Bonds and Brands: Foundations of Sovereign Debt Markets, 1820–1830
研究了19世纪初主权债务如何出现，发现中介的市场力量和声誉克服了信息不对称，资本家依赖中介声誉指导投资，中介通过承诺维持市场，从而推动主权债务发展。
How does sovereign debt emerge? In the early nineteenth century, intermediaries' market power and prestige served to overcome information asymmetries. Relying on insights from finance theory, we argue that capitalists turned to intermediaries' reputations to guide their investment strategies. Intermediaries could in turn commit or else they would lose market share. This sustained the development of sovereign debt. This new perspective is backed by archival evidence and empirical data, and it suggests why strong but undemocratic states could borrow. “A good name is worth more than a gem.” Yiddish proverb