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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