CHAPTER 19 INVESTMENT BANKING
Primary Services of an Investment Bank Copyright© 2006 John Wiley & Sons, Inc. 2
Bringing New Securities to Market Copyright© 2008 John Wiley & Sons, Inc. 3
Bringing New Securities to Market Copyright© 2006 John Wiley & Sons, Inc. 4
Bringing New Securities to Market Copyright© 2006 John Wiley & Sons, Inc. 5
Bringing New Securities to Market (continued) Copyright© 2008 John Wiley & Sons, Inc. 6
Bringing New Securities to Market (concluded) 2. Underwriting (price risk bearing) - the IB buys the securities at a given price to resell them to the public at a higher price. 3. Sales and distribution - selling quickly reduces inventory risk. Copyright© 2008 John Wiley & Sons, Inc. 7
Underwriting Agreements Copyright© 2008 John Wiley & Sons, Inc. 8
Underwriting Agreements Copyright© 2008 John Wiley & Sons, Inc. 9
Trading and Brokerage Copyright© 2008 John Wiley & Sons, Inc. 10
Trading and Brokerage (continued) Copyright© 2006 John Wiley & Sons, Inc. 11
Trading and Brokerage (continued) Copyright© 2008 John Wiley & Sons, Inc. 12
Trading and Brokerage (concluded) Copyright© 2008 John Wiley & Sons, Inc. 13
Private Placements Copyright© 2008 John Wiley & Sons, Inc. 14
Private Placements Copyright© 2006 John Wiley & Sons, Inc. 15
Mergers and Acquisitions Copyright© 2006 John Wiley & Sons, Inc. 16
Mergers and Acquisitions Copyright© 2008 John Wiley & Sons, Inc. 17
Other business activities Copyright© 2006 John Wiley & Sons, Inc. 18
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