What turns cities into international financial centres? Analysis of cross-border investment banking 2000–2014
研究了2000-2014年各城市跨境投资银行收入数据，发现国际金融中心源于已领先的国内金融中心，其形成依赖大型、灵活、开放的劳动力市场及国际化非金融部门，而股票回报、税收、语言等影响不显著。
Globalisation, financialisation and technology have fuelled competition among international financial centres (IFCs), with investment banks playing an important part in the process. This study introduces novel data on cross-border investment banking revenues in 2000-2014 by city, and investigates their determinants. It shows that IFCs emerge from cities that are already leading domestic financial centres, with large, deep, flexible and open labour markets, and a large and internationalised non-financial sector, in countries with strong rule of law and contract enforcement. Stock market returns, corporate- and finance-specific taxation, English as the official language, and legal family of origin do not seem to matter.