This vision gained even more strength due to the setbacks suffered by Japanese banks during the nineties and to the spectacular performance of the world capital markets as from the second half of that decade.
While banks extract information about firms more efficiently, when a firm joins the public debt market it reduces the information asymmetries permanently, diminishing the intervention costs and sidestepping the comparative advantages of the banks regarding the extraction of information. That is why once they are part of the capital market corporations tend to remain there rather than resorting to the banking system.