Investment banking: institutions, politics, and law
Saved in:
| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Oxford [u.a.]
Oxford Univ. Press
2007
|
| Edition: | 1. publ. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis Klappentext |
| Physical Description: | IX, 341 S. graph. Darst. |
| ISBN: | 9780199296576 019929657X |
Staff View
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Record in the Search Index
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| adam_text | Investment
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 organiza¬
tion. 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
argue that investment banks help to resolve this
problem by managing information market¬
places, within which extra-legal institutions
support the production and dissemination
ofinformation
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 invest¬
ment 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.
Alan Morrison s research is largely concerned
with commercial and investment banking.
His work has been published in the American
Economic Review, the Journal of Financial
Economics, the Journal of Business, the Journal
of Business Finance and Accounting, the Scottish
Journal of Political Economy, the Geneva Papers
and Economics Letters. He worked for six years
in management consultancy and investment
banking before taking his doctorate in Oxford.
Since
at the Said Business School and a fellow of
Merton College, University of Oxford.
Bill Wilhelm s research focuses on investment
banks and securities offerings. He has written
extensively on initial public offerings and his
work has been published in the American
Economic Review, Journal of Finance, Journal
of Financial Economics, The Review of Financial
Studies, Journal of Financial Intermediation,
Journal of Money, Credit, and Banking, Oxford
Review of Economic Policy, and Journal of
Applied Corporate Finance. Professor
began his academic career in
E. Carroll School of Management at Boston
College. Before joining the Mclntire School
of Commerce at the University of Virginia in
2002,
Standard Companies Chair in Management
Studies at the Said Business School and was
a Professorial Fellow of St Edmund Hall,
University of Oxford, where he began
serving as a visiting fellow in
Contents
Prologue
List of Figures
List of Tables
1.
Market trends
Industry structure
Investment bank activities
The growing dichotomy between specialists and
generalists
Conclusion
2.
Property rights, institutions, and the state
Non-state institutions
State decision-making, the law, and extra-legal
contracting
Conclusion
3.
Information, innovation, and property rights
Information marketplaces and investment banking
Internal organization
Industrial organization
Conclusion
4.
Information exchange
Institutions and the law
Mercantile networks
Early capital markets
Conclusion
5.
Merchant banking
vi
The legal and political environment
The evolution of investment banking
Conclusion
6.
Legal and political environment
Technological advances
The Civil War and retail investment banking
Investment bankers after
Investment banking after
Conclusion
7.
Changes to the legal and political environment
Legislation, regulation, and investment banking
Industry evolution
United States versus Morgan Stanley
Conclusion
8.
Early computer advances
Early changes to market structure
Real-time computation
The revolution in financial economics
New human capital businesses
Conclusion
9.
Investment bank partnerships
The joint-stock investment bank
Conclusion
10.
Large, complex banking organizations
Small, focused investment banks
Conclusion
Bibliography
Index
|
| adam_txt |
Investment
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 organiza¬
tion. 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
argue that investment banks help to resolve this
problem by managing "information market¬
places," within which extra-legal institutions
support the production and dissemination
ofinformation
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 invest¬
ment 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.
Alan Morrison's research is largely concerned
with commercial and investment banking.
His work has been published in the American
Economic Review, the Journal of Financial
Economics, the Journal of Business, the Journal
of Business Finance and Accounting, the Scottish
Journal of Political Economy, the Geneva Papers
and Economics Letters. He worked for six years
in management consultancy and investment
banking before taking his doctorate in Oxford.
Since
at the Said Business School and a fellow of
Merton College, University of Oxford.
Bill Wilhelm's research focuses on investment
banks and securities offerings. He has written
extensively on initial public offerings and his
work has been published in the American
Economic Review, Journal of Finance, Journal
of Financial Economics, The Review of Financial
Studies, Journal of Financial Intermediation,
Journal of Money, Credit, and Banking, Oxford
Review of Economic Policy, and Journal of
Applied Corporate Finance. Professor
began his academic career in
E. Carroll School of Management at Boston
College. Before joining the Mclntire School
of Commerce at the University of Virginia in
2002,
Standard Companies Chair in Management
Studies at the Said Business School and was
a Professorial Fellow of St Edmund Hall,
University of Oxford, where he began
serving as a visiting fellow in
Contents
Prologue
List of Figures
List of Tables
1.
Market trends
Industry structure
Investment bank activities
The growing dichotomy between specialists and
generalists
Conclusion
2.
Property rights, institutions, and the state
Non-state institutions
State decision-making, the law, and extra-legal
contracting
Conclusion
3.
Information, innovation, and property rights
Information marketplaces and investment banking
Internal organization
Industrial organization
Conclusion
4.
Information exchange
Institutions and the law
Mercantile networks
Early capital markets
Conclusion
5.
Merchant banking
vi
The legal and political environment
The evolution of investment banking
Conclusion
6.
Legal and political environment
Technological advances
The Civil War and retail investment banking
Investment bankers after
Investment banking after
Conclusion
7.
Changes to the legal and political environment
Legislation, regulation, and investment banking
Industry evolution
United States versus Morgan Stanley
Conclusion
8.
Early computer advances
Early changes to market structure
Real-time computation
The revolution in financial economics
New human capital businesses
Conclusion
9.
Investment bank partnerships
The joint-stock investment bank
Conclusion
10.
Large, complex banking organizations
Small, focused investment banks
Conclusion
Bibliography
Index |
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| index_date | 2024-07-02T16:46:43Z |
| indexdate | 2024-07-09T20:53:51Z |
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| isbn | 9780199296576 019929657X |
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| spelling | Morrison, Alan 1967- Verfasser (DE-588)129218219 aut Investment banking institutions, politics, and law Alan D. Morrison and William J. Wilhelm 1. publ. Oxford [u.a.] Oxford Univ. Press 2007 IX, 341 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Geschichte gnd rswk-swf Investment Bank Investment Banking Investment banking Investment Banking (DE-588)4200159-6 gnd rswk-swf USA (DE-588)4078704-7 gnd rswk-swf Investment Banking (DE-588)4200159-6 s DE-188 USA (DE-588)4078704-7 g Geschichte z Wilhelm, William J. 1959- Verfasser (DE-588)12482594X aut Digitalisierung UB Regensburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015483369&sequence=000003&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis Digitalisierung UB Regensburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015483369&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA Klappentext |
| spellingShingle | Morrison, Alan 1967- Wilhelm, William J. 1959- Investment banking institutions, politics, and law Investment Bank Investment Banking Investment banking Investment Banking (DE-588)4200159-6 gnd |
| subject_GND | (DE-588)4200159-6 (DE-588)4078704-7 |
| title | Investment banking institutions, politics, and law |
| title_auth | Investment banking institutions, politics, and law |
| title_exact_search | Investment banking institutions, politics, and law |
| title_exact_search_txtP | Investment banking institutions, politics, and law |
| title_full | Investment banking institutions, politics, and law Alan D. Morrison and William J. Wilhelm |
| title_fullStr | Investment banking institutions, politics, and law Alan D. Morrison and William J. Wilhelm |
| title_full_unstemmed | Investment banking institutions, politics, and law Alan D. Morrison and William J. Wilhelm |
| title_short | Investment banking |
| title_sort | investment banking institutions politics and law |
| title_sub | institutions, politics, and law |
| topic | Investment Bank Investment Banking Investment banking Investment Banking (DE-588)4200159-6 gnd |
| topic_facet | Investment Bank Investment Banking Investment banking USA |
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