Risk, Regulation and Investor Protection: The Case of Investment Management

ISBN-13: 9780198233152 / Angielski / Twarda / 1990 / 248 str.

Julian Franks; Colin Mayer

Opis

This authoritative study of the investment management business focuses on the use of capital requirements for investment managers as a means of investor protection. Commissioned by the Investment Management Regulatory Organization and drawing on extensive discussions with investment managers, it provides a comprehensive account of how the investment management business is organized and identifies its inherent risks. The authors examine the cause and incidence of market failures as well as the dangers to investors through mismanagement and malpractice, and provide an extensive treatment of fraud, with a full listing of British fraud cases since the early 1970s. The report concludes with a summary of the risks faced by investors and recommendations for appropriate forms of protection; and, on the basis of existing regulatory structures in the United Kingdom and the United States, proposes an alternative structure in accordance with the authors' analysis.

Recenzje

'the collation of data and information is useful' D.H. Gowland, Economic Journal (December 1990)

Spis treści

Terms of reference; Summary of main recommendations; Introduction; The investment management business; Risks in the investment management business; Appendix 1 Survey of investment managers; Appendix 2 A simple method of operating and financial risk; A recent history of fraud and financial distress in the investment management literature; A survey of the literature; Market failures and investor protection; Capital requirements in the UK and US; Appendix: The determination of optimal capital requirements for investment managers; Conclusions and recommendations; Glossary of terms