Inhaltsangabe:Einleitung: Entwicklungen in jüngerer Vergangenheit zeigen, dass deutsche Discount Broker ihre Produktpalette gezielt erweitern und ihren Kunden verstärkt Zugang zu Neuemissionen (IPOs) bieten, nicht zuletzt um ihre starke Marktposition in Europa zu wahren. So übernehmen die Broker Aufgaben im Neuemissionsgeschäft, sei es als Verkaufsagent oder als Mitglied in Übernahmekonsortien (Underwriter). Discount Broker betreten damit Neuland in einem Wirtschaftszweig, der bisher fast ausschließlich von Investmentbanken dominiert worden ist. Somit scheint sich eine neue Sorte von Investmentbanken zu entwickeln und die Vorherrschaft privilegierter Institutionen im Neuemissionsgeschäft aufzuweichen. Vor diesem Hintergrund möchte die vorliegende Arbeit auf das aufkommende Segment des Neuemissionsgeschäfts der führenden deutschen Discount Broker eingehen und objektiv beschreiben. Durchführung und Strategien im Neuemissionsgeschäft der Direct Broker werden im Detail betrachtet. Die Untersuchung beschränkt sich dabei auf die drei Marktführer im discount broking: ConSors Discount-Broker AG, Comdirect AG and Direkt Anlage Bank AG. Zwischen Anfang September und Ende November 2000 haben die drei Brokerhäuser ihren Einstieg ins Neuemissionsgeschäft offiziell angekündigt. ConSors entschied sich, eine eigene Investment Bank zu gründen ( do-it-yourself approach ) und Comdirect zieht Nutzen aus der Unterstützung durch die Mutter Commerzbank ( piggy-back approach ), aber erhebt Anspruch auf Führungsmandate bei Neuemissionen infolge des Aufbaus eines eigenen Geschäftsbereichs Investmentbanking. DAB beschloss hingegen strategische Partnerschaften einzugehen ( tie-up approach ), um die Chancen zu erhöhen, bei Neuemissionen berücksichtigt zu werden, ohne sich dabei jedoch selbst zur Investmentbank zu entwickeln. Die drei Discount Brokers treten üblicherweise als Verkaufsagenten auf, planen jedoch ehrgeizig in absehbarer Zeit Co-Underwriting- und Führungsmandate bei Neuemissionen zu erhalten; die Broker würden dann die Bezeichnung Investmentbank rechtfertigen. Ziel der Arbeit ist es, die Frage, ob zur Zeit tatsächlich eine neue Generation von Investmentbanken entsteht, hinreichend zu beantworten. Der Autor ist zuversichtlich, dass die Broker in Abhängigkeit von der jeweiligen Marktlage mittel- bis langfristig gute Chancen mit ihrem Neuemissionsgeschäft haben und sich als Nischen-Investmentbank etablieren [...]

Inspired by the work and legacy of Francesca Carnevali, this collection brings together new research into nineteenth- and twentieth-century British and European economic history, socio-cultural history and business history. This collection brings together new research into nineteenth- and twentieth-century British and European economic history, socio-cultural history and business history. It is inspired by the work and legacy of Francesca Carnevali who, throughout her career, encouraged a lively dialogue between these different disciplines. The book offers innovative views and perspectives on key debates and emphasises the connections between economic environments and wider social and cultural elements. It also considers methodological issues and emerging approaches in economic history. Topics include banks and business finance in the nineteenth century, mass-market retailing and class demarcations, economic microhistory, and comparative history and capitalism. Economic, business, social and cultural historians alike will find it of interest. PAOLO DI MARTINO is Senior Lecturer in International Business History at the Birmingham Business School, University of Birmingham. ANDREW POPP is Professor of Business History at the University of Liverpool. PETER SCOTT is Professor of International Business History at the University of Reading's Henley Business School and Director of Henley's Centre for International Business History. CONTRIBUTORS: Andrea Colli, Paolo Di Martino, Leslie Hannah, Matthew Hilton, Ken Lipartito, Lucy Newton, Andrew Popp, Peter Scott, Anna Spadavecchia, James Walker, Chris Wickham

Inhaltsangabe:Abstract: In the course of trade liberalization, globalization, and multi-national corporations, companies and private persons invest in and are financed by cross-boarder transactions. There are several key trends that are globalizing the world economy and driving business to become more multinational to survive and prosper. The objectives of this thesis are to give an overview of the going public procedure and the registration requirements for U.S. stock exchanges. Hereby, the paper just focuses on the major U.S. stock exchanges NYSE, Nasdaq and the American Stock Exchange (Amex). Second, the paper gives on overview of valuation methods. However, the paper emphasizes only on those valuation approaches, which are used for valuing firms at IPOs. the thesis discusses the economical benefits of an initial public offering on U.S stock exchanges. the thesis gives recommendations for potential non-U.S. issuers that may pursue a listing on one of the U.S. stock exchanges. Inhaltsverzeichnis:Table of Contents: Table of ContentsIII TablesIX FiguresXI List of AppendixXII AbbreviationXIII SymbolsXVII 1.Introduction1 1.1Relevance of the Topic1 1.2Objectives of the Thesis3 1.3Structure of the Thesis4 2.The U.S. Stock Exchanges5 2.1New York Stock Exchange5 2.1.1Overview5 2.1.2The New York Stock Exchange Market Data6 2.1.3NYSE Listing Requirement7 2.2Nasdaq11 2.2.1Overview11 2.2.2Nasdaq Market Data13 2.2.3Nasdaq Listing Requirements14 2.3Amex18 2.3.1Overview18 2.3.2Amex Market Data19 2.3.3Amex Listing Requirements20 3.The U.S. Regulations and Authorities21 3.1The SEC21 3.2The NASD23 3.2.1Profile of the NASD23 3.2.2NASD Regulation23 3.2.3The Nasdaq Stock Market, Inc.24 3.2.4American Stock Exchange LLC24 3.2.5NASD Dispute Resolution, Inc.25 3.3State Regulations25 3.4Securities Act of 193326 3.4.1Registration requirements26 3.4.2Registration Exemption27 3.4.3Liabilities under the Securities Act29 3.5Securities Exchange Act of 193430 3.5.1Registration Requirements30 3.5.2Liabilities under the Exchange Act32 4.American Depositary Receipts33 4.1Function of ADRs33 4.2Reasons for ADRs34 4.3Types of ADR Programs35 4.3.1Unsponsored versus Sponsored ADRs35 4.3.2Public versus Private ADR Programs36 4.3.3Non-Capital versus Capital Raising ADR Programs36 4.4The Depositary Bank39 4.5ADRs and Accounting Standards41 4.5.1Accounting Requirements for Non-U.S. Companies41 4.5.2Accounting According to Item [...]

A definitive new reference on the major failures of American corporate governance at the start of the 21st century. Tracing the market boom and bust that preceded Enron's collapse, as well as the aftermath of that failure, the book chronicles the meltdown in the telecom sector that gave rise to accounting scandals globally. Featuring expert analysis of the Sarbanes-Oxley legislation that was adopted in response to these scandals, the author also investigates the remarkable market recovery that followed the scandals. An exhaustive guide to the collapse of the Enron Corporation and other financial scandals that erupted in the wake of the market downturn of 2000, this book is an essential resource for students, teachers and professionals in corporate governance, finance, and law.

Annotation This multi-volume work is the first major reference to bring together histories of companies that are a leading influence in a particular industry or geographic location.