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1、THEJOURNALOFFINANCE*VOL.XLIV,NO.3*JULY1989InstitutionalMarkets,FinancialMarketing,andFinancialInnovationSTEPHENA.ROSS*ABSTRACTFirmsandinstitutionsaremonitoredandcontrolledthroughacomplexsetofimplicitandexplicitcontractualrelations.Becauseoftheseagencytheoreticrelations,institu-tionalbehavi
2、orinfinancialmarketsisnotasimplereflectionofthepreferencestructuresofindividuals.Institutionalpreferencesgiverisetoademandfornewfinancialinstru-mentsandinnovations,evenwhenthereturnsontheseinstrumentsare"spanned"inthesenseofcompletepricing.Theinnovationscanbethoughtofassolvingmoralhazardpr
3、oblems.Anagencytheoreticexampleservestoillustratethedemand,supply,andfinancialmarketingofstrippedsecurities.Inshort,institutionsmatter.THEPASTTWODECADEShavewitnessedanexplosionoffinancialinnovations.Thechangesaretoovariedanddiffusetopermitaneasytaxonomy,but,broadly,theyseemtofallintotwocla
4、sses.First,therearethenewsecuritiesandtheirmarkets.BeginningwithputsandcallswehavemovedontoEuromarkets,mortgagepassthroughsandCMO's,strips,strapsandswaps,putableconverti-bles,primesandscoresandS&Pfutures,andalloftheotherinstrumentsthatinhibitthefinancialzoo.Second,therearethedynamictrading
5、strategiesthatmakeheavyuseofthenewinstruments.Basketandprogramtrading,theassetpricingtheoriesthatnowcharacterizedifferenttypesofmoneymanagement,andthevariousincarnationsofportfolioinsurancehavechangedfinancialdecisionmakingasdramaticallyastheavailablearrayofinstrumentshaschanged.'Alongwith
6、thesechangeshascomeanenormousincreaseinthedemandfortheservicesoffinancialeconomists.Wearecalleduponnotonlytovaluethenewinstrumentsandthenewstrategiesbuttodesignthemaswell.Likeengineerswhousephysics,financialengineersusethetechniquesofmodernfinancetobuildthefinancialequivalentofbridgesandai
7、rplanes.Unfortunately,though,whenaskedtoexplainwhyallofthisishappeningandwhyittakestheformsthatitdoes,ouranswersaremuchmoretimid.Notuncommonlywefallbackonoldcanardssuchas"spanning."Whydowehavesomanynewfixedincomeinstruments?Themostcommonexplanationisthatmarket
