TAILIEUCHUNG - Lecture Financial markets and institutions: Chapter 16 - Anthony Saunders, Marcia Millon Cornett

Chapter 16 - Securities firms and investment banks. This chapter presented an overview of security firms, which primarily offer retail services to investors, and investment banking firms, which primarily offer activities and services related to corporate customers. Firms in this industry help bring new issues of debt and equity to the financial markets. | 8- McGraw-Hill/Irwin Chapter Sixteen Securities Firms and Investment Banks 16- McGraw-Hill/Irwin Securities Firms and Investment Banks (IBs) Investment banks (IBs) help corporations and governments raise capital through debt and equity security issues in the primary market underwriting is assisting in the issue of new securities IBs also advise on mergers and acquisitions (M&As) and corporate restructuring Securities firms assist in the trading of securities in secondary markets broker-dealers assist in the trading of existing securities 16- McGraw-Hill/Irwin Securities Firms and Investment Banks (IBs) The size of the industry is usually measured by the equity capital of firms rather than total asset size the largest firm in 1987 had $ billion in total capital the largest firm in 2007 had $ billion in total capital The number of firms in the industry usually follows the overall condition of the economy 5,248 firms in 1980 9,515 firms in 1987 5,808 firms in 2007 As with commercial banks, consolidation has occurred through mergers and acquisitions 16- McGraw-Hill/Irwin Securities Firms and Investment Banks (IBs) The largest firms in the industry are diversified financial service firms or national full-service IBs service both retail and wholesale customers by acting as broker-dealers service corporate customers by underwriting security issues The second largest group of firms are full-service firms that specialize in corporate finance or primary market activity (., focus less on secondary market activities) 16- McGraw-Hill/Irwin Securities Firms and Investment Banks (IBs) A third group of firms includes the rest of the industry and is further divided into five subgroups IB subsidiaries of commercial banks (., Section 20 subsidiaries) discount brokers regional securities firms specialized electronic trading firms venture capital firms 16- McGraw-Hill/Irwin Securities Firms and Investment Banks (IBs) .

• Tài chính doanh nghiệp
• Financial markets
• Financial institutions
• Lecture Financial markets and institutions
• Financial institutions markets
• Securities firms
• Investment banks
• Lecture Financial markets
• Thị trường tài chính
• Financial futures markets
• Valuation of financial futures
• Interest rate futures
• Capital markets
• Money markets
• Derivative securities markets
• Futures markets
• Option markets
• Swap markets
• Foreign exchange derivative markets
• Bank management
• Types of Financial Markets
• Securities traded
• Valuation of securities
• Money market yields
• Bond markets
• Municipal bonds
• Mortgage markets
• Primary mortgage market
• Stock markets
• Common stock
• Foreign exchange markets
• Foreign exchange
• Commercial banks
• Financial statements
• Risks at financial institutions
• Market risk
• Exchange rates
• Economics 252
• Efficient markets
• Excess volatility
• Efficient Markets Hypothesis
• Interest rate derivative markets
• Interest rate swaps
• Mortgage backed securities
• Globalization of mortgage markets
• Financial markets and institutions
• The financial system
• Interest rates change
• Financial markets efficient
• Term structure affect interest rates
• The stock market
• The mortgage markets
• The international financial system
• Financial regulation
• Interest rate fundamentals
• Interest rates
• Security valuation