The Business of Investment Banking: A Comprehensive Overview / Edition 3

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Overview

The financial crisis and the fallout from the Lehman Brothersbankruptcy caused a seismic shift in the investment bankingindustry. Three of the top five investment banks in the UnitedStates disappeared, while Goldman Sachs and Morgan Stanleyconverted to commercial banking charters. Post-crisis financialregulation overhaul, including the Dodd-Frank legislation, alteredthe nature of what investment banks do and how they undertake thoseactivities, while the Volcker rule has shaken up trading deskseverywhere. The rules have changed, and The Business of InvestmentBanking, Third Edition arrives in time to better serve bankersseeking to advance their careers and students just beginningtheirs.

Investment banks must now navigate the shifting regulatoryterrain, while taking full advantage of burgeoning investmentbanking opportunities. In The Business of Investment Banking, Dr.Liaw provides an inclusive, up-to-date guide to the evolvinginvestment banking industry. New topics in the Third Editioninclude:

  • Chapters on investment banking in BRIC countries, as Brazil,Russia, India, and China now account for a quarter of the globaleconomy and present tremendous, potentially profitableopportunities to investment banks
  • Details on the changes prompted by the financial crisis and thesubsequent regulatory and government policy changes
  • The shift in the listing of securities away from New York toother financial centers around the world as a result of theSarbanes-Oxley Act, and how major exchanges compete for the samebusiness
  • Expands coverage of client service related trading and primebrokerage, which can be volatile, but also highly profitable

A staple of industry training programs and a valued referenceamong banking students in its first two editions, The Business ofInvestment Banking, Third Edition adds a wealth of new informationto an indispensable resource.

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Product Details

  • ISBN-13: 9781118004494
  • Publisher: Wiley
  • Publication date: 11/1/2011
  • Edition number: 3
  • Pages: 384
  • Sales rank: 979,559
  • Product dimensions: 7.10 (w) x 10.10 (h) x 1.50 (d)

Meet the Author

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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Table of Contents

Chapter 1

Introduction to Investment Banking: How the Financial Crisis andReforms Changed the Industry 1

Chapter 2

New Investment Banking Structure: Financial Holding Companies,Full-Service, and Boutique Investment Banks 9

Chapter 3

The Structure of Investment Banks: Divisions and Services 21

Chapter 4

Investment Banking Strategies: How They Compete and Profit37

Chapter 5

Employment Opportunities in Investment Banking 49

Chapter 6

Venture Capital and Private Equity: Direct Investing inCompanies 77

Chapter 7

Mergers and Acquisitions 99

Chapter 8

Equity Underwriting and IPOs 117

Chapter 9

Debt Underwriting: Issuing Bonds 141

Chapter 10

Asset Securitization: Turning Income Streams into New InvestmentVehicles 173

Chapter 11

Listing in New York, London, and Other Markets 195

Chapter 12

Trading: Market Making, Arbitrage, and Brokering 213

Chapter 13

Repurchase Agreements and Prime Brokerage 237

Chapter 14

Derivatives and Financial Engineering: Foreign Exchange,Commodities, and Interest Rates 257

Chapter 15

Investment Management for Pension Funds, Endowments, and WealthyFamilies 279

Chapter 16

Securities Regulation and Ethics: The Dodd-Frank Bill and OtherKey Laws 297

Chapter 17

The BRICs: Investment Banking in Brazil, Russia, and India323

Chapter 18

The BRICs: Investment Banking in China 339

Chapter 19

Investment Banking Trends and Challenges 359

Index 367

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