Meanwhile, Bear Stearns' management did not believe it could open for business on Monday without a transaction that restored market confidence in the firm.

同时，由于没有任何交易可以恢复市场信心，贝尔斯登的管理层也不认为在周一就可以开展交易。

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The answer is that in the presence of transaction costs, the formal authority of company decision-making may solve bargaining problems better inside the firm than market trading outside.

答案在于，在有交易成本的情况下，与外部的市场交易相比，公司决策的正式权力也许能够更好地解决议价问题。

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It is possible for a firm to receive payment for a trade before the seller has confirmed the transaction to the buyer.

公司可能在卖家向买家确认某笔交易之前就获得该交易的支付款项。

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"Oliver Williamson's research has offered new insights on how transaction costs determine the boundaries of the firm.

VOA: standard.2009.10.12

What came clear in some of the testimony was that when they were reprimanded, either they had failed to generate enough profit for the firm in a particular transaction, they hadn't generated enough revenue for the firm or they hadn't demonstrated that they were smarter than the guy on the other side of the trade.

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His firm is paid per transaction, and during an economic downturn airlines and hotel chains will cut prices to keep filling seats and beds.

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With the MSWM transaction the firm is planting its flag more firmly in the wealth management space while pulling back on riskier activities like trading.

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