Alan Morrison is Professor of Finance at the Saïd Business School, University of Oxford. His research interests are in the regulation of commercial banking, and the organisation of the investment banking industry. He has published widely in academic journals, and his book Investment Banking: Politics, Institutions, and Law, co-authored with Bill Wilhelm, was recently published by Oxford University Press. He has performed consultancy work for a variety of financial institutions, and was recently Specialist Adviser to the House of Lords Economic Affairs Committee's inquiry into Banking Supervision and Regulation. Alan read Mathematics at Brasenose College, Oxford, 1985–88. Between 1988 and 1995 he worked for Anderson Consulting (now Accenture), Morgan Grenfell and SG Warburg. He then took an MSc at Imperial College in the Foundations of Information Technology. He completed his doctorate at Saïd Business School on ‘Reputation, Opportunism and Crowd Behaviour in Debt Markets’ in 2000.