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 84
Página vi
... 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 [of 1933] will be fully justified vi Contents.
... 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 [of 1933] will be fully justified vi Contents.
Página ix
... Securities Industry Association. For informative and instructive conversations about the practice of investment banking we are particularly grateful to Don Chew, Peter Engel, Jim Harris, Shaw Joseph, Mike Millette, Bill Schnoor and Vic ...
... Securities Industry Association. For informative and instructive conversations about the practice of investment banking we are particularly grateful to Don Chew, Peter Engel, Jim Harris, Shaw Joseph, Mike Millette, Bill Schnoor and Vic ...
Página xi
... securities market activity (billions of US dollars, CPI-adjusted: 1983 dollars) 1.2 Equity market capitalization as a percentage of GDP for major industrialized countries 1.3 New York Stock Exchange average daily trading volume, 1960 ...
... securities market activity (billions of US dollars, CPI-adjusted: 1983 dollars) 1.2 Equity market capitalization as a percentage of GDP for major industrialized countries 1.3 New York Stock Exchange average daily trading volume, 1960 ...
Página xiii
... 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 left blank 1 Introduction Securities markets are List of Tables.
... 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 left blank 1 Introduction Securities markets are List of Tables.
Página xiv
Institutions, Politics, and Law Alan D. Morrison, William J. Wilhelm Jr. This page intentionally left blank 1 Introduction Securities markets are an increasingly important source of.
Institutions, Politics, and Law Alan D. Morrison, William J. Wilhelm Jr. This page intentionally left blank 1 Introduction Securities markets are an increasingly important source of.
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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