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 61
Página xi
... Relative importance of tacit and technical skill for investment bank activities 5.1 Foreign trade using Bills of Exchange 5.2 US net capital inflows, 1790–1900 8.1 Advances in processing power, 1950–2001 8.2 Holdings of outstanding US ...
... Relative importance of tacit and technical skill for investment bank activities 5.1 Foreign trade using Bills of Exchange 5.2 US net capital inflows, 1790–1900 8.1 Advances in processing power, 1950–2001 8.2 Holdings of outstanding US ...
Página 3
... relatively modest reliance upon public equity financing. Nevertheless, bank financing remains an important source of ... Relative prices provide information about resource constraints in the economy which helps corporations to plan and ...
... relatively modest reliance upon public equity financing. Nevertheless, bank financing remains an important source of ... Relative prices provide information about resource constraints in the economy which helps corporations to plan and ...
Página 7
... relative to tacit human skill. These changes have had a profound effect upon the structure of the investment banking industry: some institutions have concentrated upon activities where the human element remains paramount; others have ...
... relative to tacit human skill. These changes have had a profound effect upon the structure of the investment banking industry: some institutions have concentrated upon activities where the human element remains paramount; others have ...
Página 13
... relative to the 15 next largest banks. The pattern of increasing capitalization and concentration of capital is even more pronounced when traced back to 1955. The increased requirement for capital arose alongside a sharp rise in the ...
... relative to the 15 next largest banks. The pattern of increasing capitalization and concentration of capital is even more pronounced when traced back to 1955. The increased requirement for capital arose alongside a sharp rise in the ...
Página 14
... final indication of the declining relative importance of human capital is illustrated in figure 1.6, where we report as a percentage of total expenses revenue per income producer and their (non-clerical) compensation 14 Introduction.
... final indication of the declining relative importance of human capital is illustrated in figure 1.6, where we report as a percentage of total expenses revenue per income producer and their (non-clerical) compensation 14 Introduction.
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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