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Chapter 1: What is Investment Banking? 3
The Players . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3
The Game . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5
Chapter 2: Commercial Banking, Investment
Banking and Asset Management 9
Commercial Banking vs. Investment Banking . . . . . . . . . . . . . . . . . . . . . . .9
Glass-Steagall Reform . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13
The Buy-Side vs. the Sell-Side . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15
Chapter 3: The Equity Markets 17
Bears vs. Bulls . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17
Stock Valuation Measures and Ratios . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22
Value Stocks, Growth Stocks and Momentum Stocks . . . . . . . . . . . . . . . .25
Chapter 4 The Fixed Income Markets 27
What is the Bond Market? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .27
Bond Market Indicators? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .27
Fixed Income Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .34
Chapter 5 Trends in I-Banking 37
Chapter 6 Stock and Bond Offerings 43
Initial Public Offerings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .43
Follow-On Offerings of Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .45
Bond Offerings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .47
Table of Contents
Vault Career Guide to Investment Banking
Table of Contents
Visit the Vault Finance Career Channel at www.vault.com/finance — with
insider firm profiles, message boards, the Vault Finance Job Board and more. C A R E E R xi
L I B R A R Y
Chapter 7: M&A, Private Placements, and
Reorgs 49
Mergers & Acquisistions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .49
Private Placements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .52
Financial Restructurings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .53
ON THE JOB
Chapter 8: Corporate Finance 57
The Players . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .58
The Role of the Players . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .61
The Typical Week in Corporate Finance . . . . . . . . . . . . . . . . . . . . . . . . . . .71
Formulas for Success . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .82
Chapter 9: Institutional Sales and Trading 85
Trading – The Basics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .87
Executing a Trade . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .93
Trading – The Players . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .99
Trading – The Routine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .103
Institutional Sales – The Basics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .108
Institutional Sales – The Players . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .110
Private Client Services (PCS) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .117
Chapter 10: Research 121
The Players and the Product . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .122
Three Months in Research . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .129
Formulas for Success . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .134
Chapter 11: Syndicate: The Go-Betweens 137
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