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The Business of Investment Banking: A Comprehensive Overview, 3rd Edition



The most comprehensive overview of the investment banking industry, updated and revised

For years, students and banking professionals have relied on finance professor Tom Liaw's 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 banking's 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 you're interested in, or if you just need a comprehensive overview of one of the world's most exciting industries, you'll 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.

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.
Chapter 1

Introduction to Investment Banking: How the Financial Crisis and Reforms 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 Profit 37

Chapter 5

Employment Opportunities in Investment Banking 49

Chapter 6

Venture Capital and Private Equity: Direct Investing in Companies 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 Investment Vehicles 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 Wealthy Families 279

Chapter 16

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

Chapter 17

The BRICs: Investment Banking in Brazil, Russia, and India 323

Chapter 18

The BRICs: Investment Banking in China 339

Chapter 19

Investment Banking Trends and Challenges 359

Index 367