مقدمه‌ای بر بانک‌های سرمایه‌گذاری، صندوق‌های پوشش ریسک و سرمایه‌گذاری خصوصی: پارادایم جدید

This description of the symbiotic relationships among investment banks, hedge funds, and private equity firms shows students how firms simultaneously compete and cooperate. The author has captured the ways these firms are reinventing themselves in the post-crash regulatory environment and, through ten extensive cases, the ways in which they are increasing their power and influence. Emphasizes the needs for capital, sources of capital, and the process of getting capital to those who need it. Integrates into the chapters ten cases about recent transactions, along with case notes and questions Accompanies cases with spreadsheets for readers to create their own analytical frameworks and consider choices and opportunities Front matter......Page 2 Copyright ......Page 5 Dedication ......Page 6 Contents......Page 8 Target Audience......Page 10 The World Has Changed......Page 11 Section One: Investment Banking......Page 12 Section Three: Cases......Page 13 Acknowledgments......Page 14 SECTION I Investment Banking......Page 17 Overview of Investment Banking......Page 19 Case Focus......Page 20 Other Investment Banking Firms......Page 22 GM to Receive $14 Billion in Cash Over Three-Year Period ......Page 378 M&A Advisory......Page 24 Capital Markets Group......Page 27 Equity Capital Markets......Page 28 Debt Capital Markets......Page 29 M&A Group......Page 30 Equities......Page 31 Principal Investing......Page 32 Asset Management Division......Page 33 Co-Investments in Asset Management Division Funds......Page 34 Questions......Page 35 Fund of Funds......Page 37 Growing Hedge Fund Activism......Page 38 The Rainmakers: Investment Bankers and Power Brokers......Page 343 The Registration Statement......Page 39 Financial Innovation......Page 228 Mitigating Systemic Risk......Page 40 Due Diligence......Page 41 Gun-Jumping Rules......Page 42 The Glass-Steagall Act......Page 43 Separation of Commercial and Investment Banks ......Page 44 Commodities......Page 45 Chandler Act......Page 46 Recent Developments in Securities Regulations......Page 47 The Gramm-Leach-Bliley Act......Page 48 Regulation Analyst Certification......Page 49 Global Research Settlement......Page 50 Bear Stearns Collapse......Page 51 Japan......Page 52 1998-Present......Page 53 China......Page 54 Questions......Page 55 Capital Markets Financings......Page 57 Volkswagen Equity Derivatives......Page 527 Regulation......Page 62 CSX vs. TCI......Page 63 China's Financial Market......Page 64 Regulation FD......Page 65 Babies "R" Us ......Page 545 Equity Office Properties (EOP)......Page 347 Rationale for Issuing Optionally Converting Convertible Bonds ......Page 71 Summary......Page 72 Fees to Bankers......Page 73 Corporate Rationale for Completing Private Equity Transactions......Page 356 Brazil's IPO Market......Page 75 Green Shoe Overallotment Option......Page 76 Questions......Page 77 Mergers and Acquisitions......Page 79 PIPEs......Page 377 Creating Value......Page 80 Strategic Rationale......Page 81 The Rise and Fall of Kmart......Page 486 Credit Ratings and Acquisition Currency......Page 82 Social and Constituent Considerations......Page 83 Role of Investment Bankers......Page 84 Fairness Opinion......Page 85 Tender Offer......Page 86 Due Diligence and Documentation......Page 87 Market-Making......Page 88 Questions......Page 89 Tax-Free Reorganizations......Page 90 Carve-Out......Page 91 Takeover Defenses......Page 92 Risk Arbitrage......Page 93 Valuation......Page 94 Comparable Company Analysis......Page 95 Comparable Transactions Analysis......Page 96 Discounted Cash Flow Analysis......Page 97 Leveraged Buyout Analysis......Page 98 Sum-of-the-Parts Analysis......Page 99 Valuation Summary......Page 100 The Assignment......Page 102 ServiceCo LawnCare Segment......Page 106 Other Operations and Corporate Segment......Page 107 Competition......Page 108 Major Customers......Page 109 Questions......Page 111 Trading......Page 113 Investment Banking......Page 189 Pricing Securities Offerings......Page 114 Determining Purchase Price and Sale Price......Page 327 Benefits Revisited......Page 290 Equity Trading......Page 115 Paying for Research......Page 137 High-Water Mark......Page 117 Interest Rate Products......Page 119 Secondary Market......Page 120 Structured Credit......Page 121 Merger Arbitrage......Page 245 Bank Loans......Page 124 Proprietary Trading......Page 125 Impact of Financial Services Meltdown on Private Equity......Page 128 Questions......Page 129 Asset Management, Wealth Management, and Research......Page 131 The Aftermath of Bear Stearns......Page 419 Determining Financial Sponsor IRR......Page 325 The Credit Crisis......Page 133 Industry Concentration......Page 220 Research......Page 135 Systemic Risk......Page 275 Questions......Page 140 Bear Stearns......Page 141 Asset-Backed Securities......Page 142 Monoline Insurers' Relationship with Credit Rating Agencies ......Page 144 Credit Rating Advisory Services Provided by Investment Banks ......Page 145 Specialists......Page 146 Derivatives Exchanges......Page 147 Nikkei Put Warrants......Page 179 Clearing and Settlement......Page 150 Lampert's Kmart Play......Page 496 Questions......Page 151 Club Transactions and Stub Equity......Page 231 Euromarkets......Page 153 Leverage......Page 154 U.S. Retail Toy Industry in 2005......Page 173 Transparency......Page 291 TCI and 3G Take a Position......Page 155 Private Equity Portfolio Companies Purchased During 2006-2007 ......Page 156 International Investment Banking Activity in China ......Page 157 Hospital Corporation of America (HCA)......Page 158 Cerberus-New Beast of the Investment Community......Page 160 Distressed Securities......Page 246 GM's Supplier Relationships......Page 564 Global IPO Market......Page 162 Russia's IPO Market......Page 164 China's IPO Market......Page 165 Standardized International Financial Reporting......Page 167 International Investors......Page 168 Questions......Page 169 Hedge Funds and Delta Hedging......Page 171 Citigroup Providing $25 Billion Syndicated Funding Facility ......Page 562 Non-Unit Structure......Page 176 Pershing Square's Initial Involvement: Wendy's and McDonald's ......Page 177 Wall Street Innovation......Page 178 Accelerated Share Repurchase Program......Page 184 Questions......Page 187 Analysts......Page 190 Key Stakeholders: Beantown, Wall Street, DC, and Main Street......Page 191 Inside the Wall ......Page 441 Client-Related Trading......Page 192 Future Developments......Page 293 Institutional Sales......Page 193 Calculate the Equity Value, IRR, and Multiple of Investment on Projected Exit Date ......Page 278 Private Wealth Management......Page 194 Asset Management......Page 195 Principal Investments......Page 196 Finance......Page 197 Credit Crisis of 2007-2008......Page 198 Short-Term Financing by Investment Banks......Page 200 Structured Investment Vehicles......Page 201 Compensation......Page 202 New Power Brokers in the Capital Markets......Page 204 Credit Default Swaps......Page 208 Investment Banking Future......Page 209 Questions......Page 211 SECTION II Hedge Funds and Private Equity......Page 213 Overview of Hedge Funds......Page 215 Leverage......Page 216 Valuation of the Deal......Page 457 Performance......Page 221 2008 Slowdown......Page 223 Market Liquidity and Efficiency......Page 226 Equity Bridges......Page 308 McDonald's Management and Franchisees Respond ......Page 229 LBO Analysis Post-Credit Crisis......Page 339 Freescale Semiconductor (Freescale)......Page 233 Questions......Page 234 Equity Long/Short......Page 235 Non-Hedged Equity......Page 237 What a Nightmare......Page 468 Global Macro......Page 238 Placing the Equity and Convertible Offerings ......Page 443 Wendy's......Page 239 Merging of Functions......Page 241 Rating Agency Concern......Page 516 Domicile......Page 281 Questions......Page 254 Shareholder Activism and Impact on Corporations ......Page 256 A Dream Deal......Page 363 Closed-End Funds......Page 364 Activist Hedge Fund Accumulation Strategies......Page 260 Changing Rules That Favor Activists......Page 264 The Regulators: International, National, and Local......Page 265 Conclusion......Page 466 Bank Debt and the Cov-Lite Craze......Page 270 Risk, Regulation, and Organizational Structure......Page 273 The Unusual Weekend......Page 485 Bank Exposure to Hedge Funds......Page 277 The Deal and Its Details......Page 560 Secondary Markets for Private Equity......Page 282 Questions......Page 284 Hedge Fund Performance......Page 285 Questions......Page 297 Overview of Private Equity......Page 299 Target Companies for Private Equity Transactions......Page 301 Capitalization of a Private Equity Transaction......Page 303 Assets Under Management......Page 304 History......Page 305 Teaming Up with Management......Page 310 Leveraged Recapitalizations......Page 312 Fund of Funds......Page 314 The Dream Becomes a Nightmare......Page 567 Questions......Page 322 LBO Financial Model......Page 323 Introduction......Page 328 Determine Target's Capitalization after Acquisition ......Page 331 Determine Cash Flow Available for Debt Service ......Page 335 Calculate Credit Ratios......Page 336 Private Equity-Owned Companies: Management Practices and Productivity ......Page 341 Hawaiian Telecom Communications (HTC)......Page 342 TXU Energy (TXU)......Page 344 Harrah's Entertainment (Harrah's)......Page 349 Univision......Page 353 Private Equity Value Proposition for Corporations......Page 354 Mandated Divestitures......Page 357 Private Equity as an Alternative Model of Corporate Governance ......Page 358 Private Equity Influence on Companies......Page 359 Reduction in Public Market Capitalization......Page 360 Questions......Page 361 Exits......Page 365 Bankruptcy and Inefficient Financial Markets......Page 367 Timing Issues......Page 0 Taxes......Page 369 Using Intermediaries......Page 370 Perception and Reality......Page 371 Fees......Page 372 FASB 157......Page 374 Questions......Page 375 Hedge Fund and Real Estate Investments......Page 380 GM a Power......Page 533 Annex Funds......Page 381 CDO Market Evolution......Page 476 Asian Private Equity Activities......Page 382 Strategic Alliances......Page 383 Focus on Portfolio Management......Page 384 Comparison of Private Equity Firms......Page 387 Profile of The Carlyle Group......Page 389 Future Issues and Opportunities......Page 392 The New Landscape......Page 394 Section III. Case Studies......Page 397 Investment Banking in 2008 (A): Rise and Fall of the Bear ......Page 399 Long Term Capital Management......Page 401 Bear Stearns Asset Management......Page 407 Bear's Last Weekend......Page 415 Gramm-Leach-Bliley and the Fall of Glass-Steagall ......Page 421 Lehman Brothers......Page 424 Merrill Lynch......Page 428 Goldman Sachs and Morgan Stanley......Page 431 Metals Heating Up ......Page 435 Enter Freeport-McMoRan ......Page 437 Role of the Investment Banks ......Page 440 FCX Post-Allocation ......Page 445 The Best Deal Gillette Could Get?: Procter & Gamble’s Acquisition of Gillette......Page 451 Deal Structure: An "All-Stock," 60/40, No-Collar Acquisition......Page 454 The White Squire from Omaha: Warren Buffett, Gillette Investor......Page 465 A Tale of Two Hedge Funds: Magnetar and Peloton ......Page 467 CSX Equity Derivatives......Page 528 Magnetar's Structured Finance Arbitrage Trade......Page 470 The 2007-2008 Financial Crisis......Page 471 The CDO Market......Page 472 Rating Agencies......Page 475 ESL: The Hedge Fund That Could Not Be Categorized......Page 493 November 2004 Decision: Should Kmart (under ESL's Control) Acquire Sears? ......Page 497 McDonald's, Wendy's, and Hedge Funds: Hamburger Hedging? Hedge Fund Activism and Impact on Corporate Governance ......Page 505 A Tale of Two Activists: Carl Icahn and William Ackman......Page 506 McDonald's......Page 509 Unlocking McDonald's Real Estate Value......Page 517 Aftermath of McDonald's Rejection......Page 521 The Truce......Page 523 Roadblocks and Hurdles......Page 563 Background......Page 529 Porsche and Volkswagen: Brothers Reunited......Page 531 Dilemma......Page 535 The Toys "R" Us LBO ......Page 537 Emergence of Club Deals in a Maturing Industry......Page 539 Dividends and Fees Paid to Private Equity Firms......Page 540 Infant, Toddler, and Preschool Market......Page 543 Overview of Toys "R" Us ......Page 544 CEO Wagoner's Tough Task Remaking Company......Page 556 Toys "R" Us Strategic Review and Sale ......Page 550 Bain Capital......Page 553 The Assignment......Page 554 "What's Good for GM?" ......Page 555 Cerberus Capital Management to the Rescue hellip Maybe ......Page 558 Cerberus-Led Consortium to Buy 51 Percent of GMAC Equity ......Page 561 Cerberus Builds an Even Bigger Auto Stage......Page 566 Exhibit Sources ......Page 569 References ......Page 577 A ......Page 579 C ......Page 580 E ......Page 582 F ......Page 583 G ......Page 584 H ......Page 585 I ......Page 586 L ......Page 587 M ......Page 588 P ......Page 589 R ......Page 591 S ......Page 592 T ......Page 593 Z ......Page 594

The dynamic environment of investment banks, hedge funds, and private equity firms comes to life in David Stowell’s introduction to the ways they challenge and sustain each other. Capturing their reshaped business plans in the wake of the 2007-2009 global meltdown, his book reveals their key functions, compensation systems, unique roles in wealth creation and risk management, and epic battles for investor funds and corporate influence. Its combination of perspectives—drawn from his industry and academic backgrounds—delivers insights that illuminate the post-2009 reinvention and acclimation processes. Through a broad view of the ways these financial institutions affect corporations, governments, and individuals, Professor Stowell shows us how and why they will continue to project their power and influence.

• Emphasizes the needs for capital, sources of capital, and the process of getting capital to those who need it
• Integrates into the chapters 10 cases about recent transactions, along with case notes and questions
• Accompanies cases with spreadsheets for readers to create their own analytical frameworks and consider choices and opportunities

The dynamic environment of investment banks, hedge funds, and private equity firms comes to life in David Stowell's introduction to the ways they challenge and sustain each other. Capturing their reshaped business plans in the wake of the 2007-2009 global meltdown, his book reveals their key functions, compensation systems, unique roles in wealth creation and risk management, and epic battles for investor funds and corporate influence. Its combination of perspectives—drawn from his industry and academic backgrounds—delivers insights that illuminate the post-2009 reinvention and acclimation processes. Through a broad view of the ways these financial institutions affect corporations, governments, and individuals, Professor Stowell shows us how and why they will continue to project their power and influence. Emphasizes the needs for capital, sources of capital, and the process of getting capital to those who need it Integrates into the chapters 10 cases about recent transactions, along with case notes and questions Accompanies cases with spreadsheets for readers to create their own analytical frameworks and consider choices and opportunities "The dynamic environment of investment banks, hedge funds, and private equity firms comes to life in David Stowell's introduction to the ways they challenge and sustain each other. Capturing their reshaped business plans in the wake of the 2007-2009 global meltdown, his book reveals their key functions, compensation systems, unique roles in wealth creation and risk management, and epic battles for investor funds and corporate influence. Its combination of perspectives - drawn from his industry and academic backgrounds - delivers insights that illuminate the post-2009 reinvention and acclimation processes. Through a broad view of the ways these financial institutions affect corporations, governments, and individuals, Professor Stowell shows us how and why they will continue to project their power and influence."--Jacket