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The Business of Investment Banking

by K. Thomas Liaw

ISBN-10: 9780471293057
ISBN-10: 0-471-29305-9
ISBN-13: 9780471293057
ISBN-13: 978-0-471-29305-7
Hardcover
1999-02-01
Wiley


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Editorials


Product Description
The business of investment banking has become intensely competitive. With a growing number of clients who prefer to deal with a single financial advisor for all their capital needs, firms must now engage in all major capital-market activities in order to meet this demand. Rapid advances in information technology have closely linked the international capital markets and, as a result, major securities firms have gone global to better serve their clients. To fully understand this changing environment and remain players in the game, new and seasoned professionals alike will require detailed, in-depth information on a broad scope of banking operations.

The Business of Investment Banking is a complete guide to the major banking activities in today's global marketplace. This convenient, one-volume reference identifies and analyzes key trends worldwide, allowing banking and finance professionals to effectively manage deals and incorporate trends into operations. In The Business of Investment Banking, Professor K. Thomas Liaw goes beyond traditional banking topics and includes extensive coverage of rarely discussed subjects that are integral to investment banking, such as emerging markets, proprietary trading, repurchase transactions, operations, money management, and how foreign firms list on Wall Street.

Beginning with an overview, covering everything from underwriting to M&As to global presence, Liaw provides a thorough and rigorous analysis of the current market practices in all relevant business segments. He presents an investment banker's perspective on the current environment, with a detailed description of the strategic decision-making process that is crucial to successfully managing the investment bank.

This thorough guide is divided into four main sections:
* Basic Business-explores venture capital investment, mergers and acquisitions, underwriting, and asset securitization
* Global Perspective-detailed information about foreign listing on Wall Street, international capital markets, and emerging markets
* Trading and Risk Management-extensive data on proprietary trading, repurchase agreements, financial engineering, and money management
* Special Topics-discusses clearing and settlement, securities regulation, ethics, major trends, and Section 20 subsidiaries

Comprehensive, unparalleled coverage of a wide range of topics makes The Business of Investment Banking an invaluable, one-stop resource for all practicing investment banking professionals and for graduate students interested in a career in capital markets.

Reviews


Not what it seems at first look
It's probably a good book for those who are freshmen on the topic and want a book easy to read. But it's unusefull if you want a more deep-through looking into the topic of investment banking.

The author remains too much time on laws, history, and so forth, and doesn't explain the key topics of banking. Good book if your research is about the history and legislation of capital markets.

"The Complete Guide to Capital Markets for Quantitative Professionals" is a much better book if you want to know terms such as dealers, underwriting, clearinhouses, and the basics of stock markets and bonds.

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.

Fair
I have 10+ years of experience in the space but still learned a few things.

With that said, it was not worth ~100 dollars. The book is overpriced, this is clear indication that there needs to be another book in the domain that delivers more value for a lover premium.

If you don't have a network in the IB/FS arena, then read this book, if you do, then have lunch with a few Managing Directors from the top 10 Firms and for ~200 dollars (the cost of a few lunches/breakfasts) you would have had four times the value.

Sounds like a good investment to me.

-Richie Etwaru

Super book for future Investment Bankers
Super book for future Investment Bankers. Has many good insides on the industry and a very practical and fun to read approach on the most relevant trends and mechanics in investment banking. As a student considering a career within IB, this is a must read.

Advancing your knowledge
I have been looking for a book that help me to devolop my knowledge and skills in investment banking, this book "The Business of Investment Banking" was really helpful in how investment banks works in 21st century, it went beyond my expectations.
A real comprehensive view act as a reference for the banker.


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