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The making of an investment banker
I show that stock market shocks have important and lasting effects on the careers of MBAs. Stock market conditions while MBA students are in school have a large effect on whether they go directly to Wall Street upon graduation. Further, starting on Wall Street immediately upon graduation causes a person to be more likely to work there later and to earn, on average, substantially more money. The empirical results suggest that investment bankers are largely \"made\" by circumstance rather than \"born\" to work on Wall Street.
Journal Article
Flash point
\"A scrappy young banker accepts a dare and is thrust into an out-of-sequence world. Laced with corporate intrigue and unexpected romance, this innovative thriller challenges assumptions about the nature of reality\"--Provided by publisher.
Book
How to be an investment banker
A top-notch resource for anyone who wants to break into the demanding world of investment banking
For undergraduates and MBA students, this book offers the perfect preparation for the demanding and rigorous investment banking recruitment process. It features an overview of investment banking and careers in the field, followed by chapters on the core accounting and finance skills that make up the necessary framework for success as a junior investment banker. The book then moves on to address the kind of specific technical interview and recruiting questions that students will encounter in the job search process, making this the ideal resource for anyone who wants to enter the field.
* The ideal test prep resource for undergraduates and MBA students trying to break into investment banking
* Based on author Andrew Gutmann's proprietary 24 to 30-hour course
* Features powerful learning tools, including sample interview questions and answers and online resources
For anyone who wants to break into investment banking, How to Be an Investment Banker is the perfect career-making guide.
eBook
The education of a value investor : my transformative quest for wealth, wisdom, and enlightenment
\"What happens when a young Wall Street investment banker spends a small fortune to have lunch with Warren Buffett? He becomes a real value investor. In this fascinating inside story, Guy Spier details his career from Harvard MBA to hedge fund manager. But the path was not so straightforward. Spier reveals his transformation from a Gordon Gekko wannabe, driven by greed, to a sophisticated investor who enjoys success without selling his soul to the highest bidder. Spier's journey is similar to the thousands that flock to Wall Street every year with their shiny new diplomas, aiming to be King of Wall Street. Yet what Guy realized just in the nick of time was that the King really lived 1,500 miles away in Omaha, Nebraska. Spier determinedly set out to create a new career in his own way. Along the way he learned some powerful lessons which include: why the right mentors and partners are critical to long term success on Wall Street; why a topnotch education can sometimes get in the way of your success; that real learning doesn't begin until you are on your own; and how the best lessons from Warren Buffett have less to do with investing and more to do with being true to yourself. Spier also reveals some of his own winning investment strategies, detailing deals that were winners but also what he learned from deals that went south. Part memoir, part Wall Street advice, and part how-to, Guy Spier takes readers on a ride through Wall Street but more importantly provides those that want to take a different path with the insight, guidance, and inspiration they need to carve out their own definition of success\"-- Provided by publisher.
Book
Packing for India
David Mulford has witnessed and participated in dramatic changes in the world economic system-from newly independent countries in Africa and the emerging Eurobond market to the boardrooms of New York, from the Saudi Arabian Monetary Agency to the White House and Treasury Department, and from the halls of Oxford to the developing expanse of India. InPacking for India, Mulford explores the underpinnings, vulnerabilities, and great promise of a global economy that through the spread of capital, products, people, and technology has transformed economic realities and aspirations around the world.
Packing for Indiais also a deeply personal memoir of experience and transformation, a firsthand account of key events, and a reflection on world leaders and on the United States' role in international finance. At each stage of his career, Mulford faced radically different challenges, which prepared him to serve successfully as U.S. ambassador to India. How, he is asked by many people, did a person from humble beginnings do so many fascinating things? Mulford answers this question by examining where he has been and what he has learned, and he leaves the reader with his vision for a path toward sustained global growth and stability.
eBook
An exploratory study of heuristics for anticipating prices
PurposeThis research explores how investment and central bankers cope with strategic uncertainty when they anticipate prices. The uncertainty originates from others' decisions and their consequences, and cannot be meaningfully reduced to risk. The authors postulate that, in order to cope with this type of uncertainty, bankers use simple rules, also called heuristics. This study aims to identify such heuristics and the psychological processes that underlie them.Design/methodology/approachThe authors interviewed 22 managers of teams tasked to anticipate prices, in two leading investment and central banks. The primary data came from in-depth, semi-structured interviews lasting 30–60 min, supplemented by our observations during the on-site visits, emails and phone calls when preparing the interviews, and reports published by the banks. Data were coded and heuristics were induced over multiple rounds by multiple researchers.FindingsBankers (1) construct simple game representations of markets, (2) make inferences to gauge opponents, (3) become alert when they see too much agreement and (4) communicate coherent narratives. Heuristics (1)–(3) are employed when the pace of decision-making is fast, whereas (4) is used for longer time scales. In sum, bankers exhibit reciprocal bounded rationality, wherein interaction partners are mutually aware of and adapted to the fundamental uncertainty of the task and their limited resources.Originality/valueHeuristics for anticipating prices have not been studied empirically outside the lab. The findings may help integrate conceptualizations of heuristics in the simple-rules and fast-and-frugal-heuristics research programs and improve market efficiency.
Journal Article
Capital
The residents of Pepys Road, London - a banker and his shopaholic wife, an old woman dying of a brain tumour, a family of Pakistani shop owners, the young football star from Senegal and his minder - all receive an anonymous postcard one day with a simple message: we want what you have. Who is behind it? What do they want? As the mystery of the postcards deepens, the world around Pepys Road is turned upside down by the financial crash and all of its residents' lives change beyond recognition over the course of the next year.
Book
Do Investment Banks Matter for M&A Returns?
We document a significant investment bank fixed effect in the announcement returns of M&A deals. The interquartile range of bank fixed effects is 1.26%, compared with a full-sample average return of 0.72%. The results remain significant after controlling for the component of returns attributable to the acquirer. Our findings suggest that investment banks matter for M&A outcomes, and contrast earlier studies that show no positive link between various measures of advisor quality and M&A returns. Differences in average returns across banks are also persistent over time and predictable from prior performance. Clients do not chase past returns, which may explain why persistence exists in M&A performance while it is absent in mutual funds.
Journal Article