Investment Banking Institutions Politics and Law 1st edition by Alan Morrison, William Wilhelm ISBN ‎ 0199544182 ‎ 978-0199544189

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ISBN 10: ‎ 0199544182
ISBN 13: ‎ 978-0199544189
Author: Alan Morrison, William Wilhelm 

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.

Investment Banking Institutions Politics and Law 1st Table of contents:

1. Introduction

Market trends

Industry structure

Investment bank activities

The growing dichotomy between specialists and generalists

Conclusion

2. Institutional Theory

Property rights, institutions, and the state

Non-state institutions

State decision-making, the law, and extra-legal contracting

Conclusion

3. An Institutional Theory of Investment Banking

Information, innovation, and property rights

Information marketplaces and investment banking

Internal organization

Industrial organization

Conclusion

4. Investment Banking Origins

Information exchange

Institutions and the law

Mercantile networks

Early capital markets

Conclusion

5. The Rise of the Investment Bank

Merchant banking

The legal and political environment

The evolution of investment banking

Conclusion

6. Investment Banking in the Age of Laissez-Faire

Legal and political environment

Technological advances

The Civil War and retail investment banking

Investment bankers after 1873

Investment banking after 1873

Conclusion

7. Leviathan and the Investment Banks

Changes to the legal and political environment

Legislation, regulation, and investment banking

Industry evolution

United States versus Morgan Stanley

Conclusion

8. The Modern Industrial Revolution

Early computer advances

Early changes to market structure

Real-time computation

The revolution in financial economics

New human capital businesses

Conclusion

9. Inside the Investment Bank

Investment bank partnerships

The joint-stock investment bank

Conclusion

10. What Next?

Large, complex banking organizations

Trading off reputation and financial capital

Small, focused investment banks

Conclusion

Bibliography

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Tags: Alan Morrison, William Wilhelm, Investment Banking, Institutions Politics