The Business of Investment Banking

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9780471293057: The Business of Investment Banking
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The business of investment banking has become intensely competitive. With a growing number of clients who prefer to deal with a single financial advisor for all their capital needs, firms must now engage in all major capital-market activities in order to meet this demand. Rapid advances in information technology have closely linked the international capital markets and, as a result, major securities firms have gone global to better serve their clients. To fully understand this changing environment and remain players in the game, new and seasoned professionals alike will require detailed, in-depth information on a broad scope of banking operations.

The Business of Investment Banking is a complete guide to the major banking activities in today's global marketplace. This convenient, one-volume reference identifies and analyzes key trends worldwide, allowing banking and finance professionals to effectively manage deals and incorporate trends into operations. In The Business of Investment Banking, Professor K. Thomas Liaw goes beyond traditional banking topics and includes extensive coverage of rarely discussed subjects that are integral to investment banking, such as emerging markets, proprietary trading, repurchase transactions, operations, money management, and how foreign firms list on Wall Street.

Beginning with an overview, covering everything from underwriting to M&As to global presence, Liaw provides a thorough and rigorous analysis of the current market practices in all relevant business segments. He presents an investment banker's perspective on the current environment, with a detailed description of the strategic decision-making process that is crucial to successfully managing the investment bank.

This thorough guide is divided into four main sections:
* Basic Business-explores venture capital investment, mergers and acquisitions, underwriting, and asset securitization
* Global Perspective-detailed information about foreign listing on Wall Street, international capital markets, and emerging markets
* Trading and Risk Management-extensive data on proprietary trading, repurchase agreements, financial engineering, and money management
* Special Topics-discusses clearing and settlement, securities regulation, ethics, major trends, and Section 20 subsidiaries

Comprehensive, unparalleled coverage of a wide range of topics makes The Business of Investment Banking an invaluable, one-stop resource for all practicing investment banking professionals and for graduate students interested in a career in capital markets.

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In recent years, monumental events have altered the financial landscape, and the investment banking industry has been likewise transformed.

In the United States, deregulation has permitted new affiliations among banks, securities firms, and insurance companies, allowing them to offer a broader range of services. At the same time deregulation overseas has spurred investment in foreign markets and accelerated a sweeping trend toward globalization. On the other hand, corporate scandals like those at Enron and  WorldCom have prompted Congress to impose stringent new regulations in an effort to restore public confidence in the capital markets. Meanwhile, advances in information technology have changed the way Wall Street firms present their products to the public and have made vast information resources available online.

Investment banks must navigate the shifting regulatory terrain and counter mounting competition, while taking full advantage of burgeoning investment banking opportunities. In meeting theses challenges, timely and accurate information is a critical asset.

In the Business of Investment Banking, Dr. K. Thomas Liaw provides an inclusive, up-to-date guide to the evolving investment banking industry. In this new edition, Dr. Liaw offers a substantial revision of his bestselling text, responding to requests from educators and professionals alike.

Incorporating the most recent developments in the industry, the author describes:

  • Financial holding companies, full-service investment banks, boutique investment banks, and their lines of businesses
  • Strategies for risk management, such as market risk credit risk, operating risk, reputation risk, legal risk, and funding risk
  • Career opportunities in investment banking, career paths, recruitment, and the application and interview process
  • Key investment banking operations, including venture capital and buyouts, M& A services, equity underwriting,debt, underwriting securitization, financial engineering, investment management, and Securities Services
  • Fundamentals for successful trading, arbitrage strategies, and technical trading techniques
  • regulatory issues and strategies relating to the Sarbanes-Oxley Act of 2002 and analyst conflict of interest
  • Ethics and professionalism

In addition, Dr. Liaw discusses investment banking opportunities in China, Japan, and the EMU, and emerging markets, as well as the special challenges that comes with globalization.

A staple of industry training programs and a valued reference among banking professionals in its first edition, The Business of Investment Banking, Second Edition adds a wealth of new information to an already indispensable practical resource.

About the Author:

K. THOMAS LIAW is an associate professor of finance at St. John's University. He has written and edited several professional books and co-chairs the annual Economics and Business Conference. He publishes articles on finance topics in professional journals and has a consulting practice.

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9781118004494: The Business of Investment Banking: A Comprehensive Overview

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