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 71
Página viii
... issues by developing an economic rationale for investment bankers, and attempting to situate it in a broader social and legal context. We hope that this 'institutional' perspective on investment banking sheds some light on the evolution ...
... issues by developing an economic rationale for investment bankers, and attempting to situate it in a broader social and legal context. We hope that this 'institutional' perspective on investment banking sheds some light on the evolution ...
Página xiii
... issues, by class of security, 1919–29 (millions) 8.1 Client underwriting relationships in the 1950s and 1960s 9.1 Average partner tenure in 17 prominent investment banks 33 119 143 153 7.1 176 183 218 256 282 This page intentionally ...
... issues, by class of security, 1919–29 (millions) 8.1 Client underwriting relationships in the 1950s and 1960s 9.1 Average partner tenure in 17 prominent investment banks 33 119 143 153 7.1 176 183 218 256 282 This page intentionally ...
Página 3
... issue public debt securities. The securities markets for newly issued securities are generally referred to as primary markets. The term is slightly misleading in the sense that there is no separate formal market for new securities: the ...
... issue public debt securities. The securities markets for newly issued securities are generally referred to as primary markets. The term is slightly misleading in the sense that there is no separate formal market for new securities: the ...
Página 5
... issue. They could profit from this information if they used it to trade in the security after issuance. Persuading them to reveal it instead, so that the new issue can be more accurately priced, is therefore possible only if the issuer ...
... issue. They could profit from this information if they used it to trade in the security after issuance. Persuading them to reveal it instead, so that the new issue can be more accurately priced, is therefore possible only if the issuer ...
Página 16
... issues for the banks that managed them (i.e. that acted as 'bookrunner'), and also the value of mergers and acquisitions for which the banks acted as advisers. Several facts are immediately apparent from tables 1.4 and 1.5. First, the ...
... issues for the banks that managed them (i.e. that acted as 'bookrunner'), and also the value of mergers and acquisitions for which the banks acted as advisers. Several facts are immediately apparent from tables 1.4 and 1.5. First, the ...
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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