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

Author

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  • Matthews, John O.

    (Villanova University)

Abstract

Struggle and Survival on Wall Street provides a comprehensive economic analysis of competition between broker-dealers or securities firms. It uses the industrial organization approach which focuses on the interaction of the industry's structure, conduct, and performance to argue that the driving force of competition is through the development of new financial products. The development of new products forces firms to integrate these new services into their existing organization. Matthews argues that the firms which successfully integrate and adapt to an expanded product line grow in size and importance relative to those which do not. He also suggests that the Securities and Exchange Commission needs to adapt to the growing services offered by securities firms by providing a framework in which organizational change can take place.

Suggested Citation

  • Matthews, John O., 1994. "Struggle and Survival on Wall Street: The Economics of Competition Among Securities Firms," OUP Catalogue, Oxford University Press, number 9780195050639.
    • Handle: RePEc:oxp:obooks:9780195050639
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    Cited by:

    1. Bharat N. Anand & Alexander Galetovic, 2006. "Relationships, Competition And The Structure Of Investment Banking Markets," Journal of Industrial Economics, Wiley Blackwell, vol. 54(2), pages 151-199, June.
    2. Bharant N. Anand & Alexander Galetovic, 2000. "Relationships, Competition, and the Structure of Investment Banking Markets," Documentos de Trabajo 96, Centro de Economía Aplicada, Universidad de Chile.
    3. Bharat N. Anand & Alexander Galetovic, 2002. "Does Competition Kill Relationships? Inside Investment Banking," Documentos de Trabajo 119, Centro de Economía Aplicada, Universidad de Chile.
    4. Sugato Chakravarty & Asani Sarkar, 1997. "Traders' broker choice, market liquidity and market structure," Staff Reports 28, Federal Reserve Bank of New York.
    5. Eugene N. White, 1998. "The Legacy of Deposit Insurance: The Growth, Spread, and Cost of Insuring Financial Intermediaries," NBER Chapters, in: The Defining Moment: The Great Depression and the American Economy in the Twentieth Century, pages 87-121, National Bureau of Economic Research, Inc.
    6. Bharat N. Anand & Alexander Galetovic, 2002. "Investment Banking and Security Market Development: Does Finance Follow Industry?," Documentos de Trabajo 121, Centro de Economía Aplicada, Universidad de Chile.

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