abstract: This study investigates three issues that are relevant for the development of multinational investment banks in China. The first is about the domestic market conditions that are necessary for a country to develop multinational investment banks. The second issue is about the degree to which China has met these conditions. The last issue focuses on the potential strategies Chinese investment banks can undertake to become multinational corporations. To address the first issue, I draw an important distinction between international investment banks and multinational investment banks. For an international investment bank to be regarded as a multinational, I propose that it must have a strong presence (i.e., holding at least one percent of the market share) in at least two of the seven major capital markets in the world. Using this criterion, I identify 25 multinational investment banks. I then analyze their home countries’ domestic market conditions and propose that the following six factors are important to the development of multinational investment banks: the size of the home country’s gross domestic product (GDP), the total capitalization of its domestic security market, the number of its Global 500 firms, the volume of its foreign direct investment (FDI), the internationalization of its currency, and the openness of its capital market to foreign investors. By comparisons, I find that China’s domestic market conditions are comparable to the home countries of multinational investment banks with respect to the size of GDP, total market capitalization, the number of Global 500 firms, and the volume of FDI. What China lags behind are the internationalization of currency and the openness of capital market to foreign investors. Given the current trends of development, it is very likely that China will be able to catch up on the latter within ten years, thus meeting all the conditions necessary for the development of multinational investment banks. Based on the above findings, I suggest that Chinese investment banks seize this historical opportunity, speed up the internationalization of their businesses, and learn from the experiences of global industry leaders to become truly multinational corporations. / Dissertation/Thesis / Doctoral Dissertation Business Administration 2015

This thesis discusses how ideas, as domestic factors, have decided the formation of China’smultilateralist foreign policy. It tries to provide an profound understanding of China's foreignpolicy development with the theoretical tools provided by discursive institutionalism andhistorical institutionalism.Three empirical cases are studied: the case of WTO, the case of ASEAN+3 and the case ofShanghai Cooperation Organization (SCO). These three cases have represented China'sinvolvement of multilateral institutions at different time and level.The findings show that China has gradually turned to an active participants of multilateralinstitutions, and it is trying to constructing a new type of multilateralism: competitivemultilateralism. Whether it can be compatible with existing institutions is an open question. / Doctorat en Sciences politiques et sociales / info:eu-repo/semantics/nonPublished

The dissertation studies the value of both investment banks' services on the whole and fairness opinions specifically, which the banks provide to the acquiring firms. In the first chapter, I examine how investment banks and acquiring firms' governance quality interact to affect shareholders' wealth in corporate mergers and acquisitions. Although the wealth impact of investment banks in mergers and acquisitions is widely studied in the literature, existing studies do not consider the interaction between governance quality and investment banks. I examine how investment banks and governance quality of acquiring firms interact to affect the wealth of acquiring firms' shareholders. I find that acquiring firms with poor governance are more likely to use investment banks in the deal. This association holds even after controlling for deal feature and other characteristics. I find that the use of investment banks per se does not result in a wealth reduction for the acquiring firms' shareholders. However, when the acquiring firm has poor governance, the use of investment bank is associated with extra value loss for the shareholders. The finding suggests that investment banks may help managerial empire building at the expense of shareholders under some circumstances. The study indicates that when studying investment bank's impact it is important to consider the quality of the hiring firms' governance. In the second chapter, I investigate the wealth implications of fairness opinions that the board of an acquiring firm purchases in corporate mergers from investment banks. Using the propensity score matching method to address the self-selection issue, I find that firms undertaking opinioned mergers under-perform firms with non-opinioned matching mergers in short windows around the announcement date. In the long run, the firms with opinioned merger do not perform better than firms with non-opinioned mergers. The acquiring firms perform poorly relative to their performance before the mergers, irrespective of whether their mergers are opinioned. Over a 12-month window after the mergers, the acquiring firms involved in both opinioned and non-opinioned mergers under-perform matching firms that do not make mergers. These findings are consistent with the hypothesis that the board buys a fairness opinion for its self-protection instead of maximization of shareholder wealth. The implication of this finding is that when investors evaluate mergers, they should focus primarily on deal characteristics, not fairness opinion.

This study comprises an investigation of the timing of initial public offerings (IPOs) and the role therein, of investment banks, in taking firms public. Most prior studies of IPOs and seasoned equity offerings (SEOs) investigate timing with respect to firm-specific or economy-wide conditions. Also, the vast majority of prior studies have apparently ignored the role of market timing often ascribed to underwriters by practitioners. The analysis in this study elucidates the matter of the long-run post-issue performance of IPOs documented in the literature. Evidence is provided here about the timing of IPO firms relative to market conditions before and after their offerings. It is shown that firms are, on average, more likely to go public when the market valuation of comparable stocks in the same industry is at its peak relative to the entire market. No evidence is found of a pattern of IPO firms timing their offerings with respect to market-wide conditions. Further, this study shows that IPO timing is a function of the reputation of investment banks who have expertise in the financial market. It is found that the more reputable investment banks possess a greater proficiency than their lesser known counterparts, in taking companies public when the market valuation of comparable stocks in the same industry is high. These results are found to be invariant with regard to several statistical tests and alternative explanations. / Ph. D.

The Thesis describes effects of the Global loan programme of the European Investment Bank on the economy of the Czech Republic. There is a general characteristic of the European Investment Bank and its financing possibilities in the first part. In the second part, there is a description of Ceska sporitelna as an intermediator of the Global loan programme. In the third part, the analysis of the European investment bank's Global loan programme from the view of the sub-conditions determined by European commission is made and also includes their comparison with conditions specified by European investment bank. In the last part the evaluation of the effects on the GDP of the Czech Republic and on the clients the ultimate receiver of the support is performed.

Background: The number of IPOs has been numerous in recent years. Moreover, the returns of the IPOs managed to either be over and underpriced. IPO-firms are generally unknown before they get listed. Therefore, the media outlets play an essential role in the dissemination of information to new investors. Thus, it becomes noteworthy to investigate whether media attention could be an explanatory factor for the first-day returns and how it affects an IPO in the short-term perspective. Research Questions: i) If the amount of media coverage two months pre-IPO has any relation with the first trading day return and ii) If the amount of media coverage helps to predict the IPOs stock return volatility after a two-month period (44 trading days)? Purpose: This research will attempt to find evidence if the amount of media coverage pre- IPO may drive the demand for the IPO and the first-day return. For this purpose, it is also necessary to find the under and/or overpricing. Furthermore, a regression analysis will be applied during a two-month period after the first trading day to investigate if increasing volatility depends on the amount of media coverage. Delimitations: The sample consists of 165 IPOs in Sweden from Aktietorget and OMX Stockholm during the period 2005-2017. IPOs are initial introductions that are not unit IPOs, mergers & acquisitions, right issues, spin-offs or buy-out firms. Method: The first research question is explained by a Pearson correlation where X is the media variable and tested against the degree of under or overpricing. Furthermore, a multiple-linear regression is examined where variables market index, Retriever data and trading volume is tested against stock return. Conclusion: It has been identified that Aktietorget has been overpriced 2005-2017 by 2.9% while OMXS has been underpriced 6.8%. In summary, the study did not manage statistically to ensure that the amount of media coverage significantly influenced the stock return volatility.

Thesis (MBA)--Stellenbosch University, 2003. / ENGLISH ABSTRACT: PSG Investment Bank started out of the PSG Group in 1998. It was a successful enterprise that was rated highly by the public, institutions and employees. Through 1999, there was a struggle on executive level over the strategy that PSG Investment Bank should follow. The struggle culminated in 2000 with the resignation of the founder of PSG Investment Bank. The remaining executives put their strategy in action during 2000 and 2001. External factors made the environment difficult during late 2001 and 2002 and PSG Investment Bank was not able to respond in such a way that it could ensure its own survival. PSG Investment Bank was sold to Absa in August 2002, resulting in PSG Investment Bank's closure and delisting in 2003. This study examines the strategy of PSG Investment Bank through its life according to a model for strategic management put forward by Burger (2000). The vision of PSG Investment Bank, the external environment that influenced PSG Investment Bank and the internal environment of PSG Investment Bank are analysed as well as the strategic issues and options utilised by PSG Investment Bank. The conclusion of the study is that PSG Investment Bank faced a tough external environment that needed a strong internal environment to be able to survive. By not managing the most important internal resources, the employees, correctly, management lost the ability to ride out the storm brought about by the external circumstances and were left with few strategic options but to sell PSG Investment Bank. / AFRIKAANSE OPSOMMING: PSG Beleggingsbank is in 1998 uit die PSG Groep gebore. Dit was 'n hoogs suksesvolle onderneming wat deur die publiek, institusies en werknemers gerespekteer is. Deur die loop van 1999 was daar 'n stryd op topbestuursvlak oor die strategie wat PSG Beleggingsbank moes volg. Hierdie stryd het in 2000 die bedanking van die stigter van PSG Beleggingsbank tot gevolg gehad. Die oorblywende bestuurders het hulle strategie gedurende 2000 en 2001 in werking geplaas. Eksterne faktore het die omgewing moeilik gemaak gedurende laat 2001 en 2002 en PSG Beleggingsbank kon nie daarin slaag om sodanig op te treë om sy eie oorlewing te verseker nie. PSG Beleggingsbank is in Augustus 2002 aan Absa verkoop wat veroorsaak het dat PSG Beleggingsbank gedenoteer is en sy deure tydens 2003 gesluit is. Hierdie studie ondersoek die strategie van PSG Beleggingsbank deur die loop van die onderneming se lewe aan die hand van 'n model vir strategiese bestuur soos voorgestel deur Burger (2000). Die visie van PSG Beleggingsbank, die eksterne omgewing wat PSG Beleggingsbank beïnvloed het en die interne omgewing binne PSG Beleggingsbank sowel as die strategiese kwessies en keuses wat PSG Beleggingsbank uitgevoer het, word bestudeer. Die slotsom van die studie is dat PSG Beleggingsbank 'n moeilike eksterne omgewing ondervind het wat 'n sterk interne omgewing benodig het om in te oorleef. Deur nie sy belangrikste interne hulpbron, sy werknemers, reg te bestuur nie, het die bestuur die vermoë verloor om die storm wat deur eksterne faktore veroorsaak is, uit te sit en het met min strategiese opsies oorgebly anders as om PSG Beleggingsbank te verkoop.

本論文共一冊，約五萬字，分為四章十四節。第一章為緒論，第二章為文獻探討，第 三章為模式的建立與分析，第四章為結論與建議。 本模式考慮一個風險中立且追求最大利益的證券發行公司，在資訊不對稱的情況下（ 即投資銀行擁有較發行公司為多的市場資訊），是否應授權給投資銀行進行訂價與配 銷的工作。由於投資銀行擁有較佳的市場資訊，因此本模式假設由投資銀行訂價，但 後續的配銷工作應由發行公司或投資銀行進行，則視訂價與配銷二階段間的關係而定 。若二者為零相關，則無論由誰配銷，發行公司的利益皆不受影響；若為正相關，則 由發行公司配銷較有利；若為負相關且相關係數很小，則由投資銀行配銷較有利。

我國綜合券商近年來因為整體家數過多、全球景氣持續衰退、金控時代來臨等因素影響下，使得整體產業經營出現困難，極待政府與民間共思一個解決方案。為此，財政部與證期會共同協助我國綜合券商的轉型升級，希望透過政府相關法令政策的開放解套，推動獨立綜合券商轉型為投資銀行，解決目前綜合券商在經營上所面臨之困境。 本研究針對我國綜合券商轉型投資銀行的相關政策，進行可行性研究與個案分析，並以國外知名投資銀行成功案例進行個案分析，從中探討投資銀行產業的成功關鍵因素，以做為我國綜合券商轉型投資銀行的策略擬定依據。 根據本研究成果，提出以下幾點結論： 1.台灣綜合券商面臨生存與轉型之壓力 2.我國整體投資環境確實有發展投資銀行可能性存在 3.產品創新、資本規模、品牌知名度及全球佈局能力仍是關鍵 4.各券商必須依據自身核心優勢差異發展不同之轉型策略 5.政府法令開放程度影響投資銀行發展 除此之外，本研究亦提出以下幾點建議： 1.對政府與相關主管單位建議：(1)法令開放持續推動；(2)建立有效監理機制；(3)大陸市場審慎評估。 2.對整體證券產業建議：(1)適度整合市場競爭狀況；(2)提供建議與政府合作。 3.對於個案公司建議：建議個案公司仔細思考目前所面臨轉型挑戰，以及相關解決辦法，透過本身核心優勢維持與發揮，逐步轉型投資銀行以因應我國金融產業轉型與升級。

Made available in DSpace on 2016-04-25T18:39:52Z (GMT). No. of bitstreams: 1 Regiane Yuriko Hioki.pdf: 498093 bytes, checksum: 39ed65cb8dbeb0dc398127b7d1674918 (MD5) Previous issue date: 2012-12-14 / Due to the increase of trading volume resulting from Investment Banks activities, such as mergers and acquisitions, spin-off operations and securities issues (shares, subscription bonus and debentures), and because of the material values involved in these transactions, the regulations become essential in order to avoid the misuse of insider information. Due to those facts it becomes essential that regulators and financial institutions adopt best practices of corporate governance, as a mechanism of defense, especially as regard to the aspects of Information Barriers - Chinese Wall. The purpose of the research was to examine the main laws and regulations issued by regulatory bodies, associations and self regulatory organizations presents in Brazil, USA and England, as well as compare them. To accomplish it was conducted a descriptive study based on literature and secondary data analysis, which contemplated laws and recommendations issued by regulators, associations and self regulatory organizations. As a result were not identified regulatory gaps, either big issue when comparing the laws. It was observed in Brazil, unlike what happens in the United States and England, that the guides are not centralized in one regulatory body, association or self regulatory organizations. It was also found that some of the regulations in the market due to its wideness some interpretations and guidelines have been developed in order to assist its implementation / Em decorrência do aumento do volume de negociações efetuadas por Bancos de Investimentos, como as operações de fusões e aquisições, cisões de empresas e emissão de valores mobiliários (ações, bônus de subscrição e debêntures), e consequentemente pela relevância dos valores financeiros envolvidos nestas transações, torna-se necessária à existência de regulamentações visando coibir o uso indevido de informações privilegiadas insider information. Desta forma torna-se fundamental que os órgãos reguladores e instituições financeiras adotem boas práticas de governança corporativa, como mecanismos de defesa, principalmente no que tange aos aspectos de Barreiras da Informação Chinese Wall. O objetivo da pesquisa foi de analisar as principais legislações e regulamentações emitidas por órgãos reguladores, associações independentes e entidades autorreguladoras presentes no Brasil, Estados Unidos e Inglaterra acerca das práticas de Barreiras de Informação Chinese Wall, bem como comparar as regulamentações vigentes nos países objeto de estudo. Para tanto, foi realizado estudo descritivo com base em pesquisa bibliográfica e análises de dados secundários, o qual contempla as legislações e recomendações emanadas pelos reguladores, associações independentes e entidades autorreguladoras. Como resultado não foram identificadas lacunas regulamentares, tampouco divergências representativas entre as legislações. Observou-se no Brasil, diferentemente do que ocorre nos Estados Unidos e Inglaterra, que os direcionamentos não estão centralizados em um único órgão regulador, associação independente ou entidade autorreguladora. Constatouse também, que as algumas regulamentações vigentes no mercado brasileiro devido à sua amplitude, possuem interpretações e orientações de forma a auxiliar a sua respectiva implementação