The demise of investment banking partnerships: Theory and evidence

• 成果类型: Article
• 署名作者: Morrison, Alan D.; Wilhelm, William J., Jr.
• 署名单位: University of Oxford; University of Virginia
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/j.1540-6261.2008.01317.x
• 发表日期: 2008
• 页码: 311-350
• 关键词: Reputation

摘要

In 1970 the New York Stock Exchange relaxed rules that prohibited the public incorporation of member firms. Investment banking concerns went public in waves, with Goldman Sachs the last of the bulge bracket banks to float. We explain the pattern of investment bank flotations. We argue that partnerships foster the formation of human capital and we use technological advances that undermine the role of human capital to explain the partnership's going-public decision. We support our theory using a new data set of investment bank partnership statistics.