Essentials of Borrowing
Praise for Investment Banking & Investment Opportunities in China<br> <br> "I first met Tom Liaw when my company was exploring potential opportunities in Taiwan. He clearly knew the market and proved invaluable in explaining the financial landscape and in arranging meetings with potential clients, other market participants, and senior government officials. Investment Banking and Investment Opportunities in China should prove equally valuable as we now look to further expand our activities to mainland China."<br> -Douglas Reinfeld-Miller, EVP, Ambac Assurance, and Chairman/CEO, Ambac Assurance UK Ltd<br> <br> "There is no more important market than China today. Dr. Liaw's book provides an overview of the current situation and recommendations as to how investors can profit from China's amazing growth."<br> -Donald Tang, Chairman, Bear, Stearns Asia Ltd, and Vice Chairman, Bear, Stearns & Co., Inc.<br> <br> "Professor Liaw's book takes you on a quick walk through the major milestones in China's economic development over the past two decades. It shows a clear understanding of the environment for doing business in China and explains hot topics in the marketplace. This book is simple, easy to read, and yet highly informative."<br> -Jesse Wang, Vice Chairman, China Central SAFE Investments Ltd, and Chairman, China International Capital Corporation Ltd<br> <br> "Provides a clear map of China's financial system, investment banking business, and investment opportunities. It should be read by all who are interested in China."<br> -Mao-Wei Hung, Dean, College of Management, National Taiwan University<br> <br> "Dr. Liaw's book is a comprehensive professional reference work for those of us involved in the global investment arena. I highly recommend it."<br> -Charles P. Menges, Jr., CFA, Principal, Business Global Wealth Management, a Unit of Alliance Bernstein LP<br> <br> "China's development has a unique track, including the financial market. People who want to profit from China should have a clear view of this market. Dr. Liaw's book, explaining China's market opening and foreign participation, is the one necessary for them to read."<br> -Wei Xing, Director of Rules and Regulations, China Insurance Regulatory Commission
Investment Formulas: A Simple Introduction includes over 80 formulas in the investment field, alongside relevant definitions and explanations. The formulas cover the topics of historical return measures, investment models, portfolio performance evaluation, firm and stock valuation, bond portfolio management, derivatives, and option valuation.
From a historical point of view, the main activity of investment banks is what today we call security underwriting. Investment banks buy securities, such as bonds and stocks, from an issuer and then sell them to the ?nal investors. In the eighteenth century, the main securities were bonds issued by governments. The way these bonds were priced and placed is extraordinarily similar to the system that inve- ment banks still use nowadays. When a government wanted to issue new bonds, it negotiated with a few prominent "middlemen" (today we would call them investment bankers). The middlemen agreed to take a fraction of the bonds: they accepted to do so only after having canvassed a list of people they could rely upon. The people on the list were the ?nal investors. The middlemen negotiated with the government even after the issuance. Indeed, in those days governments often changed unilaterally the bond conditions and being on the list of an important middleman could make the difference. On the other hand, middlemen with larger lists were considered to be in a better bargaining position. This game was repeated over time, and hence, reputation mattered. For the middlemen, being trusted by both the investors on the list and by the issuing governments was crucial.
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Essentials of Borrowing