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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.
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