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
... underwriting fees as a percentage of gross proceeds 1.9 Morgan Stanley daily 99 percent per one-day trading VaR 1.10 ... Underwritten debt and equity (common and preferred) as a percentage of GNP 8.6 Public and private securities ...
... underwriting fees as a percentage of gross proceeds 1.9 Morgan Stanley daily 99 percent per one-day trading VaR 1.10 ... Underwritten debt and equity (common and preferred) as a percentage of GNP 8.6 Public and private securities ...
Página xiii
... Underwritten common stock (thousands of US dollars) US transactions 1.5 Mergers and acquisitions (thousands of US ... underwriting relationships in the 1950s and 1960s 9.1 Average partner tenure in 17 prominent investment banks 33 119 ...
... Underwritten common stock (thousands of US dollars) US transactions 1.5 Mergers and acquisitions (thousands of US ... underwriting relationships in the 1950s and 1960s 9.1 Average partner tenure in 17 prominent investment banks 33 119 ...
Página 6
... underwriting fees. In 2004, asset management fees accounted for 7.5 percent of revenues for the ten largest member firms, or about 60 percent of the share accounted for by underwriting fees.2 Banks also serve this market segment ...
... underwriting fees. In 2004, asset management fees accounted for 7.5 percent of revenues for the ten largest member firms, or about 60 percent of the share accounted for by underwriting fees.2 Banks also serve this market segment ...
Página 13
... Underwriting revenue/Capitalization (%) Investment bank capitalization: Top 10 ($ millions: CPI-adjusted) 20,000 1955: $821 m 1980: $6,349 m 1970: $2,314 m 1955 1960 1965 1970 1975 1980 0 1985 Year −10.00% 2000 1990 1995 Figure 1.4 ...
... Underwriting revenue/Capitalization (%) Investment bank capitalization: Top 10 ($ millions: CPI-adjusted) 20,000 1955: $821 m 1980: $6,349 m 1970: $2,314 m 1955 1960 1965 1970 1975 1980 0 1985 Year −10.00% 2000 1990 1995 Figure 1.4 ...
Página 16
... underwritten common stock issues for the banks that managed them (i.e. that acted as 'bookrunner'), and also the value of mergers and acquisitions for which the banks acted as advisers. Several facts are immediately apparent from tables ...
... underwritten common stock issues for the banks that managed them (i.e. that acted as 'bookrunner'), and also the value of mergers and acquisitions for which the banks acted as advisers. Several facts are immediately apparent from tables ...
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