Struggle and Survival on Wall Street: The Economics of Competition Among Securities Firms

Hardcover | March 1, 1994

byJohn O. Matthews

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U.S. securities firms are the most competitive in the world and are now facing challenges posed by the internationalization of securities markets. Struggle and Survival on Wall Street provides a comprehensive economic analysis of competition among securities firms. John Matthews analyzes theinteraction of the industry's structure, conduct and performance. To meet the competition and the needs of their customers, he argues, firms develop new financial products, some of which become new lines of business. The most important decisions firms make concern the methods of entry into theselines of business. Those firms that successfully innovate and adapt their organizations are in the best position to deal with both domestic and international competition. The regulatory framework of the industry is vital to its growth and Matthews makes policy recommendations which urge regulators,particularly the Securities and Exchange Commission, to provide for a framework in which organizational change can take place.

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From the Publisher

U.S. securities firms are the most competitive in the world and are now facing challenges posed by the internationalization of securities markets. Struggle and Survival on Wall Street provides a comprehensive economic analysis of competition among securities firms. John Matthews analyzes theinteraction of the industry's structure, cond...

From the Jacket

U.S. securities firms are the most competitive in the world and are now facing challenges posed by the internationalization of securities markets. To remain competitive in this ever-changing environment, some of these firms have evolved into dynamic international financial services firms offering investors and corporate clients increas...

John Matthews is an Associate Professor of Economics at Villanova University.

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Format:HardcoverDimensions:288 pages, 9.57 × 6.3 × 1.14 inPublished:March 1, 1994Publisher:Oxford University Press

The following ISBNs are associated with this title:

ISBN - 10:0195050630

ISBN - 13:9780195050639

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Extra Content

Table of Contents

I. Introduction to the Securities Industry1. Introduction2. Accelerating Change, 1980-19923. An Overview of the Securities IndustryII. The Legislative and Regulatory Framework4. The Legislative Framework5. The Safety and Soundness of Broker-Dealers: The Net Capital Rule6. Principal-Agent Problems in the Securities IndustryIII. Elements of Securities Industry Structure7. Characteristics of Demand8. Costs and Entry Barriers in the Securities Industry9. Mergers, Concentration, and Multiproduct Economics of Scale and ScopeIV. Conduct10. Securities Brokerage Pricing11. Market Making, Proprietary Trading, and Derivatives12. Investment Banking13. Competition Through Innovation14. Diversification by Securities FirmsV. Performance and Public Policy15. Merrill Lynch, Morgan Stanley, and Salomon Brothers Adapt16. Competition in the International Securities Markets17. Performance of the Securities Industry18. Policy Implications and RecommendationsReferencesAuthor IndexSubject Index

Editorial Reviews

"A thoroughly researched book on an important and fascinating industry...Struggle and Survival on Wall Street provides a comprehensive study of securities firms. It should be of great interest to economists, as well as to practitioners who work in or with the securities industry."--Journal ofEconomic Literature