Investment Banking: Institutions, Politics, and Law, Volumen10OUP Oxford, 2007 - 341 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 it is very hard to coordinate its exchange. The authors arguethat 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 financialcapital.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. Theirtheory 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. |
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Página 24
... offerings ( measured by gross proceeds ) . minimal : the shares are generally sold within hours to the institutional investors who make up the investment bank's book . The mechanics of Seasoned Equity Offerings ( SEOs ) and debt offer ...
... offerings ( measured by gross proceeds ) . minimal : the shares are generally sold within hours to the institutional investors who make up the investment bank's book . The mechanics of Seasoned Equity Offerings ( SEOs ) and debt offer ...
Página 25
... offerings present far less serious informational frictions than do equity offerings . Thus it is natural that debt spreads responded more rapidly and in a more extreme fashion to competition from the new entrants.16 By 2000 , debt ...
... offerings present far less serious informational frictions than do equity offerings . Thus it is natural that debt spreads responded more rapidly and in a more extreme fashion to competition from the new entrants.16 By 2000 , debt ...
Página 140
... offerings or public subscriptions . This enabled anyone to place a bid in the Treasury's book , with shares being allocated on a pro rata basis in the event of oversubscription . The contemporary perception that intermediating ...
... offerings or public subscriptions . This enabled anyone to place a bid in the Treasury's book , with shares being allocated on a pro rata basis in the event of oversubscription . The contemporary perception that intermediating ...
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 Alan D. Morrison,William J. Wilhelm Jr. Vista previa limitada - 2008 |
Investment Banking: Institutions, Politics, and Law Alan D. Morrison,William J. Wilhelm, Jr. Sin vista previa disponible - 2007 |
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