Preface |
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xi | |
Acknowledgments |
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xvii | |
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1 Overview of Investment Banking |
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Postcrisis Global Investment Banking Firms |
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4 | (3) |
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Other Investment Banking Firms |
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7 | (1) |
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Investment Banking Businesses |
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7 | (3) |
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Investment Banking Division |
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10 | (6) |
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16 | (3) |
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Asset Management Division |
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19 | (3) |
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2 Regulation of the Securities Industry |
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22 | (1) |
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22 | (11) |
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Recent Developments in Securities Regulations |
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33 | (8) |
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Securities Regulations in Other Countries |
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41 | (6) |
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Capital Markets Financings |
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47 | (5) |
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52 | (1) |
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53 | (13) |
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66 | (1) |
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Distribution Alternatives |
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67 | (1) |
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Shelf Registration Statements |
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68 | (1) |
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"Green Shoe" Overallotment Option |
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68 | (2) |
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70 | (3) |
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4 Mergers and Acquisitions |
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The Core of Mergers and Acquisitions |
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73 | (1) |
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74 | (1) |
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75 | (1) |
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Synergies and Control Premium |
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76 | (1) |
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Credit Ratings and Acquisition Currency |
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76 | (2) |
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Regulatory Considerations |
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78 | (1) |
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Social and Constituent Considerations |
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78 | (1) |
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Role of Investment Bankers |
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79 | (1) |
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Other Merger and Acquisition Participants |
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79 | (1) |
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79 | (1) |
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Legal Issues Faced by Boards |
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80 | (1) |
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81 | (1) |
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Due Diligence and Documentation |
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82 | (1) |
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83 | (1) |
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Alternative Sale Processes |
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84 | (2) |
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Cross-Border Transactions |
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86 | (1) |
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87 | (1) |
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88 | (2) |
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90 | (1) |
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90 | (1) |
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91 | (19) |
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110 | (8) |
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118 | (5) |
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123 | (6) |
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Fixed Income, Currencies, and Commodities Trading |
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129 | (7) |
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136 | (3) |
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139 | (1) |
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New Nonbank Financial Institutions |
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139 | (1) |
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140 | (1) |
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Risk Monitoring and Control |
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141 | (1) |
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141 | (4) |
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6 Asset Management, Wealth Management, and Research Asset Management |
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145 | (12) |
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148 | (2) |
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150 | (7) |
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7 Credit Rating Agencies, Exchanges, and Clearing and Settlement Credit Rating Agencies |
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157 | (18) |
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162 | (6) |
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168 | (1) |
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169 | (2) |
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171 | (4) |
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8 International Banking Euromarkets |
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175 | (26) |
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177 | (2) |
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179 | (5) |
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Emerging Financial Markets |
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184 | (5) |
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Global Initial Public Offering Market |
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189 | (5) |
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American Depository Receipt |
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194 | (1) |
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International Financial Reporting Standards |
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195 | (1) |
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196 | (5) |
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9 Convertible Securities and Wall Street Innovation Convertible Securities |
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201 | (21) |
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209 | (1) |
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210 | (6) |
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Accelerated Share Repurchase Program |
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216 | (6) |
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10 Investment Banking Careers, Opportunities, and Issues |
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222 | (3) |
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225 | (2) |
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Private Wealth Management |
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227 | (1) |
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228 | (1) |
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228 | (1) |
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Principal and Credit Investments |
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229 | (1) |
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Other Investment Banking Functions |
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229 | (1) |
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Investment Banking Opportunities and Issues |
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230 | (13) |
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II Hedge Funds And Private Equity |
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11 Overview of Hedge Funds |
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243 | (2) |
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245 | (4) |
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249 | (1) |
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250 | (1) |
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251 | (4) |
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255 | (3) |
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Market Liquidity and Efficiency |
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258 | (1) |
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258 | (1) |
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259 | (1) |
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Lock-Ups, Gates, and Side Pockets |
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259 | (1) |
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Comparison With Private Equity Funds and Mutual Funds |
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260 | (1) |
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High Water Marks and Hurdle Rates |
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261 | (1) |
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261 | (2) |
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263 | (4) |
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12 Hedge Fund Investment Strategies |
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267 | (3) |
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270 | (1) |
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270 | (6) |
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276 | (9) |
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285 | (7) |
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13 Shareholder Activism and Impact on Corporations |
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Shareholder-Centric Versus Director-Centric Corporate Governance |
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292 | (3) |
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Activist Hedge Fund Performance |
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295 | (3) |
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Activist Hedge Fund Accumulation Strategies |
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298 | (1) |
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299 | (3) |
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Changing Rules That Favor Activists |
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302 | (1) |
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Daniel Loeb and 13D Letters |
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303 | (2) |
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Bill Ackman Versus McDonald's, Wendy's, Ceridian, Target, MBIA, and Valeant |
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305 | (2) |
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307 | (2) |
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14 Risk, Regulation, and Organizational Structure |
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309 | (4) |
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313 | (3) |
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316 | (4) |
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320 | (3) |
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15 Hedge Fund Issues and Performance |
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323 | (5) |
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328 | (1) |
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329 | (1) |
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329 | (1) |
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330 | (1) |
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331 | (1) |
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332 | (1) |
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333 | (1) |
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International Hedge Fund Initiatives |
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333 | (1) |
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334 | (1) |
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335 | (1) |
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Forecasts for Hedge Fund Industry |
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336 | (5) |
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16 Overview of Private Equity |
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Characteristics of a Private Equity Transaction |
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341 | (1) |
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Target Companies for Private Equity Transactions |
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341 | (2) |
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Private Equity Transaction Participants |
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343 | (1) |
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Structure of a Private Equity Fund |
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344 | (1) |
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Capitalization of a Private Equity Transaction |
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345 | (1) |
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346 | (2) |
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348 | (1) |
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349 | (1) |
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Covenant-Lite Loans and Payments-in-Kind Toggles |
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350 | (1) |
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Club Transactions and Stub Equity |
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351 | (1) |
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Teaming Up With Management |
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352 | (5) |
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Private Investment in Public Equities |
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357 | (1) |
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Leveraged Recapitalizations |
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357 | (1) |
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Secondary Markets for Private Equity |
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358 | (1) |
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359 | (1) |
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Private Equity Goes Public |
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360 | (1) |
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361 | (10) |
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Determining Cash Flow Available for Debt Service and Debt Sources |
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371 | (2) |
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Determining Financial Sponsor Internal Rate of Return |
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373 | (1) |
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Determining Purchase Price and Sale Price |
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373 | (1) |
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Leveraged Buyout Analysis Example |
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374 | (16) |
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Leveraged Buyout Analysis Postcredit Crisis |
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390 | (4) |
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18 Private Equity Impact on Corporations |
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Private Equity-Owned Companies: Management Practices and Productivity |
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394 | (1) |
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Private Equity-Owned Company Failures |
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395 | (1) |
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Private Equity Purchase Commitment Failures |
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396 | (1) |
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Private Equity Portfolio Companies Purchased During 2006-07 |
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397 | (16) |
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Private Equity Value Proposition for Corporations |
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413 | (1) |
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Corporate Rationale for Completing Private Equity Transactions |
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414 | (1) |
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Private Equity as an Alternative Model of Corporate Governance |
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415 | (2) |
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Private Equity Influence on Companies |
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417 | (2) |
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19 Organization, Compensation, Regulation, and Limited Partners |
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419 | (3) |
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422 | (4) |
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426 | (2) |
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428 | (6) |
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20 Private Equity Issues and Opportunities |
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Private Investments in Public Equities |
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434 | (1) |
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434 | (1) |
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435 | (1) |
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435 | (2) |
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437 | (1) |
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Hedge Fund and Real Estate Investments |
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437 | (1) |
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438 | (1) |
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438 | (1) |
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Asia-Pacific Private Equity |
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439 | (1) |
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440 | (1) |
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Private Equity Initial Public Offerings |
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441 | (1) |
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Comparison of Private Equity Firms |
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442 | (5) |
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Profile of the Carlyle Group |
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447 | (1) |
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Future Issues and Opportunities |
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448 | (6) |
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454 | (3) |
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Investment Banking in 2008 (A): Rise and Fall of the Bear |
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457 | (24) |
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Investment Banking in 2008 (B): A Brave New World |
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481 | (16) |
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Freeport-McMoRan: Financing an Acquisition |
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497 | (18) |
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The Best Deal Gillette Could Get? Procter & Gamble's Acquisition of Gillette |
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515 | (18) |
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A Tale of Two Hedge Funds: Magnetar and Peloton |
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533 | (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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551 | (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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571 | (24) |
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Porsche, Volkswagen, and CSX: Cars, Trains, and Derivatives |
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595 | (10) |
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605 | (22) |
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Cerberus and the US Auto Industry |
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627 | (16) |
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643 | (26) |
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669 | (22) |
Index |
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691 | |