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The Business of Investment Banking A Comprehensive Overview

ISBN: 9781118004494 | 1118004493

Edition: 3rd
Format: Hardcover
Publisher: Wiley
Pub. Date: 11/1/2011

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Summary Table of Contents Author Biography

A comprehensive overview of investment banking for professionals and students The investment banking industry has changed dramatically since the 2008 financial crisis and the fallout from the Lehman Brothers bankruptcy.

The investment banking market has experienced dramatic changes since 2008.� Three of the top five investment banks in the United States have disappeared, while Goldman Sachs and Morgan Stanley have converted to commercial banking charter.� The bankruptcy of Lehman Brothers has also brought about unp... MORErecedented quantitative easing in monetary policies in many countries.� Recent financial regulation overhaul and SEC's investigation of Goldman Sachs and other firms will have significant impact on what investment banks do and how they operate those activities.� The Volker rule will shake up trading desks. Goldman Sachs, Morgan Stanly, JP Morgan, Deutsche Bank, and Credit Swiss have planned to reshuffle proprietary trading.� Therefore, the investment banking market is very different today.� A new edition reflective of the current business environment is needed to better serve a large population interested in investment banking business. New materials in the third edition will include: Updates of market statistics, market practices, and regulations.� Those are significantly different today, especially in BRIC markets. Rewrite of the current market structure, changes brought about by the bankruptcy of Lehman Brothers and the subsequent regulatory and government policy changes. Addition of shift in listing of securities in various financial centers.� Some of the foreign issuers now prefer not to list their securities in New York, because of the stringent requirements imposed by the Sarbanes Oxley Act.� Discussions will include how major exchanges compete for the business. Alliance and globalization of the exchanges will be covered as well. Expanded coverage on proprietary trading and prime brokerage.� Proprietary trading is volatile, but can be highly profitable.� Goldman Sachs is an example of successful proprietary trading.� Prime brokerage provides stable fee income.� Major houses are competitive in this business. New chapters on BRIC.� Brazil, Russia, India, and China have become a large force in world economy.� They now accounted for a quarter of the global economy.� Those markets present tremendous, potentially profitable opportunities to investment banks. Deletion of dated materials and chapters.� The proposed Table of Contents has consolidated certain materials and deleted two chapters.

THE BUSINESS INVESTMENT BANKING The most comprehensive overview of the investment banking industry, updated and revised For years, students and banking professionals have relied on finance professor Tom Liaws authoritative text, The Business of Investment Banking, for a comprehensive overview of venture capital, underwriting, mergers and acquisitions, asset securitization, financial engineering, trading, investment management, and other key topics. The investment banking industry has changed dramatically since the 2008 financial crisis. Dr. Liaw addresses these major changes in this important revision. The recent financial regulation overhaul, including the Dodd-Frank legislation, has transformed what investment banks do and how they do it, while the Volcker rule has substantially altered the trading world. Covering the full range of investment banking activities, this completely revised and updated edition: Addresses investment bankings role in public and private mergers, acquisitions, divestitures, and the issuance of equity or debt securities, or a combination of both Explains why and how banks today go beyond traditional investment banking to include trading, securitization, financial engineering, merchant banking, investment management, and securities services Deals with how investment banks assist clients in raising capital through underwriting, purchasing the whole block of new securities from the issuer and distributing them to institutional and individual investors Discusses the effects of the Dodd-Frank reform act, which restricted how investment banks can operate proprietary trading No matter the area of investment banking youre interested in, or if you just need a comprehensive overview of one of the worlds most exciting industries, youll find it here. Reflecting the current state of the investment banking industry, this new edition arrives in time to better serve professionals wanting to advance their careers and students just beginning theirs.

Introduction to Investment Banking: How the Financial Crisis and Reforms Changed the Industry	p. 1
New Investment Banking Structure: Financial Holding Companies, Full-Service, and Boutique Investment Banks	p. 9
The Structure of Investment Banks: Divisions and Services	p. 21
Investment Banking Strategies: How They Compete and Profit	p. 37
Employment Opportunities in Investment Banking	p. 49
Venture Capital a... MORE	p. 77
Mergers and Acquisitions	p. 99
Equity Underwriting and IPOs	p. 117
Debt Underwriting: Issuing Bonds	p. 141
Asset Securitization: Turning Income Streams into New Investment Vehicles	p. 173
Listing in New York, London, and Other Markets	p. 195
Trading: Market Making, Arbitrage, and Brokering	p. 213
Repurchase Agreements and Prime Brokerage	p. 237
Derivatives and Financial Engineering: Foreign Exchange, Commodities, and Interest Rates	p. 257
Investment Management for Pension Funds, Endowments, and Wealthy Families	p. 279
Securities Regulation and Ethics: The Dodd-Frank Bill and Other Key Laws	p. 297
The BRICs: Investment Banking in Brazil, Russia, and India	p. 323
The BRICs: Investment Banking in China	p. 339
Investment Banking Trends and Challenges	p. 359
Index	p. 367
Table of Contents provided by Ingram. All Rights Reserved.

K. Thomas Liaw, PhD, is a Professor of Finance at St. John's University. He has published several books, including Capital Markets; The Irwin Guide to Stocks, Bonds, Futures, and Options; and Investment Banking and Investment Opportunities in China. He has published articles in the areas of mergers and acquisitions, banking, swaps, repurchase agreements, and market risks. His consulting practice specializes in investment management and securities business, and he speaks on the subjects of investment banking and capital markets at corporate programs. Professor Liaw earned his doctoral degree from Northwestern University.

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