Investment Banking: Institutions, Politics, and Law Book

Prologue     vii
List of Figures     xi
List of Tables     xiii
Introduction     1
Market trends     7
Industry structure     15
Investment bank activities     21
The growing dichotomy between specialists and generalists     30
Conclusion     35
Institutional Theory     37
Property rights, institutions, and the state     38
Non-state institutions     45
State decision-making, the law, and extra-legal contracting     59
Conclusion     62
An Institutional Theory of Investment Banking     65
Information, innovation, and property rights     67
Information marketplaces and investment banking     71
Internal organization     88
Industrial organization     92
Conclusion     95
Investment Banking Origins     97
Information exchange     98
Institutions and the law     101
Mercantile networks     107
Early capital markets     117
Conclusion     120
The Rise of the Investment Bank     121
Merchant banking     123
The legal andpolitical environment     126
The evolution of investment banking     136
Conclusion     153
Investment Banking in the Age of Laissez-Faire     155
Legal and political environment     156
Technological advances     157
The Civil War and retail investment banking     160
Investment bankers after 1873     162
Investment banking after 1873     170
Conclusion     184
Leviathan and the Investment Banks     187
Changes to the legal and political environment     188
Legislation, regulation, and investment banking     196
Industry evolution     215
United States versus Morgan Stanley     220
Conclusion     223
The Modern Industrial Revolution     225
Early computer advances     227
Early changes to market structure     231
Real-time computation     238
The revolution in financial economics     242
New human capital businesses     249
Conclusion     263
Inside the Investment Bank     265
Investment bank partnerships     267
The joint-stock investment bank     280
Conclusion      291
What Next?     293
Large, complex banking organizations     294
Small, focused investment banks     300
Conclusion     309
Bibliography     311
Index     333