...Global Finance names the World’s Best Investment Banks 2011 New York, February 22, 2011 — Global Finance announces its selection of the World's Best Investment Banks 2011 to be published in its April 2011 issue. Global Finance editors, with input from industry experts, used a series of criteria to arrive at their selections. These included market share, number and size of deals, service and advice, structuring capabilities, distribution network, efforts to address market conditions, innovation, pricing, after-market performance of underwritings and market reputation. Deals announced or completed in 2010 were considered. "The investment banking industry has changed as a result of the financial crisis," said Global Finance publisher Joseph D. Giarraputo. "The best institutions are those that have a business model focused on customer needs." For editorial information please contact: Dan Keeler, Editor, email: dan@gfmag.com GLOBAL AWARDS | Best Investment Bank | Morgan Stanley | Best Equity Bank | Morgan Stanley | Best Debt Bank | Barclays Capital | Best M&A Bank | Morgan Stanley | Best Up-and-Comer | QInvest | Most Creative | Bank of America Merrill Lynch | SECTORS | Consumer | Credit Suisse | Financial Institutions | Bank of America Merrill Lynch | Health Care | J.P. Morgan | Infrastructure | Scotia Capital | Industrial/Chemicals | J.P. Morgan | Media/Entertainment | J.P. Morgan | Metals & Mining | BMO Capital Markets...
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...Investment Banking Ethical Behavior Would you entrust your money to someone you thought was unethical? Would you risk heavy fines and possible jail time for skimming funds from a client? People who work in finance are placed in a fiduciary position of trust; first, by their employers, but more importantly, by members of the general public, over whose assets they are given control. Their daily business is directly working with other people's money, or doing other things that affect the public's investment decisions, and if they are unethical people, their clients, and the public, are at high risk for being cheated. Finance workers are entitled to reasonable fees for their services, but they are not entitled to engage in investment activity solely to generate more commissions for self, or engage in any other self-dealing while they are doing their jobs on behalf of their clients. Given the many scandals of recent years, many companies have done their best to publicize their codes of ethics, and to acknowledge their responsibility to the public. These firms know that public confidence in their finance people matters a great deal, and unethical behavior on the part of a firm means that people will stay away from that firm, and they may stay away from all the others as well. That is why ethics are not merely relevant. On the contrary, they're vital to the existence of the industry. Good ethical behavior is not an optional. While researching the ethical behavior of the top...
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...Bankers have been compensated very generously over the years and there were numerous justifications made for it but through research it has been shown that bankers have been overpaid. Besides James Gorman, Bank executives defended high pay as necessary for retaining key staff. Banks fear that if pay decreases as revenue decreases then valuable staff members will leave the firm. James Morgan, CEO of Morgan Stanley, stated “Compensation is way too high. As a shareholder I’m sympathetic to the shareholder view that the industry is overpaid”. People within the banking industry believe that the industry is overcompensated. The firm’s obligation is to provide appropriate shareholder returns and with revenues decreasing and total compensation rising it is becoming increasingly difficult to raise shareholder returns. In recent news, Deutsche Bank planned on lowering pay and cutting bonuses. UBS is “capping bonuses and linking them to bank’s profitability”. This latest move by the bank was ignited because of the pressure from shareholders who believe that bankers are overcompensated. In order to increase shareholder returns, jobs need to be cut and this is because compared to the revenue of the banks compensation is too high. The pay/revenue ratio needs to be lowered and Deutsche Bank has acted on it by paying the top 150 managers the deferred part of its bonus only after five years. Right now, the total compensation for many bankers does not reflect their contribution to the company...
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...GLOBAL M&A MARKET REVIEW FINANCIAL RANKINGS 1H 2014 1H 2014 GLOBAL M&A FINANCIAL ADVISORY RANKINGS CONTENTS 1. Introduction 2. Global Market Commentary 8. Global M&A Activity by Region 9. Global M&A Activity by Industry 10. Global Announced Deals 11. Cross Border Announced Deals 12. Global Private Equity Announced Deals 13. North America Announced Deals 17. Latin America Announced Deals 19. EMEA Announced Deals 30. APAC Announced Deals 38. Disclaimer The Bloomberg M&A Advisory League Tables are the definitive publication of M&A advisory rankings. The tables represent the top financial and legal advisors across a broad array of deal types, regions, and industry sectors. The rankings data is comprised of mergers, acquisitions, divestitures, spin-offs, debt-for-equityswaps, joint ventures, private placements of common equity and convertible securities, and the cash injection component of recapitalization according to Bloomberg standards. Bloomberg M&A delivers real-time coverage of the M&A market from nine countries around the world. We provide a global perspective and local insight into unique deal structures in various markets through a network of over 800 financial and legal advisory firms, ensuring an accurate reflection of key market trends. Our quarterly league table rankings are a leading benchmark for legal and financial advisory performance, and our Bloomberg Brief newsletter provides summary highlights of weekly M&A activity and top deal trends. Visit {NI LEAG...
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...- On Ethics, Is Art Market Worse Than Stock Market? The debate ensues as to whether the art market is more unethical than the stock market. Those that have the opinion that the art market is indeed less ethical believe it is caused by the lack of regulation, the lack of transparency and the lack of barriers to enter. They feel that the art market is a financial market and believe this because galleries and dealers advertise it. Therefore, it is a business. Artists enter the market for different reasons than dealers do. Its uniqueness makes it difficult to regulate. They also point out that “rings” are created to promote an artist with the intent to drive up the price for a particular artists’ work. Those with the opposite opinion believe that art market is not a business; it is the making of art. The value and reward is much more than monetary. The value is emotional and intellectual as well. They believe that an artist is not in it for monetary reward. They also point out that art is not a peer commodity. Each side expressed their claim and stance on the issue. I do not feel that one side was more convincing than the other was. I am a numbers person and may have been persuaded if either side had presented more statistical evidence. Managers can use argumentation strategy on a daily basis in order to persuade a co-worker, direct report, or boss to his point of...
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...Marketing American Western Art in China Lewis Clark State College Business 482-7501 Introduction Specializing in American Western and wildlife art, the idea of penetrating the Chinese art market is very intriguing, and it has been on the mind of art dealers of all genres for years. The first section of this paper will analyze China and the business experience including GDP, etiquette, negotiating, business attire, and banquet dinners. The next section will discuss China's market structure and direct foreign investors. Third, discusses China's demographics followed by advertising regulations. Finally, the Chinese art market will be introduced and in section two, a marketing strategy will be proposed to enter China's art market, create demand for American Western and wildlife art, and discuss strategic partnerships and co-branding opportunities. China And The Business Experience For centuries, China stood as a leading civilization, outpacing the rest of the world in the arts and sciences, but in the 19th and early 20th centuries, the country was beset by civil unrest, major famines, military defeats, and foreign occupation. After World War II, the communists under MAO Zedong established an autocratic socialist system that, while ensuring China's sovereignty, imposed strict controls over everyday life and cost the lives of tens of millions of people. After 1978, MAO's successor DENG Xiaoping and other leaders focused on market-oriented economic development...
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...Project Description: You are an analyst for an art gallery that is an authorized Greenwich Workshop® fine art dealer. You prepared a list of artwork by James Christensen and need to organize the data using an outline, subtotals, PivotTables, and PivotCharts to aid you in analyzing the data, which you will do in this project. Instructions: For the purpose of grading the project you are required to perform the following tasks: Step Instructions Points Possible 1 Start Excel. Download, save, and open the file named Exploring_e05_Grader_EOC.xlsx. 0 2 Sort the data on the Subtotals worksheet first by the Type column, then by the Art column, both in alphabetical order. 4 3 Subtotal the data at each change in Type. Identify the highest issue price, estimated value, and percent increase. 10 4 Add an automatic outline to the Subtotals worksheet. Group the first and last name columns. Collapse the names columns, and then collapse columns created by the outline (G, H, and I). 7 5 Create a PivotTable on a new worksheet using the data on the Christensen worksheet in the range A1:J19. Use the Type, Est. Value, and Issue Price fields and use the default locations in the PivotTable Layout. 8 6 Modify the Issue Price and Est. Value values to determine the average issue price and average estimated market value by type. 6 7 Insert a calculated field named % Change in Value to determine the percent change in values by type. Format the values in the new column as percentages with...
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...Economic Art Fraud There are so many economic problems facing the arts to day hard to give just one. However in my opinion, the biggest issue that the arts are facing economically is the issue of art forgery in the art market. This is because it often hurt the value of the original work and causes the creator to lose money. This false art has a tendency to hurt the reputation of the original piece by making it more difficult to tell the difference between what is real quality art and what is a fake. This is shown in the case with the famous Aboriginal artist, Clifford Possum Tjapaltjarri, and John O’Loughlin, an Adelaide art dealer. According to Duncan Chappell and Kenneth Polk, “In February 1999 Clifford Possum visited a gallery in Sydney where a number of paintings attributed to him were being displayed for sale. Upon inspection of the paintings Clifford Possum identified a number which he said were not produced by him. The gallery owner indicated that he had obtained the paintings from O’Loughlin. Subsequently, Clifford Possum also identified paintings falsely attributed to him which were in the hands of the NSW Art Gallery and the Museum of Contemporary Art, all of which had passed through O’Loughlin’s dealership” (pg. 395.)....
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...“I was always involved in art and when I went under contract at Warner Bros. at 18, it afforded me the possibility of never having to stop painting, never having to stop taking photographs and so on, and to actually live a cultural life”- Dennis Hopper. On May 17th 1936, on a farm in Dodge City, Kansas the all American director/actor by the name of Dennis Lee Hopper was born. Dennis Lee Hopper was always involved in art throughout his life, with being a painter, photographer, and artist. With an amazing cinematic career of more than five decades, Dennis Lee Hopper was a multi-talented and unconventional actor/director, regarded by many as one of the true "enfants terribles" of Hollywood (Hollywood Surf and Beach Movies: The First Wave, 1959–1969...
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...pencil, which I have forsaken in my great discouragement, and I will go on with my drawing.” Vincent Van Gogh articulated this during his long journey through the world of art. Life was not the easiest for him, but painting was his outlet, so he continued even during the darkest periods of his life. He is one of the most well-known post-impressionist artists in today's society. Not only because of his artwork, but because of his willpower to continue on through, loss, insanity and struggling with his identity. His uniqueness through art has inspired millions to become active in art. However the most impressive aspect is that even though it’s been over one hundred years, people still continue to mimic his incredible artwork. Van Gogh was born on March 30, 1853 in Groot- Zundert, Holland to Theodorus Van Gogh and Anna Cornelia Carbentus and then later on his three sisters, Elisabeth, Anna and Wil along with his two brothers, Theo and Cor . Through memoirs and diaries from his younger siblings, he was recalled as “a solemn, serious, sensitive boy who preferred to be alone or only with his family. He was very quiet and had little to no interest in art at a young age. The majority of his childhood is not known, neither recorded. However at the age of sixteen he got his first job as an apprentice to an art dealer and though successful, he...
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...most influential artists of the 20th century. He is widely known for co-founding the Cubist movement and for the wide variety of styles that he helped develop and explore. Among his most famous works are the proto-Cubist Les Demoiselles d'Avignon (1907) and Guernica (1937), a portrayal of the German bombing of Guernica during theSpanish Civil War. The enormous body of Picasso’s work remains, and the legend lives on—a tribute to the vitality of the “disquieting” Spaniard with the “sombre…piercing” eyes who superstitiously believed that work would keep him alive. For nearly 80 of his 91 years Picasso devoted himself to an artistic production that contributed significantly to and paralleled the whole development of modern art in the 20th century. Picasso’s art from the time of the Demoiselles was radical in nature, virtually no 20th-century artist could escape his influence. Moreover, while other masters such as Matisse or Braque tended to stay within the bounds of a style they had developed in their youth, Picasso continued to be an innovator into the last decade of his life. This led to misunderstanding and criticism both in his lifetime and since, and it was only in the 1980s that his last paintings began to be appreciated both in themselves and for their profound influence on the rising generation of young painters. Since Picasso was able from the 1920s to sell works at very high prices, he could keep most of his oeuvre in his own collection. At the time of his death he owned...
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...Art is unique, original, and one of a kind or so we thought. Exit Through the Gift Shop is a documentary about French filmmaker Thierry or Mister Brainwash who very quickly turns into a street artist. Banksy, the person Thierry looks up to is the one behind Mister Brainwash’s success, which causes us to question is Mister Brainwash a true artist or a scammer who is using other art claiming it is his own? According to Exit Through the Gift Shop, Mr Brainwash is the next upcoming artist, or is it showing just how much art has changed and how easy it is to become an artist just by using what’s already at Thierry’s feet along with brainwashing gullible collectors into believing his art is one of a kind? Banksy, a well-known street artist, is...
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...relationship of Georgia O'Keeffe and Alfred Stieglitz affected their art because painting was another way of expressing who they were and what they felt. This paper will explain how they felt and how they expressed that through art. This will explain how they first started as kids finding an interest in art. Also how did their work develop after meeting each other and being in a relationship. What made them find an attraction for each other and what kind of experiences did they go through involving art. Basically want to explain overall how their art reflected on their life situations....
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...Executive Summary This report explores the relationship between the art industry and the internet, as well as examining the way in which the internet has changed the way the art industry operates. A critical analysis and comparison of the e-marketing mix strategies of Etsy and DeviantART was also made. The research draws attention to the shift from an industry with a high barrier to entry which used traditional forms of discovering, exhibiting and selling artworks, for example, art galleries, to an industry with a lower barrier to entry, changed by online platforms that allowed a greater number of artists and artworks to enter the market and created new ways in which both artists could sell their works and buyers could buy those works. The analysis of the e-marketing mix strategies of Etsy and DeviantArt found that Etsy and DeviantART catered to their consumers’ needs by the development of a marketplace and social networking platform, respectively. The analysis of their pricing strategies found that Etsy and DeviantART both utilized elements of fixed pricing and personalized pricing, but only Etsy using dynamic segmented pricing. The distribution strategies of Etsy and DeviantART did not include the use of intermediaries and products were sold directly to the consumers through websites and mobile technology. The communication strategies of Etsy and DeviantART were strong with a focus on the building of communities through owned, paid and earned media. ...
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...Charles John Noke Throughout Charles Vyse’s apprenticeship, Charles John Noke (1860-1941) was Art Director of Doulton & Co, Burslem. Born in Worcester, Noke was the son of a connoisseur, collector, and dealer in antiques. Through his father’s friends in the nearby Worcester factory, he became familiar with pottery making from direct experience. At the age of fifteen he convinced his father that his future lay as a modeller in the pottery industry. In 1875, he gained an apprenticeship at the Worcester factory, and it was at this time he became a student at the Worcester School of Art. In 1889, he left Worcester to join Doulton & Co. At the Burslem works he inaugurated a revolution in both design and production attitudes. When pottery business...
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