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Competition in the Investment Banking Industry |
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THE IMPLICATIONS OF MARKET STRUCTURE ANDBEHAVIOR FOR COMPETITION IN THE This research explores the implications of market structure and behavior for competition in the investment banking industry. The investment banking industry is considered in an international context in this research, with the greatest emphasis placed on its functioning in Western Europe and North America. While the regulatory differentiation between investment banks and commercial banks is not highly significant in Western Europe, such regulatory constraints are critical in the United States (Walter and Smith, 1989). These regulatory distinctions, therefore, are reviewed in this research. Market structure is typically defined in terms of: (1) seller concentration; (2) product differentiation; (3) barriers to entry; and (4) barriers to exit (Waterson, 1985). Seller concentration refers to both the (1) number of firms participating in a market, and (2) the size of those firms in relation to one another. Seller concentration is most often measured within the context of market share, although it is, at times, measured in the context of aggregate concentration, which may rely on sales, assets, value added, profits, employment, or any of a number of other indicators as the relevant variable (Waterson, 1985). Product differentiation refers to the distinguishing between competing goods on the basis of their nonprice characteristics. Thus, products which are p
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rs per day, seven days per week, and nearly every day of the year (Gilpin, 1986).
The principal center for Asian dollar activities is Tokyo. In addition, Hong Kong has an active Asian dollar trade, and, to a lesser extent, so does Singapore. Tokyo, however, is the dominant player in the Asian dollar market.
The prevailing projections among economists is that the Pacific Basin countries will be the locus of the greatest economic growth through 2000. With this level of growth (if the projections prove to be correct), there will be an increasing demand for Asian dollar transactions. Additionally, the tremendous advantages offered by the Asian dollar market to international arbitrageurs are likely sufficient on their own to insure a bright future for the market. About the only development which would likely seriously hamper the market's future would be an all out trade war between the industrial countries.
This competition, made possible by advanced technology, spurred both American and European bankers into action. In one sense, the "big bang" in London was an effort to make financial activities in the City more efficient, and, thus, more competitive, with rivals in Asia and New York. In another sense, the changes in the Finan
Category: Economics - C
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Source White, North Atlantic, United Commercial, Company Act, European Communities, United Kingdom, Walter Smith, Eurocurrency Eurodollar, Economic Community, Structure Market, | |, banking industry, commercial banks, investment banking, bank holding, european communities, eurocurrency market, holding company, | | |, bank holding company, united kingdom, | , investment banking industry, | | , asian dollar market,
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 = 33 (250 words per page)
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