An Introduction to Investment Banks, Hedge Funds, and Private Equity by David P. Stowell, ISBN-13: 978-0123745033

An Introduction to Investment Banks, Hedge Funds, and Private Equity by David P. Stowell, ISBN-13: 978-0123745033

[PDF eBook eTextbook]

• Publisher: ‎ Academic Press; 1st edition (March 2, 2010)
• Language: ‎ English
• 592 pages
• ISBN-10: ‎ 0123745039
• ISBN-13: ‎ 978-0123745033

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 2007-9 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.

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.

Table of Contents:

Preface ix
Acknowledgments xiii
Section I. Investment Banking 1
1. Overview of Investment Banking 3
2. Regulation of the Securities Industry 21
3. Financings 41
4. Mergers and Acquisitions 63
5. Trading 97
6. Asset Management, Wealth Management, and Research 115
7. Credit Rating Agencies, Exchanges, and Clearing
and Settlement 125
8. International Banking 137
9. Convertible Securities and Wall Street Innovation 155
10. Investment Banking Careers, Opportunities, and Issues 173
Section II. Hedge Funds and Private Equity 197
11. Overview of Hedge Funds 199
12. Hedge Fund Investment Strategies 219
13. Shareholder Activism and Impact on Corporations 241
14. Risk, Regulation, and Organizational Structure 257
15. Hedge Fund Issues and Performance 269
16. Overview of Private Equity 283
17. LBO Financial Model 307
18. Private Equity Impact on Corporations 325
19. Organization, Compensation, Regulation, and Limited Partners 347
20. Private Equity Issues and Opportunities 361
Section III. Case Studies 381
1. Investment Banking in 2008 (A): Rise and Fall of the Bear 383
2. Investment Banking in 2008 (B): A Brave New World 403
3. Freeport-McMoRan: Financing an Acquisition 419
4. The Best Deal Gillette Could Get?: Procter and Gamble’s Acquisition
of Gillette 435
5. A Tale of Two Hedge Funds: Magnetar and Peloton 451
6. Kmart, Sears, and ESL: How a Hedge Fund Became One of
the World’s Largest Retailers 469
7. McDonald’s, Wendy’s, and Hedge Funds: Hamburger Hedging?
Hedge Fund Activism and Impact on Corporate Governance 489
8. Porsche, Volkswagen and CSX: Cars, Trains, and Derivatives 511
9. The Toys “R” Us LBO 521
10. Cerberus and the U.S. Auto Industry 539
Sources List 553
Reading List 559
References 561
Index 563

David P. Stowell is a professor of finance at Northwestern University’s Kellogg School of Management, where he teaches classes that focus on investment banking, hedge funds, private equity and venture capital. He also teaches undergraduate courses on these topics at Northwestern University. Prior to joining Northwestern in 2005, he was managing director at JP Morgan, working in Chicago with responsibility for part of the firm’s mid-west investment banking business. In addition, he worked in investment banking at UBS as managing director and co-head of U.S. equity capital markets, and at Goldman Sachs, where he co-managed an equity derivatives business and worked in corporate finance in New York and Tokyo. He was also a managing director at O’Connor Partners, a hedge fund based in Chicago. He graduated from Utah State University with a BA in Economics and from Columbia University’s Graduate School of Business with an MBA in Finance. In addition to his current teaching responsibilities, he manages Paradigm Partners, a boutique firm that provides M&A and capital raising services and general advice regarding investment banking, hedge fund, and private equity activities to selected clients.

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