The Small world of Canadian capital markets: statistical mechanics of investment bank syndicate networks, 1952-1990
Author: Shipilov, Andrew ; Rowley, Timothy J. ; Baum, Joel A. C.INSEAD Area: StrategyIn: Canadian Journal of Administrative Sciences, vol. 21, no 4, December 2004 Language: EnglishDescription: p. 307-325.Type of document: INSEAD ArticleNote: Please ask us for this itemAbstract: We investigate the structure of investment bank syndicate networks in Canada. We consider two banks to he connected if they have participated in an widerwriting syndicate together, and construct networks of such connections using data drawn from the Record of New Issues (Financial Data Group). We show that these interfirm networks fomi "small worlds", in which banks are both locally clustered and globally connected by short paths of intermediate hanks, and are "scale free", in which the connectivity of the network is highly skewed and with most banks tied to a small set of promitjent banks. We examine changes over time in the network's small-world and scale-free properties, and demonstrate their theoretical and practical implications for the structure and operation of Canadian capital markets hy linking these properties to the network's cliquey-ness, resilience, and speed of information transmission.| Item type | Current location | Call number | Status | Date due | Barcode | Item holds |
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Europe Campus | Available | BC007417 |
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We investigate the structure of investment bank syndicate networks in Canada. We consider two banks to he connected if they have participated in an widerwriting syndicate together, and construct networks of such connections using data drawn from the Record of New Issues (Financial Data Group). We show that these interfirm networks fomi "small worlds", in which banks are both locally clustered and globally connected by short paths of intermediate hanks, and are "scale free", in which the connectivity of the network is highly skewed and with most banks tied to a small set of promitjent banks. We examine changes over time in the network's small-world and scale-free properties, and demonstrate their theoretical and practical implications for the structure and operation of Canadian capital markets hy linking these properties to the network's cliquey-ness, resilience, and speed of information transmission.
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