Struggle and Survival on Wall Street

I. Introduction to the Securities Industry 1. Introduction 2. Accelerating Change, 1980-1992 3. An Overview of the Securities Industry II. The Legislative and Regulatory Framework 4. The Legislative Framework 5. The Safety and Soundness of Broker-Dealers: The Net Capital Rule 6. Principal-Agent Problems in the Securities Industry III. Elements of Securities Industry Structure 7. Characteristics of Demand 8. Costs and Entry Barriers in the Securities Industry 9. Mergers, Concentration, and Multiproduct Economics of Scale and Scope IV. Conduct 10. Securities Brokerage Pricing 11. Market Making, Proprietary Trading, and Derivatives 12. Investment Banking 13. Competition Through Innovation 14. Diversification by Securities Firms V. Performance and Public Policy 15. Merrill Lynch, Morgan Stanley, and Salomon Brothers Adapt 16. Competition in the International Securities Markets 17. Performance of the Securities Industry 18. Policy Implications and Recommendations References Author Index Subject Index