Institutional Investors

Institutional Investors

4.5 2
by E. Philip Davis, Benn Steil
     
 

ISBN-10: 0262541750

ISBN-13: 9780262541756

Pub. Date: 03/01/2004

Publisher: MIT Press

One of the most important recent developments in financial markets is the institutionalization of saving associated with the growth of pension funds, life insurance companies, and mutual funds. An increasing proportion of household saving is now managed by professional portfolio managers instead of being directly invested in the securities markets or held in the

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Overview

One of the most important recent developments in financial markets is the institutionalization of saving associated with the growth of pension funds, life insurance companies, and mutual funds. An increasing proportion of household saving is now managed by professional portfolio managers instead of being directly invested in the securities markets or held in the form of bank deposits. With the aging of the population and its adverse impact on public pension systems, the shift of individual savings to institutional investors is likely to become even more marked in the coming years.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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Product Details

ISBN-13:
9780262541756
Publisher:
MIT Press
Publication date:
03/01/2004
Edition description:
New Edition
Pages:
560
Product dimensions:
8.00(w) x 9.00(h) x 1.25(d)
Age Range:
18 Years

Table of Contents

Acknowledgments
About the Authors
Introduction and Executive Summary
IThe Development and Performance of Institutional Investors1
1The Development of Institutional Investors3
2Investment Behavior and Performance of Institutional Investors51
IIThe Industry of Asset Management: Present and Future111
3The Industrial Structure and Dynamics of Asset Management113
4Influences on the Future of the Asset Management Industry183
IIIInstitutional Investment, the Financial Sector, and the Economy223
5Implications of the Growth of Institutional Investors for the Financial Sectors225
6Implications of the Growth of Institutional Investors for the Nonfinancial Sectors287
IVInstitutional Trading345
7Automation, Trading Costs, and the Structure of the Securities Trading Industry347
8Institutional Trading Costs: The Impact of Market Structure and Trading Practices399
Glossary437
References457
Name Index489
Subject Index497

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4.5 out of 5 based on 0 ratings. 2 reviews.
Guest More than 1 year ago
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.
Guest More than 1 year ago
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