WEB–APPENDIX C

INVESTMENT BANKERS AND THE ISSUANCE OF SECURITIES

Throughout this book we have discussed the raising of funds by corporations. Typically, a corporation seeking funds will use the services of an investment banking firm. There are two types of firms involved in investment banking activities: commercial bank affiliated investment banks and (2) unaffiliated (independent) investment banks. The major investment banks fall into the first category. Examples of commercial bank affiliated firms are Bank of America Securities, JPMorgan Securities, Citigroup, Credit Suisse, UBS, Goldman Sachs, and Wachovia Securities. The investment banking firms of Morgan Stanley, Greenhill & Company, and Houlihan Lokey Howard & Zukin are examples of independent investment banking firms.