IDEAS home Printed from https://ideas.repec.org/p/duk/dukeec/13-25.html
   My bibliography  Save this paper

Lawyers: Gatekeepers of the Sovereign Debt Market?

Author

Listed:
  • Michael Bradley
  • Irving Arturo De Lira Salvatierra
  • G. Mitu Gulati

Abstract

The claim that lawyers act as gatekeepers or certifiers in financial transactions is widely discussed in the legal literature. There has, however, been little empirical examination of the claim. We test the hypothesis that law firms have replaced investment banks as the gatekeepers of the market for sovereign debt. Our results suggest that hiring outside law firms sends a negative signal to the market regarding the pending issuance; a finding that is inconsistent with the thesis that outside law firms primarily play a certification role in the sovereign debt market.

Suggested Citation

  • Michael Bradley & Irving Arturo De Lira Salvatierra & G. Mitu Gulati, 2013. "Lawyers: Gatekeepers of the Sovereign Debt Market?," Working Papers 13-25, Duke University, Department of Economics.
    • Handle: RePEc:duk:dukeec:13-25
    as

    Download full text from publisher

    File URL: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2317633
    File Function: main text
    Download Restriction: no
    ---><---

    More about this item

    Keywords

    Lawyers; Gatekeepers; Reputational Intermediaries; Sovereign Debt;
    All these keywords.

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:duk:dukeec:13-25. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Department of Economics Webmaster (email available below). General contact details of provider: http://econ.duke.edu/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.