Zu den herausragenden Veränderungen zählt dabei die rasche Veränderung des Investment Banking. Umfaßte das ursprüngliche lnvestment Banking mehr oder weniger den Handel mit Aktien, Devisen und festverzinslichen Wertpapieren, so traten im Laufe der Zeit neue Aktivitäten wie das Asset...

This paper shows how this becomes an informational first-mover advantage that turns innovators into the market leader.

This paper shows how a financial institution can profit from the development of financial products even if they are unpatentable.

We study the role of underwriter compensation in mitigating conflicts of interest between companies going public and their investment bankers. Making the banks compensation more sensitive to the issuers valuation should reduce agency conflicts and thus underpricing.(...)

Investment Banks invest in R&D to design innovative securities even when imitation is possible, i.e., when innovations cannot be patented. We show how a financial institution can profit from the development of financial products even if they are unpatentable. For certain types of financial...

Investment banks imitate other banks innovative corporate securities with their own varieties, and compete with the innovator to underwrite new issues. This paper uses data of all the corporate offerings of Equity-Linked and Derivative Securities from the SDC records to estimate the issuers...

In October 1998, we convened scholars, policy makers, and practitionersto review what we know about the processes that affect childdevelopment and how we might wisely increase public and privateinvestments in children to promote both their well-being and theproductivity of the next generation....

BEA’s national economic statistics provide a comprehensive view of U.S. production, consumption, investment, exports and imports, and income and saving. These statistics are best known by summary measures such as gross domestic product (GDP), corporate profits, personal income and spending,...