穹頂對投資銀行業務的事業指南(英文版)(pdf 166頁)

Chapter 1: What is Investment Banking?
Chapter 2: Commercial Banking, Investment Banking and Asset Management
Chapter 3: TheEQuITy Markets
Chapter 4 The Fixed Income Markets
Chapter 5 Trends in I-Banking
Chapter 6 STOCk and Bond Offerings
Chapter 7: M&A, Private Placements, and Reorgs
Chapter 7: M&A, Private Placements, and Reorgs
Chapter 9: InstITutional Sales and Trading
Chapter 10: Research
Chapter 11: Syndicate: The Go-Betweens

What is Investment Banking?
Is it investing? Is it banking? Really, it is neither. Investment banking, or I-banking, as it is often called, is the term used to describe the business of raising capITal for companIEs and advising them on financing and merger alternatives. Capital essentially means money. Companies need cash in order to grow and expand their businesses;investment banks sell securities to public investors in order to raise this cash. These securITIEs can come in the form of sTOCks or bonds, which we will discuss in depth later.
The biggest investment banks include Goldman Sachs, Merrill Lynch, Morgan Stanley, CredITSuisse First Boston,citigroup’s Global Corporate Investment Bank, JPMorgan Chase and Lehman Brothers, among others. Of course, the complete list of I-banks is more extensive, but the firms listed above compete for thebiggest deals both in the U.S. and worldwide.
You have probably heard of many of these firms, and perhaps have a brokerage account with one of them. While brokers from these firms cover every major cITy in the U.S., the headquarters of every one of these firms is in New Yorkcity, the epicenter of the I-banking universe. It is important to realize that investment banking and brokerage go hand-in-hand, but that brokers are one small cog in the investment banking wheel. As we will cover in detail later, brokers sell securITIEs and manage the portfolios of “retail” (or individual) investors.

..............................