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
Resultados 1-5 de 35
Página 5
... advisory work is an important part of their business. Given their expertise in the primary security markets, it is natural that investment banks should be active players in the secondary markets, too. For example, their willingness to ...
... advisory work is an important part of their business. Given their expertise in the primary security markets, it is natural that investment banks should be active players in the secondary markets, too. For example, their willingness to ...
Página 7
... advisory services. This transition has led to a dramatically increased emphasis on financial capital relative to human capital in Morgan Stanley's production process. Within the last year, the rising tension between human and financial ...
... advisory services. This transition has led to a dramatically increased emphasis on financial capital relative to human capital in Morgan Stanley's production process. Within the last year, the rising tension between human and financial ...
Página 13
... advisory revenue data series is the 'other' revenue category reported by the SIA. The most important component of this category is fees from OTC derivatives and M&A advisory work. Sources: SIA, Securities Industry Databank and Factbook ...
... advisory revenue data series is the 'other' revenue category reported by the SIA. The most important component of this category is fees from OTC derivatives and M&A advisory work. Sources: SIA, Securities Industry Databank and Factbook ...
Página 19
... advisory work.5 Moreover, some firms have largely specialized in M&A advisory services: Lazard Freres is a noteworthy example. Investment banks like Lazard have been joined in recent years by a new group of specialized 'boutique' banks ...
... advisory work.5 Moreover, some firms have largely specialized in M&A advisory services: Lazard Freres is a noteworthy example. Investment banks like Lazard have been joined in recent years by a new group of specialized 'boutique' banks ...
Página 21
... advisory functions that rest upon the provision and interpretation of this type of information. This type of advice is provided to firms and governmental organizations that wish to raise funds in the securities markets; to corporations ...
... advisory functions that rest upon the provision and interpretation of this type of information. This type of advice is provided to firms and governmental organizations that wish to raise funds in the securities markets; to corporations ...
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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