Competition and the Structure of Vertical Relationships in Capital Markets
研究发现企业避免与竞争对手共享投资银行，因为担心机密信息泄露；银行合并等外部冲击表明，这种回避行为显著影响企业投资，并有助于理解投行行业结构、竞争与定价。
We show that information flows between investment banks and their clients affect relationships and that shocks to these flows affect corporate investment. Firms avoid sharing investment banks in their industry, but only when they engage in product market competition. This suggests that concerns about disclosure of confidential information to strategic rivals determine firms' investment bank choices. Using exogenous shocks to information flows arising from bank mergers, we show that the desire to avoid sharing banks has a substantial effect on investment. These information effects help us understand how the investment banking industry is structured, how banks compete, and how prices are set. (c) 2010 by The University of Chicago. All rights reserved.