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1、Chapter Nineteen,U.S. Investment Banks,Learning objectives,After studying this chapter you should be able to: 1. Know what is meant by investment bank in the U.S. 2. Tell briefly about the historical development of U.S. investment banking 3. Explain the primary functions performed by U.S. investment
2、 banks,Notes,I. New Words 1. takeover n. 收购the acquisition of an ongoing organization by another through the purchase of the firm 2. conglomerate n. 联合大企业a diverse group of companies usually managed by a holding company 3. conventional a. 传统的，惯常的 4. illegal a. 不合法的unlawful 5. legality n. 合法性 6. trus
3、tee n. 受托人 7. prespecified a. 事先指定的,Notes,II. Useful and Idiomatic Expressions 1. to place sth. in small parcels among investors 将拆成较小的份额出售给投资者= to make sth. into smaller lots and then sell to investors 2. prior to 在之前 3. to be compared with 与相比 4. be similar to. 与相近似 5. be popularly known as. 以为大众所
4、知晓 6. to attend to other chores 专心做好其它工作,Notes,7. to fulfill ones obligation 履行某人的义务 8. to proceed with 继续做工作 9. to complete the paperwork 完成日常的文书工作 10. to advise on sth. 就提出意见to give advice on sth. 11. to separate sth. from sth. else 将与分离开 12. to attest to. 就进行作证 13. to file documents提交文件,Notes,8.
5、legal tender 法定货币，法币 9. legal process 法律手续 10. Says Law 萨伊法则 11. Milton Friedman 米尔顿弗雷德曼（美国和世界知名货币主义者who is for steady government-controlled money growth） 12. negotiable instruments 可转让票据（又译流通票据/证券） 13. near money 准货币=quasi money 14. postal orders （英）邮政汇票 15. bill of exchange（英）汇票（美语带用draft表示同样意思）,N
6、otes,III. Key Terms 1. financial intermediary 金融中介a institution such as a bank, an insurance company, a mutual fund, a pension fund. and a finance company that borrows funds from people who have saved and then make loans to others 2. Credit Suisse First Boston 瑞士信贷第一波士顿银行 3. Morgan Stanley （美）摩根史坦利投
7、资银行 4. underwriter n. 承销/包销证券的投资银行an investment bank that guarantees prices on securities to corporations and then sell the securities to the public.,Notes,5. syndicate n. 投资银行辛迪加a group of investment banks or bankers and securities dealers who, by agreement among themselves, have joined together fo
8、r the purpose of distributing a new issue of securities for a corporation 6. to file the registration statement with the SEC 向证券交易委员会提交注册说明书 7. a bond counsel 债券法律顾问 8. mergers & acquisitions 合并与收购firms are bought, sold, or merged with other firms 9. repealing n. 废止（法律的部分或全部） 10. Glass-Steagall Act格
9、拉斯-斯蒂格尔法案,Main Text,Definition of Investment Bank In the U.S. investment banks is defined as a financial institution that helps corporations to raise funds. But some American financial experts also define it as a financial intermediary that offers a wide range of different services to corporate or w
10、ealthy individual customers, which include purchasing new issues and placing them in smaller parcels among investors and also giving advice on takeovers. Nowadays in the U.S. an investment bank is seen as something of a financial-service conglomerate. Similar to American investment bank in the U.K.
11、is a merchant bank.,Main Text,Historical Development of U.S. Investment Banking Prior to the Great Depression Banking Act of 1933, popularly known as the Glass-Steagal Act, which made it illegal for a commercial bank to buy or sell securities on behalf of its customers. Since then investment banks h
12、ad been set up one after another. Of many U.S. investment banks, Morgan Stanley, Dean Witter, Merrill Lynch, Salomon Smith Barrey, Credit Suisse First Boston, and Goldman Sachs are well-known.,Main Text,Major Functions of Investment Bank 1. Giving Advice 2. Filing Documents 3. Underwriting,1. What i
13、s an investment bank? How many famous American investment banks do you know? 2. Does investment banking have a very long history? 3. What are the major functions fulfilled by American investment banks? 4. Can you tell briefly the process of securities underwriting carried out by an investment bank in the U.S.?,Questions for Chapter 19,This is the end of Chapter 19,Thank you for your attention,