Abstract
We discuss the commitment mechanisms that underpin social orderings. We categorize commitments in relationships along a hierarchy that runs from the most extra-legal to the most legally intensive devices. Commitment devices are chosen in light of their social, legal and technological contexts. Changes to these contexts therefore change the social order and, in extremis, can cause significant social dislocation. We use a new new dataset of underwriting syndicates between 1933 and 2008 to argue that financial market have experienced such a dislocation. We discuss the policy implications of this dislocation with specific reference to cases in securitization and M&A markets.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
