TAILIEUCHUNG - Lecture Financial institutions, markets, and money (9th Edition): Chapter 19 - Kidwell, Blackwell, Whidbee, Peterson

In this chapter, we describe the functions of various types of investment funds: open-end mutual funds, exchange-traded funds, closed-end mutual funds, and unit investment trusts. We also delve into the world of two other investment vehicles that are not technically investment companies - hedge funds and real estate investment trusts (REITs). | Power Point Slides for: Financial Institutions, Markets, and Money, 9th Edition Authors: Kidwell, Blackwell, Whidbee & Peterson Prepared by: Babu G. Baradwaj, Towson University and Lanny R. Martindale, Texas A&M University CHAPTER 19 INVESTMENT BANKING Investment Banking Investment Banks (IB) are the most important participant in the direct financial markets Assist firms and governments in selling new securities in the primary market. Assist in making (dealer) or arranging the buying and selling (broker) in the secondary market. Investment And Commercial Banks Differ Commercial Banks (CB) accept deposits and make commercial loans as a financial intermediary. CB traditionally could underwrite only low-risk securities of governments per the Glass-Steagall Act. Many large firms now use the direct financial markets to finance rather than bank loans. U. S. versus Other Developed Nations Until 1999, investment banks in the U. S. could not do commercial banking activities and vice-versa. Outside of Japan, in most other developed nations, financial institutions are allowed to do both investment and commercial banking activities. These institutions, called Universal banks, engage in deposit taking, making loans, brokerage activities, securities underwriting, and offering insurance services. Largest Investment Banks Early History Investment banks trace their origins to European investment houses which branched to the . Early . commercial banks were chartered for note issue and business lending, separate from private investment banks, organized as partnerships. Investment banks grew with the growth of security issuance and trading in the Civil War and later in the railroad and steel industries. Commercial banks pressured for investment banking privileges from their regulators, and by the 1930s, commercial banks could provide full investment banks services. Glass-Steagall Act The legislated separation of CB and IB in the United States is unique .

Đã phát hiện trình chặn quảng cáo AdBlock
Trang web này phụ thuộc vào doanh thu từ số lần hiển thị quảng cáo để tồn tại. Vui lòng tắt trình chặn quảng cáo của bạn hoặc tạm dừng tính năng chặn quảng cáo cho trang web này.