The Business of Investment Banking: A Comprehensive Overview

By K. Thomas Liaw

In recent years, monumental events have altered the financial landscape, and the investment banking industry has been likewise transformed. In the United States, deregulation has permitted new affiliations among banks, securities firms, and insurance companies, allowing them to offer a broader range of services. At the same time, deregulation overseas has spurred investment in foreign markets and accelerated a sweeping trend toward globalization. On the other hand, corporate scandals like those at Enron and WorldCom have prompted Congress to impose stringent new regulations in an effort to restore public confidence in the capital markets. Meanwhile, advances in information technology have changed the way Wall Street firms present their products to the public and have made vast informational resources available online. Investment banks must navigate the shifting regulatory terrain and counter mounting competition, while taking full advantage of burgeoning investment banking opportunities. In meeting these challenges, timely and accurate information is a critical asset. In The Business of Investment Banking, Dr. K. Thomas Liaw provides an inclusive, up-to-date guide to the evolving investment banking industry. In this new edition, Dr. Liaw offers a substantial revision of his bestselling text, responding to requests from educators and professionals alike. Incorporating the most recent developments in the industry, the author describes: Financial holding companies, full-service investment banks, boutique investment banks, and their lines of businesses Strategies for risk management, such as market risk, credit risk, operating risk, reputation risk, legal risk, and funding risk Career opportunities in investment banking, career paths, recruitment, and the application and interview process Key investment banking operations, including venture capital and buyouts, M&A services, equity underwriting, debt underwriting, securitization, financial engineering, investment management, and securities services Fundamentals for successful trading, arbitrage strategies, and technical trading techniques Regulatory issues and strategies relating to the Sarbanes-Oxley Act of 2002 and analyst conflict of interest Ethics and professionalism In addition, Dr. Liaw discusses investment banking opportunities in China, Japan, the EMU, and emerging markets, as well as the special challenges that come with globalization. A staple of industry training programs and a valued reference among banking professionals in its first edition, The Business of Investment Banking, Second Edition adds a wealth of new information to an already indispensable practical resource.

• Format: Hardcover
• Language: English
• ISBN: 0471739642
• ISBN13: 9780471739647
• Release Date: December 2005
• Publisher: Wiley
• Length: 456 Pages
• Weight: 1.25 lbs.
• Dimensions: 1.4" x 7.3" x 10.2"

Customer Reviews

The Investment Banking Business

So far this is a great read... recommended for anyone either in or looking to get into the very exciting and highly lucrative business that is Investment Banking and Investment Finance.

Fantastic, easy to understand overview of the business...

This book is very well written and very easy to understand. It touches on most of the various aspects of the business without over-focusing or under-focusing on any particular area. A definate business school quality textbook, or an excellent reference source. Real life examples are given to further your hands-on understanding. I emailed the author, and my email was quickly responded to in a very friendly manner. I highly recommend this book for anyone wanting to learn the business of investment banking.

Highly Recommended!

What exactly do the Masters of the Universe do between weekends at their Hamptons estates? While most of us have a vague idea of what investment banking is, businesspeople need a clear understanding of what goes on behind the Wall Street curtain. This book pulls that curtain aside with a systematic explanation of the businesses, strategies and tools of the major investment banks. Parental advisory: The book features a technically complex subject being addressed by a professor in finance. Some colorful anecdotes or engaging examples might have lightened the mood, but this isn't exactly Oprah territory here, and we [...] heartily recommend this solid book. Writing with expertise, Thomas Liaw breaks down the current business of investment banking and examines the changes that are blending the profession with commercial banking and insurance, a process that could reduce the Masters to mere mortal servants of global financial services supermarkets.

just read the book

I was disappointed that I could not get any discount, but I bought it anyway. I wanted to get an understanding of this particular business segment. After reading several chapters of the book, I have to say that I am glad I purchased this title. It's an excellent reading for business school students and for those interested in this business. The book does not cover everything under the sun, but it does cover many of the major business areas very well. Nice and easy reading, no nonsense mathmatical equations. A good book.

excellent!!!

This is the most comprehensive book on this subject I have seen in years. It describes each major segment of the investment banking business well. It is not perfect, but much better than other titles listed here.