This description of the symbiotic relationships among investment banks, hedge funds, and private equity firms shows students how firms simultaneously compete and cooperate. The author has captured the ways these firms are reinventing themselves in the post-crash regulatory environment and, through ten extensive cases, the ways in which they are increasing their power and influence.
- Emphasizes the needs for capital, sources of capital, and the process of getting capital to those who need it.
- Integrates into the chapters ten cases about recent transactions, along with case notes and questions
- Accompanies cases with spreadsheets for readers to create their own analytical frameworks and consider choices and opportunities.
The dynamic environment of investment banks, hedge funds, and private equity firms comes to life in David Stowells introduction to the ways they challenge and sustain each other. Capturing their reshaped business plans in the wake of the 2007-2009 global meltdown, his book reveals their key functions, compensation systems, unique roles in wealth creation and risk management, and epic battles for investor funds and corporate influence. Its combination of perspectives-drawn from his industry and academic backgrounds-delivers insights that illuminate the post-2009 reinvention and acclimation processes. Through a broad view of the ways these financial institutions affect corporations, governments, and individuals, Professor Stowell shows us how and why they will continue to project their power and influence.
- Emphasizes the needs for capital, sources of capital, and the process of getting capital to those who need it
- Integrates into the chapters 10 cases about recent transactions, along with case notes and questions
- Accompanies cases with spreadsheets for readers to create their own analytical frameworks and consider choices and opportunities
Recenzijos
Books on investment banking are few and far between and mostly out of date. Usually they are very academic or written by lawyers rather than by someone who understands the business. This one, written by a former practitioner, gives students of investment banking just the insights they need into the nexus of investment banking, private equity and hedge funds. --Brian Scott-Quinn, Chair in Investment Banking, ICMA Centre, Henley Business School, University of Reading
Investment banking is in permanent change. This new book on investment banking describes the most recent trends that have taken place in the industry, in particular the interaction between investment banking and the hedge funds and private equity businesses. This is an exhaustive and up-to-date guide to the major banking activities. The different themes covered in the book are illustrated by fascinating real life cases. The book by David Stowell will become the new reference on investment banking. --Pierre Hillion, INSEAD
A clearly written account of several popular segments of the global financial services industry. Students who wish to enhance their understanding of the banking system would benefit from reading this book. --Sanjay Gupta, Swiss Finance Academy
| Preface |
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ix | |
| Acknowledgments |
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xiii | |
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Section I. Investment Banking |
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1 | (196) |
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Overview of Investment Banking |
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3 | (18) |
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Regulation of the Securities Industry |
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21 | (20) |
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41 | (22) |
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63 | (34) |
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97 | (18) |
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Asset Management, Wealth Management, and Research |
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115 | (10) |
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Credit Rating Agencies, Exchanges, and Clearing and Settlement |
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125 | (12) |
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|
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137 | (18) |
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Convertible Securities and Wall Street Innovation |
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155 | (18) |
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Investment Banking Careers, Opportunities, and Issues |
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173 | (24) |
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Section II. Hedge Funds and Private Equity |
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197 | (184) |
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199 | (20) |
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Hedge Fund Investment Strategies |
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219 | (22) |
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Shareholder Activism and Impact on Corporations |
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241 | (16) |
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Risk, Regulation, and Organizational Structure |
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257 | (12) |
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Hedge Fund Issues and Performance |
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269 | (14) |
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Overview of Private Equity |
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283 | (24) |
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307 | (18) |
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Private Equity Impact on Corporations |
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325 | (22) |
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Organization, Compensation, Regulation, and Limited Partners |
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347 | (14) |
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Private Equity Issues and Opportunities |
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361 | (20) |
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Section III. Case Studies |
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381 | (172) |
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Investment Banking in 2008 (A): Rise and Fall of the Bear |
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383 | (20) |
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Investment Banking in 2008 (B): A Brave New World |
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403 | (16) |
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Freeport-McMoRan: Financing an Acquisition |
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419 | (16) |
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The Best Deal Gillette Could Get?: Procter and Gamble's Acquisition of Gillette |
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435 | (16) |
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A Tale of Two Hedge Funds: Magnetar and Peloton |
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451 | (18) |
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Kmart, Sears, and ESL: How a Hedge Fund Became One of the World's Largest Retailers |
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469 | (20) |
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McDonald's, Wendy's, and Hedge Funds: Hamburger Hedging? Hedge Fund Activism and Impact on Corporate Governance |
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489 | (22) |
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Porsche, Volkswagen and CSX: Cars, Trains, and Derivatives |
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511 | (10) |
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521 | (18) |
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Cerberus and the U.S. Auto Industry |
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539 | (14) |
| Sources List |
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553 | (6) |
| Reading List |
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559 | (2) |
| References |
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561 | (2) |
| Index |
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563 | |
David P. Stowell is a professor of finance at Northwestern Universitys Kellogg School of Management, where he teaches classes that focus on investment banking, hedge funds, private equity and venture capital. He also teaches undergraduate courses on these topics at Northwestern University. Prior to joining Northwestern in 2005, he was managing director at JP Morgan, working in Chicago with responsibility for part of the firm's mid-west investment banking business. In addition, he worked in investment banking at UBS as managing director and co-head of U.S. equity capital markets, and at Goldman Sachs, where he co-managed an equity derivatives business and worked in corporate finance in New York and Tokyo. He was also a managing director at O'Connor Partners, a hedge fund based in Chicago. He graduated from Utah State University with a BA in Economics and from Columbia University's Graduate School of Business with an MBA in Finance. In addition to his current teaching responsibilities, he manages Paradigm Partners, a boutique firm that provides M&A and capital raising services and general advice regarding investment banking, hedge fund, and private equity activities to selected clients.
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