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

See all articles by Kurtulus Gemici

Kurtulus Gemici

University of California, Los Angeles (UCLA) - Department of Sociology

Karen Lai

National University of Singapore (NUS) - Department of Geography

Date Written: January 30, 2019

Abstract

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

Gemici, Kurtulus and Lai, Karen, How ‘Global’ are Investment Banks? An Analysis of Investment Banking Networks in Asian Equity Capital Markets (January 30, 2019). 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. Available at SSRN: https://ssrn.com/abstract=3334760 or http://dx.doi.org/10.2139/ssrn.3334760

Kurtulus Gemici

University of California, Los Angeles (UCLA) - Department of Sociology ( email )

405 Hilgard Avenue
Box 951361
Los Angeles, CA 90095
United States

Karen Lai (Contact Author)

National University of Singapore (NUS) - Department of Geography ( email )

1 Arts Link
Singapore, 117570
Singapore

HOME PAGE: http://www.karenlai.wordpress.com

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