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Books > Business & Economics > Industry & industrial studies > Service industries > Sport & leisure industries
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Competition Law and Financial Services (Hardcover, New)
Loot Price: R4,358
Discovery Miles 43 580
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Competition Law and Financial Services (Hardcover, New)
Series: Routledge Research in Finance and Banking Law
Expected to ship within 12 - 17 working days
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Competition law underpins the market economy by prohibiting
anti-competitive agreements and practices, and the abuse of
dominant positions in the market. Until the financial crisis it was
widely assumed that the financial services industry was highly
competitive. This book explores the extent to which this is the
case. By analysing crisis and pre-crisis competition law cases and
examples from the UK, the EU and around the world, David Harrison
asks whether there exists good reason for financial services to be
treated differently from the rest of the market economy. The theory
of market efficiency is not borne out in practice. He particularly
draws upon John Maynard Keynes in examining the differences between
price mechanisms in product markets for "normal" goods, and price
mechanisms in financial and investment markets where expectations
of the future tend to play a greater role, leading to greater price
fluctuations. In this evaluation, the book examines aspects of the
practical functioning of capital markets such as the phenomenon of
herding behaviour by financial participants, how short-term
behaviour by intermediaries can be to the disadvantage of savers
and productive investment, the relationship between investment
markets and product markets and the extent to which the same
competition rules apply to undertakings involved in both. The book
will be invaluable to students, researchers and practitioners of
banking and finance law, and commercial and competition law. .
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