The Business of Investment Banking [Hardcover]

K. Thomas Liaw (Author)

Book Description

ISBN-10: 0471293059 | ISBN-13: 978-0471293057 | Publication Date: February 1, 1999 | Edition: 1

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.

Editorial Reviews

From the Inside Flap

The financial crisis and the fallout from the Lehman Brothers bankruptcy caused a seismic shift in the investment banking industry. Three of the top five investment banks in the United States disappeared, while Goldman Sachs and Morgan Stanley converted to commercial banking charters. Post-crisis financial regulation overhaul, including the Dodd-Frank legislation, altered the nature of what investment banks do and how they undertake those activities, while the Volcker rule has shaken up trading desks everywhere. The rules have changed, and The Business of Investment Banking, Third Edition arrives in time to better serve bankers seeking to advance their careers and students just beginning theirs.

Investment banks must now navigate the shifting regulatory terrain, while taking full advantage of burgeoning investment banking opportunities. In The Business of Investment Banking, Dr. Liaw provides an inclusive, up-to-date guide to the evolving investment banking industry. New topics in the Third Edition include:

• Chapters on investment banking in BRIC countries, as Brazil, Russia, India, and China now account for a quarter of the global economy and present tremendous, potentially profitable opportunities to investment banks

• Details on the changes prompted by the financial crisis and the subsequent regulatory and government policy changes

• The shift in the listing of securities away from New York to other financial centers around the world as a result of the Sarbanes-Oxley Act, and how major exchanges compete for the same business

• Expands coverage of client service related trading and prime brokerage, which can be volatile, but also highly profitable

A staple of industry training programs and a valued reference among banking students in its first two editions, The Business of Investment Banking, Third Edition adds a wealth of new information to an indispensable resource. --This text refers to an alternate Hardcover edition.

From the Back Cover

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.

See all Editorial Reviews

Product Details

• Hardcover: 352 pages
• Publisher: Wiley; 1 edition (February 1, 1999)
• Language: English
• ISBN-10: 0471293059
• ISBN-13: 978-0471293057
• Product Dimensions: 10.1 x 7.2 x 1.1 inches
• Shipping Weight: 1.8 pounds
• Average Customer Review: 3.9 out of 5 stars  See all reviews (22 customer reviews)
• Amazon Best Sellers Rank: #861,737 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

51 of 51 people found the following review helpful:

4.0 out of 5 stars Good introduction, but no details, July 5, 2000

By 

Roland Buresund - See all my reviews

This review is from: The Business of Investment Banking (Hardcover)

This is an excellent book for anyone wondering what Investment Banking is all about, but who doesn't want to learn how to price a company. It describes in sufficient detail, for the reader to understand, the concepts underlying Investment Banking and what they really do in the Investment Banking world as well as explaining in easy (relatively) terms the jargon that is used in the business.

If you want the theoretical underpinnings of the financial world, this book is not for you. If, on the other hand, you're an aspiring Investment Banker that wants to know what it is all abour or if you're just curious about what the Investment Banking business is about: buy this book as a primer/introduction and if you find it interesting, search for a more theoretical book.

18 of 20 people found the following review helpful:

1.0 out of 5 stars Disappointing and Inaccurate, February 13, 2001

By A Customer

This review is from: The Business of Investment Banking (Hardcover)

My biggest problem with this book is that it contains much misleading information on investment banking -- particularly with respect to securities law. As a former corporate and securities attorney and now investment banker, I found that at many points Liaw was at best half right and at worst completely wrong with respect to some of the finer points of the financing process. The book also contains numerous grammatical mistakes that are extremely distracting. (I would have expected more from John Wiley & Sons. Next time please hire a proofreader!) Is that too much to ask for an $80 book? In fairness, I did not get past the first 3 chapters of the book so perhaps the book gets much better later on, but I sincerely doubt it. In short, this book is not worth the money.

16 of 18 people found the following review helpful:

5.0 out of 5 stars just read the book, July 28, 1999

By A Customer

This review is from: The Business of Investment Banking (Hardcover)

I was disappointed that I could not get any discount, but I bought it anyway. I wanted to get an understanding of this particular business segment. After reading several chapters of the book, I have to say that I am glad I purchased this title. It's an excellent reading for business school students and for those interested in this business. The book does not cover everything under the sun, but it does cover many of the major business areas very well. Nice and easy reading, no nonsense mathmatical equations. A good book.