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El. knyga: Investment Banks, Hedge Funds, and Private Equity

3.97/5 (33 ratings by Goodreads)
(Professor of Finance, Kellogg School of Management, Northwestern University, Evanston, IL, USA)
  • Formatas: PDF+DRM
  • Išleidimo metai: 24-Jul-2017
  • Leidėjas: Academic Press Inc
  • Kalba: eng
  • ISBN-13: 9780128047248
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  • Formatas: PDF+DRM
  • Išleidimo metai: 24-Jul-2017
  • Leidėjas: Academic Press Inc
  • Kalba: eng
  • ISBN-13: 9780128047248
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As our economy evolves, private equity groups, hedge funds, and investment banks compete and cooperate in different ways. Their recent innovations are reported and analyzed by the 3rd edition of David Stowell’s landmark book, which adds three new cases, significantly revisions of most chapters, and updated figures, tables, and exhibits. It captures the actual work that associates and vice presidents do, providing readers with templates for real transactions. Finally, it provides significantly more content about the ways liquidity is supplied in secondary markets, including an overview of high frequency trading/electronic market making, quantitative trading strategies, and the evolution of cash equities from open outcry pits to fully electronic central limit order books.

  • Includes a new chapter on China to accompany nine heavily updated chapters
  • Integrates three new cases with relevant chapters in the book to create real world applications of chapter teachings
  • Employs spreadsheet models to enable readers to create analytical frameworks for considering choices, opportunities and risks described in the cases

Recenzijos

"Having used the first two editions for finance students in Italy and France for several years, I am pleased to report that this fully up-to date third edition continues to present challenging concepts in a highly engaging form." --Linus Siming, Audencia Business School, France

"This volume provides needed coverage of some of today's most relevant topics in the world of finance. The blend of theory and cases makes this book ideal for academics and professionals alike." --Roberto Ragozzino, University of Tennessee

Daugiau informacijos

Examines the unique nature of investment banks, private equity firms and hedge funds, including how their relationships drive financial markets
Preface xi
Acknowledgments xvii
I Investment Banking
1 Overview of Investment Banking
Postcrisis Global Investment Banking Firms
4(3)
Other Investment Banking Firms
7(1)
Investment Banking Businesses
7(3)
Investment Banking Division
10(6)
Trading Division
16(3)
Asset Management Division
19(3)
2 Regulation of the Securities Industry
Introduction
22(1)
US Regulations
22(11)
Recent Developments in Securities Regulations
33(8)
Securities Regulations in Other Countries
41(6)
3 Financings
Capital Markets Financings
47(5)
Financing Considerations
52(1)
Financing Alternatives
53(13)
Fees to Bankers
66(1)
Distribution Alternatives
67(1)
Shelf Registration Statements
68(1)
"Green Shoe" Overallotment Option
68(2)
International Financings
70(3)
4 Mergers and Acquisitions
The Core of Mergers and Acquisitions
73(1)
Creating Value
74(1)
Strategic Rationale
75(1)
Synergies and Control Premium
76(1)
Credit Ratings and Acquisition Currency
76(2)
Regulatory Considerations
78(1)
Social and Constituent Considerations
78(1)
Role of Investment Bankers
79(1)
Other Merger and Acquisition Participants
79(1)
Fairness Opinion
79(1)
Legal Issues Faced by Boards
80(1)
Acquisitions
81(1)
Due Diligence and Documentation
82(1)
Breakup Fee
83(1)
Alternative Sale Processes
84(2)
Cross-Border Transactions
86(1)
Tax-Free Reorganizations
87(1)
Corporate Restructurings
88(2)
Takeover Defenses
90(1)
Risk Arbitrage
90(1)
Valuation
91(19)
M&A Litigation Topics
110(8)
5 Trading
Sales and Trading
118(5)
Equity Trading
123(6)
Fixed Income, Currencies, and Commodities Trading
129(7)
Market-Making Examples
136(3)
Proprietary Trading
139(1)
New Nonbank Financial Institutions
139(1)
International Trading
140(1)
Risk Monitoring and Control
141(1)
Value at Risk
141(4)
6 Asset Management, Wealth Management, and Research Asset Management
145(12)
Wealth Management
148(2)
Research
150(7)
7 Credit Rating Agencies, Exchanges, and Clearing and Settlement Credit Rating Agencies
157(18)
Exchanges
162(6)
Dark Pools
168(1)
Over-the-Counter Market
169(2)
Clearing and Settlement
171(4)
8 International Banking Euromarkets
175(26)
Japan's Financial Market
177(2)
China's Financial Market
179(5)
Emerging Financial Markets
184(5)
Global Initial Public Offering Market
189(5)
American Depository Receipt
194(1)
International Financial Reporting Standards
195(1)
International Investors
196(5)
9 Convertible Securities and Wall Street Innovation Convertible Securities
201(21)
Wall Street Innovation
209(1)
Nikkei Put Warrants
210(6)
Accelerated Share Repurchase Program
216(6)
10 Investment Banking Careers, Opportunities, and Issues
Investment Banking
222(3)
Trading and Sales
225(2)
Private Wealth Management
227(1)
Asset Management
228(1)
Research
228(1)
Principal and Credit Investments
229(1)
Other Investment Banking Functions
229(1)
Investment Banking Opportunities and Issues
230(13)
II Hedge Funds And Private Equity
11 Overview of Hedge Funds
Leverage
243(2)
Growth
245(4)
Composition of Investors
249(1)
Industry Concentration
250(1)
Performance
251(4)
2008 Slowdown
255(3)
Market Liquidity and Efficiency
258(1)
Financial Innovation
258(1)
Illiquid Investments
259(1)
Lock-Ups, Gates, and Side Pockets
259(1)
Comparison With Private Equity Funds and Mutual Funds
260(1)
High Water Marks and Hurdle Rates
261(1)
Public Offerings
261(2)
Fund of Funds
263(4)
12 Hedge Fund Investment Strategies
Equity-Based Strategies
267(3)
Macro Strategies
270(1)
Arbitrage Strategies
270(6)
Event-Driven Strategies
276(9)
Summary
285(7)
13 Shareholder Activism and Impact on Corporations
Shareholder-Centric Versus Director-Centric Corporate Governance
292(3)
Activist Hedge Fund Performance
295(3)
Activist Hedge Fund Accumulation Strategies
298(1)
CSX Versus TCI
299(3)
Changing Rules That Favor Activists
302(1)
Daniel Loeb and 13D Letters
303(2)
Bill Ackman Versus McDonald's, Wendy's, Ceridian, Target, MBIA, and Valeant
305(2)
Summary
307(2)
14 Risk, Regulation, and Organizational Structure
Investor Risks
309(4)
Systemic Risk
313(3)
Regulation
316(4)
Organizational Structure
320(3)
15 Hedge Fund Issues and Performance
Hedge Fund Performance
323(5)
Fund of Funds
328(1)
Absolute Return
329(1)
Transparency
329(1)
Fees
330(1)
High-Water Mark
331(1)
Searching for Returns
332(1)
Merging of Functions
333(1)
International Hedge Fund Initiatives
333(1)
Benefits Revisited
334(1)
Future Developments
335(1)
Forecasts for Hedge Fund Industry
336(5)
16 Overview of Private Equity
Characteristics of a Private Equity Transaction
341(1)
Target Companies for Private Equity Transactions
341(2)
Private Equity Transaction Participants
343(1)
Structure of a Private Equity Fund
344(1)
Capitalization of a Private Equity Transaction
345(1)
Assets Under Management
346(2)
History
348(1)
Financing Bridges
349(1)
Covenant-Lite Loans and Payments-in-Kind Toggles
350(1)
Club Transactions and Stub Equity
351(1)
Teaming Up With Management
352(5)
Private Investment in Public Equities
357(1)
Leveraged Recapitalizations
357(1)
Secondary Markets for Private Equity
358(1)
Fund of Funds
359(1)
Private Equity Goes Public
360(1)
Private Equity Exhibits
361(10)
17 LBO Financial Model
Determining Cash Flow Available for Debt Service and Debt Sources
371(2)
Determining Financial Sponsor Internal Rate of Return
373(1)
Determining Purchase Price and Sale Price
373(1)
Leveraged Buyout Analysis Example
374(16)
Leveraged Buyout Analysis Postcredit Crisis
390(4)
18 Private Equity Impact on Corporations
Private Equity-Owned Companies: Management Practices and Productivity
394(1)
Private Equity-Owned Company Failures
395(1)
Private Equity Purchase Commitment Failures
396(1)
Private Equity Portfolio Companies Purchased During 2006-07
397(16)
Private Equity Value Proposition for Corporations
413(1)
Corporate Rationale for Completing Private Equity Transactions
414(1)
Private Equity as an Alternative Model of Corporate Governance
415(2)
Private Equity Influence on Companies
417(2)
19 Organization, Compensation, Regulation, and Limited Partners
Organizational Structure
419(3)
Compensation
422(4)
Regulations
426(2)
Limited Partners
428(6)
20 Private Equity Issues and Opportunities
Private Investments in Public Equities
434(1)
Equity Buyouts
434(1)
Distressed Assets
435(1)
M&A Advisory
435(2)
Capital Markets Activity
437(1)
Hedge Fund and Real Estate Investments
437(1)
Boom and Bust Cycles
438(1)
Annex Funds
438(1)
Asia-Pacific Private Equity
439(1)
European Private Equity
440(1)
Private Equity Initial Public Offerings
441(1)
Comparison of Private Equity Firms
442(5)
Profile of the Carlyle Group
447(1)
Future Issues and Opportunities
448(6)
The New Landscape
454(3)
III Case Studies
Investment Banking in 2008 (A): Rise and Fall of the Bear
457(24)
Investment Banking in 2008 (B): A Brave New World
481(16)
Freeport-McMoRan: Financing an Acquisition
497(18)
The Best Deal Gillette Could Get? Procter & Gamble's Acquisition of Gillette
515(18)
A Tale of Two Hedge Funds: Magnetar and Peloton
533(18)
Kmart, Sears, and ESL: How a Hedge Fund Became One of the World's Largest Retailers
551(20)
McDonald's, Wendy's, and Hedge Funds: Hamburger Hedging? Hedge Fund Activism and Impact on Corporate Governance
571(24)
Porsche, Volkswagen, and CSX: Cars, Trains, and Derivatives
595(10)
The Toys "R" Us LBO
605(22)
Cerberus and the US Auto Industry
627(16)
H. J. Heinz M&A
643(26)
Quintiles IPO
669(22)
Index 691
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.