Innovations in Financial Services, Relationships, and Risk Sharing
认为，高昂的事前信息获取成本阻碍了投资者和企业参与复杂市场，而金融中介与客户之间的长期关系可以通过提供隐性保险来替代事前调查，从而让双方受益；但竞争可能削弱这种关系带来的好处。
Relationships between intermediaries and their customers have become increasingly important in recent years. This paper argues that the need for costly ex ante information acquisition and analysis is a major barrier to the participation of investors and firms in sophisticated markets. Long-term relationships between intermediaries and their customers, in which intermediaries provide implicit insurance to customers, can be an effective substitute for costly ex ante investigation. In this way, intermediaries allow firms and investors to reap the benefits of financial markets. Relationships are easiest to sustain when the ongoing benefits to both parties are high. As a result, competition may lower the benefits that can be obtained from relationships.