Struggle and survival on Wall Street: the economics of competition among securities firms
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | Undetermined |
| Veröffentlicht: |
New York u.a.
Oxford Univ. Press
1994
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| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XIII, 271 S. graph. Darst. |
| ISBN: | 0195050630 |
Internformat
MARC
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| 245 | 1 | 0 | |a Struggle and survival on Wall Street |b the economics of competition among securities firms |c John O. Matthews |
| 264 | 1 | |a New York u.a. |b Oxford Univ. Press |c 1994 | |
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Datensatz im Suchindex
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|---|---|
| adam_text | Contents
I Introduction to the Securities Industry
1 Introduction 3
Design of the Study 4
The New Economics of Organization 5
Strategie Choice 5
A Brief Look at Structural Change Between 1960 and 1980 6
Regulation 7
An Overview of the Book 8
2 Accelerating Change, 1980 1992 9
Changing Economic Conditions 12
Junk Bonds 13
Financial Futures and Options 14
New Approaches to Managing Risk 15
Program Trading 16
Derivative Securities 17
The Impact of Program Trading and Derivatives on Broker Dealers
Trading Activities 18
Corporate Restructuring with Innovative Financing 20
Bridge Loans 21
Merchant Banking Activities 21
The Private Placement Market 22
Conclusion 23
3 An Overview of the Securities Industry 24
Types of Broker Dealers 24
Long Term Industry Trends 25
Organization and Services of Securities Firms 33
Discount Brokers 37
Securities Firms Jobs 37
x Contents
Securities Firms Capital 39
Firm Classifications 39
Overall Industry Model 41
II The Legislative and Regulatory Framework
4 The Legislative Framework 45
The Original Legislation 45
The Glass Steagall Act 46
Legislation in the 1960s 48
The Securities Investor Protection Act of 1970 48
The Securities Act Amendments of 1975 49
Integrating the Disclosure Requirements of the 1933 and 1934 Acts 50
Antitrust Issues 51
Economic Analyses of the Regulatory Framework of the Securities Markets 52
5 The Safety and Soundness of Broker Dealers: The Net Capital Rule 55
The History of the Net Capital Rule 55
The Logic of the Net Capital Rule 56
Alternative Net Capital Rules 57
The Customer Protection Rule 58
Capital Trends 61
Net Capital During the 1987 Market Crash 62
Customer Protection Proceedings: The Experience 64
Benefits of Self Regulation 65
Conclusion 65
6 Principal Agent Problems in the Securities Industry 67
Fiduciary Obligations of Securities Firms 67
Conflicts as a Result of Growth and Diversifikation 68
Conflicts in the Brokerage Business 68
Conflicts in the Dealer Business 72
Conflicts with Institutional Customers 73
Conflicts in Investment Banking 74
The General Economic View of Agency Problems 75
Overall Conflict Control 76
Economic Models of Specific Agency Problems in the Securities Industry 78
Conclusion 79
III Elements of Securities Industry Structure
7 Characteristics of Demand 83
Individuais 83
Institutions 85
Contents
Demand Characteristics 89
Demand in the Core Lines of Business 89
Conclusion 93
8 Costs and Entry Barriers in the Securities Industry 95
Fixed Costs, Sunk Costs, and Entry Barriers 95
Barriers to Entry into the Securities Industry 97
Strategically Created Barriers to Entry 99
Measures of Fixed Costs 101
Cost Estimates Using Brokerage Commission Data 102
Conclusion 104
9 Mergers, Concentration, and Multiproduct Economies of Scale and Scope 106
Merger History 106
Concentration in the Securities Industry 108
Economies of Scale and Scope in the Securities Industry 111
Conclusion 123
IV Conduct
10 Securities Brokerage Pricing 127
Pricing for Individuais 127
Pricing for Institutions 131
An Economic Rationale for Soft Dollars 137
11 Market Making, Proprietary Trading, and Derivatives 140
United States Government Securities 140
The Corporate Bond Market 142
The Municipal Bond Market 143
The OTC Market in Stocks 145
Proprietary Trading 149
Interest Rate and Currency Swaps 150
Derivatives 151
Market Making and Contestability 152
Conclusion 153
12 Investment Banking 154
The Underwriting Function 154
Elasticity of Demand for Underwriting Services 155
Entry and Contestability in Investment Banking 156
Lack of Diversification by Large Investment Bankers into Retail Brokerage 159
Concentration Trends in Underwriting 159
Stability of Leading Positions 160
Prices 160
xü Contents
Impact of Rule 415 on Underwriting 162
Key Investment Banking Lines in the 1980s 164
Strategie Mapping in Investment Banking 167
Strategy Versus Contestability in Investment Banking 169
Conclusion 170
13 Competition Through Innovation 172
The Links Between Market Structure and Innovation 172
Model Development 173
Market Structure Considerations in the Securities Industry 179
Empirical Research on Innovation in the Securities Industry 179
Conclusion 181
14 Diversification by Securities Firms 183
Motives for Diversification 183
The Securities Industry Environment 186
ModesofEntry 189
Facilitating Conditions 190
The Decision Framework 191
Diversification and Relative Position in the Industry 191
Diversification Choices at Problem Firms 193
Diversification into the Securities Industry by Large Financial Institutions 194
The Potential for Creating Strategie Barriers to Entering New Lines
of Business 196
V Performance and Public Policy
15 Merrill Lynch, Morgan Stanley, and Salomon Brothers Adapt 203
Merrill Lynch 204
Morgan Stanley 206
Salomon Brothers 208
Conclusion 212
16 Competition in the International Securities Markets 214
Developments in World Securities Markets 214
Stock Market Capitalization 215
United States Firms in London 217
Competition with the Japanese Securities Industry 218
Conclusion 223
17 Performance of the Securities Industry 225
What We Have Learned from Structure and Conduct Analysis 225
Lack of Evidence of Widespread Collusion in the Industry 226
Contents xiii
Overall Profitability in the Securities Industry 227
DuPont Analysis of Profits of Publicly Held Firms 229
Employment by Firm Category in the 1980s 231
Risk in the Industry 232
Liquidation Risk 236
Compensation in the Securities Industry 236
The Technology of Trading and Fragmented Markets 237
Comparing the Cost of Capital for U.S. and Japanese Securities Firms 238
Sources of Extraordinary Profit for Broker Dealers 239
Focusing on Revenues Rather than Profits 239
Overall Performance of the Securities Industry 240
18 Policy Implications and Recommendations 242
International Competition 242
The Value of U.S. Securities Firms as International Competitors: The Case of
Salomon Brothers 243
Property Rights for New Products and Services 244
SEC CFTC Jurisdictional Disputes 245
Banks Entry into the Securities Industry 246
Broker Dealers Capital and SIPC Insurance 249
More Economic Input into SEC Policymaking 250
References 253
Author Index 265
Subject Index 269
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| indexdate | 2024-07-09T17:40:11Z |
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| isbn | 0195050630 |
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| physical | XIII, 271 S. graph. Darst. |
| publishDate | 1994 |
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| spelling | Matthews, John O. Verfasser aut Struggle and survival on Wall Street the economics of competition among securities firms John O. Matthews New York u.a. Oxford Univ. Press 1994 XIII, 271 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Internationale Wettbewerbsfähigkeit (DE-588)4027386-6 gnd rswk-swf Wertpapierhandel (DE-588)4189707-9 gnd rswk-swf USA (DE-588)4078704-7 gnd rswk-swf USA (DE-588)4078704-7 g Wertpapierhandel (DE-588)4189707-9 s Internationale Wettbewerbsfähigkeit (DE-588)4027386-6 s DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=006446831&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Matthews, John O. Struggle and survival on Wall Street the economics of competition among securities firms Internationale Wettbewerbsfähigkeit (DE-588)4027386-6 gnd Wertpapierhandel (DE-588)4189707-9 gnd |
| subject_GND | (DE-588)4027386-6 (DE-588)4189707-9 (DE-588)4078704-7 |
| title | Struggle and survival on Wall Street the economics of competition among securities firms |
| title_auth | Struggle and survival on Wall Street the economics of competition among securities firms |
| title_exact_search | Struggle and survival on Wall Street the economics of competition among securities firms |
| title_full | Struggle and survival on Wall Street the economics of competition among securities firms John O. Matthews |
| title_fullStr | Struggle and survival on Wall Street the economics of competition among securities firms John O. Matthews |
| title_full_unstemmed | Struggle and survival on Wall Street the economics of competition among securities firms John O. Matthews |
| title_short | Struggle and survival on Wall Street |
| title_sort | struggle and survival on wall street the economics of competition among securities firms |
| title_sub | the economics of competition among securities firms |
| topic | Internationale Wettbewerbsfähigkeit (DE-588)4027386-6 gnd Wertpapierhandel (DE-588)4189707-9 gnd |
| topic_facet | Internationale Wettbewerbsfähigkeit Wertpapierhandel USA |
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