The City: Inside the Great Expectation Machine: Myth and Reality in Institutional Investment and the Stock Market
The City: Inside the Great Expectation Machine: Myth and Reality in Institutional Investment and the Stock Market
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城市：远大期望机器的内部：机构投资和股票市场的神话与现实
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发表时间：
2003
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影响因子：
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通讯作者：
Tony Golding
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作者：
Tony Golding
我们金融体系的格局是由机构投资主导的。当基金采取行动时，它们会影响市场，企业帝国可以在机构意见和股权流动的浪潮中兴衰或易手。今天，在许多方面，这些机构就是伦敦金融城，这就是它们对整个金融过程的影响。它们是期待机器的核心；资本之都。这些全能的金融参与者给投资、企业和风险融资领域投下了长长的阴影，但金融城的外来者--从私人投资者到公司董事--许多人的预期和财富与股权流动捆绑在一起，对他们知之甚少。他们可能会通过经常被扭曲的媒体镜头瞥见这一过程的一部分；他们可能会发现自己的活动和命运受到机构参与者行动的影响，但他们很少理解推动伦敦金融城行为的微妙而复杂的关系。值得注意的是，考虑到大型投资机构掌握的权力，关于它们的文章如此之少，尤其是从分析而不是轶事的角度。金融界及其驱动的商界需要更好地了解伦敦金融城及其股权行为--这是伦敦金融城所做工作中“看得见”的部分。在金融城；在远大预期机器内部，投资分析师托尼·戈尔丁带你进入股市，并解释其结构、动态和行为。这本书通俗易懂，对主导股市的大型投资机构进行了全面分析，并对它们对伦敦金融城、行业和私人投资者的影响提供了关键见解。这本书将解释这些机构如何取得优势，获得资金，投资这些资金，并在此过程中对伦敦金融城的其他活动和企业界产生重大影响。这本书将追踪伦敦金融城的资金流，并为基金经理的行为、是什么推动他们的业绩、他们面临的压力以及他们的行动对投资和企业界的影响提供了有价值的见解。投资机构--养老基金、保险公司、单位信托、投资信托--的行为以这样或那样的方式触动了绝大多数居住在英国的人。在伦敦金融城以外几乎没有人欣赏的程度上，它们主导着伦敦股市，无论是在所有权方面还是在活动方面。本文考察了这些机构的工作方式，基金经理如何投资，以及他们的投资行为的影响。机构投资者持有英国上市股票的75%。在任何其他主要经济体--包括制度控制率低得多的55%的美国--投资机构从未对企业部门施加过如此严格的控制。英国大中型公司拥有80%或90%的机构所有权的情况并不少见。股价是由在少数大型机构工作的基金经理决定的。本文认为，认为股票市场的定价是众多个人决策的结果的怀旧观念是一种危险的错觉。这本书提供了有关股票市场所围绕的投资机构的信息，认为他们的看法和行动决定了股价水平和许多其他因素，比如收购要约的成功或失败。它问：基金经理的动机是什么？他们是如何做出决定的？公司如何与机构股东沟通，尤其是在管理预期的任务方面？基金经理喜欢或不喜欢哪些公司？为什么？他们在多大程度上依赖投资银行聘请的投资分析师提供信息和建议？
The landscape of our financial system is dominated by institutional investment. The funds move markets when they act, and corporate empires can rise, fall or change hands on the tide of institutional opinion and the flow of equity. Today, in many ways, these institutions are the City, such is their influence over the whole financial process. They are at the heart of the expectation machine; the Capital of capital. These all-powerful financial players cast a long shadow over the worlds of investment, corporate and venture finance, and yet City outsiders - from private investors to company directors - many of whose expectations and fortunes are tied to the flow of equity, know little about them. They may glimpse parts of the process through the, frequently distorted, lens of the press; they may find their activities and fortunes affected by the movements of institutional players, but rarely do they understand the subtle and complex relationships that drive behaviour of the City. It is remarkable, in view of the power wielded by the big investment institutions, how little has been written about them, especially from an analytical rather than anecdotal standpoint. The financial world, and the business world it drives, need a better understanding of the City and the behaviour of equity - the "visible" part of what the City does. In The City; Inside the Great Expectations Machine , Investment Analyst Tony Golding takes you inside the equity market and explains its structure, dynamics and behaviour. An easy-to-read, comprehensive analysis of the big investment institutions who dominate the stock market, with key insights into their impact on the City, industry and the private investor. This book will explain how the institutions achieved their ascendancy, acquire their funds, invest those funds and significantly influence other City activities and the corporate world in the process. The book will trace the flow of funds through the City and offer valuable insights into how fund managers behave, what drives their performance, the pressures they are under and the effects of their actions on the investment and corporate worlds. The behaviour of the investment institutions - pension funds, insurance companies, unit trusts, investment trusts - touches, in one way or another, the great majority of those living in the UK. To an extent that few outside the City appreciate, they dominate the London stock market, both in terms of ownership and activity. This text examines the way these institutions work, how fund managers invest and the implications of their investment behaviour. Institutional investors own 75 per cent of the shares quoted in the UK. In no other major economy - including the USA, where the institutional control is a much more modest 55 per cent - do the investment instituions exert such a grip on the corporate sector. It is not uncommon for large and medium-sized British companies to have 80 or 90 per cent institutional ownership. Share-prices are determined by the fund managers working in a small number of large institutions. The nostalgic idea that price setting in the stock market is the result of a multitude of individual decisions is, this text argues, a dangerous illusion. The book provides information about the investment institutions around which the stock market revolves, arguing that their perceptions and their actions determine the level of share-prices and much else besides, such as the success or failure of a takeover bid. It asks: what motivates fund managers and how do they make their decisions?; How do companies communicate with their institutional shareholders, especially in regard to the task of managing expectations? What companies do fund managers like or dislike, and why? And to what extent do they rely on the investment analysts employed by the investment banks for information and advice?