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Governing the Modern CorporationCapital Markets, Corporate Control, and Economic Performance$
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Roy C. Smith and Ingo Walter

Print publication date: 2006

Print ISBN-13: 9780195171679

Published to Oxford Scholarship Online: September 2006

DOI: 10.1093/0195171675.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2019. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 21 September 2019

The Bankers

The Bankers

Chapter:
(p.192) 8 The Bankers
Source:
Governing the Modern Corporation
Author(s):

Roy C. Smith (Contributor Webpage)

Ingo Walter (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/0195171675.003.0008

Financial intermediaries — firms that function as the “middlemen of finance” — monitor and influence the way companies are governed in a market economy. Prior to 1933, most large, money-center banks had subsidiaries that acted as intermediaries in wholesale finance; they acted as underwriters of new issues for corporations and (foreign) governments and engaged in brokerage and trading generally with large, wholesale market players. After 1933, the U.S. securities industry emerged as distinctly separate from banking. Banks were to act in the financial system as deposit takers and commercial lenders, and investment banks were to act as advisers, underwriters, and traders. This functional division remained that way until the 1990s.

Keywords:   banks, banking industry, investment banking, financial intermediaries, corporate governance, securities industry

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