Institutional Investors

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Overview

This book provides a comprehensive economic assessment of institutional investment. It charts the development and performance of the asset management industry and analyzes the implications of rising institutionalized saving for the development of the securities trading industry, the financial sector as a whole, and the wider economy. The book draws extensively on international experience, particularly in the United States, Western Europe, and Japan.
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What People Are Saying

From the Publisher
"How should policymakers react to asset price movements that cannot be explained by standard models? To answer this question, it is not enough to identify a bubble and understand its origins. One needs also to predict the impact of monetary policy on an event that is by its nature difficult to explain. While comprehensive answers are scarce, this wonderful and comprehensive collection of readings marks an important step forward, and will provide plenty of food for thought and debate."—Richard Brealey, London Business School

"Institutional investors and asset management firms are playing an increasingly important role in all modern economies, with assets under management approaching $30 trillion.

Davis and Steil provide a much-needed international perspective in their comprehensive analysis of the implications of thistrend that addresses both macroeconomic and microeconomic concerns."—Richard Herring, Director, The Lauder Institute, The Wharton School, University ofPennsylvania

"I think this is an important book which will have a ready and immediate market.

Indeed there is little else available that is so comprehensive and so to-the-point about the institutional investment industry. It is bound to be a benchmark book for some years to come. When we look at possible competitors we find very little else that comes close to this approach and certainly very little that has the detailed data and empirical perspective that sustains the book."—Gordon Clark, Professor of Geography, Oxford University, Author of "Pension FundCapitalism"

"The book is excellent and very comprehensive. It makes a much-needed contribution to the literature."—David Blake, Professor of Finance, Birkbeck College London, Author of"Financial Market Analysis" and "Pension Schemes and Pension Funds in the UnitedKingdom"

"The work will be a significant contribution in that there is little accessible material on this specific subject. It will be useful for post-graduate courses on investment management (possibly also on finance) and MBAs. It will also be useful for academics and practitioners. While other books in the field discuss investment theory and instruments and treat institutional investors as an afterthought, this book focuses on institutional investors and thus fills a gap in the market."—Philip Booth, Professor of Property Finance, City University,London

"With its extensive international coverage and institutional detail, this book should become the standard work on the structure of the asset management industry."—Richard Brealey,London Business School

This book fills a major gap in the market. With its extensiveinternational coverage and institutional detail, it should become thestandard work on the structure of the asset management industry." Professor Richard Brealey, London Business School

"The book is rich in institutional detail. This is combined with an easily accessible analytic framework and an excellent coverage of the literature. I would strongly recommend it to all students, academics, and practitioners who are interested in understanding the rationale for and operation of institutional investment in the U.S., Europe, and Japan."—Franklin Allen, Nippon LifeProfessor of Finance and Economics and Co-Director of the Wharton Financial Institutions Center,University of Pennsylvania

"The book is excellent. It should be read by everybody who has a serious interest in comparative financial systems and transition economies."—Franklin Allen, Nippon Life Professor ofFinance and Economics and Co-Director of the Wharton Financial Institutions Center, University ofPennsylvania

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Product Details

  • ISBN-13: 9780262041928
  • Publisher: MIT Press
  • Publication date: 4/16/2001
  • Pages: 560
  • Product dimensions: 8.00 (w) x 9.00 (h) x 1.25 (d)

Meet the Author

E. Philip Davis is Professor of Economics and Finance at Brunel University and Visiting Fellow at the National Institute of Economic and Social Research, London.

Benn Steil is André Meyer Senior Fellow and Director of International Economics at the Council on Foreign Relations and Editor of the journal International Finance.

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Table of Contents

Acknowledgments
About the Authors
Introduction and Executive Summary
I The Development and Performance of Institutional Investors 1
1 The Development of Institutional Investors 3
2 Investment Behavior and Performance of Institutional Investors 51
II The Industry of Asset Management: Present and Future 111
3 The Industrial Structure and Dynamics of Asset Management 113
4 Influences on the Future of the Asset Management Industry 183
III Institutional Investment, the Financial Sector, and the Economy 223
5 Implications of the Growth of Institutional Investors for the Financial Sectors 225
6 Implications of the Growth of Institutional Investors for the Nonfinancial Sectors 287
IV Institutional Trading 345
7 Automation, Trading Costs, and the Structure of the Securities Trading Industry 347
8 Institutional Trading Costs: The Impact of Market Structure and Trading Practices 399
Glossary 437
References 457
Name Index 489
Subject Index 497
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Customer Reviews

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Sort by: Showing all of 2 Customer Reviews
  • Anonymous

    Posted March 1, 2004

    A Good Read!

    This encyclopedic effort by two prominent financial scholars, E. Philip Davis and Dr. Benn Steil, leaves no stone unturned and virtually no question unanswered. The authors have managed to thread through the labyrinth of institutional investing, covering multitudes of regulatory, economic, practical and theoretical issues without ever losing their readers. Astonishingly well-organized and clearly written, this book is an outstanding reference. If it has a flaw, it may be that it is almost too vast to digest. And, of course, it is rapidly becoming dated. Having been published in 2001, it could not take into account the dramatic events and implications of the dot-com bubble and the wave of corporate scandals that raised such serious questions about the role and responsibility of institutional fiduciaries. Yet it does cover, with foresight, globalization and many other trends in the world of investment. We highly recommend this book for all the knowledge it conveys to corporate finance executives and investors at every level.

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  • Anonymous

    Posted June 27, 2001

    Institutional Investors is a Must Have!

    Institutional Investors is a magnificently written text. The authors do a wonderful job describing issues facing institutional investors (US and globally) each day. They provide a thorough and detailed explanation and analysis of the institutional investment process, from asset management to trading, as well as provide commentary on the ever-changing structure of the financial industry. It is a must have for anyone wishing insight into the institutional investment process!- Robert Kissell

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