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 44
Página vi
... retail investment banking Investment bankers after 1873 Investment banking after 1873 Conclusion 156 157 160 162 170 184 7. Leviathan and the Investment Banks 187 Changes to the legal and political environment Legislation, regulation ...
... retail investment banking Investment bankers after 1873 Investment banking after 1873 Conclusion 156 157 160 162 170 184 7. Leviathan and the Investment Banks 187 Changes to the legal and political environment Legislation, regulation ...
Página 1
... (retail) investors to large collective investment vehicles such as pension funds, insurance companies, and mutual funds. While this type of finance has always been important, capital market activity exploded worldwide during the last ...
... (retail) investors to large collective investment vehicles such as pension funds, insurance companies, and mutual funds. While this type of finance has always been important, capital market activity exploded worldwide during the last ...
Página 6
... retail investor counterparts. Later in the book we develop a theoretical model of investment banking, and we bring it to bear upon the historical evolution of the industry from its early origins in the eighteenth-century Atlantic trade ...
... retail investor counterparts. Later in the book we develop a theoretical model of investment banking, and we bring it to bear upon the historical evolution of the industry from its early origins in the eighteenth-century Atlantic trade ...
Página 7
... retail brokerage operations of Dean Witter, and moving into a wide range of businesses from its narrowly focused origins in corporate advisory services. This transition has led to a dramatically increased emphasis on financial capital ...
... retail brokerage operations of Dean Witter, and moving into a wide range of businesses from its narrowly focused origins in corporate advisory services. This transition has led to a dramatically increased emphasis on financial capital ...
Página 9
... retail trading. They could achieve the necessary operating scale only through an injection of financial capital, and the Exchange recognized this in 1971 when it allowed member firms to operate as publicly traded corporations. Trading ...
... retail trading. They could achieve the necessary operating scale only through an injection of financial capital, and the Exchange recognized this in 1971 when it allowed member firms to operate as publicly traded corporations. Trading ...
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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