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
... example of a secondary securities market is the New York Stock Exchange (NYSE). We have emphasized the role of securities markets in aggregating widely dispersed information into a single price. For this to happen, securities must be ...
... example of a secondary securities market is the New York Stock Exchange (NYSE). We have emphasized the role of securities markets in aggregating widely dispersed information into a single price. For this to happen, securities must be ...
Página 5
... example, we have already noted that active intervention in under-performing corporations that rely upon security market finance is performed by investors, rather than by their financial intermediary. One mechanism for intervention is ...
... example, we have already noted that active intervention in under-performing corporations that rely upon security market finance is performed by investors, rather than by their financial intermediary. One mechanism for intervention is ...
Página 9
... example, computer-managed trading books are important in the markets for foreign exchange and for financial futures. Nevertheless, while market-making operations demand significant financial capital and face narrowing margins, they ...
... example, computer-managed trading books are important in the markets for foreign exchange and for financial futures. Nevertheless, while market-making operations demand significant financial capital and face narrowing margins, they ...
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... example of the trends that have shaped investment banking in recent years. As in the secondary security markets, participation in the derivatives markets requires investment banks to commit their own capital. Moreover, the skills that ...
... example of the trends that have shaped investment banking in recent years. As in the secondary security markets, participation in the derivatives markets requires investment banks to commit their own capital. Moreover, the skills that ...
Página 19
... example. Investment banks like Lazard have been joined in recent years by a new group of specialized 'boutique ... examples of firms that were founded in this way are Greenhill & Co. and the Blackstone Group. Until very recently, M&A ...
... example. Investment banks like Lazard have been joined in recent years by a new group of specialized 'boutique ... examples of firms that were founded in this way are Greenhill & Co. and the Blackstone Group. Until very recently, M&A ...
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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