投资银行 的分类 及部门 简介 Investment Banks

FinancialMarketsandInstitutions:InvestmentBanksandSecuritiesFirmsWhatisanInvestmentBank?AfinancialinstitutionthatprovidesthefollowingfinancialservicesInvestmentbankingSalesandtradingAssetmanagementInvestmentBankingInvestmentbanksHelpraisecapitalthroughtheissuanceofsecuritiesAdvisecompaniesinmerger&acquisitionandrestructuringtransactionsProvidestrategic,financialandvaluationadvisoryservicesSalesandTradingInvestmentbanksProvideinvesting,intermediating,andrisk-managementservicestoinstitutionalinvestorclientsPerformresearchParticipateinnonclient-relatedinvestingactivitiesAssetManagementAssetManagementDivisionisresponsibleformanagingmoneyforindividualandinstitutionalinvestingclients.Offersequity,fixedincome,alternativeinvestments,andmoneymarketinvestmentproductsandservicesto(wealthy)individualandinstitutionalclientsForalternativeinvestmentproducts,thefirmco-investswithclientsinhedgefund,privateequityandrealestatefundsInvestmentBanking(I)RaisecapitalthroughtheissuanceofsecuritiesActasintermediarybetweenissuersandinvestorsProvideaccesstoequityandfixedincomecapitalCreatespecializedsecuritiesandderivatives(e.g.,convertibles,trustpreferredsecurities,warrants)Primaryvs.SecondaryMarketsFinancialmarketscanbecategorizedasthosedealingwithfinancialclaimsthatarenewlyissued,calledtheprimarymarket,andthoseforexchangingfinancialclaimspreviouslyissued,calledthesecondarymarketIntheprimarymarket,aninvestmentbankservesasanunderwritertohelpcorporationsandgovernmentissuenewsecuritiesInthesecondarymarket,aninvestmentbankcanserveasabrokerordealerSecurityOfferingsFirsttimedebtandequitypublicissuesoccurthroughinitialpublicofferings(IPOs)Newissuesfromafirmwhosedebtorequityisalreadytradedarecalledseasonedequityofferings(SEOs)AprivateplacementisasecuritiesissuethatisplacedwithoneorafewlargeinstitutionalinvestorsAdvantagesofGoingPublicCurrentstockholderscandiversifyLiquidityisincreasedEasiertoraisecapitalinthefutureGoingpublicestablishesfirmvalueMakesitmorefeasibletousestockasemployeeincentivesIncreasecustomerrecognitionDisadvantageofGoingPublicMustfilenumerousreportsOperatingdatamustbedisclosedOfficersmustdiscloseholdingsSpecial“deals”toinsiderswillbemoredifficulttoundertakeAsmallnewissuemaynotbeactivelytraded,somarket-determinedpricemaynotreflecttruevalueManaginginvestorrelationsistime-consumingUnderwritingInvestmentbankshelpcorporationsandgovernmentsraisecapitalthroughdebtandequitysecurityissuesintheprimarymarket.Theservicesprovidedduringthisprocessinclude:GivingAdviceFilingDocumentsSellingsecuritiespubliclyorprivatelyUnderwriting(I)GivingadviceExplainingcurrentmarketconditionstohelpdeterminewhattypeofsecurity(equity,debt,etc.)toofferAssistingindeterminingwhentoissue,howmany,atwhatprice(moreimportantwithIPOsthanSEOs)Underwriting(II)FilingDocumentsSECregistration(filing)isrequiredforissuesgreaterthan$1.5millionandwithamaturitygreaterthan270days.Aportionoftheregistrationstatementknownastheprospectusismadeavailabletothepublic.Debtissuesrequireseveraladditionalsteps,includingacquiringacreditrating,hireabondcounsel,etc.Forequityissues,theinvestmentbankermayalsoarrangeforthesecuritiestoappearononeoftheexchanges.Underwriting(III)SellingsecuritiesFirmcommitment:underwriteragreestobuyallsharesandthenreselltoinvestorsBestefforts:Analternativetoafirmcommitment,theunderwriterdoesnotbuytheissue,butrathermakesits“besteffort”toselltheentireissue.Privateplacements:Theentireissueissoldtoasmall,selectedgroupofinvestors.Thisisrarelydonewithequityissues.RoadshowUnderwriting(III)Anunderwritermayformanunderwritingsyndicatetodiffusepartoftheunderwritingrisk.Placementofatombstonein,forinstance,theWallStreetJournal(exampleonnextslide).UnderwritingStocksandBondsIPOUnderpricingPuzzlePricetendstojumpupimmediatelyafteranIPO,apparentlyleavingmoneyonthetableEvidenceU.S.EuropeAsia-pacificandLatinAmericaExplanations?First-DayIPOReturnsinEurope,1990-2003First-DayIPOReturnsinAsian-PacificandLatinAmerica,1990-2001OtherOfferingMechanismsAuctionProcess(competitivebiddingunderwriting)varioussyndicatesbidontheissueDirectlyPublicOffering(DPO):Companyitselfsellsitssecuritiesdirectlytopublic,usuallyovertheweb.Smallfirms.Example:InternetVentures,awebserviceprovider,raised$3.8millionin1998byadvertisingthesecuritiestoitscustomersonthewebPreemptiverightsoffering:existingshareholdershaverightstobuyissuebelowmarketvalueRightsOfferingIfapreemptiverightiscontainedinthefirm’sarticlesofincorporation,thefirmmustofferanynewissueofcommonstockfirsttoexistingshareholders(rightsoffering).Rights:anoptiontobuyaspecifiednumberofnewsharesfromthefirmataspecifiedpricewithinaspecifiedtime.Thisallowsshareholderstomaintaintheirpercentageownershipiftheysodesire.MechanicsofRightsOfferingsThemanagementofthefirmmustdecide:Theexerciseprice(thepriceexistingshareholdersmustpayfornewshares).Howmanyrightswillberequiredtopurchaseonenewshareofstock.Theserightshavevalue:Shareholderscaneitherexercisetheirrightsorselltheirrights(notthecaseinChina