登入選單
返回Google圖書搜尋
其他書名
Gatekeepers of the Sovereign Debt Market?
出版Duke Univ., Department of Economics, 2013
URLhttp://books.google.com.hk/books?id=I7jjvQEACAAJ&hl=&source=gbs_api
註釋The 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.