Investment Banking: Institutions, Politics, and Law

3.75 avg rating
( 8 ratings by Goodreads )
 
9780199544189: Investment Banking: Institutions, Politics, and Law

Investment Banking: Institutions, Politics, and Law provides an economic rationale for the dominant role of investment banks in the capital markets, and uses it to explain both the historical evolution of the investment banking industry and also recent changes to its organization. Although investment decisions rely upon price-relevant information, it is impossible to establish property rights over it and hence it is very hard to coordinate its exchange. The authors argue that investment banks help to resolve this problem by managing "information marketplaces," within which extra-legal institutions support the production and dissemination of information that is important to investors. Reputations and relationships are more important in fulfilling this role than financial capital.

The authors substantiate their theory with reference to the industry's evolution during the last three centuries. They show how investment banking networks were formed, and identify the informal contracts that they supported. This historical development points to tensions between the relational contracting of investment banks and the regulatory impulses of the State, thus providing some explanation for the periodic large-scale State intervention in the operation of capital markets. Their theory also provides a technological explanation for the massive restructuring of the capital markets in recent decades, which the authors argue can be used to think about the likely future direction of the investment banking industry.

"synopsis" may belong to another edition of this title.

About the Author:


Alan Morrison's research is largely concerned with commercial and investment banking. His work has been published in the American Economic Review, the Journal of Financial Economics, the Journal of Business, the Journal of Business Finance and Accounting, the Scottish Journal of Political Economy, the Geneva Papers and Economics Letters. He worked for six years in management consultancy and investment banking before taking his doctorate in Oxford. Since 2000, he has been a University Lecturer at the Saïd Business School and a fellow of Merton College, University of Oxford. Professor Wilhelm's research focuses on investment banks and securities offerings. He has written extensively on initial public offerings and his work has been published in the American Economic Review, Journal of Finance; Journal of Financial Economics; The Review of Financial Studies; Journal of Financial Intermediation; Journal of Money, Credit, and Banking; Oxford Review of Economic Policy; and Journal of Applied Corporate Finance. Professor Wilhelm began his academic career in 1988 at the Wallace E. Carroll School of Management at Boston College. Before joining the McIntire School of Commerce at the University of Virginia in 2002, Professor Wilhelm held the American Standard Companies Chair in Management Studies at the Saïd Business School and was a Professorial Fellow of St Edmund Hall, University of Oxford, where he began serving as a visiting fellow in 1998.

Review:

"Anyone hoping to understand investment banking must read Morrison and Wilhelm's book. Drawing up centuries of rich history, they advance a theory of investment banking that is relevant today for business people, regulators and scholars. "--Peter Tufano, Slyvan C. Coleman Professor of Financial
Management, Harvard Business School
"This book fills an important gap in the literature by providing a comprehensive coverage of the investment banking industry. It is an outstanding contribution by two experts in the field."--Franklin Allen, Nippon Life Professor of Finance and Economics, The Wharton School, University of
Pennsylvania
"A fascinating look at the investment banking industry from an historical and legal perspecive. It provides the reader with countless insights into the workings of one of the most powerful forces inthe global economy today."--James Harris, Founder, Seneca Financial Group
"Morrison & Wilhelm offer the most compelling explanation yet of the investment banking industry, from its unlikely emergence from the commodities market in the seventeenth century to the investment banks' recent shift from the partnership to he corporate form. Drawing on the insights of
institutional economics, they show how investment banks function as information intermediaries in a wide range of market transactions. Vivid and meticulously researched, the book takes us inside the mysterious world of investment banking and shows what makes it tick. It is an intellectual
masterpiece, destined to become a classic."--David Skeel, S. Samuel Arsht Professor of Corporate Law, University of Pennsylvania
"This is a good, interesting, and useful book. ...The book's wide appealderives from how it goes about studying its subject, as well as from the interest of the subject itself. ...The authors 'develop an economic rationale for investment bankers'. In other words, they develop an economic
explanation of why they exist - they discover what it is that they contribute to the functioning of a market economy. ...Every chapter is worth reading...The authors have combined economic analysis, economic history, and knowledge of law in a short and readable book. They are to be congratulated. I
await their next publication with eager anticipation."--Geoffrey Wood, for Economic Affairs
"Anyone hoping to understand investment banking must read Morrison and Wilhelm's book. Drawing up centuries of rich history, they advance a theory of investment banking that is relevant today for business people, regulators and scholars. "--Peter Tufano, Slyvan C. Coleman Professor of Financial
Management, Harvard Business School
"This book fills an important gap in the literature by providing a comprehensive coverage of the investment banking industry. It is an outstanding contribution by two experts in the field."--Franklin Allen, Nippon Life Professor of Finance and Economics, The Wharton School, University of
Pennsylvania
"A fascinating look at the investment banking industry from an historical and legal perspecive. It provides the reader with countless insights into the workings of one of the most powerful forces inthe global economy today."--James Harris, Founder, Seneca Financial Group
"Morrison & Wilhelm offer the most compelling explanation yet of the investment banking industry, from its unlikely emergence from the commodities market in the seventeenth century to the investment banks' recent shift from the partnership to he corporate form. Drawing on the insights of
institutional economics, they show how investment banks function as information intermediaries in a wide range of market transactions. Vivid and meticulously researched, the book takes us inside the mysterious world of investment banking and shows what makes it tick. It is an intellectual
masterpiece, destined to become a classic."--David Skeel, S. Samuel Arsht Professor of Corporate Law, University of Pennsylvania
"This is agood, interesting, and useful book. ...The book's wide appeal derives from how it goes about studying its subject, as well as from the interest of the subject itself. ...The authors 'develop an economic rationale for investment bankers'. In other words, they develop an economic
explanation of why they exist - they discover what it is that they contribute to the functioning of a market economy. ...Every chapter is worth reading...The authors have combined economic analysis, economic history, and knowledge of law in a short and readable book. They are to be congratulated. I
await their next publication with eager anticipation."--Geoffrey Wood, for Economic Affairs
"Anyone hoping to understand investment banking must read Morrison and Wilhelm's book. Drawing up centuries of rich history, they advance a theory of investment banking that is relevant today for business people, regulators and scholars. "--Peter Tufano, Slyvan C. Coleman Professor of Financial
Management, Harvard Business School
"This book fills an important gap in the literature by providing a comprehensive coverage of the investment banking industry. It is an outstanding contribution by two experts in the field."--Franklin Allen, Nippon Life Professor of Finance and Economics, The Wharton School, University of
Pennsylvania
"A fascinating look at the investment banking industry from an historical and legal perspecive. It provides the reader with countless insights into the workings of one of the most powerful forces inthe global economy today."--James Harris, Founder, Seneca Financial Group
"Morrison & Wilhelm offer the most compelling explanation yet of the investment banking industry, from its unlikely emergence from the commodities market in the seventeenth century to the investment banks' recent shift from the partnership to he corporate form. Drawing on the insights of
institutional economics, they show how investment banks function as information intermediaries in a wide range of market transactions. Vivid and meticulously researched, the book takes us inside the mysterious world of investment banking and shows what makes it tick. It is an intellectual
masterpiece, destined to become a classic."--David Skeel, S. Samuel Arsht Professor of Corporate Law, University of Pennsylvania
"This is agood, interesting, and useful book. ...The book's wide appeal derives from how it goes about studying its subject, as well as from the interest of the subject itself. ...The authors 'develop an economic rationale for investment bankers'. In other words, they develop an economic
explanation of why they exist - they discover what it is that they contribute to the functioning of a market economy. ...Every chapter is worth reading...The authors have combined economic analysis, economic history, and knowledge of law in a short and readable book. They are to be congratulated. I
await their next publication with eager anticipation."--Geoffrey Wood, for Economic Affairs

"About this title" may belong to another edition of this title.

Buy New View Book
List Price: US$ 38.95
US$ 37.07

Convert Currency

Shipping: FREE
From United Kingdom to U.S.A.

Destination, Rates & Speeds

Add to Basket

Top Search Results from the AbeBooks Marketplace

1.

Alan D. Morrison, William J. Wilhelm Jr.
Published by Oxford University Press, United Kingdom (2008)
ISBN 10: 0199544182 ISBN 13: 9780199544189
New Paperback Quantity Available: 10
Print on Demand
Seller:
The Book Depository
(London, United Kingdom)
Rating
[?]

Book Description Oxford University Press, United Kingdom, 2008. Paperback. Book Condition: New. Revised edition. Language: English . Brand New Book ***** Print on Demand *****.Investment Banking: Institutions, Politics, and Law provides an economic rationale for the dominant role of investment banks in the capital markets, and uses it to explain both the historical evolution of the investment banking industry and also recent changes to its organization. Although investment decisions rely upon price-relevant information, it is impossible to establish property rights over it and hence is very hard to coordinate its exchange. The authors argue that investment banks help to resolve this problem by managing information marketplaces, within which extra-legal institutions support the production and dissemination of information that is important to investors. Reputations and relationships are more important in fulfilling this role than financial capital. The authors substantiate their theory with reference to the industry s evolution during the last three centuries. They show how investment banking networks were formed, and identify the informal contracts that they supported. This historical development points to tensions between the relational contracting of investment banks and the regulatory impulses of the State, thus providing some explanation for the periodic large-scale State intervention in the operation of capital markets. Their theory also provides a technological explanation for the massive restructuring of the capital markets in recent decades, which the authors argue can be used to think about the likely future direction of the investment banking industry. Bookseller Inventory # AAV9780199544189

More Information About This Seller | Ask Bookseller a Question

Buy New
US$ 37.07
Convert Currency

Add to Basket

Shipping: FREE
From United Kingdom to U.S.A.
Destination, Rates & Speeds

2.

Alan D. Morrison, William J. Wilhelm Jr.
Published by Oxford University Press, United Kingdom (2008)
ISBN 10: 0199544182 ISBN 13: 9780199544189
New Paperback Quantity Available: 10
Print on Demand
Seller:
The Book Depository US
(London, United Kingdom)
Rating
[?]

Book Description Oxford University Press, United Kingdom, 2008. Paperback. Book Condition: New. 2nd Revised edition. Language: English . Brand New Book ***** Print on Demand *****. Investment Banking: Institutions, Politics, and Law provides an economic rationale for the dominant role of investment banks in the capital markets, and uses it to explain both the historical evolution of the investment banking industry and also recent changes to its organization. Although investment decisions rely upon price-relevant information, it is impossible to establish property rights over it and hence is very hard to coordinate its exchange. The authors argue that investment banks help to resolve this problem by managing information marketplaces, within which extra-legal institutions support the production and dissemination of information that is important to investors. Reputations and relationships are more important in fulfilling this role than financial capital. The authors substantiate their theory with reference to the industry s evolution during the last three centuries. They show how investment banking networks were formed, and identify the informal contracts that they supported. This historical development points to tensions between the relational contracting of investment banks and the regulatory impulses of the State, thus providing some explanation for the periodic large-scale State intervention in the operation of capital markets. Their theory also provides a technological explanation for the massive restructuring of the capital markets in recent decades, which the authors argue can be used to think about the likely future direction of the investment banking industry. Bookseller Inventory # AAV9780199544189

More Information About This Seller | Ask Bookseller a Question

Buy New
US$ 41.13
Convert Currency

Add to Basket

Shipping: FREE
From United Kingdom to U.S.A.
Destination, Rates & Speeds

3.

Morrison, Alan D.
ISBN 10: 0199544182 ISBN 13: 9780199544189
New Quantity Available: 10
Seller:
Paperbackshop-US
(Wood Dale, IL, U.S.A.)
Rating
[?]

Book Description 2008. PAP. Book Condition: New. New Book. Shipped from US within 10 to 14 business days. Established seller since 2000. Bookseller Inventory # VU-9780199544189

More Information About This Seller | Ask Bookseller a Question

Buy New
US$ 37.15
Convert Currency

Add to Basket

Shipping: US$ 3.99
Within U.S.A.
Destination, Rates & Speeds

4.

Morrison, Alan D.
Published by OUP Oxford (2016)
ISBN 10: 0199544182 ISBN 13: 9780199544189
New Paperback Quantity Available: 1
Print on Demand
Seller:
Ria Christie Collections
(Uxbridge, United Kingdom)
Rating
[?]

Book Description OUP Oxford, 2016. Paperback. Book Condition: New. PRINT ON DEMAND Book; New; Publication Year 2016; Not Signed; Fast Shipping from the UK. No. book. Bookseller Inventory # ria9780199544189_lsuk

More Information About This Seller | Ask Bookseller a Question

Buy New
US$ 39.55
Convert Currency

Add to Basket

Shipping: US$ 5.13
From United Kingdom to U.S.A.
Destination, Rates & Speeds

5.

Morrison, Alan D.
Published by OUP Oxford (2008)
ISBN 10: 0199544182 ISBN 13: 9780199544189
New Quantity Available: > 20
Print on Demand
Seller:
Books2Anywhere
(Fairford, GLOS, United Kingdom)
Rating
[?]

Book Description OUP Oxford, 2008. PAP. Book Condition: New. New Book. Delivered from our UK warehouse in 3 to 5 business days. THIS BOOK IS PRINTED ON DEMAND. Established seller since 2000. Bookseller Inventory # LQ-9780199544189

More Information About This Seller | Ask Bookseller a Question

Buy New
US$ 33.26
Convert Currency

Add to Basket

Shipping: US$ 11.94
From United Kingdom to U.S.A.
Destination, Rates & Speeds

6.

Alan D. Morrison, William J. Wilhelm Jr.
Published by Oxford University Press, United Kingdom (2008)
ISBN 10: 0199544182 ISBN 13: 9780199544189
New Paperback Quantity Available: 10
Seller:
Book Depository hard to find
(London, United Kingdom)
Rating
[?]

Book Description Oxford University Press, United Kingdom, 2008. Paperback. Book Condition: New. Revised edition. Language: English . This book usually ship within 10-15 business days and we will endeavor to dispatch orders quicker than this where possible. Brand New Book. Investment Banking: Institutions, Politics, and Law provides an economic rationale for the dominant role of investment banks in the capital markets, and uses it to explain both the historical evolution of the investment banking industry and also recent changes to its organization. Although investment decisions rely upon price-relevant information, it is impossible to establish property rights over it and hence is very hard to coordinate its exchange. The authors argue that investment banks help to resolve this problem by managing information marketplaces, within which extra-legal institutions support the production and dissemination of information that is important to investors. Reputations and relationships are more important in fulfilling this role than financial capital. The authors substantiate their theory with reference to the industry s evolution during the last three centuries. They show how investment banking networks were formed, and identify the informal contracts that they supported. This historical development points to tensions between the relational contracting of investment banks and the regulatory impulses of the State, thus providing some explanation for the periodic large-scale State intervention in the operation of capital markets. Their theory also provides a technological explanation for the massive restructuring of the capital markets in recent decades, which the authors argue can be used to think about the likely future direction of the investment banking industry. Bookseller Inventory # BTE9780199544189

More Information About This Seller | Ask Bookseller a Question

Buy New
US$ 47.21
Convert Currency

Add to Basket

Shipping: FREE
From United Kingdom to U.S.A.
Destination, Rates & Speeds

7.

Morrison, Alan D.
Published by Oxford University Press (2017)
ISBN 10: 0199544182 ISBN 13: 9780199544189
New Paperback Quantity Available: > 20
Print on Demand
Seller:
Murray Media
(North Miami Beach, FL, U.S.A.)
Rating
[?]

Book Description Oxford University Press, 2017. Paperback. Book Condition: New. Never used! This item is printed on demand. Bookseller Inventory # 0199544182

More Information About This Seller | Ask Bookseller a Question

Buy New
US$ 47.24
Convert Currency

Add to Basket

Shipping: US$ 1.99
Within U.S.A.
Destination, Rates & Speeds

8.

Morrison, Alan D.; Wilhelm Jr., William J.
Published by Oxford University Press (2008)
ISBN 10: 0199544182 ISBN 13: 9780199544189
New Paperback Quantity Available: 10
Seller:
Ergodebooks
(RICHMOND, TX, U.S.A.)
Rating
[?]

Book Description Oxford University Press, 2008. Paperback. Book Condition: New. Bookseller Inventory # INGM9780199544189

More Information About This Seller | Ask Bookseller a Question

Buy New
US$ 45.44
Convert Currency

Add to Basket

Shipping: US$ 3.99
Within U.S.A.
Destination, Rates & Speeds

9.

Morrison, Alan D.
Published by Oxford University Press, USA 9/1/2008 (2008)
ISBN 10: 0199544182 ISBN 13: 9780199544189
New Paperback or Softback Quantity Available: 10
Seller:
BargainBookStores
(Grand Rapids, MI, U.S.A.)
Rating
[?]

Book Description Oxford University Press, USA 9/1/2008, 2008. Paperback or Softback. Book Condition: New. Investment Banking: Institutions, Politics, and Law. Book. Bookseller Inventory # BBS-9780199544189

More Information About This Seller | Ask Bookseller a Question

Buy New
US$ 49.79
Convert Currency

Add to Basket

Shipping: FREE
Within U.S.A.
Destination, Rates & Speeds

10.

Alan D. Morrison
Published by Oxford University Press, USA
ISBN 10: 0199544182 ISBN 13: 9780199544189
New Paperback Quantity Available: > 20
Seller:
BuySomeBooks
(Las Vegas, NV, U.S.A.)
Rating
[?]

Book Description Oxford University Press, USA. Paperback. Book Condition: New. Paperback. 360 pages. Investment Banking: Institutions, Politics, and Law provides an economic rationale for the dominant role of investment banks in the capital markets, and uses it to explain both the historical evolution of the investment banking industry and also recent changes to its organization. Although investment decisions rely upon price-relevant information, it is impossible to establish property rights over it and hence it is very hard to coordinate its exchange. The authors argue that investment banks help to resolve this problem by managing information marketplaces, within which extra-legal institutions support the production and dissemination of information that is important to investors. Reputations and relationships are more important in fulfilling this role than financial capital. The authors substantiate their theory with reference to the industrys evolution during the last three centuries. They show how investment banking networks were formed, and identify the informal contracts that they supported. This historical development points to tensions between the relational contracting of investment banks and the regulatory impulses of the State, thus providing some explanation for the periodic large-scale State intervention in the operation of capital markets. Their theory also provides a technological explanation for the massive restructuring of the capital markets in recent decades, which the authors argue can be used to think about the likely future direction of the investment banking industry. This item ships from multiple locations. Your book may arrive from Roseburg,OR, La Vergne,TN. Paperback. Bookseller Inventory # 9780199544189

More Information About This Seller | Ask Bookseller a Question

Buy New
US$ 46.21
Convert Currency

Add to Basket

Shipping: US$ 3.95
Within U.S.A.
Destination, Rates & Speeds

There are more copies of this book

View all search results for this book