By David Stowell
This description of the symbiotic relationships between funding banks, hedge money, and personal fairness businesses exhibits scholars how companies concurrently compete and cooperate. the writer has captured the methods those companies are reinventing themselves within the post-crash regulatory setting and, via ten large situations, the ways that they're expanding their energy and influence.Emphasizes the desires for capital, resources of capital, and the method of having capital to people who want it. Integrates into the chapters ten situations approximately fresh transactions, in addition to case notes and questionsAccompanies instances with spreadsheets for readers to create their very own analytical frameworks and examine offerings and possibilities.
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Additional info for An Introduction to Investment Banks, Hedge Funds, and Private Equity: The New Paradigm
The Sarbanes-Oxley Act The Sarbanes-Oxley Act of 2002 produced a sweeping change in regulation that impacted corporate governance, disclosure, and conflicts of interests. Although this bill was expansive, its impact on investment banking was less significant than its impact on auditors and public companies and their boards of directors. The principal impact of this Act on investment banking related to research and due diligence. The Act required the SEC to adopt rules to minimize the risk of investment bankers influencing equity analysts’ research reports by separating stock analysis from underwriting activities.
The argument for joining the two types of firms is that it would provide a more stable business model irrespective of the economic environment. In poor economic environments, people tend to hold on to cash, which drives up commercial banking deposit revenues, thereby providing a balance to a slow new securities issuance market. On the other hand, in a booming economy, cash deposits are low but new issuance activity is high. headquartered universal banks, such as Deutsche Bank, UBS, and Credit Suisse, were not encumbered by the Glass-Steagall Act.
P. 18). 18 Questions 1. 4, why were these banks able to operate at higher leverage ratios as investment banks, compared to as bank holding companies? 2. S. S. GAAP (Generally Accepted Accounting Principles) rules. Many companies in Europe report according to IFRS (International Financial Reporting Standards) rules. There has been a movement for all companies to shift to an IFRS basis globally. S. banks? 3. Why might a universal bank be better able to compete against a pure-play investment bank for M&A and other investment banking engagements?
An Introduction to Investment Banks, Hedge Funds, and Private Equity: The New Paradigm by David Stowell