Investment Banking: Institutions, Politics, and Law eBook
$25.00
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.
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About this eTextbook
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. ISBNs for Investment Banking are 9780191647840, 0191647845 and the print ISBNs are 9780199296576, 019929657X.
Additional ISBNs include 9780199544189, 9780191537936.
Publication details
- Author: Alan D. Morrison; William J. Wilhelm Jr.
- Publisher: OUP Oxford
- Additional ISBN: 9780199544189, 9780191537936
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About this eTextbook
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. ISBNs for Investment Banking are 9780191647840, 0191647845 and the print ISBNs are 9780199296576, 019929657X.
Additional ISBNs include 9780199544189, 9780191537936.
Publication details
- Author: Alan D. Morrison; William J. Wilhelm Jr.
- Publisher: OUP Oxford
- Additional ISBN: 9780199544189, 9780191537936
What you receive
- A licensed digital edition of this title, supplied as PDF or EPUB. The format is set by the publisher, so email us the ISBN before ordering and we will confirm which one it is.
- Delivered to the email address on your order as a secure download link, usually within minutes and always within 24 hours of payment.
- Download links do not expire and there is no cap on re-downloads. Readable on any computer, tablet or phone, online or offline.
- This is a digital edition. Nothing is printed, packed or posted, and there is no delivery charge.
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