Buch, Englisch, 362 Seiten, Paperback, Format (B × H): 156 mm x 234 mm, Gewicht: 550 g
Institutions, Politics, and Law
Buch, Englisch, 362 Seiten, Paperback, Format (B × H): 156 mm x 234 mm, Gewicht: 550 g
ISBN: 978-0-19-954418-9
Verlag: OUP Oxford
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.