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Study sets matching "investment banking series"

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Study sets matching "investment banking series"

69 terms
Series 24 - Investment Banking
What does the Securities Act of 1933 r…
Which issuers are exempt issues under…
When is a registration amendment gener…
For how many days from the effective d…
The underwriting and issuance process
Government Bonds, Municipal Bonds, State Chartered Bank Issue…
Effective date is generally 20th day after filing the last am…
90 days
What does the Securities Act of 1933 r…
The underwriting and issuance process
Which issuers are exempt issues under…
Government Bonds, Municipal Bonds, State Chartered Bank Issue…
299 terms
Series 79 Investment Banking
Front-Running
Painting the Tape
Pegging
Capping
Trading ahead of client orders
Creating a misleading appearance of trading
Manipulative activity used to keep a price from falling
Manipulative activity used to keep a price from rising
Front-Running
Trading ahead of client orders
Painting the Tape
Creating a misleading appearance of trading
53 terms
Series 7: Chapter 3 - Investment Banking
Investment Bankers
Underwriter~
Negotiated Underwriting
Competitive Underwriting
A securities firm that specializes in helping other business…
Giving assistance in the distribution of securities
Factors are negotiated between the investment banker and the…
The corporation selects from competing underwriting syndicate…
Investment Bankers
A securities firm that specializes in helping other business…
Underwriter~
Giving assistance in the distribution of securities
35 terms
Series 7 - Chapter 13 - Investment Banking
Investment Banker
Primary distribution
Secondary distribution
Chinese Walls
a financial specialist who underwrites and distributes new se…
Sale of a new issue of stocks or bonds, as distinguished from…
Public sale of previously issued securities held by large inv…
Chinese walls are regulatory information barriers that aim to…
Investment Banker
a financial specialist who underwrites and distributes new se…
Primary distribution
Sale of a new issue of stocks or bonds, as distinguished from…
60 terms
Series 24 - Unit 3 - Supervision of Investment Banking
For an ADDITIONAL ISSUE offering in wh…
Under FINRA Rules on underwritings, an…
Records of each suitability determinat…
Rule 144 deals with the sale of...
40 days (remember, this is non-NASDAQ)... If it was an IPO and n…
10% or more.
3 years
letter stock and control stock
For an ADDITIONAL ISSUE offering in wh…
40 days (remember, this is non-NASDAQ)... If it was an IPO and n…
Under FINRA Rules on underwritings, an…
10% or more.
10 terms
Series 7: Chapter 13 Investment Banking
Investment Banker
What are the primary functions of inve…
Primary Distribution
Secondary Distribution
Broker-dealers hired by Corporations to help them with variou…
a) raise capital ... b) serve as underwriter, sponsor, distribut…
distribution of authorized by previously unissued shares to t…
redistribution of large block of securities held by a few own…
Investment Banker
Broker-dealers hired by Corporations to help them with variou…
What are the primary functions of inve…
a) raise capital ... b) serve as underwriter, sponsor, distribut…
53 terms
Series 7: Chapter 3 - Investment Banking
Investment Bankers
Underwriter~
Negotiated Underwriting
Competitive Underwriting
A securities firm that specializes in helping other business…
Giving assistance in the distribution of securities
Factors are negotiated between the investment banker and the…
The corporation selects from competing underwriting syndicate…
Investment Bankers
A securities firm that specializes in helping other business…
Underwriter~
Giving assistance in the distribution of securities
81 terms
Series 24 Unit 5 Supervision of Investment Banking and Research
IPO non nasdaq prospectus delivery req…
propsectus listed or quoted over nasdaq
additional issue offering in which sub…
sec exchange act 1934
90 days
25 days
40 days
registration of bds, use of credit buy securities, secondary…
IPO non nasdaq prospectus delivery req…
90 days
propsectus listed or quoted over nasdaq
25 days
60 terms
series 24 chapter 1 : Investment banking and regulation of new issues
regarding new issues that are filed wi…
A stabilizing bid may be made at
Restricted persons
5130 - restrictions on the purchase an…
The effective date represents the date that the issue may be…
Stabilization can only be done at OR BELOW the public offerin…
1. Member firms or broker dealers ... 2.broker deal personnel... 3.…
IPO shares cannot be sold to any account of a restricted pers…
regarding new issues that are filed wi…
The effective date represents the date that the issue may be…
A stabilizing bid may be made at
Stabilization can only be done at OR BELOW the public offerin…
38 terms
Investment banking
securities
loan sharking
capital markets
money markets
Investment instruments issued by companies goveernments or ot…
lichwa... ​charge very ​large ​amounts of ​money for ​lending ​…
rynki kapitałowe... Markets where debt or equity securities are…
Markets for short-term debt securities, with a maturity of a…
securities
Investment instruments issued by companies goveernments or ot…
loan sharking
lichwa... ​charge very ​large ​amounts of ​money for ​lending ​…
15 terms
Investment Banking
∆CA - ∆CL
NI + D&A - Cap Ex - Increase in Workin…
EBIT * (1-tax rate) + D&A - Cap Ex - I…
(EBITDA - D&A) * (1-tax rate) + D&A -…
Net Working Capital
FCF from NI
FCF from EBIT
FCF from EBITDA
∆CA - ∆CL
Net Working Capital
NI + D&A - Cap Ex - Increase in Workin…
FCF from NI
402 terms
Investment Banking
Leveraged Buyout (LBO)
Crack Spread
Contango
Backwardation
The acquisition of another company using a significant amount…
The "crack spread" is the difference between cost of crude oi…
"Contango" is when the prices along a futures curve rises suc…
Backwardation is the opposite of a contango. It occurs when p…
Leveraged Buyout (LBO)
The acquisition of another company using a significant amount…
Crack Spread
The "crack spread" is the difference between cost of crude oi…
18 terms
Investment Banking
investment banking
merger
acquisitions
stocks
has 3 main types of activities:... 1. Helping corporate custome…
combination of two or more business enterprises to form a sin…
the purchase of one organization by another. the acquired com…
A type of security that signifies ownership in a corporation…
investment banking
has 3 main types of activities:... 1. Helping corporate custome…
merger
combination of two or more business enterprises to form a sin…
40 terms
Investment Banking
Three Financial Statements
Enterprise Value
Widely Used Trading multiples
P/E Ratio
Income Statement, Balance Sheet, Cash Flow Statement
Equity Value + All claims on Debt- cash & cash equivalents... En…
EV multiples: EV/EBITDA, EV/Revenue... EV/EBIT... Equity Value Mult…
Share Price/EPS
Three Financial Statements
Income Statement, Balance Sheet, Cash Flow Statement
Enterprise Value
Equity Value + All claims on Debt- cash & cash equivalents... En…
26 terms
Investment banking
Fixed exchange ratio
Floating exchange ratio
stock for stock offer price per share
cash and stock offer price per share
# of stocks are set and value fluctuates based on share price…
based on constant value, # of shares fluctuate
exchange ratio x acquirer's share price
cash offer per share + [exchange ratio x acquirer's share pri…
Fixed exchange ratio
# of stocks are set and value fluctuates based on share price…
Floating exchange ratio
based on constant value, # of shares fluctuate
55 terms
Investment Banking
Accretion
Affirmative Covenants
Auction
Blind Pool
Adjustment of the difference between the price of the bond bo…
Things the borrower promises to do.
A system where potential buyers place competitive bids on ass…
A limited partnership or stock offering with no stated invest…
Accretion
Adjustment of the difference between the price of the bond bo…
Affirmative Covenants
Things the borrower promises to do.
12 terms
Investment banking
Investment bank
Investment bankers
Spread
Market makers
They help companies raise long-term funds from investors by u…
They advise companies and governments on when and how place t…
Difference between issuer's price and dealers' one
They hold an inventory of securities and announce buying (bid…
Investment bank
They help companies raise long-term funds from investors by u…
Investment bankers
They advise companies and governments on when and how place t…
39 terms
Investment banking
Investment banker
Primary distribution
Secondary distribution
Chinese wall/Information barrier
B/ds hired by corporations to help with various financing and…
Newly issued shares... Distribution of authorized but previously…
Redistribution of a large block securities held by a few owne…
Imaginary barrier between i banking, research, and trading de…
Investment banker
B/ds hired by corporations to help with various financing and…
Primary distribution
Newly issued shares... Distribution of authorized but previously…
10 terms
Investment Banking
What's in a pitch book?
Walk me through Debt issuance deal
Walk me through BUY-SIDE M&A deal
Walk me through SELL-SIDE M&A Deal
(1) Executive Summary (2) Bank Credentials (3) Strategic Alte…
(1) Meet with client to get basic financial, industry, and cu…
(1) spend lots of time upfront researching acquisition target…
(1) Meet with company and create initial marketing materials…
What's in a pitch book?
(1) Executive Summary (2) Bank Credentials (3) Strategic Alte…
Walk me through Debt issuance deal
(1) Meet with client to get basic financial, industry, and cu…
86 terms
Investment Banking
Walk me through the 3 financial statem…
Income Statement: What are the major l…
How would you get started on projectin…
Balance Sheet: What are the major line…
The 3 financial statements are the Income Statement, the Bala…
Revenue, COGS, SG&A, Operating Income, Pretax Income, Net Inc…
Pull 10-K and equity research reports. Earnings presentations…
Cash, Accounts Receivable, Inventory, PPE, Accounts Payable,…
Walk me through the 3 financial statem…
The 3 financial statements are the Income Statement, the Bala…
Income Statement: What are the major l…
Revenue, COGS, SG&A, Operating Income, Pretax Income, Net Inc…
30 terms
Investment Banking
What is the premise behind comparable…
Company A and Company B are peer compa…
For spreading a comparable company's f…
Is EBITDA typically reported as a line…
Similar companies provide a highly relevant reference point f…
Company A could have higher profit margins, higher levels of…
The cash flow statement, and, in some cases, it is shown on t…
No. While it may be disclosed in a footnote or supplemental m…
What is the premise behind comparable…
Similar companies provide a highly relevant reference point f…
Company A and Company B are peer compa…
Company A could have higher profit margins, higher levels of…
47 terms
Investment Banking
How does ??? impact the three financia…
If a company incurs $10 (pretax) of de…
A company makes a $100 cash purchase o…
Same question as the previous but the…
Varieties of this question are some of the most common techni…
The most common version of this type of question. Note that t…
First Year: Let's assume that the company's fiscal year ends…
First Year: Income Statement: No depreciation and no interest…
How does ??? impact the three financia…
Varieties of this question are some of the most common techni…
If a company incurs $10 (pretax) of de…
The most common version of this type of question. Note that t…
127 terms
investment banking
Income statement formula
Balance sheet formula
Statement of cashflows formula
Retained earnings formula
Revenues - COGS - Expenses = NI
Assets = liabilities + shareholders equity
Beginning cash + CF from operations + CF from investing + CF…
NI-Dividends = RE
Income statement formula
Revenues - COGS - Expenses = NI
Balance sheet formula
Assets = liabilities + shareholders equity
43 terms
Banking and Investing
Why do people use checking accounts?
What are the parts of a check?
Endorsement
Blank endorsement
- reduces need to carry large amounts of cash... - convenience... -…
1. Date... 2. Payee... 3. Dollar amount in numbers... 4. Dollar amount…
In banking terms, signature on the back of a check that trans…
To receive cash... - only sign your name
Why do people use checking accounts?
- reduces need to carry large amounts of cash... - convenience... -…
What are the parts of a check?
1. Date... 2. Payee... 3. Dollar amount in numbers... 4. Dollar amount…
20 terms
Investment Banking
Acquisition
Bailout
Boutique investment firm
Debt financing
The act of one corporation acquiring another by purchasing it…
A loan or offer of money to a business in order to save it fr…
A small investment firm that specializes in a limited number…
A method of raising capital through the sale of bonds, bills,…
Acquisition
The act of one corporation acquiring another by purchasing it…
Bailout
A loan or offer of money to a business in order to save it fr…
20 terms
investment banking
acquisition
bailout
boutique investment firm
debt financing
The act of one corporation acquiring another by purchasing it…
A loan or offer of money to a business in order to save it fr…
A small investment firm that specializes in a limited number…
A method of raising capital through the sale of bonds, bills,…
acquisition
The act of one corporation acquiring another by purchasing it…
bailout
A loan or offer of money to a business in order to save it fr…
40 terms
Investment Banking
acquisition
bailout
boutique investment firm
debt financing
The act of one corporation acquiring another by purchasing it…
A loan or offer of money to a business in order to save it fr…
A small investment firm that specializes in a limited number…
A method of raising capital through the sale of bonds, bills,…
acquisition
The act of one corporation acquiring another by purchasing it…
bailout
A loan or offer of money to a business in order to save it fr…
20 terms
Investment Banking
acquisition
bailout
boutique investment firm
debt financing
The act of one corporation acquiring another by purchasing it…
A loan or offer of money to a business in order to save it fr…
A small investment firm that specializes in a limited number…
A method of raising capital through the sale of bonds, bills,…
acquisition
The act of one corporation acquiring another by purchasing it…
bailout
A loan or offer of money to a business in order to save it fr…
402 terms
Investment Banking
Leveraged Buyout (LBO)
Crack Spread
Contango
Backwardation
The acquisition of another company using a significant amount…
The "crack spread" is the difference between cost of crude oi…
"Contango" is when the prices along a futures curve rises suc…
Backwardation is the opposite of a contango. It occurs when p…
Leveraged Buyout (LBO)
The acquisition of another company using a significant amount…
Crack Spread
The "crack spread" is the difference between cost of crude oi…
27 terms
Investment Banking
Investment Banking
Commercial bank
another term for IB
Glass-Steagall 1933
financial advice and underwriting/distribution services... all k…
accept deposits and make commercial loans... limited underwritin…
private bank
separated CB from IB... CB's not allowed to underwrite or trade…
Investment Banking
financial advice and underwriting/distribution services... all k…
Commercial bank
accept deposits and make commercial loans... limited underwritin…
8 terms
Investment Banking
Post Money Valuation
Crossover Investor
Loan Syndication
Seed Funding
A company's value after outside financing and/or capital inje…
An investor who invests prior to, during and after a company'…
The process of involving several different lenders in providi…
The initial capital used to start a business. Such a venture…
Post Money Valuation
A company's value after outside financing and/or capital inje…
Crossover Investor
An investor who invests prior to, during and after a company'…
193 terms
Investment Banking
Key factors in IB
Void bubbles
Legacy bubbles
Crisis - political interpretation
capital, information, technology, brand, people
tulips, Louisiana landbloom
internet, US railroads
demographic challenge, tax advantages, globalization
Key factors in IB
capital, information, technology, brand, people
Void bubbles
tulips, Louisiana landbloom
18 terms
Banking & Investment
Liquidity
Federal Reserve
Inflation
Deflation
How easy you can get your money
central banking system of the US
A general and progressive increase in prices
A contraction of economic activity resulting in a decline of…
Liquidity
How easy you can get your money
Federal Reserve
central banking system of the US
13 terms
Investment Banking
investment banker
initial public offering (IPO)
underwriting
originating house
middleman who brings together investors and firms issuing new…
first sale of common stock to the general public
purchase of an issue of new securities for subsequent sale by…
investment banker who makes an agreement to sell a new issue…
investment banker
middleman who brings together investors and firms issuing new…
initial public offering (IPO)
first sale of common stock to the general public
investment banking
Acquistion
bailout
boutique investment firm
debt financing
The act of one corporation acquiring another by purchasing it…
A loan or offer of money to a business in order to save it fr…
A small investment firm that specializes in a limited number…
A method of raising capital through the sale of bonds, bills…
Acquistion
The act of one corporation acquiring another by purchasing it…
bailout
A loan or offer of money to a business in order to save it fr…
20 terms
investment banking
acquisition
bailout
boutique investment firm
debt financing
The act of one corporation acquiring another by purchasing it…
A loan or offer of money to a business in order to save it fr…
A small investment firm that specializes in a limited number…
A method of raising capital through the sale of bonds, bills,…
acquisition
The act of one corporation acquiring another by purchasing it…
bailout
A loan or offer of money to a business in order to save it fr…
20 terms
Investment Banking
acquisition
bailout
boutique investment firm
debt financing
The act of one corporation acquiring another by purchasing it…
A loan or offer of money to a business in order to save it fr…
A small investment firm that specializes in a limited number…
A method of raising capital through the sale of bonds, bills,…
acquisition
The act of one corporation acquiring another by purchasing it…
bailout
A loan or offer of money to a business in order to save it fr…
Investment Banking
Acquisition
Bailout
boutique investment firm
Debt Financing
The act of one corporation acquiring another by purchasing it…
A loan or offer of money to a business in order to save it fr…
A small investment firm that specializes in a limited number…
A method of raising capital through the sale of bonds, bills,…
Acquisition
The act of one corporation acquiring another by purchasing it…
Bailout
A loan or offer of money to a business in order to save it fr…
88 terms
Investment Banking
Acquisition
Bailout
Boutique Investment Firm
Debit Financing
The act of one corporation acquiring another by purchasing it…
A loan or offer of money to a business in order to save it fr…
A small investment firm that specializes in a limited number…
A method of raising capital through the sale of bonds , bills…
Acquisition
The act of one corporation acquiring another by purchasing it…
Bailout
A loan or offer of money to a business in order to save it fr…
investment banking
acquisition
bailout
boutique investment firm
debt financing
The act of one corporation acquiring another by purchasing it…
A loan or offer of money to a business in order to save it fr…
A small investment firm that specializes in a limited number…
debt financing
acquisition
The act of one corporation acquiring another by purchasing it…
bailout
A loan or offer of money to a business in order to save it fr…
20 terms
investment banking
acquisition
bailout
boutique investment firm
debt financing
...
A loan or offer of money to a business in order to save it fr…
A small investment firm that specializes in a limited number…
A method of raising capital through the sale of bonds, bills,…
acquisition
...
bailout
A loan or offer of money to a business in order to save it fr…
62 terms
INVESTMENT BANKING
Acquisition
Bailout
Boutique Investment Firm
Debt Financing
The Act Of One Corporation Acquiring Another By Purchasing It…
A Loan Or Offer Of Money To A Business In Order To Save It Fr…
A Small Investment Firm That Specialized In A Limited Number…
A Method Of Raising Capital Through The Sale Of Bonds , Bills…
Acquisition
The Act Of One Corporation Acquiring Another By Purchasing It…
Bailout
A Loan Or Offer Of Money To A Business In Order To Save It Fr…
120 terms
Investment Banking
acquisition
bailout
boutique investment firm
debt financing
The act of one corporation acquiring another by purchasing it…
A loan or offer of money to a business in order to save it fr…
A small investment firm that specializes in a limited number…
A method of raising capital through the sale of bonds, bills,…
acquisition
The act of one corporation acquiring another by purchasing it…
bailout
A loan or offer of money to a business in order to save it fr…
20 terms
investment banking
acquisition
bailout
boutique investment firm
debt financing
The act of one corporation acquiring another by purchasing it…
A loan or offer of money to a business in order to save it fr…
A small investment firm that specializes in a limited number…
A method of raising capital through the sale of bonds, bills,…
acquisition
The act of one corporation acquiring another by purchasing it…
bailout
A loan or offer of money to a business in order to save it fr…
20 terms
Investment Banking
acquisition
bailout
boutique investment firm
equity financing
The act of one corporation acquiring another by purchasing it…
A loan or offer of money to a business in order to save it fr…
A small investment firm that specializes in a limited number…
A method of raising capital through the sale of stock.
acquisition
The act of one corporation acquiring another by purchasing it…
bailout
A loan or offer of money to a business in order to save it fr…
20 terms
INVESTMENT BANKING
acquisition
bailout
boutique investment firm
debt financing
The act of one corporation acquiring another by purchasing it…
A loan or offer of money to a business in order to save it fr…
A small investment firm that specializes in a limited number…
A method of raising capital through the sale of bonds, bills,…
acquisition
The act of one corporation acquiring another by purchasing it…
bailout
A loan or offer of money to a business in order to save it fr…
20 terms
Investment Banking
Acquistion
Bailout
Boutique investment firm
Debt Financing
The act of one corporation acquiring another by purchasing it…
A loan or offer of money to a business in to save it from ban…
A small investment firm that specializes in a limited number…
A method of raising capital through the sale of bonds , bills…
Acquistion
The act of one corporation acquiring another by purchasing it…
Bailout
A loan or offer of money to a business in to save it from ban…
20 terms
Investment Banking
acquisition
bailout
boutique investment firm
debt financing
The act of one corporation acquiring another by purchasing it…
A loan or offer of money to a business in order to save it fr…
A small investment firm that specializes in a limited number…
A method of raising capital through the sale of bonds, bills,…
acquisition
The act of one corporation acquiring another by purchasing it…
bailout
A loan or offer of money to a business in order to save it fr…
67 terms
Investment Banking
Traditional investment banking
Sales and trading
research
merchant bank
-raises capital (debt and Equity)... -strategic advising service…
-distribution... -sell and trade stocks... -manage firms risk
-analysis and recommendation for stocks... -includes company cov…
makes direct investments in companies using the firms capital…
Traditional investment banking
-raises capital (debt and Equity)... -strategic advising service…
Sales and trading
-distribution... -sell and trade stocks... -manage firms risk
75 terms
Investment Banking
Comparable Companies Analysis
Target
EV/EBITDA
P/E
Method for valuing companies
Collection of assets
Enterprises value to earnings before interest, taxes, depreci…
Price to earnings
Comparable Companies Analysis
Method for valuing companies
Target
Collection of assets
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