The Business of Investment Banking: A Comprehensive Overview

In the United States, deregulation has permitted new affiliations among banks, securities firms, and insurance companies, allowing them to offer a broader range of services. At the same time, deregulation overseas has spurred investment in foreign markets and accelerated a sweeping trend toward globalization. On the other hand, corporate scandals like those at Enron and WorldCom have prompted Congress to impose stringent new regulations in an effort to restore public confidence in the capital markets. Meanwhile, advances in information technology have changed the way Wall Street firms present their products to the public and have made vast informational resources available online.

Investment banks must navigate the shifting regulatory terrain and counter mounting competition, while taking full advantage of burgeoning investment banking opportunities. In meeting these challenges, timely and accurate information is a critical asset.

In The Business of Investment Banking, Dr. K. Thomas Liaw provides an inclusive, up-to-date guide to the evolving investment banking industry. In this new edition, Dr. Liaw offers a substantial revision of his bestselling text, responding to requests from educators and professionals alike.

Incorporating the most recent developments in the industry, the author describes:

• Financial holding companies, full-service investment banks, boutique investment banks, and their lines of businesses
• Strategies for risk management, such as market risk, credit risk, operating risk, reputation risk, legal risk, and funding risk
• Career opportunities in investment banking, career paths, recruitment, and the application and interview process
• Key investment banking operations, including venture capital and buyouts, M&A services, equity underwriting, debt underwriting, securitization, financial engineering, investment management, and securities services
• Fundamentals for successful trading, arbitrage strategies, and technical trading techniques
• Regulatory issues and strategies relating to the Sarbanes-Oxley Act of 2002 and analyst conflict of interest
• Ethics and professionalism

In addition, Dr. Liaw discusses investment banking opportunities in China, Japan, the EMU, and emerging markets, as well as the special challenges that come with globalization.

A staple of industry training programs and a valued reference among banking professionals in its first edition, The Business of Investment Banking, Second Edition adds a wealth of new information to an already indispensable practical resource.

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All Customer Reviews
Average Customer Review:
0 of 0 people found the following review helpful:

Not what it seems at first look, 2008-01-13
It's probably a good book for those who are freshmen on the topic and want a book easy to read. But it's unusefull if you want a more deep-through looking into the topic of investment banking.

The author remains too much time on laws, history, and so forth, and doesn't explain the key topics of banking. Good book if your research is about the history and legislation of capital markets.

"The Complete Guide to Capital Markets for Quantitative Professionals" is a much better book if you want to know terms such as dealers, underwriting, clearinhouses, and the basics of stock markets and bonds.


0 of 0 people found the following review helpful:

The Investment Banking Business, 2008-01-07
So far this is a great read... recommended for anyone either in or looking to get into the very exciting and highly lucrative business that is Investment Banking and Investment Finance.


0 of 0 people found the following review helpful:

Fair, 2007-12-08
I have 10+ years of experience in the space but still learned a few things.

With that said, it was not worth ~100 dollars. The book is overpriced, this is clear indication that there needs to be another book in the domain that delivers more value for a lover premium.

If you don't have a network in the IB/FS arena, then read this book, if you do, then have lunch with a few Managing Directors from the top 10 Firms and for ~200 dollars (the cost of a few lunches/breakfasts) you would have had four times the value.

Sounds like a good investment to me.

-Richie Etwaru



0 of 1 people found the following review helpful:

Super book for future Investment Bankers, 2007-08-26
Super book for future Investment Bankers. Has many good insides on the industry and a very practical and fun to read approach on the most relevant trends and mechanics in investment banking. As a student considering a career within IB, this is a must read.


0 of 1 people found the following review helpful:

Advancing your knowledge, 2007-08-16
I have been looking for a book that help me to devolop my knowledge and skills in investment banking, this book "The Business of Investment Banking" was really helpful in how investment banks works in 21st century, it went beyond my expectations.
A real comprehensive view act as a reference for the banker.

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