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 82
Página vi
... banking Conclusion 126 136 153 155 6. Investment Banking in the Age of Laissez-Faire Legal and political environment Technological advances The Civil War and retail investment banking Investment bankers after 1873 Investment banking ...
... banking Conclusion 126 136 153 155 6. Investment Banking in the Age of Laissez-Faire Legal and political environment Technological advances The Civil War and retail investment banking Investment bankers after 1873 Investment banking ...
Página vii
... banking business. (William O. Douglas)1 Justice Harold R. Medina stated in 1954 that 'it would be difficult to ... bankers add to economic life. This is the goal that we have set ourselves in this book. It is not enough to answer ...
... banking business. (William O. Douglas)1 Justice Harold R. Medina stated in 1954 that 'it would be difficult to ... bankers add to economic life. This is the goal that we have set ourselves in this book. It is not enough to answer ...
Página viii
... bankers, have shaped the contours of today's investment banking industry, and thus have affected the development of Anglo-American capitalism. We address these issues by developing an economic rationale for investment bankers, and ...
... bankers, have shaped the contours of today's investment banking industry, and thus have affected the development of Anglo-American capitalism. We address these issues by developing an economic rationale for investment bankers, and ...
Página 6
... bankers increasingly help to implement their advice through the design and placement of derivative contracts that lower funding costs, reduce the threat of financial distress, or sharpen performance incentives within the firm. In many ...
... bankers increasingly help to implement their advice through the design and placement of derivative contracts that lower funding costs, reduce the threat of financial distress, or sharpen performance incentives within the firm. In many ...
Página 19
... banking industry only when legal restrictions on their activities were removed by the 1999 repeal of the 1933 Glass ... bankers who have left bulge-bracket firms to start their own businesses. We argue in chapter ten that they chose to ...
... banking industry only when legal restrictions on their activities were removed by the 1999 repeal of the 1933 Glass ... bankers who have left bulge-bracket firms to start their own businesses. We argue in chapter ten that they chose to ...
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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