File Name: investment banking and financial services .zip
Through timely, in-depth analysis of companies, industries, markets, and world economies, Morgan Stanley has earned its reputation as a leader in the field of investment research.
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, used in a spreadsheet, or transmitted in any form or by any means - electronic, mechanical, photocopying or otherwise - without prior permission in writing from The ICFAI University. While every possible care has been taken in type-setting and printing this book, the ICFAI University welcomes suggestions from students for improvement in future editions.
We are delighted to publish a Workbook for the benefit of the students preparing for the examinations. The workbook is divided into six parts. Brief Summaries of Chapters A brief summary of all the chapters in the textbook are given here for easy recollection of the topics studied. Part I: Questions and Answers on Basic Concpets with Explanatory Notes Students are advised to go through the relevant textbook carefully and understand the subject thoroughly before attempting Part I.
Under no circumstances the students should attempt Part I without fully grasping the material included in the textbook.
Frequently used Formulae Similarly the formulae used in the various topics have been given here for easy recollection while working out the problems.
A few repetitive problems are provided for the students to have sufficient practice. Having understood the basics in the textbook, the students are expected to apply their knowledge to certain real life situations and develop relevant answers.
To be able to answer the applied theory questions satisfactorily all the students are advised to follow regularly the Analyst magazine, business magazines and financial dailies. Part IV: Case Studies: Problems and Solutions A case study attempts to test the cognitive skills of the student in integrating various concepts covered in the subject with focus on quantitative aspects.
Hence, students should attempt them only after they are thorough with the entire subject. Part V: Caselets: Questions and Answers A caselet also tests the cognitive skills of the student in integrating various concepts but with focus on qualitative aspects. Students are advised to try to answer the questions given at the end of the articles in the ICFAI Analyst to develop their skills further.
The caselets given in this part also help students gain the adequate exposure on how current events of interest can be analyzed and interpreted. They should self score their answers by comparing them with the model answers. The student has to prepare well for each examination. There are no short-cuts to success.
Work Hard. Work Smart. Work Regularly. You have a good chance to succeed. All the best. The main ones are: Stock exchanges, investment bankers, underwriters, registrars, depositories, custodians, primary dealers, satellite dealers and forex dealers.
Most of these loans are provided against financial or real assets. Working capital loans are extended for short-term requirements like day-to-day operational requirements and for maintaining adequate level of current assets.
They also give due consideration to risk exposure that the loan may be subject to. Borrowers use funds to match short-term mismatches of assets and liabilities and to match the CRR requirements.
This market is a measure of the liquidity of the overall money market. Mumbai has the largest market in India. It uses repos and open market operations to control the market. They are a major portion of the borrowings of the Government of India. They are for a minimum of Rs. The bills are available in paper as well as in scripless form. These are not available to the public. They were for a minimum of 91 days and the discount rate was around 4. They were discontinued from April 1, FIIs have also been allowed to invest their short-term funds in CPs.
They are unsecured, involve much less paper work and have very high liquidity. They are available in denomination of Rs. CPs are usually placed with the investors by issuing and paying agents. The transfer is done by endorsement and delivery. They are unsecured by nature and tailored to the user requirement as far as maturity period is concerned. Scheduled commercial banks and the major financial institutions can issue CDs. It does attract stamp duty.
It is available, on tap, with the bankers. They are also issued by either banks or depository institutions, mostly in bearer form enabling trading in the secondary market. CDs with more than one year maturity are known as term CDs. Many more innovations are expected in this uprising market. It should also have date, number, place and other considerations found in the bills of exchange.
Accommodation bills are not to be discounted under any circumstances. They are risk-free investments. To the seller, it is known as a repo and to the buyer it is known as a reverse repo. The liquid assets can be deposits with scheduled banks without any lien, unencumbered securities of central and state governments, other unencumbered securities or bonds of HDFC.
There are three parties involved in a guarantee: The lender, the borrower and the guarantor. Merchant banker means a person who is engaged in the business of issue management either by making arrangements regarding selling, buying or subscribing to securities as manager, consultant, advisor or rendering corporate advisory services in relation to such issue management. This resulted in some control over the mushrooming trend of fly-by-night operators in the capital markets.
It is to be noted that despite so many issues hit the Indian markets, most of them get subscribed. The issue size does not exceed 5 times the pre- issue net worth. The percentage of holding for a new company coming out with an issue at a premium depends on the size of the issue. There ought to be at least 5 investors per Rs. In order to avoid refunds, the company can take the help of underwriters who have to subscribe to the balance shares as per their pre-decided commitments.
The factors underlying underpricing are: Asymmetric information, early fixation of offer price, interest rate float, liquidity premium, building shareholders loyalty, rewarding the favored clients of the merchant bankers and to attract the financial institutions. It is also known as a wholesome investment.
The institutional investors can be classified as: Market specific investors, time specific investors and industry specific investors. Mostly banks located outside the US issue Eurodollar deposits. The process is almost similar to the process of syndication of loans from internal sources. They are basically an expansion of the Eurodollar loans.
The documentation of multi-currency loans is similar to the Eurodollar loans. The advantages of ECBs are: Longer maturity, low borrowing cost, useful in infrastructure projects and export financing. However, the uses of ECB funds for investment in the stock market and speculation in real estate is still restricted.
Except arms and ammunition, atomic energy, mineral oils, atomic energy minerals and railway transport, FDIs are allowed to invest in most of the industries. These accounts have various features like repatriation of interest, non-taxability of interest and higher interest rates. A good rating can help a company raise money at a relatively lower cost and from a larger body of individuals, leading to a broader investor base.
The changing economic environment has thrown open new areas like equity rating, individual rating, mutual fund scheme rating, chit funds rating, country risk rating and a plethora of other new areas. While the good ones are more than pleased to approach their raters with the required information, the rating agencies have to run after the bad ones to seek information.
A company that is not satisfied with the rating assigned to its instrument by a rating agency can approach another rating agency for a fresh rating, and disclose only the second rating to the public, if it proves to be favorable.
The company is free not to disclose the first rating or the fact that it went for a second rating. Unless a mechanism of transparency is thrown open, rating will lose its charm. Banks and financial institutions are also coming forward to being rated; equities are being graded and a bunch of other players and instruments are being rated. Some of the financial services in India such as venture capital and credit rating are relatively of recent origin. Some of the services such as banking are regulated by the Reserve Bank of India.
With the savings rate going up and a capricious equity market, was the best year for mutual funds. It is said that the practice of equipment leasing began when the rail road companies in the USA. By the mid-sixties, equipment leasing came into popular use in the developed countries. Today equipment leasing is confined not just to leasing of equipments, but to large infrastructural facilities, power plants and other capital-intensive projects as well.
At the end of the lease period the asset reverts to the lessor. It is important to note that in the Indian context a lease cannot be structured with a provision for transfer of ownership or with a feature of purchase option. Introducing any one of these features can result in the lease being classified as hire purchase transaction which has a different set of accounting and tax implications.
The distinction is drawn on the basis of the risks and rewards of ownership transferred from the lessor to the lessee. If a lease transfers a substantial part of the risks and rewards it is classified as a finance lease; otherwise, it is called an operating lease. It must be noted that a finance lease whether on or off the balance sheet affects the borrowing capacity and increases the financial risk. The Banking Regulation Act, was amended in to permit commercial banks to undertake equipment leasing operations through the subsidiary route.
These subsidiaries have been recently permitted to undertake hire purchase operations. The fall in the lease rates coupled with high cost of funding and imposition of sales tax on lease rentals forced many private sector finance companies to close down or resort to concentric and conglomerate diversification. The commercial banks and State Financial Corporations have been recently permitted to directly enter the business of leasing and hire purchase.
The recent measures of liberalization must accelerate the process of capital formation in the country, and leasing has a major role to play in the process.
It can mean that your teenager is maturing and developing his or her own will, ideas, and yes, initiative, which will be necessary for he or she to become the successful adult you are hoping for. However, they are not yet adults. You are still responsible for them. That can cause tension. Here are few steps you can take to help ease the transition from adolescence into adulthood and lower the stress in your household. Give them a chance to collaborate with you.
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, used in a spreadsheet, or transmitted in any form or by any means - electronic, mechanical, photocopying or otherwise - without prior permission in writing from The ICFAI University. While every possible care has been taken in type-setting and printing this book, the ICFAI University welcomes suggestions from students for improvement in future editions. We are delighted to publish a Workbook for the benefit of the students preparing for the examinations. The workbook is divided into six parts. Brief Summaries of Chapters A brief summary of all the chapters in the textbook are given here for easy recollection of the topics studied. Part I: Questions and Answers on Basic Concpets with Explanatory Notes Students are advised to go through the relevant textbook carefully and understand the subject thoroughly before attempting Part I.
CFI's Investment Banking book is free, available for anyone to download as a regarding Corporate Finance Institute and its products and services and other.
Необходимо было срочно что-то придумать. - Con permiso! - крикнул санитар. Мимо стремительно проплыла каталка. Беккер успел отскочить в сторону и окликнул санитара. - Dоnde esta el telefono.
- Какие такие данные. Танкадо отдал кольцо. Вот и все доказательства. - Агент Смит, - прервал помощника директор. - Почему вы считаете, будто Танкадо не знал, что на него совершено покушение.
Да, - сказал голос. - Мой человек ликвидировал его, но не получил ключ. За секунду до смерти Танкадо успел отдать его какому-то туристу. - Это возмутительно! - взорвался Нуматака. - Каким же образом вы выполните обещание об эксклюзивном… - Не волнуйтесь, - спокойно ответил американец.
Говорите, - сказал он, быстро проглотив пирог.
Тот, что был в парке. Я рассказал о нем полицейскому. Я отказался взять кольцо, а эта фашистская свинья его схватила. Беккер убрал блокнот и ручку. Игра в шарады закончилась. Дело принимает совсем дурной оборот. - Итак, кольцо взял немец.
Вот что я хочу сказать.
Your email address will not be published. Required fields are marked *