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

ISBN: 978-1-118-00449-4
384 pages
November 2011
The Business of Investment Banking: A Comprehensive Overview, 3rd Edition (1118004493) cover image


A comprehensive overview of investment banking for professionals and students

The investment banking industry has changed dramatically since the 2008 financial crisis. Three of the top five investment banks in the United States have disappeared, while Goldman Sachs and Morgan Stanley have converted to commercial banking charters. This Third Edition of The Business of Investment Banking explains the changes and discusses new opportunities for students and professionals seeking to advance their careers in this intensely competitive field.

The recent financial regulation overhaul, including the Dodd-Frank legislation, is changing what investment banks do and how they do it, while the Volcker rule has shaken up trading desks everywhere.

  • This new edition updates investment banking industry shifts in practices, trends, regulations, and statistics
  • Includes new chapters on investment banking in BRIC countries, as Brazil, Russia, India, and China now account for a quarter of the global economy
  • Explains the shift in the listing of securities away from New York to various financial centers around the world, and how major exchanges compete for the same business

This new edition, reflecting the current state of the investment banking industry, arrives in time to better serve professionals wanting to advance their careers and students just beginning theirs.

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Table of Contents

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

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Author Information

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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