Investment banking in Europe: restructuring for the 1990s
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Oxford u.a.
Blackwell
1990
|
| Ausgabe: | 1. publ. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XII, 169 S. |
| ISBN: | 0631171797 |
Internformat
MARC
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| 999 | |a oai:aleph.bib-bvb.de:BVB01-002543405 | ||
Datensatz im Suchindex
| _version_ | 1804118297808994304 |
|---|---|
| adam_text | Contents
List of Tables viii
List of Figures x
Preface xi
* 1 Introduction 1
2 Fundamentals of European Community Structural Change 5
Static Production and Consumption Effects 6
Dynamic Effects 7
Macro performance and Structural Suppositions 10
Factors Impacting Investment Banking in the European
Community 17
Summary 20
Notes 21
3 Underwriting New Issues of Securities 23
The European New Issues Market since 1985 24
Equity New Issues and Privatizations 29
The Influence of Competition on European Financial
Markets 30
The Intra European Market for New Issues after 1992 32
Summary 37
Notes 38
4 Corporate Financial Advisory Services 39
Structure and Evolution of European Mergers and
Acquisitions Deal flow 43
v
vi Contents
The European Market for Mergers and Acquisitions 53
The Role of Hostile Transactions in Europe 56
Merchant Banking and Risk Arbitrage in Europe 61
Summary 64
Notes 66
5 Rules and Procedures Governing European Mergers
and Acquisitions 68
United Kingdom 69
Germany 71
France 72
Italy 74
Belgium 75
The Netherlands 75
Spain 76
Switzerland 77
Cross shareholdings 79
Evolution of the Market for Corporate Control 80
European Community Competition Policies and
Merger Regulations 82
European Community Takeover Regulation 91
Summary 91
Notes 92
¦ 6 Secondary Market Brokerage and Trading 94
The Secondary Market Environment since 1985 95
Lessons from Deregulation 100
Beyond 1992 103
Summary 104
Notes 105
7 Investment Management Services 106
Managing European Securities Portfolios for
Non European Investors 107
Management of Portfolios for European Institutional
Investors 110
Management of Portfolios for European Private
Investors 111
Summary 112
Notes 113
Contents vii
8 Securities Industry Regulation in the European
Community 114
The Common Securities Passport 116
The Reciprocity Issue and the Common Passport 118
Regulatory Arbitrage 120
Capital Adequacy 121
Investment Taxation 122
Conduct of business Rules 125
Trading Conduct 130
Summary 131
Notes 132
9 Competitive Positioning of Investment Bankers in the
Evolving European Market 134
Dimensions of Investment Banking Competition in
Europe 134
Competing in Securities New Issues 139
Competing in Corporate Finance Services 143
Competing in Secondary Market Brokerage and
Trading 148
Competing in Investment Management 151
Summary 152
Notes 153
10 Conclusions and Implications 154
Glossary 159
Index 163
Tables
2.1 Exchange rate arrangements and controls among
European Community members and selected other
countries (end of 1987) 16
2.2 Residual European Community capital controls
affecting securities transactions (1987) 17
3.1 Volume of capital market financing by regional
corporations in their respective regional markets, 1987
(billion dollars of proceeds at yearly average exchange
rates) 25
3.2 Capital market financing by all European companies,
1985 1988 (million dollars of proceeds at current
exchange rates) 26
3.3 Capital market financing by European nonfinancial
corporations, 1985 1988 (million dollars of proceeds at
average exchange rates) 27
3.4 Volume of nondomestic European capital market issues
of all European corporations by currency of issue,
1985 1988 (million dollars of proceeds at current
exchange rates) 29
3.5 Volume of nondomestic European capital market
issues of nonfinancial European corporations by currency
of issue, 1985 1988 (million dollars of proceeds at
current exchange rates) 29
4.1 Volume of completed international mergers and
acquisitions, 1982 1988 44
4.2 Major acquisitions of US companies by foreign
companies, 1981 1988 46
viii
List of Tables ix
4.3 Merger and acquisition transactions involving non
US corporations, 1983 1988 48
4.4 Merger and acquisition transactions for European
corporations 49
4.5 Large European mergers, acquisitions, and
divestitures (European sellers) cumulative data,
1983 1988 49
4.6 Annual large mergers and acquisitions transactions
involving European seller companies 51
4.7 Large European mergers and acquisitions transactions
by industry, 1983 1988 54
4.8 Mergers and acquisitions in Europe opposed
by target company 60
6.1 Retreat from the markets since Big Bang 97
6.2 Foreign investment of private sector pension assets
(million dollars) 99
8.1 Evolution of European Community investment
banking directives 115
8.2 Base withholding tax rates for nonresident
individual bank account holders 123
9.1 Measures of concentration in the Eurobond market,
1975 1988 140
9.2 Eurobond segment Herfindahl indexes, 1975 1988 140
9.3 International mergers and acquisition advisers for 1988 144
9.4 UK takeover advisers, 1987 (total domestic and
foreign acquisitions and dispositions) 146
Figures
5.1 How European Community merger procedures work 86
7.1 Morgan Stanley Capital International s Europe
Australia Far East (EAFE) index in US dollar terms
versus the Standard Poor 500 108
9.1 Constancy ratio for the top 25 underwriters in the
Eurobond market with base years 1975, 1979, 1983,
and 1986 142
x
|
| any_adam_object | 1 |
| author | Walter, Ingo 1940- Smith, Roy C. |
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| dewey-ones | 332 - Financial economics |
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| dewey-search | 332.6609422 |
| dewey-sort | 3332.6609422 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| edition | 1. publ. |
| format | Book |
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| geographic | Europa - Investment Banking |
| geographic_facet | Europa - Investment Banking |
| id | DE-604.BV004067209 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-09T16:08:04Z |
| institution | BVB |
| isbn | 0631171797 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-002543405 |
| oclc_num | 246603599 |
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| physical | XII, 169 S. |
| publishDate | 1990 |
| publishDateSearch | 1990 |
| publishDateSort | 1990 |
| publisher | Blackwell |
| record_format | marc |
| spelling | Walter, Ingo 1940- Verfasser (DE-588)130494461 aut Investment banking in Europe restructuring for the 1990s Ingo Walter and Roy C. Smith 1. publ. Oxford u.a. Blackwell 1990 XII, 169 S. txt rdacontent n rdamedia nc rdacarrier Europäische Gemeinschaften (DE-588)35439-9 gnd rswk-swf Investment Banking (DE-588)4200159-6 gnd rswk-swf Effektenbank (DE-588)4151062-8 gnd rswk-swf Kapitalanlage (DE-588)4073213-7 gnd rswk-swf Emissionsgeschäft (DE-588)4125006-0 gnd rswk-swf Europa - Investment Banking Europäische Gemeinschaften (DE-588)35439-9 b Kapitalanlage (DE-588)4073213-7 s DE-604 Emissionsgeschäft (DE-588)4125006-0 s Effektenbank (DE-588)4151062-8 s Investment Banking (DE-588)4200159-6 s Smith, Roy C. Verfasser aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=002543405&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Walter, Ingo 1940- Smith, Roy C. Investment banking in Europe restructuring for the 1990s Europäische Gemeinschaften (DE-588)35439-9 gnd Investment Banking (DE-588)4200159-6 gnd Effektenbank (DE-588)4151062-8 gnd Kapitalanlage (DE-588)4073213-7 gnd Emissionsgeschäft (DE-588)4125006-0 gnd |
| subject_GND | (DE-588)35439-9 (DE-588)4200159-6 (DE-588)4151062-8 (DE-588)4073213-7 (DE-588)4125006-0 |
| title | Investment banking in Europe restructuring for the 1990s |
| title_auth | Investment banking in Europe restructuring for the 1990s |
| title_exact_search | Investment banking in Europe restructuring for the 1990s |
| title_full | Investment banking in Europe restructuring for the 1990s Ingo Walter and Roy C. Smith |
| title_fullStr | Investment banking in Europe restructuring for the 1990s Ingo Walter and Roy C. Smith |
| title_full_unstemmed | Investment banking in Europe restructuring for the 1990s Ingo Walter and Roy C. Smith |
| title_short | Investment banking in Europe |
| title_sort | investment banking in europe restructuring for the 1990s |
| title_sub | restructuring for the 1990s |
| topic | Europäische Gemeinschaften (DE-588)35439-9 gnd Investment Banking (DE-588)4200159-6 gnd Effektenbank (DE-588)4151062-8 gnd Kapitalanlage (DE-588)4073213-7 gnd Emissionsgeschäft (DE-588)4125006-0 gnd |
| topic_facet | Europäische Gemeinschaften Investment Banking Effektenbank Kapitalanlage Emissionsgeschäft Europa - Investment Banking |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=002543405&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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