Investment-Banking Relationships: 1933–2007
研究了1933年至2007年间投资银行与客户关系的演变，发现关系排他性和客户对银行关系的关注在1970年前很强，之后急剧下降，并探讨了技术变革如何加剧利益冲突，解释了银行与客户间信任缺失的原因。
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.Received March 2, 2018; editorial decision June 11, 2018 by Editor Paolo Fulghieri.