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L'évolution des relations entre émetteurs, intermédiaires et investisseurs

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  • Anthony Bourne

Abstract

[eng] The evolution of the relationship between issuers, intermediaries and investors. Changes are taking place in the tripartite relationship between issuers (and vendors), intermediaries and investors.. As a result of automation and greater sophistication among issuers and investors, the role of investment banks in lead managing offerings is being de-mystified and de-mythologised. . However, this is unlikely to lead to full scale disintermediation but rather to a more sharply defined role for intermediaries where their added value is clear and indisputable. There will always be a place for judgement, long experience in the markets and in-depth knowledge of the needs and desires of the ultimate buyers of securities. [fre] Les relations à trois entre émetteurs (et vendeurs), intermédiaires et investisseurs sont en plein changement. . Le rôle des banques d'investissement dans la direction d'opérations en actions est en train d'être démystifié sous l'effet de l'automatisation et de la complexité croissante qui règne chez les émetteurs et les investisseurs.. Ceci conduira cependant moins à une désintermédiation à grande échelle qu'à un raffinement du rôle des intermédiaires : leur valeur ajoutée devra être claire et indiscutable. Il y aura toujours une place de choix pour les capacités de jugement, une longue expérience des marchés et une connaissance en profondeur des désirs et besoins des acquéreurs d'actions.

Suggested Citation

  • Anthony Bourne, 1998. "L'évolution des relations entre émetteurs, intermédiaires et investisseurs," Revue d'Économie Financière, Programme National Persée, vol. 47(3), pages 73-85.
  • Handle: RePEc:prs:recofi:ecofi_0987-3368_1998_num_47_3_2665
    DOI: 10.3406/ecofi.1998.2665
    Note: DOI:10.3406/ecofi.1998.2665
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