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Investment Banking
A Guide to Underwriting and Advisory Services
Buch von Giuliano Iannotta
Sprache: Englisch

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Beschreibung
From a historical point of view, the main activity of investment banks is what today we call security underwriting. Investment banks buy securities, such as bonds and stocks, from an issuer and then sell them to the ?nal investors. In the eighteenth century, the main securities were bonds issued by governments. The way these bonds were priced and placed is extraordinarily similar to the system that inve- ment banks still use nowadays. When a government wanted to issue new bonds, it negotiated with a few prominent ¿middlemen¿ (today we would call them investment bankers). The middlemen agreed to take a fraction of the bonds: they accepted to do so only after having canvassed a list of people they could rely upon. The people on the list were the ?nal investors. The middlemen negotiated with the government even after the issuance. Indeed, in those days governments often changed unilaterally the bond conditions and being on the list of an important middleman could make the difference. On the other hand, middlemen with larger lists were considered to be in a better bargaining position. This game was repeated over time, and hence, reputation mattered. For the middlemen, being trusted by both the investors on the list and by the issuing governments was crucial.
From a historical point of view, the main activity of investment banks is what today we call security underwriting. Investment banks buy securities, such as bonds and stocks, from an issuer and then sell them to the ?nal investors. In the eighteenth century, the main securities were bonds issued by governments. The way these bonds were priced and placed is extraordinarily similar to the system that inve- ment banks still use nowadays. When a government wanted to issue new bonds, it negotiated with a few prominent ¿middlemen¿ (today we would call them investment bankers). The middlemen agreed to take a fraction of the bonds: they accepted to do so only after having canvassed a list of people they could rely upon. The people on the list were the ?nal investors. The middlemen negotiated with the government even after the issuance. Indeed, in those days governments often changed unilaterally the bond conditions and being on the list of an important middleman could make the difference. On the other hand, middlemen with larger lists were considered to be in a better bargaining position. This game was repeated over time, and hence, reputation mattered. For the middlemen, being trusted by both the investors on the list and by the issuing governments was crucial.
Zusammenfassung

Comprehensive overview of traditional investment banking activities

Provides understanding of main technical aspects of the investment banking business

Combines the academic and practical perspectives

Optimal accompanying book for investment banking or advisory corporate finance courses

Includes supplementary material: [...]

Inhaltsverzeichnis
to Investment Banking.- Private Equity.- Equity Offerings: Structure and Process.- Equity Offerings: Syndicate Structure and Functions.- Price Setting Mechanisms.- Debt Offerings.- Mergers and Acquisitions: Definitions, Process, and Analysis.- Risk Management in Mergers and Acquisitions.- Hostile Takeovers and Takeover Regulation.- Corporate Restructuring.
Details
Erscheinungsjahr: 2010
Fachbereich: Betriebswirtschaft
Genre: Wirtschaft
Rubrik: Recht & Wirtschaft
Medium: Buch
Seiten: 212
Inhalt: xv
193 S.
ISBN-13: 9783540937647
ISBN-10: 3540937641
Sprache: Englisch
Herstellernummer: 12603138
Ausstattung / Beilage: HC runder Rücken kaschiert
Einband: Gebunden
Autor: Iannotta, Giuliano
Auflage: 2010
Hersteller: Springer-Verlag GmbH
Springer Berlin Heidelberg
Maße: 241 x 160 x 17 mm
Von/Mit: Giuliano Iannotta
Erscheinungsdatum: 04.02.2010
Gewicht: 0,489 kg
preigu-id: 101409575
Zusammenfassung

Comprehensive overview of traditional investment banking activities

Provides understanding of main technical aspects of the investment banking business

Combines the academic and practical perspectives

Optimal accompanying book for investment banking or advisory corporate finance courses

Includes supplementary material: [...]

Inhaltsverzeichnis
to Investment Banking.- Private Equity.- Equity Offerings: Structure and Process.- Equity Offerings: Syndicate Structure and Functions.- Price Setting Mechanisms.- Debt Offerings.- Mergers and Acquisitions: Definitions, Process, and Analysis.- Risk Management in Mergers and Acquisitions.- Hostile Takeovers and Takeover Regulation.- Corporate Restructuring.
Details
Erscheinungsjahr: 2010
Fachbereich: Betriebswirtschaft
Genre: Wirtschaft
Rubrik: Recht & Wirtschaft
Medium: Buch
Seiten: 212
Inhalt: xv
193 S.
ISBN-13: 9783540937647
ISBN-10: 3540937641
Sprache: Englisch
Herstellernummer: 12603138
Ausstattung / Beilage: HC runder Rücken kaschiert
Einband: Gebunden
Autor: Iannotta, Giuliano
Auflage: 2010
Hersteller: Springer-Verlag GmbH
Springer Berlin Heidelberg
Maße: 241 x 160 x 17 mm
Von/Mit: Giuliano Iannotta
Erscheinungsdatum: 04.02.2010
Gewicht: 0,489 kg
preigu-id: 101409575
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