000			02439nam a22002177a 4500
999			_c1789 _d1789
005			20220309151608.0
008			220309b ||||| |||| 00| 0 eng d
020			_a9780199544189
082			_a332.66 _bMOR
100			_aMorrison, Alan D. _94705
245			_aInvestment banking: institutions, politics, and law
260			_bOxford University Press _aOxford _c2012
300			_aix, 347 p.
365			_aGBP _b30.99
504			_aTable of Contents 1:Introduction 2:Institutional Theory 3:An Institutional Theory of Investment Banking 4:Investment Banking Origins 5:The Rise of the Investment Bank 6:Investment Banking in the Age of Laissez-Faire 7:Leviathan and the Investment Banks 8:The Modern Industrial Revolution 9:Inside the Investment Bank 10:What Next?
520			_aInvestment 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.
650			_aInvestment banking _95859
650			_aBanks and banking _9442
650			_aInvestments _91165
942			_2ddc _cBK