영문목차
Preface=xvii
Acknowledgments=xxiii
Part I. Investment Banking=1
1. Overview of Investment Banking=3
Postcrisis Global Investment Banking Firms=4
Other Investment Banking Firms=4
Investment Banking Businesses=6
Investment Banking Division=7
Trading Division=16
Nonclient-Related Trading and Investing=17
Asset Management Division=19
2. Regulation of the Securities Industry=21
Introduction=21
Section One : U.S. Regulations=21
Section Two : Recent Developments in Securities Regulations=32
Section Three : Securities Regulations in Other Countries=39
3. Financings=45
Capital Markets Financings=45
Financing Alternatives=51
Fees to Bankers=64
Distribution Alternatives=65
Shelf Registration Statements=66
"Green Shoe" Overallotment Option=66
International Financings=68
4. Mergers and Acquisitions=69
The Core of M&A=69
Creating Value=71
Strategic Rationale=71
Synergies and Control Premium=72
Credit Ratings and Acquisition Currency=72
Regulatory Considerations=74
Social and Constituent Considerations=74
Role of Investment Bankers=75
Other M&A Participants=75
Fairness Opinion=76
Acquisitions=77
Breakup Fee=79
Alternative Sale Processes=79
Cross-Border Transactions=80
Tax-Free Reorganizations=83
Corporate Restructurings=83
Takeover Defenses=85
Risk Arbitrage=86
Valuation=87
5. Trading=109
Client-Related Trading=109
Equity Trading=112
Fixed Income, Currencies, and Commodities Trading=116
Market Making=123
Proprietary Trading=126
International Trading=127
Risk Monitoring and Control=128
Value at Risk=128
6. Asset Management, Wealth Management, and Research=131
Asset Management=131
Wealth Management=134
Research=136
7. Credit Rating Agencies, Exchanges, and Clearing and Settlement=143
Credit Rating Agencies=143
Exchanges=148
Dark Pools=151
Over-the-Counter Market=151
Clearing and Settlement=153
8. International Banking=157
Euromarkets=157
Japan's Financial Market=158
China's Financial Market=160
Emerging Financial Markets=164
Global IPO Market=167
American Depositary Receipt=174
Standardized International Financial Reporting=174
International Investors=175
9. Convertible Securities and Wall Street Innovation=177
Convertible Securities=177
Wall Street Innovation=185
10. Investment Banking Careers, Opportunities, and Issues=197
Investment Banking=197
Trading and Sales=200
Private Wealth Management=203
Asset Management=204
Research=205
Principal Investments=205
Other Investment Banking Functions=206
Investment Banking Opportunities and Issues=207
Part II. Hedge Funds and Private Equity=217
11. Overview of Hedge Funds=219
Leverage=220
Growth=222
Composition of Investors=226
Industry Concentration=226
Performance=227
Slowdown during 2008=231
Market Liquidity and Efficiency=234
Financial Innovation=235
Illiquid Investments=235
Lock-Ups, Gates, and Side Pockets=236
Comparison with Private Equity Funds and Mutual Funds=237
High-Water Marks and Hurdle Rates=238
Public Offerings=238
Fund of Funds=240
12. Hedge Fund Investment Strategies=243
Equity-Based Strategies=243
Macro Strategies=247
Arbitrage Strategies=247
Event-Driven Strategies=254
Summary=262
13. Shareholder Activism and Impact on Corporations=269
Shareholder-Centric versus Director-Centric Corporate Governance=270
Activist Hedge Fund Performance=273
Activist Hedge Fund Accumulation Strategies=274
CSX versus TCI=276
Changing Rules That Favor Activists=278
Daniel Loeb and 13D Letters=279
Carl Icahn versus Yahoo!=281
Bill Ackman versus McDonald's, Wendy's, Ceridian, Target, and MBIA=282
Summary=285
14. Risk, Regulation, and Organizational Structure=287
Investor Risks=287
Systemic Risk=290
Regulation=294
Organizational Structure=297
15. Hedge Fund Performance and Issues=301
Hedge Fund Performance=301
Funds of Funds=305
Absolute Return=306
Benefits Revisited=307
Transparency=308
Fees=308
High-Water Mark=309
Searching for Returns=310
Future Developments=310
Merging of Functions=311
International Hedge Fund Initiatives=313
16. Overview of Private Equity=315
Characteristics of a Private Equity Transaction=316
Target Companies for Private Equity Transactions=317
Private Equity Transaction Participants=318
Structure of a Private Equity Fund=319
Capitalization of a Private Equity Transaction=321
Assets under Management=323
History=323
Financing Bridges=325
Covenant-Lite Loans and PIK Toggles=326
Club Transactions and Stub Equity=327
Teaming up with Management=328
Private Investment in Public Equities=331
Leveraged Recapitalizations=331
Secondary Markets for Private Equity=333
Funds of Funds=333
Private Equity Goes Public=334
Impact of Financial Services Meltdown on Private Equity=334
17. LBO Financial Model=343
Determining Cash Flow Available for Debt Service and Debt Sources=344
Determining Financial Sponsor IRR=346
Determining Purchase Price and Sale Price=347
LBO Analysis Example=348
LBO Analysis Post―Credit Crisis=367
18. Private Equity Impact on Corporations=369
Private Equity―Owned Companies : Management Practices and Productivity=369
Private Equity―Owned Company Failures=370
Scorecard during 2008=371
Private Equity Purchase Commitment Failures=372
Private Equity Portfolio Companies Purchased during 2006 and 2007=373
Private Equity Value Proposition for Corporations=385
Corporate Rationale for Completing Private Equity Transactions=387
Private Equity as an Alternative Model of Corporate Governance=389
Private Equity Influence on Companies=391
19. Organization, Compensation, Regulation, and Limited Partners=393
Organizational Structure=393
Compensation=396
Regulation=401
Limited Partners=403
20. Private Equity Issues and Opportunities=409
PIPEs=409
Equity Buyouts=410
Distressed Assets=412
M&A Advisory=412
Capital Markets Activity=412
Hedge Fund and Real Estate Investments=413
2008 Losses and Future Expectations=413
Boom and Bust Cycles=414
Annex Funds=414
Limited Partner Pullbacks=415
Risk Factors=415
Asian Private Equity Activities=415
European Private Equity=417
Strategic Alliances=417
Private Equity IPOs=418
Focus on Portfolio Management=418
Comparison of Private Equity Firms=423
Profile of The Carlyle Group=428
Future Issues and Opportunities=428
The New Landscape=430
Part III. Case Studies=433
1. Investment Banking in 2008(A) : Rise and Fall of the Bear=435
2. Investment Banking in 2008(B) : A Brave New World=459
3. Freeport-McMoRan : Financing an Acquisition=477
4. The Best Deal Gillette Could Get? : Proctor & Gamble's Acquisition of Gillette=495
5. A Tale of Two Hedge Funds : Magnetar and Peloton=513
6. Kmart, Sears, and ESL : How a Hedge Fund Became One of the World's Largest Retailers=531
7. McDonald's, Wendy's, and Hedge Funds : Hamburger Hedging? : Hedge Fund Activism and Its Impact on Corporate Governance=553
8. Porsche, Volkswagen, and CSX : Cars, Trains, and Derivatives=577
9. The Toys "R" Us LBO=587
10. Cerberus and the U.S. Auto Industry=609
Index=625