplify the effect. |
SCIMA