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This book was originally published in 1986. During the decade
preceding publication there were a number of significant
developments in financial economics and major contributions made
both by individuals who could be classified as conventional
financial economists and by others who do not fit easily into this
category - theoretical microeconomists, public and industrial
economists. This volume contains a selection from the papers
presented at a conference in Oxford in September 1985 which aimed
to bring together a number of the leading participants in this
field. The papers in the volume cover a wide range of topics - the
efficiency of financial markets, new equity issues, asymmetric
corporate taxation and investment, credit rationing, international
investment, the foundations of banking theory - but they clearly
reflect the main themes in financial economics at the time: the
importance of informational asymmetries and of taxation.
Scandals in financial institutions, weakness in the world economy, and volatility in financial markets bring to the fore issues of regulation and consumer protection. This comparative survey of how investors are currently protected in a range of European countries and the USA is set in an accessible theoretical framework. It will be invaluable for academics and students involved in the analysis of financial markets and regulation as well as practitioners in financial institutions and regulatory authorities.
Scandals in financial institutions, weakness in the world economy, and volatility in financial markets bring to the fore issues of regulation and consumer protection. This comparative survey of how investors are currently protected in a range of European countries and the USA is set in an accessible theoretical framework. It will be invaluable for academics and students involved in the analysis of financial markets and regulation as well as practitioners in financial institutions and regulatory authorities.
This unique and authoritative study of the investment management
business focuses on the use of capital requirements for investment
managers as a means of investor protection. Commissioned by the
Investment Management Regulatory Organization and drawing on
extensive discussions with investment managers themselves, it
provides an account of this burgeoning sector that is both
comprehensive in its coverage and penetrating in its analysis. The
authors review the way in which the investment management business
is organized and its inherent risks; they examine the causes and
incidence of market failures as well as the dangers to investors
through mismanagement and malpractice. The book includes an
extensive treatment of fraud, with a full listing of fraud cases in
the UK since the early 1970s. The report concludes with a summary
of the evidence on the nature and scale of the risks faced by
investors and recommendations for appropriate forms of protection;
and, on the basis of existing regulatory structures in the UK and
USA, sets out a proposed structure in accordance with the thrust of
the authors' analysis. While specific in its coverage, much of the
argument presented here is closely applicable to other financial
sectors in which regulation is a crucial issue; and it is
especially pertinent to current debates on financial regulation in
the run-up to the completion of the European internal market in
1992.
Over the past decade there have been a number of significant
developments in financial economics, and major contributions have
been made both by individuals who could be classified as
conventional financial economists and by others who do not fit
easily into this category - theoretical microeconomists, public and
industrial economists. This volume contains a selection from the
papers presented at a conference in Oxford in September 1985 which
aimed to bring together a number of the leading participants in
this field. The papers in the volume cover a wide range of topics -
Summers on the efficiency of financial markets; Heinkel and
Schwartz, and Asquith and Mullins on new equity issues; Green and
Talmor on asymmetric corporate taxation and investment; Stiglitz
and Weiss on credit rationing; Anderlini on the foundations of
banking theory; and Alworth, and Cooper and Kaplanis on aspects of
international investment - but they clearly reflect the main themes
in financial economics at present: the importance of informational
asymmetries and of taxation.
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