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Klappentext: "Investment Banking: A Tale of Three Cities" traces the evolution of international investment banking from its beginnings to the present day, focusing on the three markets that make up the Golden Triangle of the industry: London, New York, and Tokyo. It describes in detail the historic role investment banks have played in financing governments and industry and how that role has changed dramatically in the last two decades. Today the world of investment banking is one of tremendous activity, profitability, and risk, and the companies that succeed will be the ones that understand-and respond to-the changes taking place. Hayes and Hubbard see two powerful forces as responsible for the dramatic changes in investment banking in recent years-internationalization, which has helped break down barriers to the flow of funds between countries, and deregulation, which has created a private sector less restricted by rigorous systems of government control. These factors have helped transform investment banks from small, nationally oriented businesses to today's huge, international enterprises. Successful investment banks have adapted to the new financial environment by devising innovative and comprehensive strategies to position themselves globally. The authors profile three leading investment banks in detail-Salomon Brothers, Nomura Securities, and Credit Suisse First Boston-to depict the tactics employed by individual firms to develop global strategies. Salomon Brothers' success in penetrating the Japanese market and Nomura's difficulty in generating significant profits in New York clearly illustrate the opportunities and difficulties of executing a successful strategy. Hayes and Hubbard conclude by outlining alternative approaches for investment banks to consider in their attempts to go global. They describe a variety of organizational structures, competitive approaches, and implementation options that provide a valuable perspective to managers who must maneuver their way in today's complex financial environment.

Marketing Shares, Sharing Markets focuses on stocks, stock markets and the relevant professionals. Previously, financial markets were epitomized by the stock exchange, a physical space where traders communicated about and engaged in market transactions on behalf of buyers and sellers. Developments during the past 25 years or so, however, have fundamentally reshaped the financial markets. The result has been a tremendous growth in the number of transactions, the number of products, the number of markets and, not least, in the value of financial assets worldwide. At the same time, financial products have become increasingly decoupled from the ordinary economy of production, distribution, and consumption through the construction of derivative products and the growth of speculative trade. While stock markets have become less important, relatively speaking, they arguably remain an important fundament for the financial markets. This is reflected in the media coverage of global stock markets. The current crisis has also illustrated the risks associated with more complex financial products. Few studies have attended to the joint involvement of several professional groups in either the organizing of investment banks or in the shaping of capital markets. This book addresses this research gap through a unique empirical investigation into the action nets of investment banks. Analysing the practices of traders, analysts, brokers and bankers it reveals how their contrasting perspectives on shares are put to use and the consequences this has for investment banks, corporations, investors and to the shaping of the stock markets.

Comparable companies analysis -- Precedent transactions analysis -- Discounted cash flow analysis -- Leveraged buyouts -- Leveraged buyouts analysis -- Mergers & acquisitions sale process

This classic guide has been revised to provide a crystal-clear view of how investment banking works in the post-financial-crisis landscape Written in accessible, easy-to- understand language, Investment Banking Explained provides a solid foundation in the history, key terms, structures, and strategies of this complex, ever-expanding, and critically important industry. Everything you need to identify structures, strategies, and operational aspects of investment banking is here, along with deep dives into of the operations of the world's most successful firms. The only book of its kind written by a seasoned investment banking practitioner, it breaks the business down into its respective specialties -- from traders, brokers, and analysts to relationship managers, hedgers, and retirement planners -- illustrating how each contributes to the industry as a whole. Nearly every chapter has been heavily updated and/or revised. New topics including the 2008 crisis, subprime, trenching securitization of mortgage loans, and startup financing; the book also has brand-new case studies on M&A, finalizing deals, asset management, and trading.