The Business of Investment Banking: A Comprehensive Overview 3rd Edition by K Liaw – Ebook PDF Instant Download/Delivery: 1118004493, 9781119202332
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ISBN 10: 1118004493
ISBN 13: 9781119202332
Author: K Liaw
A comprehensive overview of investment banking for professionals and students
The investment banking industry has changed dramatically since the 2008 financial crisis. 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 explains the changes and discusses new opportunities for students and professionals seeking to advance their careers in this intensely competitive field.
The recent financial regulation overhaul, including the Dodd-Frank legislation, is changing what investment banks do and how they do it, 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 investment banking in BRIC countries, as Brazil, Russia, India, and China now account for a quarter of the global economy
- Explains the shift in the listing of securities away from New York to 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 wanting to advance their careers and students just beginning theirs.
The Business of Investment Banking: A Comprehensive Overview 3rd Table of contents:
CHAPTER 1: INTRODUCTION TO INVESTMENT BANKING: HOW THE FINANCIAL CRISIS AND REFORMS CHANGED THE INDUSTRY
THE NEW INVESTMENT BANKING
CAUSES OF THE FINANCIAL CRISIS
THE DODD-FRANK ACT AND THE VOLCKER RULE
CONCLUSIONS
CHAPTER 2: NEW INVESTMENT BANKING STRUCTURE: FINANCIAL HOLDING COMPANIES, FULL-SERVICE, AND BOUTIQUE INVESTMENT BANKS
TYPES OF INVESTMENT BANKS
FINANCIAL HOLDING COMPANIES
FULL-SERVICE INVESTMENT BANKS
BOUTIQUE INVESTMENT BANKS
CONCLUSIONS
CHAPTER 3: THE STRUCTURE OF INVESTMENT BANKS: DIVISIONS AND SERVICES
MORGAN STANLEY
GOLDMAN SACHS
CONCLUSIONS
CHAPTER 4: INVESTMENT BANKING STRATEGIES: HOW THEY COMPETE AND PROFIT
FINANCIAL PERFORMANCES AND SUCCESS FACTORS
INVESTMENT BANK REVENUES AND EXPENSES
INVESTMENT BANK FINANCIAL PERFORMANCE
RISK MANAGEMENT
CONCLUSIONS
CHAPTER 5: EMPLOYMENT OPPORTUNITIES IN INVESTMENT BANKING
OVERVIEW OF CAREER PATHS
CAREER OPPORTUNITIES IN INVESTMENT BANKING FUNCTIONS
CAREERS IN INVESTMENT MANAGEMENT AND MERCHANT BANKING
CAREERS IN RELATED FUNCTIONS
CAREERS IN INVESTMENT BANK SUPPORTING FUNCTIONS
INTERVIEW PROCESS
ADVICE FROM GOLDMAN SACHS RECRUITERS
CONCLUSIONS
CHAPTER 6: VENTURE CAPITAL AND PRIVATE EQUITY: DIRECT INVESTING IN COMPANIES
INTRODUCTION TO PRIVATE EQUITY
VENTURE CAPITAL
CHARACTERISTICS OF VC INVESTING
SETTING UP VENTURE CAPITAL OPERATIONS
INVESTING STRATEGY
VENTURE CAPITAL TRANSACTIONS
LEGAL DOCUMENTATION
EXIT STRATEGIES
BUYOUT FUNDS
CONCLUSIONS
CHAPTER 7: MERGERS AND ACQUISITIONS
MARKET OVERVIEW
MOTIVATIONS
STRATEGIC PLANNING AND INTERMEDIARY
VALUATION AND FINANCING
CLOSING AND REGULATORY ISSUES
TAKEOVER DEFENSES
LEGAL CONSIDERATION IN BUYING PUBLIC TARGETS
POSTACQUISITION INTEGRATION
RISK ARBITRAGE
CONCLUSIONS
CHAPTER 8: EQUITY UNDERWRITING AND IPOS
MARKET OVERVIEW
MOTIVATIONS OF ISSUERS
ASSEMBLING THE IPO TEAM
MECHANICS AND PROCESS
TIMETABLE SUMMARY
VALUATION AND PRICING
UNDERWRITING RISK AND COMPENSATION
THE COST OF GOING PUBLIC
SUMMARY OF SEC REGULATIONS
AFTERMARKET TRADING AND RESEARCH
OPENIPO
EXEMPT OFFERINGS
CONCLUSIONS
CHAPTER 9: DEBT UNDERWRITING: ISSUING BONDS
GOVERNMENT SECURITIES MARKETS
TREASURY ISSUING PROCESS AND AUCTION
TRADING AND CLEARING OF TREASURY SECURITIES
AGENCY SECURITIES
MUNICIPAL BOND MARKET
CORPORATE DEBT UNDERWRITING
PRIVATE PLACEMENTS
CONCLUSIONS
CHAPTER 10: ASSET SECURITIZATION: TURNING INCOME STREAMS INTO NEW INVESTMENT VEHICLES
MARKET OVERVIEW
SECURITIZATION STRUCTURE
BENEFITS AND COSTS
MORTGAGE-BACKED SECURITIES
ASSET-BACKED SECURITIES
CONCLUSIONS
CHAPTER 11: LISTING IN NEW YORK, LONDON, AND OTHER MARKETS
AMERICAN DEPOSITARY RECEIPTS
ISSUANCE AND CANCELLATION
TYPES OF DEPOSITARY RECEIPTS FACILITIES
ADVANTAGES OF AMERICAN DEPOSITARY RECEIPTS
U.S. SECURITIES REGULATION OF DEPOSITARY RECEIPTS
LISTING IN LONDON
LISTING IN OTHER MARKETS
CONCLUDING SUMMARY
CHAPTER 12: TRADING: MARKET MAKING, ARBITRAGE, AND BROKERING
INTRODUCTION
MARKET MAKING AND DAY TRADING
ARBITRAGE TRADING
TECHNICAL ANALYSIS
CONCLUSIONS
CHAPTER 13: REPURCHASE AGREEMENTS AND PRIME BROKERAGE
FIXED-INCOME REPURCHASE AGREEMENTS
HISTORICAL DEVELOPMENT OF DELIVERABLE AND TRIPARTY REPOS
MECHANICS OF REPOS AND MARKET PRACTICES
BROKERING AND MATCHED BOOK
CLEARING OF REPOS AND REVERSES
PRIME BROKERAGE
CONCLUSIONS
CHAPTER 14: DERIVATIVES AND FINANCIAL ENGINEERING: FOREIGN EXCHANGE, COMMODITIES, AND INTEREST RATES
OVERVIEW
HIGH-YIELD BONDS
ASSET-BACKED MARKETS
STRUCTURED NOTES
REPURCHASE AGREEMENTS
SWAPS
CREDIT DERIVATIVES
OTHER FINANCIAL ENGINEERING PRODUCTS
CONCLUSIONS
CHAPTER 15: INVESTMENT MANAGEMENT FOR PENSION FUNDS, ENDOWMENTS, AND WEALTHY FAMILIES
INVESTMENT BANKS AND INVESTMENT MANAGEMENT
TYPES OF INVESTMENT MANAGEMENT OPERATIONS
MUTUAL FUNDS
EXCHANGE-TRADED FUNDS
HEDGE FUNDS
REAL ESTATE INVESTMENT TRUSTS
CONCLUSIONS
CHAPTER 16: SECURITIES REGULATION AND ETHICS: THE DODD-FRANK BILL AND OTHER KEY LAWS
INTRODUCTION TO SECURITIES REGULATION
ISSUANCE OF SECURITIES
EXEMPT OFFERINGS
SECONDARY TRADING
INVESTMENT COMPANY AND INVESTMENT ADVISERS
ANALYST CONFLICTS OF INTEREST
SARBANES-OXLEY ACT OF 2002
THE DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT
ETHICS
CONCLUSIONS
CHAPTER 17: THE BRICS: INVESTMENT BANKING IN BRAZIL, RUSSIA, AND INDIA
THE BRICS
BRAZIL
RUSSIA
INDIA
CONCLUSIONS
CHAPTER 18: THE BRICS: INVESTMENT BANKING IN CHINA
MARKET OVERVIEW
INVESTMENT BANKS IN CHINA
BOND MARKETS
STOCK MARKETS
INVESTMENT MANAGEMENT
CONCLUSIONS
CHAPTER 19: INVESTMENT BANKING TRENDS AND CHALLENGES
THE INVESTMENT BANKING MARKET TRENDS
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