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 4
... creation of a completely new market. The markets in which securities trade after they are issued are known as secondary markets. The most visible example of a secondary securities market is the New York Stock Exchange (NYSE). We have ...
... creation of a completely new market. The markets in which securities trade after they are issued are known as secondary markets. The most visible example of a secondary securities market is the New York Stock Exchange (NYSE). We have ...
Página 7
... created the economies of scale and scope needed to succeed in those business lines that rely increasingly upon large ... creating an environment in which information production will occur. It accomplishes this by creating an information ...
... created the economies of scale and scope needed to succeed in those business lines that rely increasingly upon large ... creating an environment in which information production will occur. It accomplishes this by creating an information ...
Página 8
... creation activity of investment banks has scarcely changed since the inception of securities markets (see chapters four to seven). However, the way in which it has been prosecuted has changed constantly in response to technological ...
... creation activity of investment banks has scarcely changed since the inception of securities markets (see chapters four to seven). However, the way in which it has been prosecuted has changed constantly in response to technological ...
Página 15
... creation of informational assets. Since these assets cannot be the subject of formal financial contracts, the investment bank creates an environment within which mutual trust underpins agreements to find, and to pay for, price-relevant ...
... creation of informational assets. Since these assets cannot be the subject of formal financial contracts, the investment bank creates an environment within which mutual trust underpins agreements to find, and to pay for, price-relevant ...
Página 20
... creating and sustaining reputations with clients. As a result, the exclusivity of client–bank relationships has diminished in recent years. This trend became pronounced during 6 7 The lead manager in an underwriting syndicate ...
... creating and sustaining reputations with clients. As a result, the exclusivity of client–bank relationships has diminished in recent years. This trend became pronounced during 6 7 The lead manager in an underwriting syndicate ...
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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