Commercial and Investment Banking and the International Credit and Capital Markets

A Guide to the Global Finance Industry and its Governance
2012
ISBN: 978-0-230-37047-0
Verlag: Palgrave Macmillan UK

Buch, Englisch, 469 Seiten, Format (B × H): 194 mm x 252 mm, Gewicht: 1145 g

An introductory guide to finance and the financial markets, designed to help professionals and students understand the complex finance industry. It is a modern text that covers all major developments in markets in the period since the year 2000, the beginning of the global financial, eurozone and US government debt crises, up to the start of 2012.

Zielgruppe

Research

Autoren/Hrsg.

Scott-Quinn, B.

Fachgebiete

• Wirtschaftswissenschaften Betriebswirtschaft Unternehmensfinanzen Betriebliches Rechnungswesen
• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Finanzsektor & Finanzdienstleistungen: Allgemeines
• Wirtschaftswissenschaften Betriebswirtschaft Unternehmensorganisation, Corporate Responsibility Unternehmenskultur, Corporate Governance
• Wirtschaftswissenschaften Betriebswirtschaft Management
• Interdisziplinäres Wissenschaften Wissenschaften: Forschung und Information Risikobewertung, Risikotheorie

Inhaltsverzeichnis

Preface PART 1: THE FUNDAMENTALS OF FINANCE, MARKETS AND THE FINANCIAL FIRMS The Price Mechanism and the Three Pillars of Finance Appendix - Valuation Models, Issues in Bank Asset Valuation, Discounted Cash Flow Valuation of Bonds and Equities Balance Sheets: The Key to Understanding Financial Intermediation Financial Intermediation: Industry Sectors, Products and Markets Financial Intermediation: Commercial and Investment Bank Structure PART 2: PRIMARY MARKETS: FUNDING LIQUIDITY AND EXTERNAL CAPITAL ALLOCATION THROUGH CREDIT AND CAPITAL MARKETS Liquidity: What is it? Financing the Four Sectors: Companies, Households, Governments and Overseas through Credit and Capital Markets Banking: Credit Intermediation through Depository Institutions Bank Liquidity Management Converting Loans to Securities: Securitisation as a Financing Tool Shadow Banking: Credit Intermediation through Non-depository IPOs and Corporate Bond Origination PART 3: SECONDARY MARKETS: MARKET LIQUIDITY AND MARKET FAILURE Market Liquidity: Order-driven Auction Markets and Quote-driven Dealer Markets The New Secondary Market Structure: Competition, Dark Pools, Algorithmic and High Frequency Trading Clearing and Settlement of Securities Transactions Market Failure: Sub-optimal Allocation of Resources by Credit and Capital Markets, Banking and Sovereign Debt Crises Assessing Risk and Return for Investors in Bank and Sovereign Debt Case Study: Lehman - What might have been Case Study: Greece in Default in 2011 Case Study: Italy, Illiquid or Insolvent in 2011 PART 4: ASSESSING AND MANAGING RISK IN ASSET PORTFOLIOS Investment Management and Portfolio Structuring Investment Management Practice: Funds - Pension, Insurance, Sovereign Wealth, Long-Only, Hedge, Mutual, Cash and Synthetic ETF's and Delta One Trading Desks PART 5: INTERNAL CAPITAL ALLOCATION: THE ROLE OF DIRECTORS, INVESTORS AND THE MARKET FOR CORPORATE CONTROL The Internal Capital Market & Investor Governance of Capital Allocation The Market forCorporate Control: Mergers and Acquisitions Private Equity PART 6: INTERNAL RISK MANAGEMENT AND EXTERNAL REGULATION OF FINANCIAL INTERMEDIARIES AND MARKETS Risk Management in Credit Intermediaries and Investment Banks Regulation of Banks and Investment Banks: Basel I, II, and III Regulation of Securities Markets PART 7: THE ROLE OF GOVERNANCE AND STRATEGY IN RESOURCE ALLOCATION, FIRM AND INDUSTRY STRUCTURE: CASE STUDIES IN FINANCIAL SERVICES Strategy, Governance and Firm and Industry Structure Case Studies in Financial Services - Success and Failures The Future Structure of the Industry: Implications of Re-regulation The Fatal Flaw in Capital Allocation - The Shift from a Trust Model to a Transactional Model The Global Economic and Financial Outlook: 2020 Vision

Über Autor(innen)

PROFESSOR BRIAN SCOTT-QUINN Chairman of the ICMA Centre for financial markets at Henley Business School, UK, & Director of Banking and Insurance Programmes. He worked in the fields of investment banking, trading, asset management, and stock broking prior to founding the ICMA Centre as a specialist university finance school. His career in the City of London started as a trainee with the merchant bank, Hill Samuel. He then became a fixed income analyst with Kidder Peabody Securities Ltd. Along with three others he was a founder of Ross and Partners Securities Ltd - a privately owned international bond trading house. After negotiating the sale of Ross & Partners to Drexel Burnham Inc. he became finance director of Drexel Burnham Lambert Securities Ltd responsible for funding and risk management. He then moved to Security Pacific Bank (now part of Bank of America Merrill Lynch), a Californian bank with an office in London. Initially a portfolio strategist he subsequently became strategy advisor to the Group CEO, working on issues relating to the commercial bank, the securities trading operation and the stock broker Hoare Govett. In 1995 the International Capital Market Association voted to allocate £3 million from their capital account to constructing a purpose-designed building to house the new ICMA centre. ICMA has since donated a further £5 million to the university which enabled the construction of a second facility that includes someone hundredThompson Reuters terminals with associated trading, valuation and asset management software. He was Director of the Centre from the time he founded it until 2006 when he took up the newly created post of Chairman. Today, the ICMA Centre is one of the largest university finance schools in Europe and is part of the triple-accredited (AMBA, EQUIS and AACSB) Henley Business School, the UK's oldest business school which is home to some 7,000 students from over 140 countries from Africa to Asia, South America to Europe.
His mainareas of consulting, executive education and research are: strategy in the financial services industry, banking, wealth and asset management and trading systems. He has been a consultant to, amongst others, Westpac Bank, NM Rothschild, Canada Life Insurance, Australian Mutual Provident (AMP), Investec Bank, the London Stock Exchange and SWX Europe (the Swiss exchange). He was a member of the Financial Services Authority (FSA) industry working group on Secondary Bond Market Transparency. He has been a consultant to the US Treasury and to a central bank and in 1978/9 was a monetary policy advisor to Mrs Thatcher's first Chancellor of the Exchequer (finance minister), Lord Howe of Aberavon (Sir Geoffrey Howe). He is also a Director of the holding company for LendLoanInvest.co.uk, a peer to peer social lending website.