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 50
Página xi
... 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 equities, 1945–2000 8.3 Merrill Lynch ...
... 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 equities, 1945–2000 8.3 Merrill Lynch ...
Página 6
... skills in the asset management business, both directly and indirectly. Investment banks have sharply increased their direct participation by managing and marketing mutual funds and hedge funds. As recently as 1980, the ten largest NYSE ...
... skills in the asset management business, both directly and indirectly. Investment banks have sharply increased their direct participation by managing and marketing mutual funds and hedge funds. As recently as 1980, the ten largest NYSE ...
Página 7
... 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 embraced new technologies ...
... 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 embraced new technologies ...
Página 10
... skills that they need are more akin to engineering than to the judgment- and relationship-based knowledge of the traditional investment banker. The increasing importance of financial capital for investment banking has raised the minimum ...
... skills that they need are more akin to engineering than to the judgment- and relationship-based knowledge of the traditional investment banker. The increasing importance of financial capital for investment banking has raised the minimum ...
Página 15
... skills that are hard-to-acquire and hard-to-prove or to disprove. The bank's ability to sell these skills again rests upon its reputation: indeed, we argue in chapter nine that the need to maintain a reputation for highly skilled ...
... skills that are hard-to-acquire and hard-to-prove or to disprove. The bank's ability to sell these skills again rests upon its reputation: indeed, we argue in chapter nine that the need to maintain a reputation for highly skilled ...
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
ability able activities advisory agents American argued assets associated attempt bank’s bankers became Bill bonds capital Carosso century changes chapter clients close communications companies competition concerned contracts corporate costs courts created deal debt discussion early economic effect employees enforcement equity established evidence example Exchange figure firm’s firms forced formal funds hence houses human capital important incentives increased increasingly industry innovations institutions interest investment banks investors issuers issues knowledge less loan ment merchants million Morgan nineteenth noted occurred offerings operations parties partnership percent position practice problems production profits property rights railroad reason relationships relatively rely reorganization reported reputation response result retail role rules scale securities share skills social syndicate tacit tion trading transactions trust undermined underwriting York