| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4891 |
| DP4891 Intermediation in Innovation | |
| Heidrun C. Hoppe-Wewetzer; Emre Ozdenoren | |
| 发表日期 | 2005-02-23 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | Until 1970, the New York Stock Exchange prohibited public incorporation of member firms. After the rules were relaxed to allow joint stock firm membership, investment-banking concerns organized as partnerships or closely-held private corporations went public in waves, with Goldman Sachs (1999) the last of the bulge bracket banks to float. In this paper we ask why the Investment Banks chose to float after 1970, and why they did so in waves. In our model, partnerships have a role in fostering the formation of human capital (Morrison and Wilhelm, 2003). We examine in this context the effect of technological innovations which serve to replace or to undermine the role of the human capitalist and hence we provide a technological theory of the partnership?s going-public decision. We support our theory with a new dataset of investment bank partnership statistics. |
| 主题 | Financial Economics |
| 关键词 | Going-public decision Partnership Human capital Collective reputation Investment bank |
| URL | https://cepr.org/publications/dp4891 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533795 |
| 推荐引用方式 GB/T 7714 | Heidrun C. Hoppe-Wewetzer,Emre Ozdenoren. DP4891 Intermediation in Innovation. 2005. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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