Struggle and Survival on Wall Street: The Economics of Competition among Securities Firms

By John O. Matthews | Go to book overview

Struggle and Survival on Wall Street

THE ECONOMICS OF COMPETITION AMONG SECURITIES FIRMS

John O. Matthews

New York Oxford

OXFORD UNIVERSITY PRESS

1994

-iii-

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Struggle and Survival on Wall Street: The Economics of Competition among Securities Firms
Table of contents

Table of contents

  • Title Page iii
  • Preface vii
  • Contents ix
  • I - Introduction to the Securities Industry 1
  • 1: Introduction 3
  • 2 - Accelerating Change, 1980-1992 9
  • Notes 23
  • 3: An Overview of the Securities Industry 24
  • II - The Legislative and Regulatory Framework 43
  • 4: The Legislative Framework 45
  • 5 - The Safety and Soundness of Broker-Dealers: The Net Capital Rule 55
  • Notes 65
  • 6 - Principal-Agent Problems in the Securities Industry 67
  • Notes 80
  • III - Elements of Securities Industry Structure 81
  • 7 - Characteristics of Demand 83
  • Notes 94
  • 8 - Costs and Entry Barriers in the Securities Industry 95
  • Notes 105
  • 9 - Mergers, Concentration, and Multiproduct Economies of Scale and Scope 106
  • Notes 123
  • IV - Conduct 125
  • 10: Securities Brokerage Pricing 127
  • 11 - Market Making, Proprietary Trading, and Derivatives 140
  • Notes 153
  • 12 - Investment Banking 154
  • Notes 170
  • 13: Competition Through Innovation 172
  • Notes 182
  • 14: Diversification by Securities Firms 183
  • V - Performance and Public Policy 201
  • 15 - Merrill Lynch, Morgan Stanley, and Salomon Brothers Adapt 203
  • Notes 213
  • 16 - Competition in the International Securities Markets 214
  • Notes 223
  • 17: Performance of the Securities Industry 225
  • 18: Policy Implications and Recommendations 242
  • References 253
  • Author Index 265
  • Subject Index 269
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