Competition in the Investment Banking Industry (Hardcover) (ISBN-13: 9780674154155)

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,A. Michael Spence,David Van Praag Marks
ISBN-10: 0674154150
ISBN-13: 9780674154155
Publisher: Harvard University Press
Language: English
Published: 05/16/1983
Pages: 176
Format: Hardcover
Weight: 1.01lbs
Size: 9.28h x 6.26w x 0.81d