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. |
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... competitive interplay of these self-interested actors. Relative prices provide information about resource constraints in the economy which helps corporations to plan and to evaluate their own activities. In contrast, there is in general ...
... competitive interplay of these self-interested actors. Relative prices provide information about resource constraints in the economy which helps corporations to plan and to evaluate their own activities. In contrast, there is in general ...
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... competitive strategies. Both Lazard and Greenhill have elected to join the ranks of publicly traded firms. The data ... compete aggressively to manage securities 4 offerings, and to advise on M&A and restructuring transactions, they.
... competitive strategies. Both Lazard and Greenhill have elected to join the ranks of publicly traded firms. The data ... compete aggressively to manage securities 4 offerings, and to advise on M&A and restructuring transactions, they.
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... competition among banks at this stage, and select their investment bank from a field whose members compete in a 'bake-off' presentation of their analysis. Once the investment bank has been formally engaged by the corporation, it deepens ...
... competition among banks at this stage, and select their investment bank from a field whose members compete in a 'bake-off' presentation of their analysis. Once the investment bank has been formally engaged by the corporation, it deepens ...
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... competition from the new entrants.16 By 2000, debt spreads for both large and small offerings had fallen below 50 basis points (i.e. 0.5 percent of gross proceeds). In contrast, while information technology has simplified certain ...
... competition from the new entrants.16 By 2000, debt spreads for both large and small offerings had fallen below 50 basis points (i.e. 0.5 percent of gross proceeds). In contrast, while information technology has simplified certain ...
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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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