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Durham University

Research & business

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Publication details

Gemici, Kurtulus & Lai, Karen P. Y. (2020). How 'global' are investment banks? An analysis of investment banking networks in Asian equity capital markets. Regional Studies 54(2): 149-161.

Author(s) from Durham


This paper examines the distribution of power within financial networks of investment banks in equity capital markets 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 equity capital market networks of investment banks are strongly shaped by development trajectory and regional contexts of specific international financial centres, 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 in order to understand the roles and development of international financial centres.