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 55
Página vi
... partnerships The joint-stock investment bank Conclusion 267 280 291 10. What Next? 293 Large, complex banking organizations Small, focused investment banks Conclusion 294 300 309 Bibliography 311 Index 333 Prologue The Securities Act ...
... partnerships The joint-stock investment bank Conclusion 267 280 291 10. What Next? 293 Large, complex banking organizations Small, focused investment banks Conclusion 294 300 309 Bibliography 311 Index 333 Prologue The Securities Act ...
Página ix
... partnership data, and we are also happy to acknowledge assistance with data from Sang Lee of Aite Research and Marc ... partnerships were shaped in conversations with Bruno Biais, Zhaohui Chen, Steven Tadelis, Bharat Anand, Oren Sussman ...
... partnership data, and we are also happy to acknowledge assistance with data from Sang Lee of Aite Research and Marc ... partnerships were shaped in conversations with Bruno Biais, Zhaohui Chen, Steven Tadelis, Bharat Anand, Oren Sussman ...
Página xiii
... partnership size for leading investment houses, 1815–18 5.2 Capitalization and partnership size for leading investment houses, 1850–5 6.1 Dollar increase in stocks and bonds issued by US Railroads, 1875–95 6.2 Consolidations per year in ...
... partnership size for leading investment houses, 1815–18 5.2 Capitalization and partnership size for leading investment houses, 1850–5 6.1 Dollar increase in stocks and bonds issued by US Railroads, 1875–95 6.2 Consolidations per year in ...
Página 7
... partnership, focused almost exclusively on the advisory businesses in which human agency remains critical. Lazard's recent IPO marked both the culmination of the steady demise of private partnerships within the top tier of the industry ...
... partnership, focused almost exclusively on the advisory businesses in which human agency remains critical. Lazard's recent IPO marked both the culmination of the steady demise of private partnerships within the top tier of the industry ...
Página 15
... partnership form of organization. The importance of tacit human capital, the need to tie this capital to the investment bank, and the value of reputational capital can help us to explain the industrial organization of the investment ...
... partnership form of organization. The importance of tacit human capital, the need to tie this capital to the investment bank, and the value of reputational capital can help us to explain the industrial organization of the investment ...
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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