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Investment banks play a critically important role in channeling
capital from investors to corporations. Not only do they float and
distribute new corporate securities, they also assist companies in
the private placement of securities, arrange mergers and
acquisitions, devise specialized financing, and provide other
corporate financial services. After sketching the history and
evolution of investment banking, the authors describe the structure
of the industry, focusing on the competitive forces at work within
it today. They explore patterns of concentration and analyze the
strategic and economic factors that underlie those patterns. The
authors directly examine the pairing up of investment banks with
their corporate clients. They show that the market is sharply
segmented, with banks and corporate clients being matched in
roughly rank order, the most prestigious banks with the largest,
most powerful clients, and so on. Vigorous competition occurs
within each segment, but much less between them. With the industry
now confronting a changing regulatory environment, a growing
tendency of clients to arrange their own financing, and increasing
competition both from within and from commercial banks and foreign
institutions, Competition in the Investment Banking Industry is
essential reading for anyone interested in the future of investment
banking.
With the nations of the world becoming more interdependent, it is
imperative to take international influences into account in
understanding the organization of industry within a country. This
book extends the structure/conduct/performance framework of
analysis to present a fully specified simultaneous equation model
of an open economy-Canada. By estimating a system of equations of
all the major variables, the authors can identify which variables
are dependent and which are independent. They are thus able to
assess the relative importance of such factors as seller
concentration, import competition, retailing structure, advertising
expenditure, research and development spending, and technical and
allocative efficiency in shaping the organization of industry in
Canada. In addition, using both industry-level and firm-level data,
the authors develop methods for assessing the effect of structural
variables on diversification strategies and the consequences for
market performance. They also study the effects of such variables
on firms' access to capital markets. The book concludes with a
discussion of the implications of the findings for government
policy.
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