Investment banks, hedge funds, and private equity:
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
London
Elsevier, Academic Press
[2018]
|
| Edition: | Third edititon |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | xvii, 714 Seiten Diagramme |
| ISBN: | 9780128047231 |
Staff View
MARC
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| 240 | 1 | 0 | |a An introduction to investment banks, hedge funds, and private equity |
| 245 | 1 | 0 | |a Investment banks, hedge funds, and private equity |c David P. Stowell |
| 250 | |a Third edititon | ||
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Record in the Search Index
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| adam_text | Contents
Preface xi
Acknowledgments xvii
____________________I___________________
INVESTMENT BANKING
1. Overview of Investment Banking
Postcrisis Global Investment Banking Firms 4
Other Investment Banking Firms 7
Investment Banking Businesses 7
Investment Banking Division 10
Trading Division 16
Asset Management Division 19
2. Regulation of the Securities Industry
Introduction 22
US Regulations 22
Recent Developments in Securities Regulations 33
Securities Regulations in Other Countries 41
3, Financings
Capital Markets Financings 47
Financing Considerations 52
Financing Alternatives 53
Fees to Bankers 66
Distribution Alternatives 67
Shelf Registration Statements 68
“Green Shoe” Overallotment Option 68
International Financings 70
4* Mergers and Acquisitions
The Core of Mergers and Acquisitions 73
Creating Value 74
Strategic Rationale 75
Synergies and Control Premium 76
Credit Ratings and Acquisition Currency 76
Regulatory Considerations 78
Social and Constituent Considerations 78
Role of Investment Bankers 79
Other Merger and Acquisition Participants 79
Fairness Opinion 79
Legal Issues Faced by Boards 80
Acquisitions 81
Due Diligence and Documentation 82
Breakup Fee 83
Alternative Sale Processes 84
Cross-Border Transactions 86
Tax-Free Reorganizations 87
Corporate Restructurings 88
Takeover Defenses 90
Risk Arbitrage 90
Valuation 91
M A Litigation Topics 110
5. Trading
Sales and Trading 118
Equity Trading 123
Fixed Income, Currencies, and Commodities
Trading 129
Market-Making Examples 136
Proprietary Trading 139
New Nonbank Financial Institutions 139
International Trading 140
Risk Monitoring and Control 141
Value at Risk 141
6. Asset Management, Wealth
Management, and Research
Asset Management 145
Wealth Management 148
Research 150
♦ ·
Vii
CONTENTS
viii
7. Credit Rating Agencies, Exchanges,
and Clearing and Settlement
Credit Rating Agencies 157
Exchanges 162
Dark Pools 168
Over-the-Counter Market 169
Clearing and Settlement 171
8, International Banking
Euromarkets 175
Japan’s Financial Market 177
China’s Financial Market 179
Emerging Financial Markets 184
Global Initial Public Offering Market 189
American Depository Receipt 194
international Financial Reporting Standards 195
International Investors 196
9. Convertible Securities and Wall
Street Innovation
Convertible Securities 201
Wall Street Innovation 209
Nikkei Put Warrants 210
Accelerated Share Repurchase Program 216
10. Investment Banking Careers,
Opportunities, and Issues
Investment Banking 222
Trading and Sales 225
Private Wealth Management 227
Asset Management 228
Research 228
Principal and Credit Investments 229
Other Investment Banking Functions 229
Investment Banking Opportunities and Issues 230
_____________________II_____________________
HEDGE FUNDS AND PRIVATE
EQUITY
11. Overview of Hedge Funds
Leverage 243
Growth 245
Composition of Investors 249
Industry Concentration 250
Performance 251
2008 Slowdown 255
Market Liquidity and Efficiency 258
Financial Innovation 258
Illiquid Investments 259
Lock-Ups, Gates, and Side Pockets 259
Comparison With Private Equity Funds and Mutual
Funds 260
High Water Marks and Hurdle Rates 261
Public Offerings 261
Fund of Funds 263
12. Hedge Fund Investment Strategies
Equity-Based Strategies 267
Macro Strategies 270
Arbitrage Strategies 270
Event-Driven Strategies 276
Summary 285
13. Shareholder Activism and Impact on
Corporations
Shareholder-Centric Versus Director-Centric
Corporate Governance 292
Activist Hedge Fund Performance 295
Activist Hedge Fund Accumulation
Strategies 298
CSX Versus TCI 299
Changing Rules That Favor Activists 302
Daniel Loeb and 13D Letters 303
Bill Ackman Versus McDonald’s, Wendy’s, Ceridian,
Target, MB1A, and Valeant 305
Summary 307
14. Risk, Regulation, and Organizational
Structure
Investor Risks 309
Systemic Risk 313
Regulation 316
Organizational Structure 320
15. Hedge Fund Issues and
Performance
Hedge Fund Performance 323
Fund of Funds 328
CONTENTS
IX
Absolute Return 329
Transparency 329
Fees 330
High-Water Mark 331
Searching for Returns 332
Merging of Functions 333
International Hedge Fund Initiatives 333
Benefits Revisited 334
Future Developments 335
Forecasts for Hedge Fund Industry 336
16» Overview of Private Equity
Characteristics of a Private Equity Transaction 341
Target Companies for Private Equity
Transactions 341
Private Equity Transaction Participants 343
Structure of a Private Equity Fund 344
Capitalization of a Private Equity Transaction 345
Assets Under Management 346
History 348
Financing Bridges 349
Covenant-Lite Loans and Payments-in-Kind
Toggles 350
Club Transactions and Stub Equity 351
Teaming Up With Management 352
Private Investment in Public Equities 357
Leveraged Recapitalizations 357
Secondary Markets for Private Equity 358
Fund of Funds 359
Private Equity Goes Public 360
Private Equity Exhibits 361
17« LBO Financial Model
Determining Cash Flow Available for Debt Service
and Debt Sources 371
Determining Financial Sponsor Internal Rate of
Return 373
Determining Purchase Price and Sale Price 373
Leveraged Buyout Analysis Example 374
Leveraged Buyout Analysis Postcredit Crisis 390
18. Private Equity Impact on Corporations
Private Equity-Owned Companies: Management
Practices and Productivity 394
Private Equity-Owned Company Failures 395
Private Equity Purchase Commitment
Failures 396
Private Equity Portfolio Companies Purchased
During 2006-07 397
Private Equity Value Proposition for
Corporations 413
Corporate Rationale for Completing Private Equity
Transactions 414
Private Equity as an Alternative Model of Corporate
Governance 415
Private Equity Influence on Companies 417
19. Organization, Compensation,
Regulation, and Limited Partners
Organizational Structure 419
Compensation 422
Regulations 426
Limited Partners 428
20. Private Equity Issues and
Opportunities
Private Investments in Public Equities 434
Equity Buyouts 434
Distressed Assets 435
M A Advisory 435
Capital Markets Activity 437
Hedge Fund and Real Estate Investments 437
Boom and Bust Cycles 438
Annex Funds 438
Asia-Pacific Private Equity 439
European Private Equity 440
Private Equity Initial Public Offerings 441
Comparison of Private Equity Firms 442
Profile of the Carlyle Group 447
Future Issues and Opportunities 448
The New Landscape 454
______________________III·_____________________
CASE STUDIES
Investment Banking in 2008 (A): Rise and Fall of
the Bear 457
Investment Banking in 2008 (B): A Brave New
World 481
Freeport-McMoRan: Financing an
Acquisition 497
The Best Deal Gillette Could Get? Procter
Gamble’s Acquisition of Gillette 515
X
CONTENTS
A Tale of Two Hedge Funds: Magnetar and
Peloton 533
Kmart, Sears, and ESL: How a Hedge Fund
Became One of the World’s Largest
Retailers 551
McDonald’s, Wendy’s, and Hedge Funds: Hamburger
Hedging; Hedge Fund Activism and Impact on
Corporate Governance 571
Porsche, Volkswagen, and CSX: Cars, Trains, and
Derivatives 595
The Toys “R” Us LBO 605
Cerberus and the US Auto Industry 627
H. ]. Heinz M A 643
Quintiles IPO 669
Index 691
|
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| id | DE-604.BV044531909 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-10T07:55:10Z |
| institution | BVB |
| isbn | 9780128047231 |
| language | English |
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| physical | xvii, 714 Seiten Diagramme |
| publishDate | 2018 |
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| publisher | Elsevier, Academic Press |
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| spelling | Stowell, David Verfasser (DE-588)141468645 aut An introduction to investment banks, hedge funds, and private equity Investment banks, hedge funds, and private equity David P. Stowell Third edititon London Elsevier, Academic Press [2018] © 2018 xvii, 714 Seiten Diagramme txt rdacontent n rdamedia nc rdacarrier Hedge Fund (DE-588)4444016-9 gnd rswk-swf Investment Banking (DE-588)4200159-6 gnd rswk-swf Private Equity (DE-588)7594875-8 gnd rswk-swf Investment Banking (DE-588)4200159-6 s Hedge Fund (DE-588)4444016-9 s Private Equity (DE-588)7594875-8 s DE-604 Digitalisierung UB Augsburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029931181&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Stowell, David Investment banks, hedge funds, and private equity Hedge Fund (DE-588)4444016-9 gnd Investment Banking (DE-588)4200159-6 gnd Private Equity (DE-588)7594875-8 gnd |
| subject_GND | (DE-588)4444016-9 (DE-588)4200159-6 (DE-588)7594875-8 |
| title | Investment banks, hedge funds, and private equity |
| title_alt | An introduction to investment banks, hedge funds, and private equity |
| title_auth | Investment banks, hedge funds, and private equity |
| title_exact_search | Investment banks, hedge funds, and private equity |
| title_full | Investment banks, hedge funds, and private equity David P. Stowell |
| title_fullStr | Investment banks, hedge funds, and private equity David P. Stowell |
| title_full_unstemmed | Investment banks, hedge funds, and private equity David P. Stowell |
| title_short | Investment banks, hedge funds, and private equity |
| title_sort | investment banks hedge funds and private equity |
| topic | Hedge Fund (DE-588)4444016-9 gnd Investment Banking (DE-588)4200159-6 gnd Private Equity (DE-588)7594875-8 gnd |
| topic_facet | Hedge Fund Investment Banking Private Equity |
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