Theoretical foundations of investment banking:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cham
Springer
[2024]
|
| Schriftenreihe: | Springer texts in business and economics
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | xvii, 395 Seiten |
| ISBN: | 9783031580598 |
| ISSN: | 2192-4333 |
Internformat
MARC
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| 245 | 1 | 0 | |a Theoretical foundations of investment banking |c Andreas Krause |
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| 650 | 4 | |a Capital market | |
| 650 | 4 | |a Financial risk management | |
| 650 | 4 | |a Business enterprises / Finance | |
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| 650 | 4 | |a International finance | |
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Datensatz im Suchindex
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Contents 1 Introduction. 1 2 Prologue: Practices and Processes inInvestment Banking. 2.1 Mergers and Acquisitions Advice. 2.2 Securities Underwriting. 2.3 Financial Analyst Research. 2.4 Trading and Sales . 2.5 Managing Investment Banks. 7 8 12 18 21 24 Part I Investment Banks as Intermediaries 3 Selling Information. 31 4 Informed Intermediaries. 4.1 Reducing Adverse Selection. 4.2 Quality of Securities Issued. Conclusions. 37 37 42 48 5 Independent Financial Advice. 51 Review of Part I Part II Corporate Finance 6 Mergers and Acquisitions Advisory. 6.1 Contingent Fee Contracts. 6.1.1
Eliminating Moral Hazard in Merger Advice. 6.1.2 Merger Advice with Adverse Selection. 6.2 Accepting Merger Offers . 6.3 Break-up fees. Conclusions. 63 65 65 68 71 75 78 7 Securities Underwriting. 7.1 Underwriting Contracts. . . 7.1.1 Firm Commitmentand Best Efforts Contracts. 7.1.2 Book-Building. 7.2 Appointing Underwriters . 81 82 83 87 96 xi
Contents xii 7.2.1 Underwriter Selection. 7.2.2 Underwriting Syndicates. 7.3 Underpricing. 7.3.1 Preventing Adverse Selection. 7.3.2 Relationship Building. 7.3.3 Litigation Risk. 7.3.4 Security Flipping. 7.3.5 Monitoring of Issuing Company. . 7.4 Greenshoe Option. 7.5 Choice of Underwritten Securities . 7.6 Underwriting by Universal Banks. Conclusions . 96 101 107 108 110 114 116 117 123 125 128 131 Review of Part II Part III Research 8 Biased Analyst Recommendations. 8.1 Financial Analyst Access to Company Information. 8.2 Obtaining Future Investment Banking Business. Conclusions. 137 138 140 144 9 Analyst Reputation. 145 10 Regulation of Financial
Analysts. 153 Review of Part III Part IV Trading and Sales 11 Financial Innovation. 11.1 Incentives to Innovate. 11.2 Introduction to Innovations. 11.3 Adoption of Innovations. Conclusions. 163 164 167 172 176 12 Asset Management. 177 13 Brokerage Services. 183 14 Market Making. 189 14.1 Inventory Control. 190 14.2 Adverse Selection. 195 Conclusions. 198
Contents 15 xiii Proprietary Trading. 15.1 Investment in Expertise. 15.2 Remuneration of Traders. 15.3 Misrepresentation of Trading Outcomes. 15.4 Dual Capacity . Conclusions. 201 202 205 213 216 229 Review of Part IV Part V Conducting Investment Banking Business 16 Employment Policies. 16.1 Optimal Remuneration. 16.2 Promotion Practices. Conclusions. 235 236 242 249 17 Partnerships. 17.1 Viability of Partnerships. 17.2 The Impact on Service Quality . Conclusions. 251 252 256 261 18 The Decision-Making Process . 18.1 The Impact of the Organisational
Structure. 18.2 Delegation of Decision-Making. Conclusions. 263 263 268 272 19 Relationship Banking. 273 20 Optimal Investment Banks. 279 20.1 Specialisation of Investment Banks. 279 20.2 Matching Banks and Clients. 286 Conclusions. 288 Review of Part V Epilogue: Ethical Considerations. 293 Final Reflections. 301 Problem Sets. Problems Sets for Part 1. Problems Sets for Part II. Problems Sets for Part III. Problems Sets for Part IV. Problems Sets for Part V
. Problem Sets for the Prologue and Epilogue. 305 305 309 322 326 336 347
xiv Contents Appendix. 351 A Mathematical Tools. A.l Implicit Functions. . A.2 Constrained Optimisation. A.2.1 Lagrange Multiplier. A.2.2 Karush-Kuhn-Tucker Conditions. A.3 Bayesian Learning. A.4 Leibniz Integral Rule. A.5 Statistical Tools. A.5.1 Conditional Moments. A.5.2 Order Statistics. 353 353 354 354 355 357 358 359 359 360 В Economic Models. 3.1 Nash Bargaining. B.2 Tacit Collusion . B.3 Risk Aversion. В.4 Monopolistic Competition. В.4.1 Hotelling
Model. B.4.2 Salop Circle.'. 361 361 362 364 365 367 368 C Credit Risk Assessment. C.l The Merton Model. C.2 The KMV Model. C.3 The Vasicek Model. 371 372 373 373 D Security Valuation. D.l Discounted Cash Flow. D.2 Comparable Companies Analysis. D.3 Precedents Transactions Analysis. D.4 Derivatives Pricing. 377 377 378 379 379 Glossary. 381 References. 389 Index. 393 |
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| illustrated | Not Illustrated |
| indexdate | 2024-12-20T09:01:17Z |
| institution | BVB |
| isbn | 9783031580598 |
| issn | 2192-4333 |
| language | English |
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| physical | xvii, 395 Seiten |
| publishDate | 2024 |
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| series2 | Springer texts in business and economics |
| spelling | Krause, Andreas Verfasser aut Theoretical foundations of investment banking Andreas Krause Cham Springer [2024] © 2024 xvii, 395 Seiten txt rdacontent n rdamedia nc rdacarrier Springer texts in business and economics 2192-4333 Capital Markets Risk Management Corporate Finance Financial Services International Finance Capital market Financial risk management Business enterprises / Finance Financial services industry International finance Erscheint auch als Online-Ausgabe 978-3-031-58060-4 Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=035277677&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Krause, Andreas Theoretical foundations of investment banking Capital Markets Risk Management Corporate Finance Financial Services International Finance Capital market Financial risk management Business enterprises / Finance Financial services industry International finance |
| title | Theoretical foundations of investment banking |
| title_auth | Theoretical foundations of investment banking |
| title_exact_search | Theoretical foundations of investment banking |
| title_full | Theoretical foundations of investment banking Andreas Krause |
| title_fullStr | Theoretical foundations of investment banking Andreas Krause |
| title_full_unstemmed | Theoretical foundations of investment banking Andreas Krause |
| title_short | Theoretical foundations of investment banking |
| title_sort | theoretical foundations of investment banking |
| topic | Capital Markets Risk Management Corporate Finance Financial Services International Finance Capital market Financial risk management Business enterprises / Finance Financial services industry International finance |
| topic_facet | Capital Markets Risk Management Corporate Finance Financial Services International Finance Capital market Financial risk management Business enterprises / Finance Financial services industry International finance |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=035277677&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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