Investment banks, hedge funds, and private equity [electronic resource] / David Stowell
- Author:
- Stowell, David (David P.)
- Published:
- [Place of publication not identified] : Academic Press, 2012.
- Edition:
- 2nd ed.
- Physical Description:
- 1 online resource
Access Online
- ScienceDirect: ezaccess.libraries.psu.edu
- Contents:
- Machine generated contents note: pt. I Investment Banking -- 1.Overview of Investment Banking -- Postcrisis Global Investment Banking Firms -- Other Investment Banking Firms -- Investment Banking Businesses -- Investment Banking Division -- Trading Division -- Nonclient-Related Trading and Investing -- Asset Management Division -- 2.Regulation of the Securities Industry -- Introduction -- Section One U.S. Regulations -- Section Two Recent Developments in Securities Regulations -- Section Three Securities Regulations in Other Countries -- 3.Financings -- Capital Markets Financings -- Financing Alternatives -- Fees to Bankers -- Distribution Alternatives -- Shelf Registration Statements -- "Green Shoe" Overallotment Option -- International Financings -- 4.Mergers and Acquisitions -- The Core of M&A -- Creating Value -- Strategic Rationale -- Synergies and Control Premium -- Credit Ratings and Acquisition Currency -- Regulatory Considerations -- Social and Constituent Considerations -- Role of Investment Bankers -- Other M&A Participants -- Fairness Opinion -- Acquisitions -- Breakup Fee -- Alternative Sale Processes -- Cross-Border Transactions -- Tax-Free Reorganizations -- Corporate Restructurings -- Takeover Defenses -- Risk Arbitrage -- Valuation -- 5.Trading -- Client-Related Trading -- Equity Trading -- Fixed Income, Currencies, and Commodities Trading -- Market Making -- Proprietary Trading -- International Trading -- Risk Monitoring and Control -- Value at Risk -- 6.Asset Management, Wealth Management and Research -- Asset Management -- Wealth Management -- Research -- 7.Credit Rating Agencies, Exchanges, and Clearing and Settlement -- Credit Rating Agencies -- Exchanges -- Dark Pools -- Over-the-Counter Market -- Clearing and Settlement -- 8.International Banking -- Euromarkets -- Japan's Financial Market -- China's Financial Market -- Emerging Financial Markets -- Global IPO Market -- American Depositary Receipt -- Standardized International Financial Reporting -- International Investors -- 9.Convertible Securities and Wall Street Innovation -- Convertible Securities -- Wall Street Innovation -- 10.Investment Banking Careers, Opportunities, and Issues -- Investment Banking -- Trading and Sales -- Private Wealth Management -- Asset Management -- Research -- Principal Investments -- Other Investment Banking Functions -- Investment Banking Opportunities and Issues -- pt. II Hedge Funds and Private Equity -- 11.Overview of Hedge Funds -- Leverage -- Growth -- Composition of Investors -- Industry Concentration -- Performance -- Slowdown during 2008 -- Market Liquidity and Efficiency -- Financial Innovation -- Illiquid Investments -- Lock-Ups, Gates, and Side Pockets -- Comparison with Private Equity Funds and Mutual Funds -- High-Water Marks and Hurdle Rates -- Public Offerings -- Fund of Funds -- 12.Hedge Fund Investment Strategies -- Equity-Based Strategies -- Macro Strategies -- Arbitrage Strategies -- Event-Driven Strategies -- Summary -- 13.Shareholder Activism and Impact on Corporations -- Shareholder-Centric versus Director-Centric Corporate Governance -- Activist Hedge Fund Performance -- Activist Hedge Fund Accumulation Strategies -- CSX versus TCI -- Changing Rules That Favor Activists -- Daniel Loeb and 13D Letters -- Carl Icahn versus Yahoo! -- Bill Ackman versus McDonald's, Wendy's, Ceridian, Target, and MBIA -- Summary -- 14.Risk, Regulation, and Organizational Structure -- Investor Risks -- Systemic Risk -- Regulation -- Organizational Structure -- 15.Hedge Fund Performance and Issues -- Hedge Fund Performance -- Funds of Funds -- Absolute Return -- Benefits Revisited -- Transparency -- Fees -- High-Water Mark -- Searching for Returns -- Future Developments -- Merging of Functions -- International Hedge Fund Initiatives -- 16.Overview of Private Equity -- Characteristics of a Private Equity Transaction -- Target Companies for Private Equity Transactions -- Private Equity Transaction Participants -- Structure of a Private Equity Fund -- Capitalization of a Private Equity Transaction -- Assets under Management -- History -- Financing Bridges -- Covenant-Lite Loans and PIK Toggles -- Club Transactions and Stub Equity -- Teaming up with Management -- Private Investment in Public Equities -- Leveraged Recapitalizations -- Secondary Markets for Private Equity -- Funds of Funds -- Private Equity Goes Public -- Impact of Financial Services Meltdown on Private Equity -- 17.LBO Financial Model -- Determining Cash Flow Available for Debt Service and Debt Sources -- Determining Financial Sponsor IRR -- Determining Purchase Price and Sale Price -- LBO Analysis Example -- LBO Analysis Post-Credit Crisis -- 18.Private Equity Impact on Corporations -- Private Equity-Owned Companies: Management Practices and Productivity -- Private Equity-Owned Company Failures -- Scorecard during 2008 -- Private Equity Purchase Commitment Failures -- Private Equity Portfolio Companies Purchased during 2006 and 2007 -- Private Equity Value Proposition for Corporations -- Corporate Rationale for Completing Private Equity Transactions -- Private Equity as an Alternative Model of Corporate Governance -- Private Equity Influence on Companies -- 19.Organization, Compensation, Regulation, and Limited Partners -- Organizational Structure -- Compensation -- Regulation -- Limited Partners -- 20.Private Equity Issues and Opportunities -- PIPEs -- Equity Buyouts -- Distressed Assets -- M&A Advisory -- Capital Markets Activity -- Hedge Fund and Real Estate Investments -- 2008 Losses and Future Expectations -- Boom and Bust Cycles -- Annex Funds -- Limited Partner Pullbacks -- Risk Factors -- Asian Private Equity Activities -- European Private Equity -- Strategic Alliances -- Private Equity IPOs -- Focus on Portfolio Management -- Comparison of Private Equity Firms -- Profile of The Carlyle Group -- Future Issues and Opportunities -- The New Landscape -- pt. III Case Studies -- 1.Investment Banking in 2008 (A): Rise and Fall of the Bear -- 2.Investment Banking in 2008 (B): A Brave New World -- 3.Freeport-McMoRan: Financing an Acquisition -- 4.The Best Deal Gillette Could Get?: Proctor & Gamble's Acquisition of Gillette -- 5.A Tale of Two Hedge Funds: Magnetar and Peloton -- 6.Kmart, Sears, and ESL: How a Hedge Fund Became One of the World's Largest Retailers -- 7.McDonald's, Wendy's, and Hedge Funds: Hamburger Hedging?: Hedge Fund Activism and Its Impact on Corporate Governance -- 8.Porsche, Volkswagen, and CSX: Cars, Trains, and Derivatives -- 9.The Toys "R" Us LBO -- 10.Cerberus and the U.S. Auto Industry.
- Summary:
- This description of the symbiotic relationships among investment banks, hedge funds, and private equity firms shows students how firms simultaneously compete and cooperate. The author has captured the ways these firms are reinventing themselves in the post-crash regulatory environment and, through ten extensive cases, the ways in which they are increasing 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 questionsAccompanies cases with spreadsheets for readers to create their own analytical frameworks and consider choices and opportunities.
- Subject(s):
- Genre(s):
- ISBN:
- 9780124158207 (electronic bk.)
012415820X (electronic bk.) - Note:
- Includes index.
AVAILABLE ONLINE TO AUTHORIZED PSU USERS.
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