Competition In The Investment Banking Industry

Author : Samuel L. Hayes,Andrew Michael Spence,David Van Praag Marks
Publisher : Harvard University Press
Page : 204 pages
File Size : 50,5 Mb
Release : 1983
Category : Business & Economics
ISBN : 0674154150

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Competition in the Investment Banking Industry by Samuel L. Hayes,Andrew Michael Spence,David Van Praag Marks Pdf

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.

Author : Samuel L. Hayes
Publisher : Unknown
Page : 177 pages
File Size : 47,7 Mb
Release : 1983
Category : Investment banking
ISBN : 0674787455

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Competition in the Investment Banking Industry by Samuel L. Hayes Pdf

Author : Jacob A. Bikker,Laura Spierdijk
Publisher : Edward Elgar Publishing
Page : 424 pages
File Size : 55,8 Mb
Release : 2017-09-29
Category : Electronic
ISBN : 9781785363306

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Handbook of Competition in Banking and Finance by Jacob A. Bikker,Laura Spierdijk Pdf

For academics, regulators and policymaker alike, it is crucial to measure financial sector competition by means of reliable, well-established methods. However, this is easier said than done. The goal of this Handbook is to provide a collection of state-of-the-art chapters to address this issue. The book consists of four parts, the first of which discusses the characteristics of various measures of financial sector competition. The second part includes several empirical studies on the level of, and trends in, competition across countries. The third part deals with the spillovers of market power to other sectors and the economy as a whole. Finally, the fourth part considers competition in banking submarkets and subsectors.

Author : Alan D. Morrison,William J. Wilhelm Jr.
Publisher : OUP Oxford
Page : 362 pages
File Size : 46,5 Mb
Release : 2008-09-11
Category : Business & Economics
ISBN : 9780191647840

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Investment Banking by Alan D. Morrison,William J. Wilhelm Jr. Pdf

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 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. The authors substantiate their theory with reference to the industry's evolution during the last three centuries. They show how investment banking networks were formed, and identify the informal contracts that they supported. This historical development points to tensions between the relational contracting of investment banks and the regulatory impulses of the State, thus providing some explanation for the periodic large-scale State intervention in the operation of capital markets. Their theory also provides a technological explanation for the massive restructuring of the capital markets in recent decades, which the authors argue can be used to think about the likely future direction of the investment banking industry.

Author : A. O'Connor
Publisher : Springer
Page : 193 pages
File Size : 43,5 Mb
Release : 2005-11-01
Category : Business & Economics
ISBN : 9780230512375

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Trade, Investment and Competition in International Banking by A. O'Connor Pdf

Banks' business is increasingly international and an élite group of global banks is emerging. This book outlines the influences on the evolution of international banking and analyses trade and investment in the international banking industry, covering cross-border trade in banking services, foreign direct investment by banks, international financial centres, capital movements, and competition between banks. Focusing on competitive advantage, it compares the leading banks' international business. This book is of interest to academics and students as well as to bankers. It provides a transversal and truly comprehensive overview of the international banking industry, focusing on the organization of the industry and the influences on it, rather than on the functions of banks themselves.

Author : Mr. Damien Capelle
Publisher : International Monetary Fund
Page : 74 pages
File Size : 48,7 Mb
Release : 2021-04-23
Category : Business & Economics
ISBN : 9781513582313

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Competition Vs. Stability: Oligopolistic Banking System with Run Risk by Mr. Damien Capelle Pdf

This paper develops a model where large financial intermediaries subject to systemic runs internalize the effect of their leverage on aggregate risk, returns and asset prices. Near the steady-state, they restrict leverage to avoid the risk of a run which gives rise to an accelerator effect. For large adverse shocks, the system enters a zone with high leverage and possibly runs. The length of time the system remains in this zone depends on the degree of concentration through a franchise value, price-drop and recapitalization channels. The speed of entry of new banks after a collapse has a stabilizing effect.

Author : Ingo Walter
Publisher : Ballinger Publishing Company
Page : 278 pages
File Size : 46,8 Mb
Release : 1988
Category : Banks and banking, International
ISBN : UCSC:32106008081066

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Global Competition in Financial Services by Ingo Walter Pdf

Author : Bharat Narendra Anand
Publisher : Unknown
Page : 60 pages
File Size : 54,7 Mb
Release : 2000
Category : Education, Higher
ISBN : STANFORD:36105021116004

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Relationships, Competition, and the Structure of Investment Banking Markets by Bharat Narendra Anand Pdf

Previous studies have acknowledged the tradeoff between relationships and competion in financial intermediation. In this paper we explore the structural determinants of this tradeoff in the investment banking market, by deriving it from the underlying relationship technology.

Author : OECD
Publisher : OECD Publishing
Page : 87 pages
File Size : 42,6 Mb
Release : 2011-10-05
Category : Electronic
ISBN : 9789264120563

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Bank Competition and Financial Stability by OECD Pdf

This report examines the interplay between banking competition and financial stability, taking into account the experiences in the recent global crisis and the policy response to it. The report has been prepared by members of the Directorate of ...

Author : Martin Giefers
Publisher : diplom.de
Page : 109 pages
File Size : 46,5 Mb
Release : 2003-04-07
Category : Business & Economics
ISBN : 9783832466305

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Overcoming cultural barriers in the investment banking sector: Training and development in Germany and Switzerland by Martin Giefers Pdf

Inhaltsangabe:Abstract: The German banking sector, as in most Western European countries, is confronted with drastic changes which deeply affect the conditions of the financial service market and the characteristics of populations in banks. In the last few years, the isolation of the national financial markets decreased due to the increasing of foreign trade, international competition, and further developments of new financial products, like futures for example. Therefore, all banks have to think globally and have to establish branches in all financial centers to be available for their clients and stay competitive; like in New York City, London, Tokyo, Zurich, and Frankfurt am Main, cities in which the financial market plays an important role. As it is widely known, Switzerland has an outstanding international position in the investment banking sector. This condition was taken as an opportunity to examine the diamond concept of Porter related to the Swiss and German human resources. The thesis is divided into five chapters, of which the first chapter gives a general overview of the investment banking sector, which is the definition, the fields of activity, and the traded securities in the investment banking sector. The German and Swiss bank system is exemplified in the second chapter. Furthermore, this chapter gives a short overview of the banks ́ history in Germany and Switzerland as well as examples of training programs of the German Deutsche Morgan Grenfell and Commerzbank AG and of the Swiss SBC Warburg. In addition, the training profession Bankkaufmann/-frau which exists in Germany as well as in Switzerland is explained in this chapter. The third chapter deals with the cultural and organizational factor in the investment banking sector. The German and Swiss culture is investigated by the example of Hofstede s dimensions of cultural differences. Furthermore, the organizational changes, a new network approach in investment banking, and a brief outlook of Culbert s mind-set management of the power of advising are expounded in the third chapter. The fourth chapter deals with the main focus of this thesis which is the description of the Swiss and German advantages and disadvantages in the field of human resources within the investment banking sector. A comparison between German s and Switzerland s human factor is followed by proposals and solutions to strengthen the German human factor of investment banks, so that the German banking business [...]

Author : Jacob Bikker,Michiel van Leuvensteijn
Publisher : Routledge
Page : 229 pages
File Size : 46,7 Mb
Release : 2014-08-27
Category : Business & Economics
ISBN : 9781136013126

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A New Measure of Competition in the Financial Industry by Jacob Bikker,Michiel van Leuvensteijn Pdf

The 2008 credit crisis started with the failure of one large bank: Lehman Brothers. Since then the focus of both politicians and regulators has been on stabilising the economy and preventing future financial instability. At this juncture, we are at the last stage of future-proofing the financial sector by raising capital requirements and tightening financial regulation. Now the policy agenda needs to concentrate on transforming the banking sector into an engine for growth. Reviving competition in the banking sector after the state interventions of the past years is a key step in this process. This book introduces and explains a relatively new concept in competition measurement: the performance-conduct-structure (PCS) indicator. The key idea behind this measure is that a firm’s efficiency is more highly rewarded in terms of market share and profit, the stronger competitive pressure is. The book begins by explaining the financial market’s fundamental obstacles to competition presenting a brief survey of the complex relationship between financial stability and competition. The theoretical contributions of Hay and Liu and Boone provide the theoretical underpinning for the PCS indicator, while its application to banking and insurance illustrates its empirical qualities. Finally, this book presents a systematic comparison between the results of this approach and (all) existing methods as applied to 46 countries, over the same sample period. This book presents a comprehensive overview of the knowns and unknowns of financial sector competition for commercial and central bankers, policy-makers, supervisors and academics alike.

Author : United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Financial Institutions Supervision, Regulation and Insurance
Publisher : Unknown
Page : 278 pages
File Size : 50,8 Mb
Release : 1989
Category : Banks and banking
ISBN : PSU:000017410519

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Oversight Hearing on Foreign Competition in the Banking Industry by United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Financial Institutions Supervision, Regulation and Insurance Pdf

Author : Bruce W. Marcus
Publisher : Wiley-Interscience
Page : 296 pages
File Size : 45,9 Mb
Release : 1975
Category : Business & Economics
ISBN : UOM:35128000326650

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Competing for Capital by Bruce W. Marcus Pdf

Author : Daniel Mügge
Publisher : ECPR Press
Page : 196 pages
File Size : 44,9 Mb
Release : 2010-09-01
Category : Business & Economics
ISBN : 9781907301087

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Widen the Market, Narrow the Competition by Daniel Mügge Pdf

EU capital markets have changed radically over the past 20 years. In the 1980s, countries had their own financial industries and rules. Now there is one 'Champions League' of banks, and member states have transferred crucial regulatory powers to Brussels. Drawing on policy documents and more than fifty in-depth interviews, Widen the Market, Narrow the Competition argues that financial industry interests have been key to this power shift. Continental banks initially feared a single European market, and governments followed their protectionist impulses. In the 1990s the mood changed, and the likes of ABN AMRO and Deutsche Bank rushed into international investment banking. They emerged as the crucial lobby for the supranational governance in place today. Linked by the interests of centrally placed firms, EU financial integration and supranational governance have been two sides of the same coin. At the same time, national parliaments and ordinary citizens have been pushed to the sidelines.

Author : K. Thomas Liaw
Publisher : Wiley
Page : 456 pages
File Size : 44,5 Mb
Release : 2005-12-30
Category : Business & Economics
ISBN : 0471739642

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The Business of Investment Banking by K. Thomas Liaw Pdf

In recent years, monumental events have altered the financial landscape, and the investment banking industry has been likewise transformed. In the United States, deregulation has permitted new affiliations among banks, securities firms, and insurance companies, allowing them to offer a broader range of services. At the same time, deregulation overseas has spurred investment in foreign markets and accelerated a sweeping trend toward globalization. On the other hand, corporate scandals like those at Enron and WorldCom have prompted Congress to impose stringent new regulations in an effort to restore public confidence in the capital markets. Meanwhile, advances in information technology have changed the way Wall Street firms present their products to the public and have made vast informational resources available online. Investment banks must navigate the shifting regulatory terrain and counter mounting competition, while taking full advantage of burgeoning investment banking opportunities. In meeting these challenges, timely and accurate information is a critical asset. In The Business of Investment Banking, Dr. K. Thomas Liaw provides an inclusive, up-to-date guide to the evolving investment banking industry. In this new edition, Dr. Liaw offers a substantial revision of his bestselling text, responding to requests from educators and professionals alike. Incorporating the most recent developments in the industry, the author describes: Financial holding companies, full-service investment banks, boutique investment banks, and their lines of businesses Strategies for risk management, such as market risk, credit risk, operating risk, reputation risk, legal risk, and funding risk Career opportunities in investment banking, career paths, recruitment, and the application and interview process Key investment banking operations, including venture capital and buyouts, M&A services, equity underwriting, debt underwriting, securitization, financial engineering, investment management, and securities services Fundamentals for successful trading, arbitrage strategies, and technical trading techniques Regulatory issues and strategies relating to the Sarbanes-Oxley Act of 2002 and analyst conflict of interest Ethics and professionalism In addition, Dr. Liaw discusses investment banking opportunities in China, Japan, the EMU, and emerging markets, as well as the special challenges that come with globalization. A staple of industry training programs and a valued reference among banking professionals in its first edition, The Business of Investment Banking, Second Edition adds a wealth of new information to an already indispensable practical resource.