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Showing 1 - 2 of 2 matches in All Departments
Investment 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 it 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.
Investment 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 it 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.
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