Functions of Investment Banks

Functions of Investment Banks A Critical Discussion of the Major Functions  Performed by Investment Banks. Glossary (Jump to) Abstract   Chapter 1 –The Major Functions of Investment Banks   Summary Bills of Exchange   Corporate Finance Investment Management   Chapter 2 – Conclusions and Recommendations Bibliography Abstract Investment banks evolved as a result of lucrative merchant centers located in the north of Italy, Belgium as well as Holland from the 17th through 19th centuries. During that period Europe’s most influential merchant families moved to the United Kingdom as it was becoming the merchant and banking center of the region. Said list included the Barings, Rothchilds, and Warburg families and their interests (Kuhn, Robert. 1990)[1]. Developments in the United States resulted in that country becoming the center of financial activity in the late 20th century and saw the rise of JP Morgan, Goldman Sachs Merrill Lynch and Morgan Staley joining the ranks of the older investment powers (Carosso, 1970)[2]. Investment banking represents a broad spectrum of financial services that are dispensed by various specialists in conjunction with global investment banks. The services performed by these institutions includes (Lott, 2001)[3]: Underwriting, Distribution, The maintenance of markets in bonds, shares and securities issued by public entities and businesses, as well as Other services In contrast to the services provided by commercial banks, where the principle functions are to accept deposits and make loans to consumers and business on a short-term basis, investment banks engage in four important functions (Lott, 2001)[4]: Assist in the arrangement for the provision of funds to corporations and governments through underwriting as well as distributing new securities issues, Maintenance of markets for securities through the trading and execution of orders for secondary market transactions, Administer advice with respect to the purchase, sale and issuance of securities as well as other financial areas, The creation and management of varied investment vehicles. In addition to the foregoing, investment banks also perform a number of other important transactions and functions that are the subject of discussion in this paper. Chapter 1 –The Major Functions of Investment Banks 1.1 Summary Investment banking consists of a broad array of financial transactions. Some of the more familiar are (Lott, 2001)[5]: Underwriting, Syndication, Corporate Demand Capital Tenders and, Investment banking functions It is this last area that shall for the basis for examination. Bills of Exchange (Williamson, 1988)[6] These are independent instruments of debt that carry the signature of the customer (debtor). In summary, it is an order that directs a specific sum is to be paid to a specific individual. This instrument safeguards that a bill is accepted so that control is not lost of the item(s) involved. A ‘bill of exchange’ contains a stated date of payment that must be concluded on that date irrespective of any disputes concerning the item named. There are legal measures to prevent payment, termed ‘non-honoring’, which are subject to differing rules depending upon the country involved. Corporate Finance (Williamson, 1988)[7] This aspect of investment banking represents a specific finance area that deals with corporate financial decisions as well as the tools and analysis formulas and processes utilized to arrive at these decisions. It is divided into ‘short-term’ and ‘long-term’ techniques and decisions whereby the objective is to enhance corporate value through ensuring the ‘return on capital’ is more than the ‘cost of capital’. The equation rests on a conservative application of risks. Corporate finance is related to managerial finance, although the latter is larger in scope as it entails financial techniques that are possible in all business forms, whether they are corporate or non-corporate. IPO’s (efmoody, 2005)[8] Termed ‘Initial Public Offerings’, IPO’s represent the beginning of a publicly listed company and as such those investors whom are in position at this stage are poised to reap almost immediate gains if the stock rises on opening day. Similarly, these same investors stand to lose money if the opening price drops substantially. During the last few years the offering prices have tended to average out as being overpriced. This is borne out by the fact that the closing price, on average, the day of opening generated an annual return of just 2%. In terms of profitability, IPO’s generate large fees for the participating firms and represent the most profitable underwriting area. Fees generally average seven percent (7%). After the various splits between managing underwriters, brokerage firms, law firms and staff the profit hovers in the 34% through 40% range. This service is a cornerstone in aiding firms to float securities needed to expand or underwrite operations and as such represents one of the more important functions performed by investment banks. Rights Issues (Constantinides et al, 2002)[9] These are equity issues whereby shareholders of record have the right to purchase new shares that have a fixed exercise price. Mergers Acquisitions (Allen et al, 2000)[10] Investment banks act in the capacity as advisors in merger and acquisition deals. In working with both the target(s) of acquisition as well as the acquirer(s), investment banks provide their information expertise to help arrive at the ‘reservation price’. They also calculate the potential for gains and the risks in the transaction. And while investment banks have a vested interest in these deals, their pragmatism is an effective counter weight in maintaining a balance between undervaluing and overvaluing. Operating under banking regulations, investment banks represent a sort of intermediary that engenders public trust in the legitimacy of the transaction and is a part of a system that represent checks and balances over these types of transactions. Commercial banks might have potential conflicts of interest in these types of deals, so even while they have recently taken on this role, the majority of these transactions are still funneled through investment banks. Investment Management (Williamson, 1988)[11] As the term implies, investment management is also known as portfolio management as well as money management. It is a segment of investment analysis that examines the management of money relating to securities purchases as well as their sale. High Net Worth Individuals (Williamson, 1988)[12] Investment banking services for individuals of high net worth has been a long standing feature for an elite group whose banking investment needs exceed the capabilities of commercial banks and traditional specialists. The complex variable regarding the client’s return targets and relative degrees of risk along with long as well as short-term requirements represent specialized analysis. The resources of an investment bank are suited to meet the demanding requirements of these types of individuals as well as confidentiality. The extremely sophisticated variables comprising recommendations and placement in various instruments are crafted to fit an approved plan of action. Because high net worth individuals have access to their own channels of information, the demands of these types of clients in terms of sophistication requires the resources of a specialized institution. Corporations (Williamson, 1988)[13] The investment management of corporations entails handling a number of asset management areas. As is the case with high net worth individuals, it entails an extensive analysis of the goals and objectives desired as well as the cash availability requirements for specific periods of time. The preceding represents a valuable service as a result of the high level contacts and access to specialized information, opportunities and rates of return with moderate risk that investment banks can avail themselves of. Pension Funds (Williamson, 1988)[14] These funds represent extremely large sums that require placement in investment avenues that contain high degrees of safety as well as meeting return rates in established parameters. The important nature of these retirement funds requires an institution to pay close attention to risk avoidance as well as any potential changes and shifts in the market that could potentially affect the money in the Fund. Mutual Funds (Williamson, 1988)[15] In terms of mutual funds, there are literally hundreds of fund types to select from as a result of the classifications within this group. One particular type of fund which investment banks have an advantage over commercial banks is in hedge funds. These types of funds are unregulated and usually governed by unconventional strategies. Hedge funds trade in equities, money markets and bonds and offer yields as well as risks that exceed traditional long stock and bond methodologies. The secretive nature of these funds and the fact that they cater to institutions, corporations and high net worth individuals only is within the purview of investment banks. The mutual fund classifications contains a number of differing types, these are as follows: Objective Oriented Growth This type is structured so that it appreciates in value over time by investing principally in the common stock of companies that have shown or are showing a high growth potential. Income These are structured to generate dividends on a regular basis as the priority, with growth in value as the secondary selection criteria. Balanced These funds are a balance between growth and income funds thereby providing investors with dividend payouts while the fund appreciates in value as a result of the growth in the corporations selected. Market Oriented Specialized Through limiting holdings in one industry sector these ‘sector growth’ funds place their emphasis on one industry classification. The preceding entails risks if that classification or segments of that classification perform poorly. The reverse is also true if the sector experiences growth. Bond Funds These tend to be conservative investments, principally in debt securities, with the objective of providing income while preserving capital. The focus is similar to Income Funds, which is the payment of dividends. Municipal These types of bonds can be either short or long term and represent state and or local government issuances. Corporate These funds are composed of bond issuances by corporations and are guaranteed by companies to pay out both interest as well as principle. Zero-coupon These are bonds that are sold to investors at a discount and payout only on the maturity of the face value. Because the investor purchased these at a discount, the face value represents the gain. International These are composed of the debt securities of corporations and governments located in other nations. As some countries pay higher rates, the gains can be interesting depending upon currency fluctuations and conversion rates. Convertible Securities These funds invest in securities (debt) that permit conversion of their bonds into stock. The objective is the preservation of capital yielding growth and income. Money Market Money market funds invest in the short-term obligations, debt, of both governments and corporations and are structured by and large to permit smaller investors to participate for amounts starting at approximately $500, depending upon the fund. Without the fund, direct participation requires increments of $10,000. The pooled sums are then invested and managed. Multifunds This type of fund invests in the performance of other types of mutual funds. All Weather These are designed to weather all types of business and economic phases. Emerging Growth These types of mutual funds invest in companies with high growth potential. Precious Metals As the name indicates, these are funds that take positions in various types of valuable metals. Green A newer category within this classification, Green Funds select growth companies that have a record of being responsive on environmental issues and adhere to policies within that arena. Chapter 2 – Conclusions Investment banks serve a valuable purpose in financial and business markets through their handling of public offerings (IPO’s) and private placements. These functions help corporations with their liquidity requirements and the issuance of securities. As investment banks can sell stock in an IPO as well as secondary offering and private placements they represent a centralized location that is able to fill the needs of corporations, governmental entities and high net worth individuals. The decades, and in some cases centuries of participation in high level finance has resulted in connections within finance arenas whereby investment banks maintain ties and associations at participation levels that are beyond commercial banks. In addition, this sector represents the top of the talent pool in finance, thus the intelligence factor exceeds the personnel employed in commercial banking. Because investment banks are primarily paid on a success basis, their commitment to the deals is higher and so are the monetary rewards. Typically, the compensation in the industry ranges 50 through 60% of profits paid out to partners and employees. Investment banking executives, analysts, junior bankers and junior partners generally earn twice their commercial bank counterparts as their jobs entail making money for the firm as well as performance reviews for themselves. The high pressure and performance nature of these positions means only the brightest in their fields work in this sector, thus the reason for investment banks receiving the biggest and the best of deals in all of the service function areas mentioned above. The preceding emphasis on profits, earnings, fees and performance might seem like a focus on greed, however it is geared to bring out the best, through competition among firms, which benefits investors, the general public and the economies of the countries in which these firms operate. Bibliography Allen, Linda, Jagtiani, Julapa, Sauders, Anthony. The Role of Bank Advisors in Mergers and Acquisitions. Federal Reserve Bank of Chicago, Supervision and Regulation. Carosso, Vincent. 1970. Investment Banking in America, A History. Harvard University Press, Cambridge, MA. ISBN: 0674465741 Constantinides, George, Harris, Milton, Stulz, Rene. 2002. Investment Banking and Securities Issuance. Handbook of the Economics of Finance. ISBN: 0444513639 efmoody.com. 2005. IPO’s. http://www.efmoody.com/investments/ipos.html Kuhn, Robert. 1990. The Library of Investment Banking. Dow-Jones Irwin, Homewood, IL. ISBN: 1556232993 Lott, Tom. 2001. Vault Career Guide to Investment Banking. Vault. ISBN: 1581311338 Williamson, Peter. 1988. The Investment Banking Handbook. John Wiley Sons. ISBN: 0471815624 1 Footnotes [1] Kuhn, Robert. 1990. The Library of Investment Banking. Dow-Jones Irwin, Homewood, IL. ISBN: 1556232993 [2] Carosso, Vincent. 1970. Investment Banking in America, A History. Harvard University Press, Cambridge, MA. ISBN: 0674465741 [3] Lott, Tom. 2001. Vault Career Guide to Investment Banking. Vault. ISBN: 1581311338 [4] Ibid [5] Lott, Tom. 2001. Vault Career Guide to Investment Banking. Vault. ISBN: 1581311338 [6] Williamson, Peter. 1988. The Investment Banking Handbook. John Wiley Sons. ISBN: 0471815624 [7] Ibid [8] efmoody.com. 2005. IPO’s. http://www.efmoody.com/investments/ipos.html [9] Constantinides, George, Harris, Milton, Stulz, Rene. 2002. Investment Banking and Securities Issuance. Handbook of the Economics of Finance. ISBN: 0444513639 [10] Allen, Linda, Jagtiani, Julapa, Sauders, Anthony. The Role of Bank Advisors in Mergers and Acquisitions. Federal Reserve Bank of Chicago, Supervision and Regulation. [11] Williamson, Peter. 1988. The Investment Banking Handbook. John Wiley Sons. ISBN: 0471815624 [12] Ibid [13] Ibid [14] Williamson, Peter. 1988. The Investment Banking Handbook. John Wiley Sons. ISBN: 0471815624 [15] Ibid

Most Intriguing Person I Have Met Essay

Introduction God is omnipresent and omnipotent. His representatives are Angels whose food is only fasting. They fly in the air as they take themselves very light. God and His angels could send only leaders, messengers, prophets to earth to proclaim about the goodness of God and to enable humanity to bear a fruitful life by following virtues and characteristics of God. He was disappointed, when it did not return expected results. God was on the look out for permanent person who is faithful, honest and trustworthy and who represent His kind-of on earth. God finally found â€Å"mothers† as his carnation, who would be kind, forbearing and have enough fortitude to transform hearts, minds and to spread the gospel of god’s goodness on earth. My mother was the most influential and inspirational person in my life until she passed away on February 28, 2004. Her life was extraordinarily courageous, hard working and self-reliant who lived a life in extreme hardships and confronted lachrymose situations. Read more: Essay the person I admire is my mother Mothers But Jesus turning to them said, â€Å"Daughters of Jerusalem, stop weeping for Me, but weep for yourselves and for your children.   Jesus at the time of carrying cross was experiencing great pain and agony. Even so, his heart moved when he saw women weeping for him. He felt that children should be the greatest priority in a woman’s life. Women who are the pillars of family, have the ability to transform lives through prayers. Prayer without penitence is a mere waste. Penitence brings tears and tears bring blessings from Heaven to families. This is exactly what Jesus meant by saying the above. Hard work â€Å"Hard work pays† is what she believed all through. Her single income, was insufficient to make both ends meet. Her financial planning, domestic chores, and struggle is absolutely inspiring, who had to question herself for every challenge she encountered and find answer all by herself alone. A unique life, while giving smiles outside, inside of her heart, there were volcanic pressures of all kinds and sizzles in life. My mother as a single parent, single income, executed hard work in rearing her children by providing good education, teaching life skills, settling the lives with good spouse and cherished the happiness with two daughters, two son-in-laws and four grand children. Spoke like a lioness with strangers and guarded her children like a hen that covered and protected her chickens under storms and strong winds. As a child I admired her initiativeness, courage and indispensable attitude. Amidst of huge loss in life, she sought happiness in devotion, gardening, social work and her grand children. Nobody could seize away her smiles and happiness even in the midst of life’s biggest storms. She prepared herself for every day. Her accostic approach to life was to see the positive side of life and never to look back. Her famous quote to me was â€Å"see the page, turn the page and do the work†. Long time before, she predicted that I would become a writer one day, which absolutely became true. Her absence now, declares â€Å"mothers are always right† and it is good for sons and daughters to carry the legacy of goodness of mothers to further generations, to spread a network of humility. After all, children should reflect with the moralistic features of parents. Courage In my childhood, her wake-me up rhyme was â€Å"cocks crow in the morning, to tell us to rise, for he who lies late, will never be wise. For early to bed and early to rise, makes a man, healthy, wealthy and wise.† She taught good things to her children and worked as a dedicated, determined and devoted mother. Bold and courageous even in trial period and solved the problems all by herself. She was deprived of all the happiness as a wife, she was entitled to, as any other woman. A Son who was expected to shoulder and strengthen his mother, in the absence of husband, suffered from a chronic illness for two decades, and at last passed away leaving her in great agony and depressment. Her energies, finances, effort to make her son survive, in order to just retain his presence on life’s long stage, were simply washed away with the passage of time. She survived this loss and tried to rebuild her life again, through her two daughters. Self-reliance & Self-less sharing Her another famous quote was â€Å"the works performed early in the morning in due diligence and early born children will take you to a land of success†. Situations make people strong, confident and courageous. She administered great respect for her sisters, brothers, friends and relatives and earned good name as â€Å"courageous and hard working† person. She respected, cared and helped all those she can in her employment. â€Å"Cut the coat according to the cloth† is what she believed in. Absolute and careful money management in providing needs for her children and without incurring any debts, all the hard-earned money, she saved for her children. After her retirement from government service, I expected a little rest and happiness to come her way as old age demands. She was attacked from a stroke and suffered for three years on bed in her final stage of battle in life. This made me to groan within, as to why good people are often chosen as silent sufferers and how things slip out of hand. A person who has passed through too many extreme situations in life, underwent much more struggle even in the last days of her life. Truly her passing way made me a whole new person to realize, that often good things are to be preserved and the teachings of mother can never be ignored. Conclusion â€Å"When Jesus therefore saw his mother, and the disciple standing by, whom he loved, he saith unto his mother, Woman behold thy son!†   Ã¢â‚¬Å"Then he saith he to the disciple, Behold thy mother! And from that hour that disciple took her unto his own home† Mother Mary, loved Jesus as her dear son. On crucifixion of Jesus, she was standing near the cross, in great tears. Jesus too was worried about his mother. He chose his dear disciple, to take care of Mother Mary. Jesus, discharged the duty as a dear son, which is a promising characteristic feature of Jesus, amidst of great suffering. Good mothers are very few, who sacrifice their lives and take pain to walk an ‘extra mile’ each time, for others sake. Hard working, courageous, self-less and sacrificial mother is an extraordinary mother whose character is entirely divine and philosophical. Such lives are blessed and those generations of children often build an ethical and moralistic society. My mother’s life was lead by God’s presence at every phase of her life and she did the best than any other ordinary mother could have done as better than what is received by her children, through her sincere and honest efforts. On her memorial service, the following lines were written by me: You have hatched our lives Leveled our wings. Just as birds fly with confidence We lead our lives to this day. Your unproclaimed good deeds speaks to us Although, you are away from us. Help us to day and tomorrow. May the Almighty bestow His presence To your near and dear offering Comfort and peace forever. Bid adieu Mother, ***

Immigrants and the American Dream Essay - 1631 Words

Since the start of the twentieth century America has attracted people all over the world to relocate and start a new life. For many coming to America was a chance for a better life and new things. They all had something in common, they all had a dream, that dream was the American Dream. In the present day the desire to achieve the dream hasnt changed. However, the idea of the American Dream, brings up a lot of questions. What is the American Dream? Who defines it? Can it be achieved? Lastly, should everyone have a chance to achieve it? What is the American Dream? When this question was asked on the first day of class, there were many different answers as to what makes up the American Dream. Some people said having a good job, having†¦show more content†¦Walsh, who was quoted in the San Gabrial Valley Tribune, in the article Dreams Fulfilled for new Citizens. This article describes another form of the American Dream, becoming a citizen of this country. Many people who come into this country with temporary visas, have to go through a few steps before the can say I am an American. Once they can say that they feel are living the dream. To them being a called an American can open up the doors of opportunities for future generations in their families. In the article one woman was quoted saying ‘Its a great honor to be part of a nation. Theres not another one like this in the world. This women is not the only one who feels that way. In the USA Today article, Immigrants Want Land of Opportunity, one man speak s out about his struggles to finally say that he is an American. Markus Decker came to this country for an internship, which turned into a permanent position. He is here on a work visa, and has been awaiting approval on his green card for over two years. Decker has a wife and two children, and they are working hard and love what they do. Decker says that I speak the language like a native, and I hold a masters degree from a local university. I love the American culture and the way of life. Decker is living the standard dream, he has a good job, with a solid educational background, and his children will get to grow up in this country. He feels that the only thing missing to sayShow MoreRelatedImmigrants And The American Dream1362 Words   |  6 PagesImmigrants and the American Dream In the article â€Å"The American Dream†, by James Truslow Adams in The Sundance Reader book, he stated that the American dream is that dream of a land in which life should be better and richer and fuller for everyone, with opportunity for each according to ability or achievement. It is a difficult dream for the European upper classes to interpret adequately, and too many of us ourselves have grown weary and mistrustful of it. It is not a dream of motor cars and highRead MoreImmigrants Should Not The American Dream1305 Words   |  6 PagesAllowing immigrants to enjoy the American Dream has been a controversial topic for quite some time. Many people argue that immigrants should not be able to enjoy the American Dream simply because they are not American. Others argue that anyone should be allowed to enjoy the American Dream because everyone deserves a chance at success. Immigrants should be allowed to enjoy the American Dream because American is a free country, immigrants ca n’t help what situation they were born into, and immigrants positivelyRead MoreNative Immigrants And The American Dream1488 Words   |  6 Pagesgenerations to come. Many of the immigrants were either Japanese, Chinese, Korean, Filipino, Vietnamese, or Indian. The term Asian American tied these groups of people together for political reasons. 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If everyone has the same opportunities in America why do some peoples dreams get realizeRead MoreThe American Dream Is The Forefront Of Many Beginnings For Citizens And Immigrants Alike943 Words   |  4 Pages The American Dream is the forefront of many beginnings for citizens and immigrants alike. Achieving this idea has proved to be unfair in certain circumstances due to many factors. The ability to reach the American Dream is not entirely realistic to a handful of people and is highly refutable. Having the chance to accomplish the American Dream is a freedom that most people desire. The American Dream is in fact real, and many have reached this set of ideals with success. However, the diversity thatRead MoreThe American Dream By James Truslow Adams1130 Words   |  5 Pagesof the American Dream. The American Dream has changed dramatically over the few centuries. During the Founding Fathers’ time, many believed the American Dream meant freedom, equality, and mutual respect. Time has changed this ideology of the American Dream, which is now seen as owning a million dollar mansion with multiple luxury cars. This isn’t the case for many immigrants who come to the Americas to have a better life for themselves and their family. To many of them, the American Dream is as simpleRead MoreThe Importance Of Immigrants Role In Society791 Words   |  4 Pagesthe 19th century, waves of immigrants have migrated to the U.S. in search of the freedom and prosperity guaranteed by the Constitution. In pursuit of the â€Å"American† dream immigrants take shelter on American soil each year seeking employment, education, refuge, and better lives for their families. In 2015, the Migration Policy Institute reported that: â€Å"there were 43.3 million immigrants in the U.S. accounting for 13.5% of the U.S. population.† It’s unfortunate that immigrants role in society is misunderstood

The Conversion Of Constantine s Conversion Essay

The Conversion of Constantine Constantine was the first Roman Emperor to convert to Christianity. He started his reign in 306 AD. During this time the Roman Empire was still composed mainly of pagans. Although the population of Christians was on the rise, in the beginning of the fourth century Christians made up only 10 percent of the population in the Roman Empire. There were approximately five million Christian in the Roman Empire meaning that they were still the minority (Waldron). His conversion was an important turning point not only for Christians but also for the Roman Empire as a whole. Although most Romans still believed in Greco-Roman religions, Constantine decided to become a Christian because he knew that it would be beneficial for his role as emperor. His conversion was prompted by his desire to end the tetrarchy structure of he Roman Empire and to become the sole ruler of the Roman Empire. The story of Constantine’s conversion was told through Eucbuius of Caerser a. 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