Topic:Investment-Banking Relationships:1933-2007
Speaker:Bill Wilhelm (University of Virgina)
Time:3:00-4:30, Sept. 19 (Fri.), 2014
Venue:Huangbingyi Conference Room, Lingnan Hall
Language:English

 


Absract:
        We study the evolution of investment bank relationships with issuers from 1933–2007. The degree to which issuers conditioned upon prior relationship strength when selecting an investment bank declined steadily after the 1960s. The issuer’s probability of selecting a bank with strong relationships with its competitors also declined after the 1970s. In contrast, issuers have placed an increasing emphasis upon the quantity and the quality of their investment bank’s connections with other banks. We relate the structural changes in bank/client relationships beginning in the 1970s to technological changes that altered the institutional constraints under which security issuance occurs.

 



Professor Wilhelm's Introduction:
        Professor Wilhelm is William G. Shenkir Eminent Scholar inMcIntire School of Commerce at University of Virginia, one of the top business schools in US. Professor Wilhelm is an investment banking specialist. His work has been published in The American Economic Review; The 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.