Investment Banking 3rd Edition

Author: Ren Yingguo
Publisher:
Publish Date: 2002-06-01
Features: Investment banks originated in Western Europe, developed in North America, and have fully flourished in Asia, Africa, and Latin America. Today, they have become an important type of financial institution in the international financial market and play an indispensable positive role in the global economic system. Initially, investment banks primarily engaged in underwriting and distribution of corporate securities, as well as secondary market securities trading and operations. With the continuous development of financial businesses and the globalization of corporate operations, especially the advancement of technologies such as telecommunications, computing, and data processing, the scope of investment banks has significantly expanded. At the same time, the emergence of emerging markets and new financial instruments has created highly favorable practical conditions for the formation and development of modern investment banks. The development of the collateralized loan obligation (CLO) market, the introduction of zero-coupon bonds, the emergence of the repurchase (repo) market as a financing and fund management tool, and the birth of the financial derivatives market are all examples of such conditions.