William J. Wilhelm Jr.

William G. Shenkir Eminent Scholar Professor; Director, Global Commerce Scholars
Finance

William J. Wilhelm Jr.
+1 434-924-7666
Office: 
369
PDF icon Curriculum vitae (155.96 KB)
Education: 
Ph.D., Business Administration (Finance), Louisiana State University
M.A., Economics, Wichita State University
B.B.A. (Finance), Wichita State University
Areas of Expertise: 
Finance
Investment banking: industry history and structure
Professional Activities: 
Professor Wilhelm is an investment banking specialist. He has taught a wide range of courses, including investments, derivatives, financial institutions, investment banking, and the organizational design of financial services firms.
 
Professor Wilhelm’s teaching interests include investment banking, corporate finance and financial engineering. His research focuses on the investment banking industry, and he has written extensively on how economic and (extra-) legal functions of investment banks have evolved through time in response to changes in their operating environment. Much of his work focuses on the securities issuance function, with special emphasis on initial public offerings of equity (IPOs). His work has been published in The American Economic ReviewThe Journal of FinanceJournal of Financial Economics;The Review of Financial StudiesJournal of Financial IntermediationJournal of Money, Credit, and BankingOxford Review of Economic Policy; and Journal of Applied Corporate Finance. His first book, Information Markets (Harvard Business School Press, 2001), explains how recent advances in information technology are transforming financial markets. Professor Wilhelm’s latest book, Investment Banking: Institutions, Politics, and Law(Oxford University Press, 2007) is an economic history of the investment banking industry.
 
Professor Wilhelm began his academic career in 1988 at the Wallace E. Carroll School of Management at Boston College. Before joining McIntire, Professor Wilhelm held the American Standard Companies Chair in Management Studies at the Saïd Business School and was a Professorial Fellow of St Edmund Hall, University of Oxford, where he began serving as a visiting fellow in 1998. Professor Wilhelm also has held visiting appointments at the Institut d’Economie Industrielle (IDEI) in Toulouse, France, and at the Federal Home Loan Mortgage Corporation. He has worked as a consultant for the Resolution Trust Corporation, Dresdner Securities, London Economics, and Oxford Economic Research Associates and in executive education for the ING Group.

Selected Publications:

“Opacity, Complexity, and Self-Regulation in Investment Banking,” The George Washington University Law Review, 2015 (with A. Morrison).

“Traders vs. Relationship Managers: Reputational Conflicts in Full-Service Investment Banks,” The Review of Financial Studies, 2015 (Z. Chen, A. Morrison, and W. Wilhelm).

“Investment Bank Reputation and ‘Star’ Cultures,” The Review of Corporate Finance Studies, 2014 (with Z. Chen and A. Morrison). Lead article.

“Information Production by Investment Banks,” Journal of Financial and Quantitative Analysis, 2012 (with Z. Chen).

“Computerization and the ABACUS: Reputation, Trust, and Fiduciary Responsibility in Investment Banking,” Journal of Corporation Law, 2012 (with S. Davidoff and A. Morrison).

“The Demise of Investment-Banking Partnerships: Theory and Evidence,” The Journal of Finance, 2008 (with A. Morrison).

“Competing for Securities Underwriting Mandates: Banking Relationships and Analyst Recommendations,” The Journal of Finance, 2006 (A. Ljungqvist, F. Marston and W. Wilhelm).