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Chapter 1 Introduction 1

1.1 What Is Investment Banking? 1

1.2 Investment Banking Activities 2

1.3 Investment Banking versus Commercial Banking 4

1.4 Industry Overview 6

1.5 The Investment Banker as an Individual 8

1.6 A Brief History of the Industry 10

1.7 Scope of This Book 13

Chapter 2 Financial Securities 16

2.1 Bonds 17

2.2 Stocks 21

2.3 Derivative Securities 24

2.4 International Securities 26

2.5 Risks of Bonds and Stocks 27

Chapter 3 Investment Analysis 30

3.1 Macroeconomic Analysis 30

3.2 Industry Analysis 35

3.3 Financial Statement Analysis 36

3.4 Technical Analysis 44

3.5 Efficient Market Theory 53

Chapter 4 Primary Market Making I:Equity Financing 56

4.1 Public Offerings and Private Placements 56

4.2 Motivations of Issuers 58

4.3 The IPO Team 60

4.4 The Public Offering Process 62

4.5 Agreements of an IPO 67

4.6 Risks of an IPO 72

4.7 Revenues of Underwriters 72

4.8 The Costs of Going Public 73

4.9 Aftermarket Trading 74

4.10 Direct Offerings,Shells,and Equity Takedowns 76

4.11 International Listings 78

4.12 China's Practices 79

Chapter 5 Primary Market Making Ⅱ:Debt Financing 81

5.1 Government Securities 81

5.2 Treasury Securities Markets 84

5.3 Municipal Securities Markets 89

5.4 Corporate Debt Markets 92

5.5 Corporate Bonds 93

5.6 Private Placements 99

5.7 Foreign Bonds 101

5.8 Eurobonds 101

5.9 Treasury Bond Transactions in China 102

5.10 China's Enterprise Bonds 103

Chapter 6 Secondary Market Making 105

6.1 Dealing versus Brokering 106

6.2 Dealer Activities in the Financial Markets 106

6.3 Managing Dealer Risks 110

6.4 Financing Dealer Inventory 113

6.5 Brokering Activities in the Financial Markets 114

6.6 Possible Abuses 118

Chapter 7 Trading:Speculation and Arbitrage 121

7.1 Speculation 121

7.2 Arbitrage Trading 126

Chapter 8 Mergers and Acquisitions 131

8.1 Market Overview 131

8.2 Motivations 132

8.3 Strategic Planning and Intermediary 134

8.4 Investment Banking Fees and Agreements 135

8.5 Valuation and Financing 136

8.6 Closing and Regulatory Issues 141

8.7 Takeover Defenses 145

8.8 Legal Considerations in Buying Public Targets 146

8.9 Post-Acquisition Integration 148

Chapter 9 Venture Capital 149

9.1 Venture Capital Investing 149

9.2 Market Overview 151

9.3 Historical Development 152

9.4 Setting up Venture Capital Operations 152

9.5 Investing Strategy 154

9.6 Venture Capital Transactions 156

9.7 Legal Documentation 160

9.8 Exit Strategies 164

Chapter 10 Private Equity 165

10.1 Definitions 165

10.2 The Agreement 167

10.3 Fund Returns 169

10.4 The Term Sheet 170

10.5 The Venture Capital Method 176

10.6 Leveraged Buy-Out(LBO) 179

Chapter 11 Asset Securitization 186

11.1 Market Overview 186

11.2 Benefits and Costs 188

11.3 Structure and Basic Elements 189

11.4 Mortgage-Backed Securities 191

11.5 Asset-Backed Securities 194

Chapter 12 Money Management 197

12.1 Money Management Business 197

12.2 Types of Money Management Operations 198

12.3 Organization and Operation of a Mutual Fund 200

12.4 Development and Growth of Mutual Funds 202

12.5 The Institutional and Retirement Markets 204

12.6 Hedge Funds 205

Chapter 13 Price-Setting Mechanisms 212

13.1 The Book-Building Approach 213

13.2 Auctions 219

13.3 The Dark Side of Book-Building 224

Chapter 14 China's Market and Future Trends 229

14.1 China's Financial System 229

14.2 China's Securities Market 230

14.3 Future Trends 241

References 248