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Investment Banking and Security Market Development: Does Finance Follow Industry?

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  • Mr. Bharat Narendra Anand
  • Mr. Alexander Galetovic P.

Abstract

Long-term relationships between business firms and investment banks are pervasive in developed security markets and there is evidence that better monitoring and information result from these relationships. Therefore, security markets should allocate resources better when an investment banking industry exists. We study the necessary conditions for the emergence of sustainable relationships and explore whether policy can foster them. We show that policy can help alleviate the costs of relationships, but an investment banking industry will not emerge with only a small number of large firms.

Suggested Citation

  • Mr. Bharat Narendra Anand & Mr. Alexander Galetovic P., 2001. "Investment Banking and Security Market Development: Does Finance Follow Industry?," IMF Working Papers 2001/090, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2001/090
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    Cited by:

    1. Bharat N. Anand & Alexander Galetovic, 2006. "Relationships, Competition And The Structure Of Investment Banking Markets," Journal of Industrial Economics, Wiley Blackwell, vol. 54(2), pages 151-199, June.
    2. Bharat N. Anand & Alexander Galetovic, 2002. "Does Competition Kill Relationships? Inside Investment Banking," Documentos de Trabajo 119, Centro de Economía Aplicada, Universidad de Chile.
    3. Armonat, Stefan & Pfnür, Andreas, 2002. "Basel II and the German credit crunch?," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 35585, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).

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