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Underwriting Services And The New Issues Market

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Underwriting Services and the New Issues Market

Underwriting Services and the New Issues Market Book
Author : George J. Papaioannou,Ahmet K. Karagozoglu
Publisher : Academic Press
Release : 2017-07-27
ISBN : 0128032839
Language : En, Es, Fr & De

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Book Description :

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

Underwriting Services and the New Issues Market Book
Author : George J. Papaioannou,Ahmet Karagozoglu
Publisher : Academic Press
Release : 2017-07-29
ISBN : 9780128032824
Language : En, Es, Fr & De

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Book Description :

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

Investment Banking Book
Author : Giuliano Iannotta
Publisher : Springer
Release : 2010-02-04
ISBN : 9783540937647
Language : En, Es, Fr & De

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Book Description :

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

Investment Banking Book
Author : Giuliano Iannotta
Publisher : Springer Science & Business Media
Release : 2010-01-12
ISBN : 354093765X
Language : En, Es, Fr & De

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Book Description :

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

Performance of Financial Institutions Book
Author : Patrick T. Harker,Department of Public and Business Administration Stavros A Zenios,Stavros A. Zenios
Publisher : Cambridge University Press
Release : 2000-05-18
ISBN : 9780521777674
Language : En, Es, Fr & De

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Book Description :

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

Conflicts of Interest in the Financial Services Industry Book
Author : Andrew Crockett,Trevor Harris,Frederic S. Mishkin,Eugene N. White
Publisher : Centre for Economic Policy Research
Release : 2003
ISBN : 9781898128793
Language : En, Es, Fr & De

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Book Description :

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, as are the problems that arise from rating agencies providing consulting services and from universal banks combining commercial and investment banking. Determining the appropriate remedy for a conflict is a challenge because the elimination of conflicts may also eliminate benefits from economies of scope. This study examines five generic remedies: market discipline, regulation for increased transparency, supervisory oversight, separation of financial activities by function, and socialization of the collection and distribution of information. The authors apply this framework to assess critically the Sarbanes-Oxley Act and the Global Settlement between American regulators and investment banks.

The Cost of Barriers to Entry

The Cost of Barriers to Entry Book
Author : João A. C. Santos,Kostas Tsatsaronis
Publisher : Unknown
Release : 2003
ISBN : 0987650XXX
Language : En, Es, Fr & De

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Book Description :

Download The Cost of Barriers to Entry book written by João A. C. Santos,Kostas Tsatsaronis, available in PDF, EPUB, and Kindle, or read full book online anywhere and anytime. Compatible with any devices.

Value Beyond Cost Savings How to Underwrite Sustainable Properties

Value Beyond Cost Savings  How to Underwrite Sustainable Properties Book
Author : Scott R. Muldavin
Publisher : Green Building FC
Release : 2010
ISBN : 0982635702
Language : En, Es, Fr & De

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Book Description :

Download Value Beyond Cost Savings How to Underwrite Sustainable Properties book written by Scott R. Muldavin, available in PDF, EPUB, and Kindle, or read full book online anywhere and anytime. Compatible with any devices.

Capital Markets Handbook

Capital Markets Handbook Book
Author : John C. Burch,Bruce S. Foerster
Publisher : Wolters Kluwer
Release : 2005-01-01
ISBN : 0735550328
Language : En, Es, Fr & De

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Book Description :

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

Occupational Outlook Handbook Book
Author : United States. Bureau of Labor Statistics
Publisher : Unknown
Release : 1976
ISBN : 0987650XXX
Language : En, Es, Fr & De

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Book Description :

Download Occupational Outlook Handbook book written by United States. Bureau of Labor Statistics, available in PDF, EPUB, and Kindle, or read full book online anywhere and anytime. Compatible with any devices.

Securities Market Issues for the 21st Century

Securities Market Issues for the 21st Century Book
Author : Merritt B. Fox
Publisher : Unknown
Release : 2018
ISBN : 9781982966850
Language : En, Es, Fr & De

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Book Description :

Download Securities Market Issues for the 21st Century book written by Merritt B. Fox, available in PDF, EPUB, and Kindle, or read full book online anywhere and anytime. Compatible with any devices.

Guide to Bank Underwriting Dealing and Brokerage Activities

Guide to Bank Underwriting  Dealing and Brokerage Activities Book
Author : Robert L. Tortoriello
Publisher : Unknown
Release : 2022-11-26
ISBN : 0987650XXX
Language : En, Es, Fr & De

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Book Description :

Download Guide to Bank Underwriting Dealing and Brokerage Activities book written by Robert L. Tortoriello, available in PDF, EPUB, and Kindle, or read full book online anywhere and anytime. Compatible with any devices.

Separation of Commercial and Investment Banking

Separation of Commercial and Investment Banking Book
Author : George J. Benston,John Harland
Publisher : Springer
Release : 1990-06-18
ISBN : 1349112801
Language : En, Es, Fr & De

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Book Description :

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

Investment Banks  Hedge Funds  and Private Equity Book
Author : David Stowell
Publisher : Academic Press
Release : 2012-09-01
ISBN : 0124046320
Language : En, Es, Fr & De

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Book Description :

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.

A Survey of the European IPO Market

A Survey of the European IPO Market Book
Author : Anonim
Publisher : CEPS
Release : 2006
ISBN : 9290796588
Language : En, Es, Fr & De

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Book Description :

Download A Survey of the European IPO Market book written by , available in PDF, EPUB, and Kindle, or read full book online anywhere and anytime. Compatible with any devices.

Foreign Direct Investments Concepts Methodologies Tools and Applications

Foreign Direct Investments  Concepts  Methodologies  Tools  and Applications Book
Author : Management Association, Information Resources
Publisher : IGI Global
Release : 2020-02-07
ISBN : 1799824497
Language : En, Es, Fr & De

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Book Description :

Globalization, accelerated by information technologies, has increased the speed of business transactions and has reduced the distances between international businesses. This growth has transformed the realm of foreign investment in countries around the world, calling for a methodological approach to planning feasible capital investment proposals in general and foreign direct investment projects. Foreign Direct Investments: Concepts, Methodologies, Tools, and Applications is a vital reference source that explores the importance of global stocks to economic structures and explores the effects that these holdings have on the financial status of nations. It also provides a systems approach to investment projects in a globalized and open society. Highlighting a range of topics such as foreign direct investors, risk analysis, and sourcing strategies, this multi-volume book is ideally designed for business managers, executives, international companies, entrepreneurs, researchers, academicians, graduate students, policymakers, investors, and project managers.

Handbook of Corporate Finance

Handbook of Corporate Finance Book
Author : B. Espen Eckbo
Publisher : Elsevier
Release : 2007-05-21
ISBN : 9780080488912
Language : En, Es, Fr & De

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Book Description :

Judging by the sheer number of papers reviewed in this Handbook, the empirical analysis of firms’ financing and investment decisions—empirical corporate finance—has become a dominant field in financial economics. The growing interest in everything “corporate is fueled by a healthy combination of fundamental theoretical developments and recent widespread access to large transactional data bases. A less scientific—but nevertheless important—source of inspiration is a growing awareness of the important social implications of corporate behavior and governance. This Handbook takes stock of the main empirical findings to date across an unprecedented spectrum of corporate finance issues, ranging from econometric methodology, to raising capital and capital structure choice, and to managerial incentives and corporate investment behavior. The surveys are written by leading empirical researchers that remain active in their respective areas of interest. With few exceptions, the writing style makes the chapters accessible to industry practitioners. For doctoral students and seasoned academics, the surveys offer dense roadmaps into the empirical research landscape and provide suggestions for future work. *The Handbooks in Finance series offers a broad group of outstanding volumes in various areas of finance *Each individual volume in the series should present an accurate self-contained survey of a sub-field of finance *The series is international in scope with contributions from field leaders the world over

Investment Banking and the New Issues Market

Investment Banking and the New Issues Market Book
Author : Irwin Friend
Publisher : Unknown
Release : 1967
ISBN : 0987650XXX
Language : En, Es, Fr & De

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Book Description :

Download Investment Banking and the New Issues Market book written by Irwin Friend, available in PDF, EPUB, and Kindle, or read full book online anywhere and anytime. Compatible with any devices.

Foreign Entry Into Underwriting Services

Foreign Entry Into Underwriting Services Book
Author : Mark M. Spiegel
Publisher : DIANE Publishing
Release : 2010-10
ISBN : 1437933866
Language : En, Es, Fr & De

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Book Description :

Examines the impact of foreign underwriting activity on bond markets using issue-level data in the Japanese ¿Samurai¿ and euro-yen bond markets. Firms choosing Japanese underwriters tend to be Japanese, riskier, and smaller. Japanese underwriting fees, while higher overall on average, are actually lower after conditioning for issuer characteristics. The authors conducted a matching exercise to examine the 1995 liberalization of foreign access to the ¿Samurai¿ bond market, using yen-denominated issues in the euro-yen market as a control. Foreign entry led to a significant decrease in underwriting fees in the Samurai bond market. The market for underwriting services is segmented by nationality, as issuers appear to have preferred habitats. Illus.

Hearings Reports and Prints of the Senate Committee on Public Works

Hearings  Reports and Prints of the Senate Committee on Public Works Book
Author : United States. Congress. Senate. Committee on Public Works
Publisher : Unknown
Release : 1971
ISBN : 0987650XXX
Language : En, Es, Fr & De

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Book Description :

Download Hearings Reports and Prints of the Senate Committee on Public Works book written by United States. Congress. Senate. Committee on Public Works, available in PDF, EPUB, and Kindle, or read full book online anywhere and anytime. Compatible with any devices.