Underwriting Services and the New Issues Market Book

Underwriting Services and the New Issues Market


  • Author : George J. Papaioannou
  • Publisher : Academic Press
  • Release Date : 2017-07-27
  • Genre: Business & Economics
  • Pages : 332
  • ISBN 10 : 9780128032831

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Underwriting Services and the New Issues Market Excerpt :

Underwriting Services and the New Issues Market integrates practice, theory and evidence from the global underwriting industry to present a comprehensive description and analysis of underwriting practices. After covering the regulation and mechanics of the underwriting process, it considers economic topics such as underwriting costs and compensation, the pricing of new issues, the stock price and operating performance of issuing firms, the evaluation of new issue decisions, and an analysis of the many choices issuers face in structuring new issues. Unlike other books, it systematically develops a critical perspective about underwriting practices, both in the U.S. and international markets, and with a level of detail unavailable elsewhere and an approach that reveals how financial institutions deliver underwriting services. Underwriting Services and the New Issues Market delivers an innovative and long overdue look at security issuance. Foreword by Frank Fabozzi Covers underwriting contracts and arrangements on pricing and costs Focuses on the financial consequences of the issuance decision for the firm Describes and evaluates decisions regarding the features and structure of new security offerings.

Underwriting Services and the New Issues Market Book

Underwriting Services and the New Issues Market


  • Author : George J. Papaioannou
  • Publisher : Academic Press
  • Release Date : 2017-07-29
  • Genre: Securities
  • Pages : 332
  • ISBN 10 : 0128032820

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Underwriting Services and the New Issues Market Excerpt :

Underwriting Services and the New Issues Market integrates practice, theory and evidence from the global underwriting industry to present a comprehensive description and analysis of underwriting practices. After covering the regulation and mechanics of the underwriting process, it considers economic topics such as underwriting costs and compensation, the pricing of new issues, the stock price and operating performance of issuing firms, the evaluation of new issue decisions, and an analysis of the many choices issuers face in structuring new issues. Unlike other books, it systematically develops a critical perspective about underwriting practices, both in the U.S. and international markets, and with a level of detail unavailable elsewhere and an approach that reveals how financial institutions deliver underwriting services. Underwriting Services and the New Issues Market delivers an innovative and long overdue look at security issuance. Foreword by Frank Fabozzi Covers underwriting contracts and arrangements on pricing and costs Focuses on the financial consequences of the issuance decision for the firm Describes and evaluates decisions regarding the features and structure of new security offerings.

Investment Banking Book

Investment Banking


  • Author : Giuliano Iannotta
  • Publisher : Springer
  • Release Date : 2010-02-04
  • Genre: Business & Economics
  • Pages : 193
  • ISBN 10 : 3540937641

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Investment Banking Excerpt :

From a historical point of view, the main activity of investment banks is what today we call security underwriting. Investment banks buy securities, such as bonds and stocks, from an issuer and then sell them to the ?nal investors. In the eighteenth century, the main securities were bonds issued by governments. The way these bonds were priced and placed is extraordinarily similar to the system that inve- ment banks still use nowadays. When a government wanted to issue new bonds, it negotiated with a few prominent “middlemen” (today we would call them investment bankers). The middlemen agreed to take a fraction of the bonds: they accepted to do so only after having canvassed a list of people they could rely upon. The people on the list were the ?nal investors. The middlemen negotiated with the government even after the issuance. Indeed, in those days governments often changed unilaterally the bond conditions and being on the list of an important middleman could make the difference. On the other hand, middlemen with larger lists were considered to be in a better bargaining position. This game was repeated over time, and hence, reputation mattered. For the middlemen, being trusted by both the investors on the list and by the issuing governments was crucial.

Investment Banking Book

Investment Banking


  • Author : Giuliano Iannotta
  • Publisher : Springer Science & Business Media
  • Release Date : 2010-01-12
  • Genre: Business & Economics
  • Pages : 193
  • ISBN 10 : 9783540937654

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Investment Banking Excerpt :

From a historical point of view, the main activity of investment banks is what today we call security underwriting. Investment banks buy securities, such as bonds and stocks, from an issuer and then sell them to the ?nal investors. In the eighteenth century, the main securities were bonds issued by governments. The way these bonds were priced and placed is extraordinarily similar to the system that inve- ment banks still use nowadays. When a government wanted to issue new bonds, it negotiated with a few prominent “middlemen” (today we would call them investment bankers). The middlemen agreed to take a fraction of the bonds: they accepted to do so only after having canvassed a list of people they could rely upon. The people on the list were the ?nal investors. The middlemen negotiated with the government even after the issuance. Indeed, in those days governments often changed unilaterally the bond conditions and being on the list of an important middleman could make the difference. On the other hand, middlemen with larger lists were considered to be in a better bargaining position. This game was repeated over time, and hence, reputation mattered. For the middlemen, being trusted by both the investors on the list and by the issuing governments was crucial.

Performance of Financial Institutions Book

Performance of Financial Institutions


  • Author : Patrick T. Harker
  • Publisher : Cambridge University Press
  • Release Date : 2000-05-18
  • Genre: Business & Economics
  • Pages : 516
  • ISBN 10 : 0521777674

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Performance of Financial Institutions Excerpt :

The efficient operation of financial intermediaries--banks, insurance and pension fund firms, government agencies and so on--is instrumental for the efficient functioning of the financial system and the fueling of the economies of the twenty-first century. But what drives the performance of these institutions in today's global environment? In this volume, world-renowned scholars bring their expertise to bear on the issues. Primary among them are the definition and measurement of efficiency of a financial institution, benchmarks of efficiency, identification of the drivers of performance and measurement of their effects on efficiency, the impact of financial innovation and information technologies on performance, the effects of process design, human resource management policies, as well as others.

Conflicts of Interest in the Financial Services Industry Book
Score: 5
From 1 Ratings

Conflicts of Interest in the Financial Services Industry


  • Author : Andrew Crockett
  • Publisher : Centre for Economic Policy Research
  • Release Date : 2003
  • Genre: Business & Economics
  • Pages : 144
  • ISBN 10 : 1898128790

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Conflicts of Interest in the Financial Services Industry Excerpt :

The fifth report in this series focuses on conflicts of interest that arise when a firm combines multiple lines of business, creating multiple interests. Conflicts between research and underwriting in investment banking and between auditing and consulting in accounting firms are investigated, as are the problems that arise from rating agencies providing consulting services and from universal banks combining commercial and investment banking. In the recent stock market collapse, confidence in the financial industry was shaken by numerous scandals. Beginning with Enron in 2001, scandals brought about the demise of prominent financial figures, damaged the reputation of premiere firms and destroyed the global accounting giant Arthur Andersen. Central to this crisis was the exploitation of conflicts of interest. Research analysts at investment banks were found to be distorting information at the behest of underwriting departments eager to promote new issues. Auditors appeared to sanction misleading accounting in order to gain business for the consulting side of their firms. Policy response in the United States was quick. Large fines were levied and regulators compelled the separation of financial security function, constraining financial conglomerates. But are these new regulations and safeguards adequate protection? What costs do they impose on the industry? This fifth title in the ICMP/CEPR series of Geneva Reports on the World Economy examines the problem of conflicts of interest in the financial system. Conflicts of interest lead to a decrease in information that makes it harder for the system to provide savers wit the accurate, essential information that induces them to provide credit to borrowers. This study focuses on conflicts of interest that arise when a firm combines multiple lines of business, creating multiple interests. Conflicts between research and underwriting in investment banking and between auditing and consulting in accounting firms are investigated,

Capital Markets Handbook Book

Capital Markets Handbook


  • Author : John C. Burch
  • Publisher : Wolters Kluwer
  • Release Date : 2005-01-01
  • Genre: Law
  • Pages : 1458
  • ISBN 10 : 9780735550322

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Capital Markets Handbook Excerpt :

Capital Markets Handbook, Sixth Edition is the definitive desk reference for capital market professionals and a complete resource for anyone working in the financial markets field. Written by seasoned professionals in association with the SIA, Capital Markets Handbook covers the latest developments in major securities legislation, and all aspects of documentation, underwriting, pricing, distribution, settlement, immediate aftermarket trading of new issues, compliance issues, a glossary, a bibliography, and appendices containing the full text of the primary statutes and regulations. The Sixth Edition includes coverage of new developments, including compliance issues such as: New amendments to NASD Rule 2710 ("The Corporate Financing Rule") governing underwriting compensation Updates on PIPE and Registered Direct Transactions Amendments to Rule 10b-18 governing corporate repurchase of equity securities Online Dutch auction procedures in use for the Google, Inc. IPO United Kingdom Financial Service Authority guidance on conflict of interest regarding pricing and allocation issues which have been adopted by one major U.S. investment bank Amendments to Rule 105 Regulation M concerning short selling in connection with public offerings Currency conversion in settlement of a global offering NASD Rule 2790-Restriction on the Purchase and Sale of IPO equity securities NASD IPO Distribution Manager procedures for filing with NASD Corporate Financing Proposed NASD Rule 2712 concerning allocation and distribution of shares in an initial public offering A reorganized compliance chapter in a checklist format designed to ease and enhance CEO and CFO Compliance Certification required by a proposed amendment to NASD Rule 3010 (Supervision) and the adoption of Interpretive Material 3010-1 And more

Occupational Outlook Handbook Book
Score: 5
From 2 Ratings

Occupational Outlook Handbook


  • Author : United States. Bureau of Labor Statistics
  • Publisher : Unknown
  • Release Date : 1976
  • Genre: Occupations
  • Pages : 822
  • ISBN 10 : MINN:319510028165522

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Occupational Outlook Handbook Excerpt :

Separation of Commercial and Investment Banking Book

Separation of Commercial and Investment Banking


  • Author : George J. Benston
  • Publisher : Springer
  • Release Date : 1990-06-18
  • Genre: Business & Economics
  • Pages : 263
  • ISBN 10 : 9781349112807

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Separation of Commercial and Investment Banking Excerpt :

The latest in a series of studies in banking and international finance. This book deals with all aspects of the Glass-Steagall Act, and the relationship between the commercial banks and the investment banks.

Investment Banks  Hedge Funds  and Private Equity Book

Investment Banks Hedge Funds and Private Equity


  • Author : David Stowell
  • Publisher : Academic Press
  • Release Date : 2012-09-01
  • Genre: Business & Economics
  • Pages : 672
  • ISBN 10 : 9780124046320

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Investment Banks Hedge Funds and Private Equity Excerpt :

The dynamic environment of investment banks, hedge funds, and private equity firms comes to life in David Stowell’s introduction to the ways they challenge and sustain each other. Capturing their reshaped business plans in the wake of the 2007-2009 global meltdown, his book reveals their key functions, compensation systems, unique roles in wealth creation and risk management, and epic battles for investor funds and corporate influence. Its combination of perspectives—drawn from his industry and academic backgrounds—delivers insights that illuminate the post-2009 reinvention and acclimation processes. Through a broad view of the ways these financial institutions affect corporations, governments, and individuals, Professor Stowell shows us how and why they will continue to project their power and influence. Emphasizes the needs for capital, sources of capital, and the process of getting capital to those who need it. Integrates into the chapters ten cases about recent transactions, along with case notes and questions Accompanies cases with spreadsheets for readers to create their own analytical frameworks and consider choices and opportunities.