Investment Banking: A Guide to Underwriting and Advisory Services
From a historical point of view, the main activity of investment banks is what today
we call security underwriting. Investment banks buy securities, such as bonds and
stocks, from an issuer and then sell them to the final investors. In the eighteenth
century, the main securities were bonds issued by governments. The way these
bonds were priced and placed is extraordinarily similar to the system that investment
banks still use nowadays. When a government wanted to issue new bonds
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