How ‘Global’ are Investment Banks? An Analysis of Investment Banking Networks in Asian Equity Capital Markets
Kurtulus, Gemici and Lai, Karen P.Y. (2019) 'How 'global' are investment banks? An analysis of investment banking networks in Asian equity capital markets', Regional Studies, Special issue on ‘New financial geographies of Asia’, DOI/10.1080/00343404.2019.1584393
35 Pages Posted: 18 Mar 2019
Date Written: January 30, 2019
This paper examines the distribution of power within financial networks of investment banks in equity capital markets (ECMs) of three key economies in Asia — Hong Kong, Japan, and Singapore. Using social network analysis, it shows that while bulge-bracket banks occupy core positions in all three locations, their dominance is challenged by emerging Asian investment banks. The ECM networks of investment banks are strongly shaped by development trajectory and regional contexts of specific IFCs, which reveals the differentiated nature of finance across Asia. Results also highlight the need for further research on networks within financial centres in addition to inter-city networks to understand the roles and development of IFCs.
Keywords: Investment banks, equity capital markets, power, networks, financial centres, Asia
JEL Classification: G24, G28, O53
Suggested Citation: Suggested Citation