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Autorentext

Matt Krantz is the personal finance and management editor at Investor's Business Daily. Matt's recent books include Online Investing For Dummies and Fundamental Analysis For Dummies.

Robert R. Johnson, PhD, CFA, CAIA, is a Professor of Finance at Creighton University, where he teaches in the Master of Security Analysis and Portfolio Management Program.

Klappentext

• Get started in investment banking
• Ace your investment bank course

• Navigate bull and bear markets Excel in the world of investment banking One of the most lucrative fields in business, investment banking frequently perplexes even banking professionals working within its complex laws. Investment Banking For Dummies remedies common misconceptions with a straightforward assessment of banking fundamentals. This book tracks to typical university courses on the subject and helps students and professionals understand the fundamentals of investment banking. With new and updated content, this edition addresses the major financial changes that have occurred in recent years. Inside...

• Key investment banking operations
• Strategies for risk management
• Advice on cryptocurrencies
• Updated IPO coverage
• Discounted cash flow analysis
• Mergers and acquisitions
• Structuring a leveraged buyout

• Resources for investment bankers

  Zusammenfassung

• Get started in investment banking Ace your investment bank course Navigate bull and bear markets Excel in the world of investment banking One of the most lucrative fields in business, investment banking frequently perplexes even banking professionals working within its complex laws. Investment Banking For Dummies remedies common misconceptions with a straightforward assessment of banking fundamentals. This book tracks to typical university courses on the subject and helps students and professionals understand the fundamentals of investment banking. With new and updated content, this edition addresses the major financial changes that have occurred in recent years. Inside... Key investment banking operations Strategies for risk management Advice on cryptocurrencies Updated IPO coverage Discounted cash flow analysis Mergers and acquisitions Structuring a leveraged buyout Resources for investment bankers

  Inhalt

  Introduction 1

  About This Book 1

  Foolish Assumptions 3

  Icons Used in This Book 3

  Beyond the Book 4

  Where to Go from Here 4

  Part 1: Getting Started With Investment Banking 5

  Chapter 1: Introducing Investment Banking 7

  What Investment Banking Is 8

  The role investment banking plays 8

  How investment banking differs from traditional banking 10

  The services investment banks provide 11

  How investment banks are organized 12

  The current lay of the investment banking land 14

  Types of investment banking operations 15

  How investment banks get paid 15

  How Investment Banking Is Done 17

  Finding the financial statements 18

  Understanding the importance of financial statements and ratios 18

  Zeroing in on past transactions 18

  Seeing the value of fixed income 19

  Turning Into an Investment Banking Pro 19

  Putting the discounted cash flow analysis to work 19

  Seeing how leverage becomes a force in investment banking 20

  Pinpointing buyout targets 20

  Putting Investment Banking to Work 21

  Staying in compliance with the rules 21

  Looking beyond the published financial statements 21

  Making adjustments to financial statements for comparability 22

  Chapter 2: The Purpose of Investment Banking: What Investment Bankers Do 23

  Putting the For-Sale Sign on Corporate America 24

  Mergers and acquisitions 25

  Leveraged buyouts 27

  Private business sales 29

  Initial public offerings 32

  Helping Investors Decide Whether to Buy or Sell 36

  The importance of research 36

  What do the analysts do? 37

  Digging Into the Role of the Trading Desk 38

  Why investment banks are into trading 39

  How investment banks turn pennies into billions 40

  The type of analysis used in trading operations 40

  Chapter 3: How Investment Bankers Sell Companies 43

  Getting Companies Ready for Sale on Public Markets 44

  Meeting the requirements to make an IPO happen 45

  Writing the prospectus 47

  Supporting the IPO: Making success last 51

  Seeing What Sell-Side Analysts Do 53

  The goals of the sell-side analyst 54

  What investors look to sell-side analysts for 55

  Spreading the word: Disseminating sell-side research 55

  Examining a Sample Research Report 57

  What to look for in the document 57

  The main sections of a research report 58

  Ways to look beyond the "buy" or "sell" 59

  Chapter 4: How Investment Banking Is Used in Mergers and Acquisitions 61

  Come Here Often? The Basics of Mergers and Acquisitions 62

  Kinds of mergers 62

  Why companies merge instead of simply growing organically 63

  Firms that make attractive acquisition targets 66

  How companies identify firms to merge with 67

  The nature of the merger: Friendly or hostile? 68

  Tools Used to Analyze the M&A Deal 70

  The role of the buy-side M&A advisor 70

  The role of the sell-side M&A advisor 75

  Why Many M&A Deals Go Wrong 76

  Misplaced incentives 76

  Faulty analysis 77

  Overstated synergies 78

  Culture wars 78

  The winner's curse: Overpaying 78

  Chapter 5: How Investment Banking Is Used in Leveraged Buyouts 81

  In This Corner: Introducing the Players 82

  Investment banks 83

  Big institutions 84

  Management 85

  Stock and bond investors 86

  Aiming for the Right Targets in a Leveraged Buyout 87

  Identifying companies that can work in a leveraged buyout 88

  Appreciating the power of cash flow 89

  Coming to terms with the return analysis: Internal rate of return 90

  Finding the Exit 91

  Setting a target for exit in time 92

  Considering how the exit will happen 92

  Part 2: Digging In: Performing Investment Banking 95

  Chapter 6: Finding the Data: Documents and Reports 97

  Finding What You Need on the Securities and Exchange Commission's Website 98

  What types of information you can find 98

  The key types of documents 99

  How to use EDGAR to pinpoint information 100

  Getting Data in a Format You Can Work With 105

  Assembling the tools you need 105

  Importing financial information into Excel 107

  Getting in tune with interactive data 109

  Paying Attention to the Non-Financial Information 110

  Monitoring news streams for investment banking ideas 110

  Quickly processing information with aggregators 112

  Doing research on the key players in a deal 114

  Chapter 7: Making Sense of Financial Statements 115

  Income Statements 116

  Locating the areas of interest to investment bankers 118

  Tweaking the statement with different assumptions 119

  Finding investment banking opportunities 120

  Balance Sheets 121

  Finding your way around the key parts 122

  Understanding a company's financial strength 124

  Locating pitfalls and opportunities 126

  Statement of Cash Flows 127

  Seeing why the cash flow statement is so important in deal making 127

  Understanding the key parts of the document 127

  Calculating free cash flow 130

  Proxy Statements 131

  Learning about the key players in a deal 131

  Identifying the management team's incentives 132

  Analyzing management pay packages 133

  Chapter 8: Perfecting the Financial Ratios for Investment Banking 135

  Valuation Multiples: Assessing How Much the Company Is Worth 136

  Investors' favorite valuation tool: P/E ratio 137

  Going old school with price-to-book 137

  Putting a price on profitability 138

  Liquidity Multiples: Checking Companies' Staying Power 140

  Deciphering debt to equity 141

  Getting up to speed with the quick ratio 142

  Interpreting interest coverage 142

  Profitability Ratios: Seeing How …