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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. Three of the top five investment banks in the United States have disappeared, while Goldman Sachs and Morgan Stanley have converted to commercial banking charters. This Third Edition of The Business of Investment Banking provides updated coverage and discusses new market opportunities for professionals to advance their careers and for students seeking to enter this intensely competitive field. The recent financial regulation overhaul, including the Dodd-Frank legislation, is having a significant impact on what investment banks do and how they undertake those activities, while the Volcker rule has shaken up trading desks everywhere. This new edition updates investment banking industry shifts in practices, trends, regulations, and statistics Includes new chapters on BRIC, as Brazil, Russia, India, and China now account for a quarter of the global economy Explains the shift in the listing of securities in various financial centers around the world, and how major exchanges compete for the same business This new edition, reflecting the current state of the investment banking industry, arrives in time to better serve professionals looking to advance their careers and students just beginning theirs.
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.
Table of Contents
Introduction to Investment Banking: How the Financial Crisis and Reforms Changed the Industry
New Investment Banking Structure: Financial Holding Companies, Full-Service, and Boutique Investment Banks
The Structure of Investment Banks: Divisions and Services
Investment Banking Strategies: How They Compete and Profit
Employment Opportunities in Investment Banking
Venture Capital and Private Equity: Direct Investing in Companies
Mergers and Acquisitions
Equity Underwriting and IPOs
Debt Underwriting: Issuing Bonds
Asset Securitization: Turning Income Streams into New Investment Vehicles
Listing in New York, London, and Other Markets
Trading: Market Making, Arbitrage, and Brokering
Repurchase Agreements and Prime Brokerage
Derivatives and Financial Engineering: Foreign Exchange, Commodities, and Interest Rates
Investment Management for Pension Funds, Endowments, and Wealthy Families
Securities Regulation and Ethics: The Dodd-Frank Bill and Other Key Laws
The BRICs: Investment Banking in Brazil, Russia, and India
The BRICs: Investment Banking in China
Investment Banking Trends and Challenges
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