Institutions, Politics, and Law
Alan D. Morrison and William J. Wilhelm, Jr.
Reviews and Awards
"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 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