Investment Banking: Institutions, Politics, and LawOUP Oxford, 2008 M09 11 - 362 páginas Investment Banking: Institutions, Politics, and Law provides an economic rationale for the dominant role of investment banks in the capital markets, and uses it to explain both the historical evolution of the investment banking industry and also recent changes to its organization. Although investment decisions rely upon price-relevant information, it is impossible to establish property rights over it and hence is very hard to coordinate its exchange. The authors argue that investment banks help to resolve this problem by managing "information marketplaces," within which extra-legal institutions support the production and dissemination of information that is important to investors. Reputations and relationships are more important in fulfilling this role than financial capital. The authors substantiate their theory with reference to the industry's evolution during the last three centuries. They show how investment banking networks were formed, and identify the informal contracts that they supported. This historical development points to tensions between the relational contracting of investment banks and the regulatory impulses of the State, thus providing some explanation for the periodic large-scale State intervention in the operation of capital markets. Their theory also provides a technological explanation for the massive restructuring of the capital markets in recent decades, which the authors argue can be used to think about the likely future direction of the investment banking industry. |
Dentro del libro
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Página vi
... Morgan Stanley Conclusion 188 196 215 220 223 8. The Modern Industrial Revolution 225 Early computer advances Early changes to market structure Real-time computation The revolution in financial economics New human capital businesses ...
... Morgan Stanley Conclusion 188 196 215 220 223 8. The Modern Industrial Revolution 225 Early computer advances Early changes to market structure Real-time computation The revolution in financial economics New human capital businesses ...
Página viii
... Morgan & Co. at the beginning of the century. But like Morgan, investment banks were soon the target of a regulatory and political backlash of the type witnessed repeatedly throughout the industry's history. Once again, investment ...
... Morgan & Co. at the beginning of the century. But like Morgan, investment banks were soon the target of a regulatory and political backlash of the type witnessed repeatedly throughout the industry's history. Once again, investment ...
Página xi
... Morgan Stanley daily 99 percent per one-day trading VaR 1.10 Investment bank revenues (percent of total revenue, ten largest banks) 3.1 The investment bank's information marketplace 3.2 Relative importance of tacit and technical skill ...
... Morgan Stanley daily 99 percent per one-day trading VaR 1.10 Investment bank revenues (percent of total revenue, ten largest banks) 3.1 The investment bank's information marketplace 3.2 Relative importance of tacit and technical skill ...
Página xiii
... Morgan Stanley business lines 1.7 Percentage of net revenue by functional area for Lazard Freres and Morgan Stanley 4.1 Ratio of stock turnover to nominal capital, 1704–55 (currency amounts in sterling) 5.1 Capitalization and ...
... Morgan Stanley business lines 1.7 Percentage of net revenue by functional area for Lazard Freres and Morgan Stanley 4.1 Ratio of stock turnover to nominal capital, 1704–55 (currency amounts in sterling) 5.1 Capitalization and ...
Página 7
... Morgan Stanley is an exemplar of the large-scale investment bank. It has grown rapidly in the last two decades since shifting from private partnership to public ownership, combining with the retail brokerage operations of Dean Witter ...
... Morgan Stanley is an exemplar of the large-scale investment bank. It has grown rapidly in the last two decades since shifting from private partnership to public ownership, combining with the retail brokerage operations of Dean Witter ...
Contenido
1 | |
2 Institutional Theory | 37 |
3 An Institutional Theory of Investment Banking | 65 |
4 Investment Banking Origins | 97 |
5 The Rise of the Investment Bank | 121 |
6 Investment Banking in the Age of LaissezFaire | 155 |
7 Leviathan and the Investment Banks | 187 |
8 The Modern Industrial Revolution | 225 |
9 Inside the Investment Bank | 265 |
10 What Next? | 293 |
Bibliography | 311 |
Index | 333 |
Otras ediciones - Ver todas
Investment Banking: Institutions, Politics, and Law, Volumen10 Alan D. Morrison,William J. Wilhelm, Jr. Vista previa limitada - 2007 |
Investment Banking: Institutions, Politics, and Law, Volumen10 Alan D. Morrison,William J. Wilhelm Vista de fragmentos - 2007 |
Investment Banking: Institutions, Politics, and Law Alan D. Morrison,William J. Wilhelm, Jr. Sin vista previa disponible - 2007 |
Términos y frases comunes
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