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Trust, Reputation, and Law: the Evolution of Commitment in Investment Banking
2015
Journal of Legal Analysis
We discuss the commitment mechanisms that underpin social orderings. We categorize commitments in relationships along a hierarchy that runs from the most extra-legal to the most legally intensive devices. Commitment devices are chosen in light of their social, legal, and technological contexts. Changes to these contexts therefore change the social order and, in extremis, can cause significant social dislocation. We use a new new dataset of underwriting syndicates between 1933 and 2008 to argue
doi:10.1093/jla/lav007
fatcat:rps74uwvg5dj3n4pyrvrtzjzne