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 60
Página vii
... increasing importance elsewhere. Their actions are sometimes controversial, and their business activities have attracted press and government scrutiny for over a century. Although it sometimes seems that everyone has an opinion on the ...
... increasing importance elsewhere. Their actions are sometimes controversial, and their business activities have attracted press and government scrutiny for over a century. Although it sometimes seems that everyone has an opinion on the ...
Página viii
... increased level of financial market regulation. As we shall see in the course of the book, New Deal controls over financial markets started to erode almost as soon as they were introduced. The final stage in this erosion was the 1999 ...
... increased level of financial market regulation. As we shall see in the course of the book, New Deal controls over financial markets started to erode almost as soon as they were introduced. The final stage in this erosion was the 1999 ...
Página 6
... increased their direct participation by managing and marketing mutual funds and hedge funds. As recently as 1980, the ten largest NYSE member firms (measured by capitalization), all large investment banking concerns, earned less than ...
... increased their direct participation by managing and marketing mutual funds and hedge funds. As recently as 1980, the ten largest NYSE member firms (measured by capitalization), all large investment banking concerns, earned less than ...
Página 8
... increased the efficient operating scale for investment banks, and hence increased the importance of financial capital; they simultaneously reduced the importance in trading rooms of human experience and judgment, as opposed to technical ...
... increased the efficient operating scale for investment banks, and hence increased the importance of financial capital; they simultaneously reduced the importance in trading rooms of human experience and judgment, as opposed to technical ...
Página 9
... increased by a further factor of four from its 1970 level, forcing the Exchange to introduce (in 1976) the designated order turnaround (DOT) system for electronic routing and execution of small orders against quotes provided by floor ...
... increased by a further factor of four from its 1970 level, forcing the Exchange to introduce (in 1976) the designated order turnaround (DOT) system for electronic routing and execution of small orders against quotes provided by floor ...
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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