The Role of Gatekeepers in Capital Markets

42 Pages Posted: 4 Apr 2019

See all articles by Sugata Roychowdhury

Sugata Roychowdhury

Northwestern University Kellogg School of Management

Suraj Srinivasan

Harvard Business School

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Date Written: March 13, 2019


Gatekeepers in financial markets have the power to provide the institutional stability, fortitude and direction necessary for the development and the smooth functioning of capital markets. At the same time, they are often motivated by their own private incentives. This along with the trade-offs they face, and the at-times unintended consequences of the regulations they propose and enforce, can undermine their effectiveness. A thorough understanding of gatekeepers and their roles can thus illuminate academics, the financial community and regulators on how such gatekeepers can be the most effective and generate the greatest benefits for capital markets. Since gatekeeping roles and the literature they have inspired encompass a wide array of institutions and agencies, our overview concentrates on those that the conference papers appearing in this volume focus on. We conclude that collectively, the papers contribute to significant progress, and point out some crucial areas that call for further investigation and offer opportunities for future research.

Suggested Citation

Roychowdhury, Sugata and Srinivasan, Suraj, The Role of Gatekeepers in Capital Markets (March 13, 2019). Available at SSRN: or

Sugata Roychowdhury (Contact Author)

Northwestern University Kellogg School of Management ( email )

2211 Campus Drive
Evanston, IL IL 60208
United States
60208 (Fax)

HOME PAGE: http://

Suraj Srinivasan

Harvard Business School ( email )

Soldiers Field
Boston, MA 02163
United States


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