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.

A comprehensive overview of investment banking for professionalsand studentsThe investment banking industry has changed dramatically sincethe 2008 financial crisis. Three of the top five investment banksin the United States have disappeared, while Goldman Sachs andMorgan Stanley have converted to commercial banking charters. ThisThird Edition of The Business of Investment Bankingexplains the changes and discusses new opportunities for studentsand professionals seeking to advance their careers in thisintensely competitive field.The recent financial regulation overhaul, including theDodd-Frank legislation, is changing what investment banks do andhow they do it, while the Volcker rule has shaken up trading deskseverywhere.* This new edition updates investment banking industry shifts inpractices, trends, regulations, and statistics* Includes new chapters on investment banking in BRIC countriesas Brazil, Russia, India, and China now account for a quarter ofthe global economy* Explains the shift in the listing of securities away from NewYork to various financial centers around the world, and how majorexchanges compete for the same businessThis new edition, reflecting the current state of the investmentbanking industry, arrives in time to better serve professionalswanting to advance their careers and students just beginningtheirs.

Chapter 1 Introduction to Investment Banking: How the Financial Crisis and Reforms Changed the Industry 1Chapter 2 New Investment Banking Structure: Financial Holding Companies, Full-Service, and Boutique Investment Banks 9Chapter 3 The Structure of Investment Banks: Divisions and Services 21Chapter 4 Investment Banking Strategies: How They Compete and Profit 37Chapter 5 Employment Opportunities in Investment Banking 49Chapter 6 Venture Capital and Private Equity: Direct Investing in Companies 77Chapter 7 Mergers and Acquisitions 99Chapter 8 Equity Underwriting and IPOs 117Chapter 9 Debt Underwriting: Issuing Bonds 141Chapter 10 Asset Securitization: Turning Income Streams into New Investment Vehicles 173Chapter 11 Listing in New York, London, and Other Markets 195Chapter 12 Trading: Market Making, Arbitrage, and Brokering 213Chapter 13 Repurchase Agreements and Prime Brokerage 237Chapter 14 Derivatives and Financial Engineering: Foreign Exchange, Commodities, and Interest Rates 257Chapter 15 Investment Management for Pension Funds, Endowments, and Wealthy Families 279Chapter 16 Securities Regulation and Ethics: The Dodd-Frank Bill and Other Key Laws 297Chapter 17 The BRICs: Investment Banking in Brazil, Russia, and India 323Chapter 18 The BRICs: Investment Banking in China 339Chapter 19 Investment Banking Trends and Challenges 359Index 367