Business of Investment Banking A Comprehensive Overview

ISBN-10: 1118004493
ISBN-13: 9781118004494
Edition: 3rd 2012
Authors: K. Thomas Liaw
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Description: The investment banking market has experienced dramatic changes since 2008.#xA0; 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.#xA0;  More...

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Book details

Edition: 3rd
Copyright year: 2012
Publisher: John Wiley & Sons, Limited
Publication date: 11/25/2011
Binding: Hardcover
Pages: 384
Size: 7.25" wide x 10.25" long x 1.25" tall
Weight: 1.804
Language: English

The investment banking market has experienced dramatic changes since 2008.#xA0; 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.#xA0; The bankruptcy of Lehman Brothers has also brought about unprecedented quantitative easing in monetary policies in many countries.#xA0; 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.#xA0; 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.#xA0; Therefore, the investment banking market is very different today.#xA0; 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.#xA0; 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.#xA0; 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.#xA0; 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.#xA0; Proprietary trading is volatile, but can be highly profitable.#xA0; Goldman Sachs is an example of successful proprietary trading.#xA0; Prime brokerage provides stable fee income.#xA0; Major houses are competitive in this business. New chapters on BRIC.#xA0; Brazil, Russia, India, and China have become a large force in world economy.#xA0; They now accounted for a quarter of the global economy.#xA0; Those markets present tremendous, potentially profitable opportunities to investment banks. Deletion of dated materials and chapters.#xA0; The proposed Table of Contents has consolidated certain materials and deleted two chapters.

Dr. Liaw holds his Ph.D. from Northwestern University. Dr. Liaw's most recent book publications are The Irwin Guide to Stocks, Bonds, Futures, and Options (2001) and The Business of Investment Banking (1999) and he has co-edited several books on emerging markets. Dr. Liaw has published articles in the areas of mergers and acquisitions, securization, swaps, repurchase agreements, and market risks. He is currently the department chair for Economics and Finance in the Peter J. Tobin College of Business at St. John's University. His principal areas of teaching and research interests include capital markets, trading, risk management, and investment banking. Dr. Liaw has a consulting practice in private placement and securities business. He serves as an advisor of investment banking and capital markets at corporate programs. He also speaks on the subjects of investment banking and capital markets at corporate programs.

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
Index

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