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WALL STREET - Merchant Banking
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1970s - "bootstrap" deals; 1980's - leveraged buyouts; 1990s -private equity".

December 7, 2008 - Private equity deals declined to 1990s levels


Philip Augar (2000). The Death of Gentlemanly Capitalism: The Rise and Fall of London's Investment Banks. (New York, NY: Penguin, 397 p.). Merchant banks--Great Britain--History.

Erik Banks (1999). The Rise and Fall of the Merchant Banks. (London, UK: K. Page, 572 p.). Merchant banks--Great Britain--History. 

Hans-Peter Bauer (1979). Merchants Banks. (Bern, Germany: P. Haupt, 468 p.). Acceptances; Investment banking; Investment banking--Europe; Financial institutions--Europe.

Harold Bierman, Jr. (2003). Private Equity: Transforming Public Stock To Create Value. (Hoboken, NJ: Wiley, 196 p.). Nicholas H. Noyes Professor of Business Administration, Professor of Finance, Johnson Graduate School of Management (Cornell University). Corporations --Valuation; Private equity; Going private (Securities); Corporations --Finance; Leveraged buyouts; Venture capital. Fundamentals behind private equity investing decisions.

Stanley D. Chapman (1984). The Rise of Merchant Banking. (Boston, MA: Allen & Unwin, 224 p.). Merchant banks--History.

Steven M. Davidoff (2009). Gods at War: Shotgun Takeovers, Government by Deal, and the Private Equity Implosion. (Hoboken, NJ: Wiley, 365 p.). "The Deal Professor" Column (New York Times). Consolidation and merger of corporations --United States; Private equity --United States; Financial crises --United States. Game-changing takeover events, strategic issues that guided modern-day deals, legal aspects of deal-making, takeovers; federal government's regulation by deal approach to saving financial system; government's biggest "deals" (bail-outs of AIG, Bank of America, Bear Stearns, Citigroup).

Paul Ferris (1984). Gentlemen of Fortune: The World's Merchant and Investment Bankers. (London, UK: Weidenfeld & Nicolson, 260 p.). Investment bankers--Biography.

Orit Gadiesh, Hugh MacArthur (2008). Lessons from Private Equity Any Company Can Use. (Boston, MA: Harvard Business School Press, 136 p.). chairman of Bain & Company; Partner at Bain & Company, leader of the firm's Global Private Equity practice. Private equity; Venture capital; Investments. Five disciplines private equity firms use to maximize investor value : 1) invest with specific, appropriate 3-5-year goal; 2) create blueprint for change (road map for initiatives that will generate most value for company within that time frame); 3) measure only what matters (cash, key market intelligence, critical operating data); 4) hire, motivate, retain hungry managers (people who think like owners); 5) make equity sweat (make cash scarce, force managers to redeploy underperforming capital in productive directions. 

Richard Kellett (1967). The Merchant Banking Arena: with Case-Studies. (New York, NY: St. Martin's Press, 182 p.). Merchant banks--Great Britain.

Josh Kosman (2009). The Buyout of America: How Private Equity Will Cause the Next Great Credit Crisis. (New York, NY, Portfolio, 280 p.). Editor at Mergermarket.com, former senior writer for The Deal, former senior reporter for the trade publication Buyouts Newsletter. Private equity --United States; Leveraged buyouts --United States; Credit --United States; Financial crises --United States. Top private equity firms have become nation's largest employers through businesses they own; used leveraged buyouts that loaded acquired companies with loans, generated more than $1 trillion in new debt-which will come due just when these businesses are least likely to be able to pay it off; private equity's explosive growth; profits at expense of long-term health of their companies; excessive debt, mismanagement will likely trigger another economic meltdown within next five years, wipe out up to two million jobs; links between private equity elite, Washington power players.

Arthur B. Laffer, William Hass, Shepherd G. Pryor IV (2009). The Private Equity Edge: How Private Equity Players and the World's Top Companies Build Value and Wealth. (New York, NY: McGraw-Hill, 410 p.). Private equity -- United States. $2.7 trillion in transactions since 2001; buyouts in every type of market, including declining ones; concepts of intrinsic value, macroeconomics, incentives into single strategy; how to create value while reducing risk: thoroughly exploring relevant data to quantify ranges of value and risk; anticipating reactions of those whom you seek to influence; exploring possibilities, options before making major decisions; employing incentive systems that work in both up, down markets.

Jamie Morgan (2009). Private Equity Finance: Rise and Repercussions. (New York, NY: Palgrave Macmillan, 309 p.). Researcher (University of Helsinki, Finland). Private equity -- United States; Private equity -- Great Britain; Venture capital -- United States; Venture capital -- Great Britain. History, analysis of emergence, development of private equity finance in UK, US in context of changing liquidity conditions since 1970s.

Joseph Wechsberg (1966). The Merchant Bankers: A Fascinating, Candid Chronicle of the Great Financial Families of the World. (Boston, MA: Little, Brown, 365 p.). Banks and banking--Europe; Finance--Europe.



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