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 49
Página ix
... practice of investment banking we are particularly grateful to Don Chew, Peter Engel, Jim Harris, Shaw Joseph, Mike Millette, Bill Schnoor and Vic Simone. Ed Perkins and Alexander Ljungqvist were particularly helpful in checking ...
... practice of investment banking we are particularly grateful to Don Chew, Peter Engel, Jim Harris, Shaw Joseph, Mike Millette, Bill Schnoor and Vic Simone. Ed Perkins and Alexander Ljungqvist were particularly helpful in checking ...
Página 21
... practice of 'tying': offering lending facilities on attractive terms to prospective security issuers, or threatening explicitly or implicitly to withdraw lending facilities from clients who engaged other banks for issuance business. The ...
... practice of 'tying': offering lending facilities on attractive terms to prospective security issuers, or threatening explicitly or implicitly to withdraw lending facilities from clients who engaged other banks for issuance business. The ...
Página 22
... practice. Jenkinson, Morrison, and Wilhelm (2005) provide a detailed account of both European and US practice. 12 See Ellis, Michaely, and O'Hara (2000). 13 See Ljungqvist 22 Introduction.
... practice. Jenkinson, Morrison, and Wilhelm (2005) provide a detailed account of both European and US practice. 12 See Ellis, Michaely, and O'Hara (2000). 13 See Ljungqvist 22 Introduction.
Página 25
... 16 For similar reasons, the debt markets adapted more rapidly to pressures toward mechanization of issuance and trading practices. See chapter eight. During the week ending August 12, 2005, program trading accounted Introduction 25.
... 16 For similar reasons, the debt markets adapted more rapidly to pressures toward mechanization of issuance and trading practices. See chapter eight. During the week ending August 12, 2005, program trading accounted Introduction 25.
Página 27
... practice in these areas. Older approaches to managing trading portfolios relied upon judgment, trust, and rule-of-thumb heuristics. These have been supplanted by sophisticated techniques based upon statistical analysis and ...
... practice in these areas. Older approaches to managing trading portfolios relied upon judgment, trust, and rule-of-thumb heuristics. These have been supplanted by sophisticated techniques based upon statistical analysis and ...
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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