We examine whether investment bank-client relationships create valuable relationship-specific capital, using stock market evidence from the period surrounding the collapse of Lehman Brothers. Specifically, we study the impact of the Lehman collapse on firms that employed Lehman for (1)...

We examine the long-standing question of whether firms derive value from investment bank relationships by studying how the Lehman collapse affected industrial firms that received underwriting, advisory, analyst, and market-making services from Lehman. Equity underwriting clients experienced an...

Clustering of IPO underwriting spreads at 7% poses two important puzzles: Is the market for U.S. equity underwriting services anti-competitive and why do equity underwriters invest in reputation-building? This study resolves both puzzles. Modeling endogeneity of firm-underwriter choice using a...

The question of whether optimal provision of these services comes mainly from established relationships between banks and client firms or can result from arms'‐length market transactions has been the topic of considerable recent debate. This discussion has paralleled the debate in the...

The extraordinary oil price volatility of the 2007-08 period has resulted in special attention being focused on the role of financial market factors in determining physical oil prices. We survey the literature to assess the state of research on this topic. The literature provides substantial...

This paper reports on a study of current practice in policy transfer, and ways in which its effectiveness can be increased. A literature review identifies important factors in examining the transfer of policies. Results of interviews in eleven cities in Northern Europe and North America...

This paper reports on a study of current practice in policy transfer, and ways in which its effectiveness can be increased. A literature review identiï¬es important factors in examining the transfer of policies. Results of interviews in eleven cities in Northern Europe and North America...

A literature review of policy transfer in transport and cognate fields was conducted. It shows that there is little evidence on how cities learn from each other and even less on how this process occurs in the transport sector. The review identified a series of key aspects of policy transfer...

I study the impact of Lehman Brothers' bankruptcy and resultant inability to honor its obligations as a lender under committed credit lines. Firms that lost access to a credit line committed by Lehman Brothers experienced abnormal stock returns of -3%, on average, on the day of and day after...