Lawyers: Gatekeepers of the Sovereign Debt Market?
AbstractThe claim that lawyers act as gatekeepers or certifiers in financial transactions is widely discussed in the legal literature. There has, however, been little empirical examination of the claim. We test the hypothesis that law firms have replaced investment banks as the gatekeepers of the market for sovereign debt. Our results suggest that hiring outside law firms sends a negative signal to the market regarding the pending issuance; a finding that is inconsistent with the thesis that outside law firms primarily play a certification role in the sovereign debt market.
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Bibliographic InfoPaper provided by Duke University, Department of Economics in its series Working Papers with number 13-25.
Date of creation: 2013
Date of revision:
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Postal: Department of Economics Duke University 213 Social Sciences Building Box 90097 Durham, NC 27708-0097
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Web page: http://econ.duke.edu/
Lawyers; Gatekeepers; Reputational Intermediaries; Sovereign Debt;
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