Information Markets: What Businesses Can Learn from Financial Innovation
Editorial Reviews
Book Description
Information is power-and in financial markets that power has long belonged to intermediaries responsible for managing the exchange of information among clients. But now, technology has made information simultaneously and easily accessible to all through a simple Internet connection. Moreover, technology has codified many practices that once relied solely on human relationships and judgment, transforming the control of industry know-how and intellectual property, the structure of the financial markets, and ultimately, the makeup of the entire marketplace for information. In the midst of the so-called new economy, the evolution of financial markets provides a time-tested guide to how and why intermediaries and the information they work with are evolving along with technology. It also convincingly proves that these information intermediaries-or infomediaries, -will not soon be replaced. In Information Markets , finance industry experts William J. Wilhelm Jr. and Joseph D. Downing systematically explore the interplay between human capital and information technology in financial markets, and distill critical lessons for strategists in other information-rich businesses, including health care, law, entertainment, and publishing. The authors explain that technological advances have upset the delicate balance between an innovator's incentives for discovery (profiting from ideas) and the interests of society at large (information "wants to be free"). They provide a durable framework for understanding the tensions that arise in information-intensive markets, and how organizations adapt to these tensions in the face of continuous technological change. The authors also describe how intermediaries resolve coordination problems according to long-established economic rules and experience, explain how the evolution of the intermediary function will affect the enforcement of intellectual property rights, and identify new opportunities organizations can exploit to create value and fuel innovation. For any business dependent on information exchange, this timely book explains the vital role of the intermediary in today's global marketplace.
From the Back Cover
"Using the financial services industry as a case study, Wilhelm and Downing offer an intelligent and provocative look at the implications that technological change has for information-intensive markets. Information Markets will influence how you think about doing business in the modern economy."
-Steven M. H. Wallman, Former Commissioner, Securities and Exchange Commission (1994-1997), Founder and CEO, FOLIOf
"When the skills of the coach builder are captured by the car presses of Ford, society gains but the coach builder loses. In Information Markets, Wilhelm and Downing have applied the logic of this old economic axiom to new information markets. What then follows is a witty and fascinating exploration of the history and future of banking. An important book for all professionals who work or simply dabble in financial markets." -Sam Lovick, Managing Director, London Economics International LLC
"Information Markets provides a fascinating and innovative look into the rapidly emerging world of electronic capital markets, with broader implications for corporate executives everywhere. Wilhelm and Downing present a framework that managers can use to understand the impact of rapid technological change on the powerful webs of relationships that characterize today's leading professional service organizations."
-Dr. Tim Opler, Director, Credit Suisse First Boston
"Information Markets is more than a description or a successfully elucidated set of principles: Academics and practitioners alike will learn the how's and why's of changes taking place in the financial landscape. Wilhelm and Downing provide an insightful and thorough framework for thinking about the future of financial services."
-Erik Sirri, Former Chief Economist, Securities and Exchange Commission (1996-1999), Associate Professor of Finance, Babson College
Information Markets: What Businesses Can Learn from Financial Innovation
Information Markets: What Businesses Can Learn from Financial Innovation,William J., Jr. Wilhelm,Joseph D. Downing,Harvard Business School Press,1578512786,Accounting - General,Business & Economics,Business / Economics / Finance,Business/Economics,Finance,Financial services industry,Information Management,Information resources
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