Institutional Investorsby E. Philip Davis, Benn Steil
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
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.
- MIT Press
- Publication date:
- Edition description:
- New Edition
- Product dimensions:
- 8.00(w) x 9.00(h) x 1.25(d)
- Age Range:
- 18 Years
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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.
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