Corporate finance Books

Book SynopsisNew technologies are shaking the foundations of traditional finance. Leading economist Eswar Prasad foresees the end of cash, as central banks develop their own digital currencies to compete with Bitcoin and Meta’s Diem. Money and finance are on the verge of dramatic transformations that will reshape their roles in the lives of ordinary people.Trade ReviewA strength of [Prasad’s] analysis is his mastery of both technical details and big-picture trade-offs…As it loses physical form, money’s meaning will become ever harder to grasp. This book explores the economic and social effects of that upheaval, giving shape to this most abstract of concepts. * The Economist *An in-depth look at how our wallets are set to evolve. -- Enda Curran * Bloomberg *Prasad aims to pull together some of the threads about bitcoin and such like to set out a big picture on money…Prasad’s helpful discussion of the pressures on, and options available to, central banks was illuminating. I found his framing of the ways in which these new technologies simultaneously make regulation both easier and more difficult interesting. -- David Birch * Financial World *Digital technologies are also transforming the world of finance. Prasad provides an invaluable overview of what this might mean: physical money will disappear; central bank money will compete with the new private versions; financial intermediation will be transformed; and new opportunities will open to the world’s population. -- Martin Wolf * Financial Times *Demystifies the esoteric world of cryptocurrencies…Prasad’s analysis is the best single point of entry for those interested in the nitty-gritty of digital finance. -- Barry Eichengreen * Foreign Affairs *A road map for money managers, market strategists, and others seeking to understand this new world. -- Reshma Kapadia * Barron’s *As money has become free to move around the world, Prasad probes how digital innovation is reshaping it as both a tool and a concept. -- Paola Subacchi * Nature *An ambitious book, covering the diverse landscape of digital money, and one that will remain relevant for years to come. -- Daniel Kuhn * CoinDesk *In The Future of Money Eswar Prasad explains how technology will impact everything financial, from what money will look like to peer-to-peer lending, central banking, and cross-border capital flows. In lucid prose, Prasad explains to the intelligent layperson how exactly Bitcoin works and whether a digital renminbi could challenge the US dollar. If you are looking for an insightful and comprehensive guide to how monetary finance might change, look no further. -- Raghuram G. Rajan, Professor of Finance at the University of Chicago Booth School of Business, former Chief Economist of the International Monetary Fund, and former Governor of the Reserve Bank of IndiaMoney shapes economies, economies shape nations, nations shape history. It follows that the future of money is profoundly important. Here is a definitive report on where we are and where we are going. -- Lawrence H. Summers, Charles W. Eliot Professor and President Emeritus, Harvard UniversityPrasad’s book is the best on the topic so far. In particular, it provides the most complete description of issues and factors that will shape the future of money. Everyone with limited time wanting to have a deeper understanding of money in the 21st century, should read this book. -- Daniel Heller * Central Banking *Drawing on his extensive policymaking experience and insights as one of the leading macroeconomists, Eswar Prasad in The Future of Money provides a comprehensive account of the economic, social, and technological issues that will determine how we save, invest, buy, and sell in the future. -- Mark Carney, former Governor of the Bank of EnglandComprehensive…and a vital handbook for anyone looking to understand how finance is changing. -- Gavin Jackson * Financial Times *In The Future of Money Eswar Prasad has produced a single-volume masterpiece with all one needs to know about an amazing upcoming turning point in monetary policy. He shows that if we follow his sensible advice and heed his warnings of over-regulation and fear, Central Bank Digital Currency will be a genuine help to the poor and a gateway to global stability. Encyclopedic and carefully researched, the book is packed with many valuable, easy-to-understand examples. -- John B. Taylor, Stanford UniversityA sober-minded and informative take on an overheated topic. * Publishers Weekly *A sweeping survey of fintech, crypto assets, and central bank digital currencies (CBDCs). -- John Detrixhe * Quartz *Very interesting and very worthwhile…I’ll be referencing The Future of Money for a long time. -- John Tamny * Forbes *For anyone who really wants to understand how [Bitcoin] works in all its technical splendor, there is no better introduction. -- Benjamin J. Cohen * Project Syndicate *An impressive overview of the many changes digital technologies have already wrought…A sweeping overview of developments in payments, from the specifics of Ant Group’s business to the e-krona project and Venezuela’s Petro…An engaging read. -- Jon Frost * Finance and Development *An eminently readable work that is accessible and smooth. From banks to cryptocurrencies to fintech, he gives a detailed crash course on the present and lays out breadcrumbs to an uncertain future. As Prasad says, only one thing is for sure, cash is on its way out. What the future holds remains to be seen. * The Week (India) *The book makes a significant contribution. It addresses many wider issues associated with digital currencies and digital finance. These issues include the potential effects on financial stability, the monetary transmission system, domestic and international payment systems, financial inclusion and inequality. It is impressive that so many topics are covered in an accessible manner…[An] excellent book. -- Carlo Cocuzzo and Ian Bright * Society of Professional Economists *Covers everything about digital money, finance, and fintech that anyone would need or want to know. -- Alex Lo * South China Morning Post *A wonderful introduction to, and reference for, the fast-changing world of electronic assets…Fun to read, provides lots of fascinating material for money and banking classes…The book is solid, but the future of privately provided e-money is not. -- Robert P. Flood * Journal of Economic Literature *An interesting and insightful exposition on the shifting landscape from traditional paper notes to digital currencies…The Future of Money provides readers with a window into some of the opportunities and challenges that lie ahead for the financial sector. -- Ronald L. Moy * Enterprising Investor *While written from the perspective of a central bank economist, the book is highly readable and accessible to those without formal training in monetary economics and policy. As it describes projects likely to become reality over the next five to ten years, The Future of Money is relevant for social science scholars interested in technology, digitalization, markets, and organizations. -- Alex Preda * Administrative Science Quarterly *This book offers valuable insights to understand the impact of digital currencies on monetary policy, commercial banks and financial stability. * Journal of Evolutionary Economics *

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Book SynopsisCorporate Finance for Lawyers explores the intricate relationship between law and corporate finance. Utilising the ‘Financial Mindmap’ throughout, chapters depict financial concepts by using colours and visualisations in a clear and intuitive manner.Trade Review‘Using an easy to follow financial tool the authors explain how key elements of corporate finance including leverage finance, company valuations, secured lending and non-interest bearing finance work and interrelate, how returns are achieved and what terms like enterprise value and working capital really mean. They do so in an innovative way drawing together finance theory and the reality of practice to produce what is likely to be a key foundation text not just for corporate lawyers but all those working in the world of M&A and finance.’ -- Chris Hale, Chair Emeritus, Private Equity and Financial Sponsors‘This work presents a great utility in how it addresses issues affecting businesses from legal, economic, financial and accounting perspectives from the moment of setting up to when a business experiences financial difficulties. The treatment is holistic, the materials from impeccable sources and the arguments firmly grounded in the authors' many years of experience. Without doubt, it is an important and timely text.’ -- Paul Omar, De Montfort Leicester Law School, UKTable of ContentsContents: 1 Introduction to law and corporate finance Rolef de Weijs 2. Does leverage create value? Rolef de Weijs 3. Corporate finance and company valuation: why cash became king Joost de Vries and Rolef de Weijs 4. Discounted cash flow valuation and indirect cash flow analyses: retracing the cash Joost de Vries 5. Secured credit and its use: distinguishing between productive and non-productive credit Rolef de Weijs 6 Hybrid finance by means of shareholder loans Rolef de Weijs 7. Financing through shareholder guarantees Aart Jonkers 8 Reorganisation procedures Aart Jonkers and Rolef de Weijs Index

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Book SynopsisCorporate Finance, by Ross, Westerfield, Jaffe, and Jordan, was written for the corporate finance course at the MBA level and the intermediate course in many undergraduate programs. The text emphasizes the modern fundamentals of the theory of finance while providing contemporary examples to make the theory come to life. The authors aim to present corporate finance as the working of a small number of integrated and powerful intuitions rather than a collection of unrelated topics. They develop the central concepts of modern finance: arbitrage, net present value, efficient markets, agency theory, options, and the trade-off between risk and return, and use them to explain corporate finance with a balance of theory and application. The 13th edition also welcomes a special contributor, Professor Kelly Shue of Yale University.

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Book SynopsisBehavioral Corporate Finance provides instructors with a comprehensive pedagogical approach for teaching students how behavioral concepts apply to corporate finance. The primary goal  is to identify the key psychological obstacles to value maximizing behavior, along with steps that managers can take to mitigate the effects of these obstacles.Table of Contents1 Behavioral Foundations2 Introduction to Behavioral Analysis3 Valuation4 Capital Budgeting5 Inefficient Markets and Corporate Decisions6 Perceptions about Risk and Return7 Capital Structure8 Dividend Policy9 Agency Conflicts and Corporate Governance10 Mergers and Acquisitions11 Financial Management and Group Process

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Book SynopsisHailed as a business classic by the likes of Bill Gates and Warren Buffett and widely acknowledged as a forerunner to the writing of Michael Lewis, BUSINESS ADVENTURES is an insightful and gripping look at corporate and financial life in America.Trade Review'All the work of Michael Lewis comes directly from this.' - New Yorker'A masterful storyteller ... Brooks's work is a great reminder that the rules for running a strong business and creating value haven't changed. For one thing, there's an essential human factor in every business endeavor. It doesn't matter if you have a perfect product, production plan and marketing pitch; you'll still need the right people to lead and implement those plans.' - Wall Street Journal'The Michael Lewis of his day.' - New York TimesA supreme pleasure ... Brooks is the direct literary ancestor of Michael Lewis. - Slate'Brooks ... is about the only writer around who combines a thorough knowledge of finance with the ability to perceive behind the dance of numbers 'high, pure, moral melodrama on the themes of possession, domination, and belonging.' - Time'Rare pro-business portraiture which will stand up among the best financial journalism.' - Kirkus'Brooks's great contribution is his synthesis of all the elements that made the 1960s the most volatile in Wall Street history . and making so much material easily digestible for the uninitiated.' - Publishers Weekly

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Book SynopsisNow in its fourth edition, Fundamentals of Corporate Finance continues to use its engaging, accessible narrative to give students an introductory overview of the key concepts in modern corporate finance, and the strategies used by firms in this continually changing field. The author uses years of expertise to guide readers through a framework of corporate finance, providing readers with a solid foundation of knowledge. With integrated theories and real-world European examples, the new edition presents the fundamentals of corporate finance in a clear and captivating way.Key Features• New Sustainability in Finance boxes provide awareness on how sustainability and corporate finance are interconnected in every-day life.• Example boxes in every chapter provide real and hypothetical examples, illustrating theoretical concepts such as calculating returns, bond yields and equity.• Real World Insight boxes on prominent topics like mortgages, investing and price models illustrate how corporate finance theories and concepts have been applied to business and decisions.• Up-to-date content reflecting the latest developments in the field, including the growth of ethics and sustainability, the emergence of cryptocurrencies and financial technology, and the impact of Brexit on corporate finance practice.• Coverage of the Covid-19 pandemic and how this has and will impact the field of corporate finance in the future.• Material aligns with external syllabi from professional bodies including ACCA, CIMA and ICAEW.Table of ContentsPART ONE: OVERVIEW OF CORPORATE FINANCE1 Introduction to Corporate Finance 2 Corporate Governance 3 Financial Statement Analysis PART TWO: VALUATION OF FUTURE CASH FLOWS4 Introduction to Valuation: The Time Value of Money5 Discounted Cash Flow Valuation 6 Bond Valuation 7 Equity Valuation PART THREE: CAPITAL BUDGETING8 Net Present Value and Other Investment Criteria 9 Making Capital Investment Decisions 10 Project Analysis and Evaluation PART FOUR: RISK AND RETURN11 Some Lessons from Recent Capital Market History 12 Return, Risk and the Security Market Line PART FIVE: COST OF CAPITAL AND LONG-TERM FINANCIAL POLICY13 Cost of Capital 14 Raising Capital 15 Financial Leverage and Capital Structure Policy 16 Dividends and Payout PolicyPART SIX: TOPICS IN CORPORATE FINANCE17 Short-Term Financial Planning and Management 18 International Corporate Finance 19 Behavioural Finance 20 Financial Risk Management21 Options and Corporate Finance22 Mergers and Acquisitions

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Book SynopsisTrade ReviewWorthwhile reading for those who don't believe in the holy grail in the markets; a must-read for those who do. -- Jack Schwager, author of Hedge Fund Market Wizards A novel approach aimed at pushing you inside your head and outside the losing habits most folks adopt right after multiple successes. A must-have for traders blessed with a string of hot trades. -- Ken Fisher, Fisher Investments FORBES At Ned Davis Research, we like to say that we are in the business of making mistakes and that the only difference between winners and losers is that winners make small mistakes and losers, big mistakes. This book does an excellent job in explaining in simple English the potential psychological 'flaws' that cause investors to make big mistakes. -- Ned Davis, Ned Davis Research, Inc. One of the rare noncharlatanic books in finance. -- Nassim Nicholas Taleb, from Antifragile: Things That Gain from Disorder Plenty of books recount past successes or focus on how to make money in the market, but what about keeping the money you already have? This may seem like a high-class problem, but it is a very real challenge for investors with substantial capital. -- John Mihaljevic Beyond Proxy [An] enlightening read. -- Brenda Jubin Investing.com The book points out very early that many successful investors have opposing styles and theories on how to make money, and that they can not all be right at the same time. The most important point to take from the book is how to avoid losing money... -- Steve Osbiston Financial Times AdvisorTable of ContentsForeword Preface to the Columbia Edition Preface Part I. Reminiscences of a Trader 1. From Hunger 2. To the Real World 3. Wood That I Would Trade 4. Spectacular Speculator 5. The Quest Part II. Lessons Learned 6. The Psychological Dynamics of Loss 7. The Psychological Fallacies of Risk 8. The Psychological Crowd Part III. Tying It All Together 9. Rules Conclusion Postscript Appendix Notes Bibliography

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Book SynopsisTrade Review"It's easy to snigger at the swagger, but Calacanis has reason to preen. He hasn't merely survived the bust; he's thrived in it. The qualities that made him annoying to his New York colleagues during the boom-his abrasive demeanor, his hucksterism, his incessant networking-serve him well in the postbubble economy." -- Wired "And that's the thing about Calacanis. Only a sucker would bet against him." -- Fast Company "The sort of person who is frequently described as a character out of a movie." -- The New Yorker "Sequoia Capital has funneled millions of dollars to scores of well-connected entrepreneurs, academics, and other people known as scouts...Mr. Calacanis was one of the earliest scouts and ran an online news startup called Inside.com, in which Sequoia had invested." -- The Wall Street Journal "Jason would never stab you in the back. He might stab you in the face, though." -- Douglas Rushkoff "Arguably the world's greatest angel investor." -- The Twenty Minute VC

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Book SynopsisDavid K. Eiteman is Professor Emeritus of Finance at the John E. Anderson Graduate School of Management at UCLA. He has also held teaching or research appointments at the Hong Kong University of Science & Technology, Showa Academy of Music (Japan), the National University of Singapore, Dalian University (China), the Helsinki School of Economics and Business Administration (Finland), University of Hawaii at Manoa, University of Bradford (UK), Cranfield School of Management (UK), and IDEA (Argentina). He is a former president of the International Trade and Finance Association, Society for Economics and Management in China, and Western Finance Association. Professor Eiteman received a BBA (Business Administration) from the University of Michigan, Ann Arbor (1952); MA (Economics) from the University of California, Berkeley (1956); and a PhD (Finance) from North-western University (1959). He has authored or co-authored 4 books and 29 other publications. HisTable of ContentsPART I: GLOBAL FINANCIAL ENVIRONMENT Multinational Financial Management: Challenges and Opportunities International Monetary System The Balance of Payments Financial Goals, Corporate Governance and the Market for Corporate Control PART II: FOREIGN EXCHANGE THEORY & MARKETS The Foreign Exchange Market International Parity Conditions Appendix: An Algebraic Primer to International Parity Conditions Foreign Currency Derivatives: Futures & Options Appendix: Currency Option Pricing Theory Interest Rate Risk and Swaps Foreign Exchange Rate Determination & Intervention PART III: FOREIGN EXCHANGE EXPOSURE Transaction Exposure Appendix A: Complex Option Hedges Appendix B: The Optimal Hedge Ratio and Hedge Effectiveness Translation Exposure Operating Exposure PART IV: FINANCING THE GLOBAL FIRM Global Cost and Availability of Capital Funding the Multinational Firm Multinational Tax Management International Trade Finance PART V: FOREIGN INVESTMENTS AND INVESTMENT ANALYSIS Foreign Direct Investment & Political Risk Multinational Capital Budgeting & Cross-Border Acquisitions Answers to select end-of-chapter problems

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Book Synopsis'Not just a readable, pacey account of an extraordinary individual and his quixotic quest but also a troubling exposé of the fragility of our entire financial system I loved it'Oliver Bullough, author of MoneylandFor fans of Bad Blood and The Big Short, the story of how one reclusive trading prodigy manipulated Wall Street and amassed millions from his childhood bedroom then short-circuited the global market.A real-life financial thriller, Flash Crash gives panoramic insight into our economic landscape its weaknesses, its crooks and its exploitable loopholes and uncovers the remarkable, behind-the-scenes narrative of a mystifying market crash, a globe-spanning investigation into international fraud, and the man Navinder Singh Sarao at the centre of it all.Depending on whom you ask, Sarao was a scourge, a symbol of a financial system run horribly amok, or a folk hero: an outsider who took on the tyranny of Wall Street and the high-frequency traders.Trade Review Longlisted for the Financial Times and McKinsey Business Book of the Year Award 2020 ‘The U.K.'s pre-eminent chronicler of financial crime’ New Yorker ‘This is not just a readable, pacey account of an extraordinary individual … but also a troubling exposé of the fragility of our entire financial system … I loved it’Oliver Bullough, author of Moneyland ‘The definitive account of one of the most mysterious events in the recent history of financial markets …Tells the irresistible personal tale of the unlikely character—finance whiz, social misfit, brazen cheater, folk hero, fraud victim—who finds himself at the centre of a vast global scandal’David Enrich ‘A fascinating journey through the heart of the financial markets and the battle between man and machine’Bradley Hope ‘An elegant and fast-paced narrative … Through meticulous reporting and a gripping story, Vaughan has filled in many of the missing pieces. You won’t be able to put it down.’William D. Cohan ‘A cautionary tale of the fragilities baked into the financial system … An engaging history lesson on the evolution of modern trading … And it is a pacy account that swings from humour to horror of a vulnerable man who is out of his depth … Compelling’Financial Times ‘An extremely well-researched and clearly written book’Spectator ‘Extraordinary … vivid detail … The real bandits are still out there, cloaked in political cover and respectability yet rigging the markets at scale’Wall Street Journal ‘So compelling … He brings out the moral subtleties. It isn’t a simple story of good versus evil … Tells the story beautifully’Daily Mail, Book of the Week ‘A magnificently detailed yet pacy narrative. Think Trading Places meets Wall Street … Vaughan achieves something even more remarkable. He makes you sympathise … Meticulous reporting’Sunday Times

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Book SynopsisThe latest edition in the Principles of Corporate Finance dynasty, the 14th edition continues in its tradition of showing how theory applies to the very practical problems and decisions faced by financial managers. Looking at what financial managers do and why, the book aims to give readers a solid understanding of theory so that they know what questions to ask when times change and new problems need to be analyzed, eventually standing as a reference and a guide to help them make financial decisions, not just study them.This new edition welcomes Alex Edmans to the author team, whose global authority and expertise in corporate governance, responsible business and behavioural finance have been invaluable in bolstering coverage of these topics. A new chapter is entirely dedicated to the subject of balancing shareholder value with promoting the interests of all stakeholders, the potential conflicts inherent in this, and how a responsible buTable of ContentsPart One: ValueChapter 1: Introduction to Corporate FinanceChapter 2: How to Calculate Present ValuesChapter 3: Valuing BondsChapter 4: Valuing StocksChapter 5: Net Present Value and Other Investment CriteriaChapter 6: Making Investment Decisions with the Net Present Value Rule Part Two: RiskChapter 7: Introduction to Risk, Diversification, and Portfolio SelectionChapter 8: The Capital Asset Pricing ModelChapter 9: Risk and the Cost of CapitalPart Three: Best Practices in Capital BudgetingChapter 10: Project AnalysisChapter 11: How to Ensure That Projects Truly Have PositiveNPVs Part Four: Financing Decisions and Market EfficiencyChapter 12: Efficient Markets and Behavioral FinanceChapter 13: An Overview of Corporate FinancingChapter 14: How Corporations Issue Securities Part Five: Payout Policy and Capital StructureChapter 15: Payout PolicyChapter 16: Does Debt Policy Matter?Chapter 17: How Much Should a Corporation Borrow?Chapter 18: Financing and Valuation Part Six: Corporate Objectives and GovernanceChapter 19: Agency Problems and Corporate GovernanceChapter 20: Stakeholder Capitalism and Responsible Business Part Seven: OptionsChapter 21: Understanding OptionsChapter 22: Valuing OptionsChapter 23: Real Options Part Eight: Debt FinancingChapter 24: Credit Risk and the Value of Corporate DebtChapter 25: The Many Different Kinds of DebtChapter 26: LeasingPart Nine: Risk ManagementChapter 27: Managing RiskChapter 28: International Financial Management Part Ten: Financial Planning and Working Capital ManagementChapter 29: Financial AnalysisChapter 30: Financial PlanningChapter 31: Working Capital ManagementPart Eleven: Mergers, Corporate Control, and GovernanceChapter 32: MergersChapter 33: Corporate Restructuring Part Twelve: ConclusionChapter 34: Conclusion: What We Do and Do Not Know about Finance

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Book SynopsisBrealey, Fundamentals of Corporate Finance, 11e, is an introduction to corporate finance focusing on how companies invest in real assets, how they raise the money to pay for the investments, and how those assets ultimately affect the firm''s value. It also provides a broad overview of the financial landscape. The book offers a framework for systematically thinking about most of the important financial problems that both firms and individuals are likely to confront: financial management is important, interesting, and challenging.Fundamentals focuses on setting out the basic principles of financial management and applying them to the main decisions faced by the financial manager. The text is also organized around the key concepts of modern finance. These concepts, properly explained, simplify the subject. They are also practical. Financial management tools are easier to grasp and use effectively when presented in a consistent conceptual framework. Table of ContentsPart 1 Introduction1 Goals and Governance of the Corporation2 Financial Markets and Institutions3 Accounting and Finance4 Measuring Corporate PerformancePart 2 Value5 The Time Value of Money6 Valuing Bonds7 Valuing Stocks8 Net Present Value and Other Investment Criteria9 Using Discounted Cash-Flow Analysis to Make Investment Decisions10 Project AnalysisPart 3 Risk11 Introduction to Risk, Return, and the Opportunity Cost of Capital12 Risk, Return, and Capital Budgeting13 The Weighted-Average Cost of Capital and Company ValuationPart 4 Financing14 Introduction to Corporate Financing15 How Corporations Raise Venture Capital and Issue SecuritiesPart 5 Debt and Payout Policy16 Debt Policy17 Payout PolicyPart 6 Financial Analysis and Planning18 Long-Term Financial Planning19 Short-Term Financial Planning20 Working Capital ManagementPart 7 Special Topics21 Mergers, Acquisitions, and Corporate Control22 International Financial Management23 Options24 Risk ManagementPart 8 Conclusion25 What We Do and Do Not Know about Finance

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Book SynopsisJonathan Berk is the A. P. Giannini Professor of Finance at the Graduate School of Business, Stanford University and is a Research Associate at the National Bureau of Economic Research. Before coming to Stanford, he was the Sylvan Coleman Professor of Finance at the Haas School of Business at the University of California, Berkeley. Prior to earning his PhD, he worked as an Associate at Goldman Sachs (where his education in finance really began). Professor Berk's research interests in finance include corporate valuation, capital structure, mutual funds, asset pricing, experimental economics, and labor economics. His work has won a number of research awards including the Stephen A. Ross Prize in Financial Economics, TIAA-CREF Paul A. Samuelson Award, the Smith Breeden Prize, Best Paper of the Year in The Review of Financial Studies, and the FAME Research Prize. His paper, A Critique of Size-Related Anomalies, was selected as one of the 2 best paperTable of ContentsBrief Contents PART 1: Introduction The Corporation and Financial Markets Introduction to Financial Statement Analysis Financial Decision Making and the Law of One Price PART 2: Time, Money, and Interest Rates The Time Value of Money Interest Rates Valuing Bonds PART 3: Valuing Projects and Firms Investment Decision Rules Fundamentals of Capital Budgeting Valuing Stocks PART 4: Risk and Return Capital Markets and the Pricing of Risk Optimal Portfolio Choice and the Capital Asset Pricing Model Estimating the Cost of Capital Investor Behavior and Capital Market Efficiency PART 5: Capital Structure Capital Structure in a Perfect Market Debt and Taxes Financial Distress, Managerial Incentives, and Information Payout Policy PART 6: Advanced Valuation Capital Budgeting and Valuation with Leverage Valuation and Financial Modeling: A Case Study PART 7: Options Financial Options Option Valuation Real Options PART 8: Long-Term Financing Raising Equity Capital Debt Financing Leasing PART 9: Short-Term Financing Working Capital Management Short-Term Financial Planning PART 10: Special Topics Mergers and Acquisitions Corporate Governance Risk Management International Corporate Finance

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Book SynopsisThe Valuation Book contains the tools needed by anyone who wants to make a robust valuation of a business.No detailed prior knowledge of business valuation is required ? the book covers everything you need to know, including how to read relevant parts of company accounts and the valuation tools (including DCF and multiples) that are used by professionals.Written by academics who are also practitioners, The Valuation Book provides a unique mix of theory and practical application. It is designed around the authors? experience of teaching thousands of people about valuation principles over the last two decades.Short, accessible chapters with a consistent structure and layout allow readers to build up their knowledge step by step.And the book is fully up to date, with accessible specialist chapters on integrating ESG into valuations, valuing immature companies, identifying flaws in valuation models, valuation for mergers and acquisitions, and more.The Valuation Book is a comprehensive introductory valuation guide for investors, managers, accountants, lawyers and anyone else who needs to value a business.

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Book SynopsisTable of ContentsIntroduction 1 Part 1: What’s Unique about Corporate Finance 5 Chapter 1: The Tale of Corporate Finance 7 Chapter 2: Introducing Finance Land 15 Chapter 3: Pitching Your Story for Money 35 Part 2: Making a Statement 45 Chapter 4: Staying Balanced 47 Chapter 5: Incoming Income 59 Chapter 6: Going with the (Cash) Flow 67 Chapter 7: Mastering Metrics 75 Chapter 8: Calculating Capital 97 Part 3: Valuations on the Price Tags of Business 115 Chapter 9: Determining Present and Future Values: Time Is Money 117 Chapter 10: Calling in the Cavalry 125 Chapter 11: Bonding Over Business 143 Chapter 12: Savvy Stock Sales 159 Chapter 13: Pricing Probability from Derived Value 173 Part 4: A Wonderland of Risk Management 183 Chapter 14: Managing Uncertainty 185 Chapter 15: Through the Looking Glass of Modern Portfolio Theory 197 Chapter 16: Financially Engineering Yourself Deeper Down the Rabbit Hole 217 Chapter 17: Weighing Capital 233 Part 5: Financial Management 243 Chapter 18: Assessing Financial Performance 245 Chapter 19: Forecasting Finances 263 Chapter 20: Getting the Deets on M&A 277 Part 6: The Part of Tens 295 Chapter 21: Ten Things You Need to Know about International Finance 297 Chapter 22: Ten Things You Need to Understand about Behavioral Finance 313 Index 325

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Book SynopsisA Wall Street Journal Bestseller!What are venture capitalists saying about your startup behind closed doors? And what can you do to influence that conversation?If Silicon Valley is the greatest wealth-generating machine in the world, Sand Hill Road is its humming engine. That's where you'll find the biggest names in venture capital, including famed VC firm Andreessen Horowitz, where lawyer-turned-entrepreneur-turned-VC Scott Kupor serves as managing partner.Whether you're trying to get a new company off the ground or scale an existing business to the next level, you need to understand how VCs think. In Secrets of Sand Hill Road, Kupor explains exactly how VCs decide where and how much to invest, and how entrepreneurs can get the best possible deal and make the most of their relationships with VCs. Kupor explains, for instance:   • Why most VCs typically invest in only one startup in a given business category.    • Why the skill you need most when raising venture capital is the ability to tell a compelling story.    • How to handle a down round, when startups have to raise funds at a lower valuation than in the previous round.    • What to do when VCs get too entangled in the day-to-day operations of the business.    • Why you need to build relationships with potential acquirers long before you decide to sell. Filled with Kupor's firsthand experiences, insider advice, and practical takeaways, Secrets of Sand Hill Road is the guide every entrepreneur needs to turn their startup into the next unicorn.

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Book SynopsisJonathan Berk is the AP Giannini Professor of Finance at the Graduate School of Business, Stanford University and is a Research Associate at the National Bureau of Economic Research. Before coming to Stanford, he was the Sylvan Coleman Professor of Finance at Haas School of Business at the University of California, Berkeley. Prior to earning his PhD, he worked as an Associate at Goldman Sachs (where his education in finance really began). Professor Berk's research interests in finance include corporate valuation, capital structure, mutual funds, asset pricing, experimental economics, and labor economics. His work has won a number of research awards including the TIAA-CREF Paul A. Samuelson Award, the Smith Breeden Prize, Best Paper of the Year in The Review of Financial Studies, and the FAME Research Prize. His paper, A Critique of Size-Related Anomalies, was selected as one of the two best papers ever published in The Review of Financial StudiesTable of Contents The Corporation and Financial Markets Introduction to Financial Statement Analysis Financial Decision Making and the Law of One Price The Time Value of Money Interest Rates Valuing Bonds Investment Decision Rules Fundamentals of Capital Budgeting Valuing Stocks Capital Markets and the Pricing of Risk Optimal Portfolio Choice and the Capital Asset Pricing Model Estimating the Cost of Capital Investor Behavior and Capital Market Efficiency Capital Structure in a Perfect Market Debt and Taxes Financial Distress, Managerial Incentives, and Information Payout Policy Valuation and Financial Modeling: A Case Study

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Book SynopsisEssentials of Corporate Finance focuses on what undergraduate students with widely varying backgrounds need to carry away from a core course in business or corporate finance. The goal is to convey the most important concepts at a level that is approachable for the widest possible audience. Essentials is written in a relaxed, conversational style that invites the students to join in the learning process rather than being a passive information absorber.Essentials has three basic themes as a central focus: An Emphasis on Intuition: We always try to separate and explain the principles at work on a commonsense, intuitive level before launching into any specifics. A Unified Valuation Approach: We treat net present value (NPV) as the basic concept underlying corporate finance. A Managerial Focus: Students shouldn't lose sight of the fact that financial management concerns management. We emphasize the role of the financial manager as deciTable of ContentsPart One: Overview of Financial Management Chapter 1: Introduction to Financial Management Part Two: Understanding Financial Statements and Cash Flow Chapter 2: Financial Statements, Taxes, and Cash Flow Chapter 3: Working with Financial Statements Part Three: Valuation of Future Cash Flows Chapter 4: Introduction to Valuation: The Time Value of Money Chapter 5: Discounted Cash Flow Valuation Part Four: Valuing Stocks and Bonds Chapter 6: Interest Rates and Bond Valuation Chapter 7: Equity Markets and Stock Valuation Part Five: Capital Budgeting Chapter 8: Net Present Value and Other Investment Criteria Chapter 9: Making Capital Investment Decisions Part Six: Risk and ReturnChapter 10: Some Lessons from Capital Market History Chapter 11: Risk and Return Part Seven: Long-Term Financing Chapter 12: Cost of Capital Chapter 13: Leverage and Capital Structure Chapter 14: Dividends and Dividend Policy Chapter 15: Raising Capital Part Eight: Short-Term Financial Management Chapter 16: Short-Term Financial Planning Chapter 17: Working Capital Management Part Nine: Topics in Business Finance Chapter 18: International Aspects of Financial Management Appendices Appendix A: Mathematical Tables Appendix B: Key Equations Appendix C: Answers to Selected End-of-Chapter Problems Appendix D: Using the HP-10B and TI BA II Plus Financial Calculators

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Book SynopsisEvery VC wants to find the next billion dollar company to invest in, and every startup wants to become one. Ali Tamaseb set out to find patterns in the backgrounds, methods, and trajectories of these companies, gathering and analyzing 40,000 data points about the 200+ billion dollar companies and the people who founded them. And you'll be surprised by what he discovered:* Half of unicorn founders are over 35;* Most founders don't have any directly relevant work experience in the industry they're disrupting;* There's no disadvantage to being a solo founder;* Sixty percent of billion dollar companies are started by repeat entrepreneurs, many of whom already have at least one $50M+ exit under their belt; and* Over half of these companies were competing with multiple incumbents at the time of their founding.Super Founders gives readers an unprecedented look at what the data tells us about the world's most successful startups and the people who create them. A blend of data, analysis, stories based on exclusive interviews, this book is a paradigm-shifting guide for entrepreneurs and the investment community. You may look more like a Super Founder than you think!

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Book SynopsisTrade Review"...an excellent read...Mr. Gramm has collected a series of deliciously rich letters, many of which were never before published, sent to chief executives by investors by everyone from Warren Buffett to Ross Perot." -- Andrew Ross Sorkin, The New York Times "An engaging and informative book...Eight investor's letters that sum up some of the great agency-problem battles in the history of American business. It is a valuable set of stories." John Lanchester, The New Yorker -- John Lanchester, The New Yorker "...concise account of the spread of the particular form of corporate democracy called 'shareholder activism,'... a grand story." -- Wall Street Journal "Gramm ... is an engaging and critical guide to a century of US activism and activists" -- Financial Times (Summer Reading List) Jeff Gramm shows in his lively, well-researched book -- Business Strategy a revelation: a lively account of a long war against corporate and investor smugness -- The Financial Times "It's an illuminating read for those wondering what drives activists, and includes occasional references to music (another Mr. Gramm hobby) with lucid observations on investors and corporations." -- Wall Street Journal illuminating and often wildly entertaining -- Huffington Post "Jeff Gramm has a refreshing approach to the generations-long conflict between entrenched corporate management and shareholder activists. Gramm illustrates this seemingly never ending struggle for corporate control by examining specific well known and surprisingly interesting examples. Dear Chairman is an engaging and worthwhile read." -- -Alan Greenspan, Former Chairman of the Board of Governors, Federal Reserve System "Public companies face the high standards of the marketplace: fill a need, grow, and remember always that you are the trustee of your stockholders' money. Dear Chairman is a fascinating and colorful history. It should be required reading for anyone who wants to participate as investor or manager." -- -Charles R. Schwab, Chairman, The Charles Schwab Corporation -Charles R. Schwab, Chairman, The Charles Schwab Corporation "The story of the rise of shareholder activism has never been told as compellingly and instructively as Jeff Gramm offers it in Dear Chairman, a book that dissects the dramatic deals and brings to life the unbelievable characters of the past 100 years." -- -Arthur Levitt, Former Chairman, U.S. Securities and Exchange Commission -Arthur Levitt, Former Chairman, U.S. Securities and Exchange Commission "When major shareholders get actively involved, how do they think about companies and their value? Jeff Gramm breaks new ground in a book which is exciting, wise, well-written, and above all else instructive and useful." -- -Tyler Cowen, New York Times bestselling author of The Great Stagnation, professor of economics George Mason University "This is a rare book, masterful in both technical understanding and in narrative." -- -Amity Shlaes, author of Coolidge and The Forgotten Man "Jeff Gramm's fascinating archaeology of shareholder activism lays bare the foundation upon which today's turbulent, performance oriented stock market stands. Dear Chairman is an important, interesting, and insightful history." -- Frederick W. Smith Chairman & CEO FedEx Corporation Frederick W. Smith Chairman & CEO FedEx Corporation Frederick W. Smith Chairman & CEO FedEx Corporation Frederick W. Smith, Chairman and CEO, FedEx Corporation "The letters give insight into how shareholder activism can both benefit and harm companies. Gramm's findings will intrigue and inform history buffs and activist shareholders alike. " -- Publishers Weekly

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Book SynopsisSimplify and streamline your way to a winning legacy Winning CFOs is a hybrid handbook and toolkit with over 100 lean practice solutions and a wealth of practical tools for senior financial managers of small, midsized and large companies.Table of ContentsAbout the Author ix Testimonials xi Introduction xiii Acknowledgments xxi Part I: Change—Why the Need and How to Lead Chapter 1: Getting Your Finance Team Future Ready 3 Chapter 2: Leading and Selling the Change 17 Part II: To Be Completed Before the Next Month-End Chapter 3: Rapid Month-End Reporting: By Working Day Three or Less 29 Part III: Technologies to Adopt Chapter 4: Future-Ready Technologies 49 Part IV: Progress You Need to Make Within the Next Six Months Chapter 5: Reduce Accounts Payable Volumes by 60 Percent 77 Chapter 6: Month-End Reporting Refinements 91 Chapter 7: Lean Reporting—Informatively and Error Free 101 Chapter 8: Lean Board Reporting 135 Chapter 9: A Lean Annual Planning Process—Ten Working Days or Less! 149 Chapter 10: Lean and Smarter Work Methods 177 Chapter 11: Effective Leadership, Growing and Retaining Talent 199 Chapter 12: Quick Annual Reporting: Within 15 Working Days Post Year-End 225 Chapter 13: Managing Your Accounts Receivable 245 Chapter 14: Attracting and Recruiting Talent 249 Chapter 15: Lean Accounting 265 Part V: How Finance Teams Can Help Their Organizations Get Future Ready Chapter 16: Implementing Quarterly Rolling Forecasting and Planning 281 Chapter 17: Finding Your Organization’s Operational Critical Success Factors 315 Chapter 18: Getting Your KPIs to Work 327 Chapter 19: Reporting Performance Measures 351 Part VI: Areas Where Costly Mistakes Can Be Made Chapter 20: Performance Bonus Schemes 371 Chapter 21: Takeovers and Mergers 387 Chapter 22: The Hidden Costs of Reorganizations and Downsizing 399 Appendix A: Useful Letters and Memos 409 Appendix B: Rules for a Bulletproof Presentation 419 Appendix C: Satisfaction Survey for a Finance Team 427 Index 435

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Book SynopsisBy adopting a practical, market-oriented approach to capital allocation, this book sheds light on the complex issue of cash flow deployment and the creation of shareholder value. In order to run a company efficiently, it is not sufficient to simply be a competent businessperson. One must also possess the skills of a knowledgeable investor. The management must determine where to invest capital given the diverse range of investment options available, such as mergers and acquisitions (M&A), dividends, share repurchase programs, and organic growth opportunities. This book provides a useful analytical framework for corporate executives to consider when allocating capital, along with empirical findings from peer group studies and company case studies. The book helps answer the following questions: · What are the primary factors that drive your company's shareholder value? Are they aligned with the strategy the company is pursuing? · What are the key dynamics and trade-offs between return on investments (ROIC), growth, and earnings quality? · What are the current market expectations embedded in the stock price? · Given the capital allocation priorities, what does an “optimal” capital structure look like? · How do you set, and in turn communicate, the capital allocation and funding priorities? Written by an expert with more than 25 years of experience, this book helps business executives improve their skills as capital allocators by better understanding the financial markets.Table of ContentsChapter 1. Introduction.- Part 1. Debating ESG Financial Topics.- Chapter 2. Sustainability literature orientation: Evidence from finance academic research.- Chapter 3. First assessment of EU Taxonomy regulation for Italian banks.- Chapter 4. Sustainable finance: A Quest for Value from ICO.- Part 2. - ESG Instruments and Sectors. Chapter 5. A Bibliometric Analysis of Sustainable Finance.- Chapter 6. Exploring the Shades of Green Premium: A Matching Approach.- Chapter 7. Sustainable finance for maritime development. a critical analysis of green bonds in the National Recovery and Resilience Plan.- Part 3 – Governance and the Role of Women. Chapter 8. Are women the panacea? Exploring the Direction of Socially Responsible Commitment.- Chapter 9. Social Sustainability in Equity Crowdfunding: the role of women in the platforms' Boards.

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Book SynopsisThe Investment Trusts Handbook 2025 is the eighth edition of the highly regarded annual handbook for anyone interested in investment trusts often referred to as the City's best-kept secret, or the connoisseur's choice among investment funds.

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Book SynopsisA stock's share price is often traded not for what it is worth but for what investors think it is worth. Institutional investors are increasingly looking at the rapidly expanding area of behavioural finance before making an investment decision. This book links the theory of behavioural finance with applications in financial products.Trade Review"...The finding is surprising, as the City is notoriously full of arrogant young men betting on financial markets…Mr Montier has unearthed bizarre facts which suggest stock markets are frequently driven by entirely irrational factors..." (The Daily Telegraph 25 November 2002) "...In a new book, James Montier…outlines practical methods for exploiting the anomalies thrown up by behavioural finance..." (Financial Times, 25 November 2002) "…a good introduction to this subject…." (Professional Investor, March 2003)Table of ContentsPreface. Introduction. 1. Psychological Foundations. Introduction. Biases of Judgement or Perception is Reality. Errors of Preference or There is No Such Thing as Context-free Decision Making. Conclusions. 2. Imperfect Markets and Limited Arbitrage. Introduction. Ketchup Economics. Efficiency and LOOP. Stock Market. Other Markets. Imperfect Substitutes. Limited Arbitrage. Positive Feedback Trading. Risk Management and Limited Arbitrage. On the Survival of Noise Traders. Informational Imperfections. Conclusions. 3. Style Investing. Introduction. The Data. The History. Potential Gains to Style Rotation. Life Cycle of an Investment Style. Value vs. Growth: Risk or Behavioural? Style Rotation. Quantitative Screens. Timing the Switch. Conclusions. 4. Stock Valuation. Introduction. Keynes' Beauty Competition. The (Ir)relevance of Fundamentals. Valuation and Behavioural Biases. Cost of Capital. Factors from Limited Arbitrage. An Analyst's Guide. 5. Portfolio Construction and Risk Management. Introduction. Covariances. Correlations. Distribution of Returns. Fat Tails or Outliers? 6. Asset Allocation. Introduction. Markets and Fundamentals. Dividend Yield, Spreads and Ratios. Earnings Yield, Spreads and Ratios. Payout Ratio. The Equity Risk Premium. Should Corporate Financiers be Running TAA? Market Liquidity. Crashes as Critical Points. 7. Corporate Finance. Introduction. Irrational Managers/Rational Markets. Rational Managers/Irrational Markets. Conclusions. 8. The Indicators. Introduction. Liquidity Measures. Sentiment Measures. Asset Allocation Measures. Earnings Measures. Technical Measures. Others. Final Thoughts. Bibliography. Index.

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Book SynopsisAn engaging exploration of modern-day deals and deal-making Gods at War details the recent deals and events that have forever changed the world of billion-dollar deal-making. This book is a whirlwind tour of the players determining the destiny of corporate America, including the government, private equity, strategic buyers, hedge funds, and sovereign wealth funds. It not only examines many of the game-changing takeover events that have occurred in the past years, but also puts them into context and exposes what is really going on behind the scenes on Wall Street. Gods at War completely covers the strategic issues that guide the modern-day deal, and since they unfold under the shadow of the law, it also focuses on the legal aspects of deal-making and takeovers. Each chapter unfolds through the lens of a recent transaction, from the battle between Yahoo! and Microsoft to the United Rental/Cerberus dispute Provides in-depth explanationTable of ContentsPreface. Prologue. Chapter 1 The Modern Deal. The Import of Personality. The Evolution of the Takeover. The Takeover Revolution. Chapter 2 KKR, SunGard, and the Private Equity Phenomenon. KKR and the Origins of Private Equity. SunGard and the Transformation of Private Equity. Private Equity in the Sixth Wave. Chapter 3 Accredited Home Lenders and the Attack of the MAC. The Fall of Accredited Home Lenders. Material Adverse Change Clauses. The MAC Wars of Fall 2007. The MAC Clause in Flux. The Future of the MAC. Chapter 4 United Rentals, Cerberus, and the Private Equity Implosion. The Cerberus–United Rentals Dispute. The Implosion of Private Equity. Fault and the Failure of Private Equity. The Future of Private Equity. Chapter 5 Dubai Ports, Merrill Lynch, and the Sovereign Wealth Fund Problem. The Financial Wave of Sovereign Fund Investment. The Sovereign Wealth Fund Problem. CFIUS and Foreign Investment. Chapter 6 Bear Stearns and the Moral Hazard Principle. Saving Bear Stearns. JPMorgan's Dilemma. The Fight for Bear Stearns. Lessons from Bear's Fall. Chapter 7 Jana Partners, Children's Investment Fund, and Hedge Fund Activist Investing. A Brief Overview of the "Agency Problem". The Rise of Hedge Fund Activism. The 2008 Proxy Season. The Future of Hedge Fund Activism. Chapter 8 Microsoft, InBev, and the Return of the Hostile Takeover. Microsoft–Yahoo! InBev–Anheuser-Busch. The Elements of a Successful Hostile Takeover. Delaware and Hostile Takeovers. The Future of Hostile Takeovers. Chapter 9 Mars, Pfi zer, and the Changing Face of Strategic Deals. The Changing Structure of Strategic Transactions. The Phenomenon of the Distressed Deal. Do Takeovers Pay? Delaware Law and Strategic Transactions. The Future of Strategic Transactions. Chapter 10 AIG, Citigroup, Fannie Mae, Freddie Mac, Lehman, and Government by Deal. The Nationalization of Fannie Mae and Freddie Mac. The Week the Investment Bank Died. TARP, Citigroup, Bank of America, and Beyond? Assessing Government by Deal. Chapter 11 Restructuring Takeovers. Federal Takeover Law. Delaware Takeover Law. Deal-Making. Chapter 12 Deal-Making Beyond a Crisis Age. Notes. About the Author. Acknowledgments. Index.

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Book SynopsisFrancesca Taylor has been a major player in the international derivatives markets for over 25 years and has recently relocated to Dubai, UAE. Francesca is also the founder and ex-CEO of Taylor Associates (International) Ltd, a financial training company based in London, which provides training and education to a range of financial and non-financial organisations. She has extensive experience in the derivatives clearing and OTC post trade space working with key market providers of infrastructure services, notably Capco, CLS, DTCC, Deriv/SERV, Markit and Omgeo, both in the UK and North America. She has worked with CME and Bloomberg in NYC and ICE in Chicago to create TV and web based tutorials in traded options and future markets. Francesca has a BSc (Hons) in geology from London University, an MBA from Imperial College and an AMCT from the Association of Corporate Treasurers. Francesca is the author of the bestselling Market KnoTable of ContentsTable of Contents 1. Background and development of the derivatives markets Market background Introduction Key features Uses of derivatives Range of derivatives Increasing use of the Central Counterparty Model (CCP) Risk and benchmarking Market volumes Users and uses of derivatives Straight Through Processing (STP) 2. Market fundamentals Introduction How banks generate income Three key assumptions Role and use of LIBOR Day counts Financial maths Calculating forward rates Marking to market Yield curves Quiz 3. Risk — a Primer Introduction Finacial risks: markets, credit, liquidity Operational risk More esoteric risks 4. Derviatives Fundamentals Range of derivatives What is a vanilla trade? Settlement Triggers Liquidity and credit risk Understanding the 'underlying' Benchmarks Fair value Dealing with derivatives 5. Basic option concepts Introduction Option pricing Option mechanics 6. Interest rate derivatives — single settlement instruments Introduction Single settlement interest rate derivatives Financial futures contracts Forward rate agreements (FRAs) Interest rate options (IROs) Quiz 7. Interest rate derivatives Introduction Interest rate caps and floors Interest rate collars Interest rate swaps Quiz 8. Benchmarking in the OTC derivatives marketsPenny Davenport, Manging Director, Markit Document Exchange and Gavan Nolan, Vice President, Credit Research, Markit Group Financial benchmarking for derivatives Liquidity benchmarking for derivatives Operational risk measurements for derivatives Conclusion 9. Currency derivatives Introduction Over the counter currency options Currency options: reduced premium strategies Simple exotic structures Currency swaps Exchange-traded instruments Quiz 10. The impact of electronic trading on the FX MarketRay McKenzie, Vice President, ICE The early years FX as part of a commodity portfolio First electronic dealing platforms Electronic market making Phases I and II Point and click vs algo traders The impact of the credit crisis on banks' FX trading Phase III 11. Credit derivatives Introduction What is credit risk? Styles of trading The first deals Range of credit derivatives Credit default swaps 12. Central clearing and the OTC marketBill Hodgson, Founder and CEO, The OTC Space Ltd The basics Trade execution Risks and mitigation Getting trades into clearing The business case and benefits Predictions for market development Terminology 13. Equity derivatives Introduction Background Single stocks or equity indices? Stock index futures Stock index options Single stock options Equity index swaps 14. Commodity derivatives Introduction Exchange-traded energy derivatives Exchange-traded futures contracts Exchange-traded energy option contracts OTC or ‘off-exchange’ energy derivatives OTC option products OTC oil swaps <

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Book SynopsisThe authors argue that corporate law’s rules and practices mimic contractual provisions that parties would reach if they bargained about every contingency at zero cost and flawlessly enforced their agreements. But bargaining and enforcement are costly, and corporate law provides necessary rules and an invaluable enforcement mechanism.Trade ReviewTruly first-rate...Arguably the most important--and most readable--corporate law book ever. A classic...Certain to change the way corporate law is taught, understood, and possibly even made. -- Robert M. Daines and Jon Hanson * Yale Law Journal *An important and provocative contribution to the law and economics literature...Scholars in the field should hold a place for it on their shelves. -- Christopher Grandy * Journal of Economic Literature *This may be the best book ever written about corporate law. * University of Chicago Law Review *Table of Contents* The Corporate Contract * Limited Liability * Voting * The Fiduciary Principle, the Business Judgment Rule, and the Derivative Suit * Corporate Control Transactions * The Appraisal Remedy * Tender Offers * The Incorporation Debate and State Antitakeover Statutes * Close Corporations * Trading on Inside Information * Mandatory Disclosure * Optimal Damages * Acknowledgments * Case Index * Author Index * General Index

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Book SynopsisThe triple bottom line has become the standard modus operandi for assessing the sustainability of financial markets, industries, institutions and corporations. This Research Handbook provides the most recent developments, current practices and new initiatives related to sustainable finance and impact investing. In doing so, it demonstrates how the triple bottom line principle can be used to design sustainable strategies for firms, markets and the economy as a whole. The Handbook covers aspects of socially responsible investment, finance and sustainable development, corporate socially responsible banking, green bonds and sustainable financial instruments. Comprising 20 topical chapters from experts in the field, this Handbook is a comprehensive investigation of financial services and products that help cope with sustainable investing and climate risk management. Chapters discuss the role of regulation framework in guaranteeing the stability and resilience of financial markets and offer insight into governance issues including the management of organizational risks, CSR culture, and social-impact investing culture. An essential reference for scholars and students, the multidisciplinary approach covers business, finance, accounting, management and entrepreneurship. Practitioners such as financial analysts, rating agencies and regulators will also find this an accessible read for exploring the possibilities the triple bottom line principle can provide.Contributors include: M. Amidu, W.R. Ang, M. Ariff, F. Aubert, H. Bassan, F. Bazzana, K. Berensmann, N. Boubakri, E. Broccardo, F. Dafe, F. de Mariz, K. Delchet-Cochet, M. Dempsey, G.N. Dong, K.U. Ehigiamusoe, J. Fouilloux, R. Gabriele, J.-F. Gajewski, J. Grira, K. Gupta, H. Issahaku, L. Kermiche, H.H. Lean, K.T. Liaw, N. Lindenberg, J.R. Mason, M. Mazzuca, R. McIver, C. Nitsche, G. Porino, J.M. Puaschunder, J.R.F. Savoia, M. Schröder, V. Tankoyeva, J.-L. Viviani, L.-C. Vo, O. Weber, A. ZareiTable of ContentsContents: Part I Sustainability, Financial Stability and Fraud 1. Financial Regulation and Fraud in CO2 Markets Joseph R. Mason 2. How to Better Detect Cases of Financial Reporting Fraud: Some New Findings from Earnings Restatements François Aubert, Jean-François Gajewski and Lamya Kermiche 3. Fostering green investment decisions: the real option approach Jessica Fouilloux and Jean-Laurent Viviani 4. Exchange Rate Instability: Relative Volatility, Risk and Adjustment Speed Mohamed Ariff and Alireza Zarei 5. Financial Instability: Economic and Financial Perspectives Michael Dempsey 6. The Stability of Financial System: An Analysis of the Determinants of Russian Bank Failures Viktoryia Tankoyeva, Flavio Bazzana and Roberto Gabriele 7. Sovereign Wealth Funds and Macroeconomic Stability: Before and After their Establishments Kizito Uyi Ehigiamusoe and Hooi Hooi Lean Part II Sustainability and Financial Markets 8. Financial Markets like Potter’s Hands? Rethinking Finance for Sustainability in a Civil Society Perspective Giulia Porino 9. An Alternative Way to Think of Finance: The Case of Innovative, Sustainable Financial Instruments Eleonora Broccardo and Maria Mazzuca 10. The Market Premium of Sustainability in Health-Care Sector Firms Gang Nathan Dong 11. Environmental Sustainability and Inter- and Intra- Industry Variation in Stock Returns: International Evidence Harjap Bassan, Kartick Gupta and Ron P. McIver 12. The Role of Financial Markets in Promoting Sustainability – A Review and Research Framework Mohammed Amidu and Haruna Issahaku 13. Financial Innovation with a Social Purpose: The Growth of Social Impact Bonds Frédéric de Mariz and José Roberto Ferreira Savoia 14. Asset Allocation and Green Bond Market K. Thomas Liaw 15. Demystifying Green Bonds Kathrin Berensmann, Florence Dafe and Nannette Lindenberg Part III CSR and Socially Responsible Investment 16. Models of Corporate Socially Responsible Banks: Financial Cooperatives, Islamic Banks, and Micro-Finance Institutions Narjess Boubakri and Jocelyn Grira 17. CSR Implementation in French SMEs: An Adapted Framework Karen Delchet-Cochet and Linh-Chi Vo 18. The Performance, Volatility, Downside Risk and Persistence of Socially Responsible Investments in Korea and the Impact of Korea Green New Deal Wei Rong Ang and Olaf Weber 19. Are SRI Funds Conventional Funds in Disguise or Do They Live up to Their Name? Christin Nitsche and Michael Schröder 20. Socio-psychological Motives of Socially Responsible Investors Julia M. Puaschunder Index

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Book SynopsisTrade Review"A clear-eyed assessment of hedge funds as engines of inequality. . . . Neely’s analysis is on point and fair-minded. Finance industry workers and those aspiring to join the industry should consider it essential reading." * Publisher's Weekly *"Beautifully written and a page turner. . . . The analysis is also skilfully interwoven with observations and interviews, making it accessible and embodied by real flesh-and-blood characters." * British Journal of Sociology *Table of ContentsContents List of Tables and Figure Acknowledgments Preface Introduction: Hedging In and Out 1 From Financial Steward to Flash Boy 2 Pathways to the Working Rich 3 Getting the Job 4 Inside the Firm 5 Moving Up the Ranks 6 Reaching the Top 7 View from the Top Conclusion: Picking Winners and Losers Methodological Appendix: Studying Up Notes Bibliography Index

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Book SynopsisTrade Review“Matt Higgins knows from experience that when you have little to lose, there’s a lot to be gained by making bold bets. In this engaging, actionable book, he shows how it’s possible to take the reins and reinvent your career." — Adam Grant, #1 New York Times bestselling author of Think Again and host of the TED podcast WorkLife "Some people are afraid to take that first step and start a business. Matt gives you a path to challenge yourself and accomplish what you may have been too afraid to start." — Mark Cuban, entrepreneur and Shark Tank Shark "Instead of wondering what’s next, I’ve found it’s better, wherever you are in your career, to focus on what you can learn. Anybody who thinks through the questions Matt raises in Burn the Boats will form a clearer idea of where it is they want to go, and after reading his inspiring stories, they’ll be ready to blaze their own trail." — David Solomon, CEO of Goldman Sachs “Matt has a rare ability to articulate the fears that loom so large in our collective subconscious. Burn the Boats is a brilliant book that will renew your faith in your ability to achieve exactly what you set out to do, to stop settling and start striving for the life you always imagined. In these pages you'll discover the practical tools you need to conquer your self-doubt and navigate around people's opinions and expectations of you. This book will change you.” — Jay Shetty, #1 New York Times bestselling author Think Like a Monk “I hate Plan B. I always tell people that to achieve big dreams, you have to ignore the naysayers, but the naysayers are external. Once you have a Plan B, you’ve become your own naysayer. Big dreams require relentless focus, and any time we spend planning for failure sets us up for failure. When Matt told me I inspired him, I was really touched. But the best part is, inspiration is contagious, and now Matt can inspire you with this book. Enjoy it, when you finish reading, I can’t wait to hear about who you inspire.” — Arnold Schwarzenegger "I’ve always known that one of the best advantages is being disadvantaged. Life and business is all about how you can take those negatives and turn them into positives by thinking completely outside of the box. Matt and I both know that our scrappy roots growing up on the streets of Queens is what sparked a fire to achieve the impossible." — Daymond John, costar of Shark Tank and New York Times bestselling author "If you're looking for the push to take the leap, Burn the Boats is it. Matt is among the most remarkable entrepreneurs and businessmen I've ever met. The circumstance of Matt's journey forced him to take enormous risks and build without hesitation, which resulted in compounding success in his career from high school dropout to Harvard lecturer. At Shopify, we are building the tools for people to reach for independence and become entrepreneurs; Burn the Boats gives you the push to take the leap and start." — Harley Finkelstein, president of Shopify "While most people found it difficult to believe, as founder I saw no way that ARK would fail. Matt Higgins understood. Now, in his book Burn the Boats, Matt shares the story not only of his own intrepid and incredibly successful entrepreneurial adventures, but also those of many other dogged entrepreneurs who saw no option other than success. His book is replete with lessons learned along with encouragement and guidance for those ready to take their own leaps of faith!" — Cathie Wood, founder, CEO, and CIO of Ark Invest “So motivated and encouraged by Matt Higgins’s perspective—currently reading Burn the Boats and the pages are soaked with highlighter ink.” — Joanna Gaines, interior designer, television personality, author, and founder of Magnolia

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Book SynopsisSecure venture capital? Easy. Getting a business up and running or pushing a brilliant product to the marketplace requires capital. For many entrepreneurs, a lack of start-up capital can be the single biggest roadblock to their dreams of success and fortune.Table of ContentsIntroduction 1 Part I: Getting Started with Venture Capital 5 Chapter 1: Nothing Ventured, Nothing Gained: Venture Capital Basics 7 Chapter 2: The Venture Capitalist Mindset 17 Chapter 3: Is Working with a VC Right for You? 33 Chapter 4: Alternatives to Venture Capital Funding 45 Chapter 5: Connecting with Investors Online and Face to Face 65 Part II: Becoming Attractive to Venture Capitalists 85 Chapter 6: Positioning Your Company for Funding 87 Chapter 7: Cultivating Relationships 111 Chapter 8: Providing an Exit Strategy 131 Part III: Getting Your Ducks in a Row: Deal Design and Due Diligence 149 Chapter 9: Structuring Pre-VC Deals 151 Chapter 10: Leading the Risk Conversation 173 Chapter 11: Telling Your Valuation Story 195 Chapter 12: Negotiating Your Terms 211 Part IV: Pitching to Investors 235 Chapter 13: Due Diligence: Preparation and Fundamentals 237 Chapter 14: Planning Your Pitch 261 Chapter 15: Visualizing the Deal: Creating Your Pitch Deck 275 Chapter 16: Show Time! Making Your Presentation 299 Chapter 17: If at First You Don’t Succeed — and Even If You Do — Try, Try Again 309 Part V: The Part of Tens 321 Chapter 18: Ten Ways to Lose a Deal 323 Chapter 19: Ten Places and People That Can Lead You to a VC 327 Index 331

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Book SynopsisThe maths, the formulas, and the problems associated with corporate finance can be daunting to the uninitiated, but help is at hand.Table of ContentsIntroduction 1 Part I: Getting Started with Corporate Finance 5 Chapter 1: Introducing Corporate Finance 7 Chapter 2: Navigating the World of Corporate Finance 15 Chapter 3: Raising Money for Business Purposes 35 Part II: Reading Financial Statements as a Second Language 45 Chapter 4: Seeing What You’re Worth with the Balance Sheet 47 Chapter 5: Getting Paid with the Profit and Loss Account 59 Chapter 6: Easy Come, Easy Go: Understanding the Cash Flow Statement 69 Chapter 7: Making Financial Statements Useful with Ratio Analysis 77 Chapter 8: Measuring Financial Wellbeing with Special-Use Ratios 97 Part III: Placing Valuations on the Price Tags of Business 115 Chapter 9: Determining Present and Future Values: Time Is Money 117 Chapter 10: Looking to the Future with Capital Budgeting 125 Chapter 11: Bringing on Your Best Bond Bets 143 Chapter 12: Being Savvy When Shopping for Shares 159 Chapter 13: Measuring Valuations of the May-Be: Derivatives 177 Part IV: Walking in a Risk Management Wonderland 189 Chapter 14: Managing the Risky Business of Corporate Finances 191 Chapter 15: Through the Looking Glass of Modern Portfolio Theory 203 Chapter 16: Entering the Science Lab: Financial Engineering 223 Chapter 17: Assessing Capital Structure 239 Part V: Understanding Financial Management 249 Chapter 18: Assessing Financial Performance 251 Chapter 19: Forecasting Finances Is Easier than Predicting the Weather 273 Chapter 20: Spelling out the ABC of M&A 289 Part VI: The Part of Tens 309 Chapter 21: Ten Things You Need to Know about International Finance 311 Chapter 22: Ten Things You Need to Understand about Behavioural Finance 325 Index 337

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Book SynopsisTrade ReviewAs a respected equity analyst, Kenneth A. Posner has seen firsthand what it means to be blindsided by black swans. In this deeply thoughtful and heartfelt book, he traces out the sources of what we think of as 'surprise events' and offers a pragmatic approach for confronting and hopefully mitigating their adverse effects. Along the way, there are many beautifully elaborated stories depicting how swans often won the day, as well as descriptions of the all-too-rare positive outcomes. This is a valuable book for anyone who treads a path through an uncertain world (hint: that should be everyone!). -- Martin Leibowitz, managing director, Morgan Stanley, and coauthor of The Endowment Model of Investing How do highly intelligent bankers and investors get surprised and brought down by financial crises created by their own interactions? Why can't formulaic rules and regulations prevent such crises? How can sophisticated models be so far off? How can one cope with the 'the unpredictability of collective action'? Posner provides insightful, honest, and very instructive real-world adventures in how 'to learn to live with extreme volatility,' as financial markets marched, trumpets blaring, into the quicksands of recursiveness. -- Alex J. Pollock, American Enterprise Institute, and former president and CEO of the Federal Home Loan Bank of Chicago Posner's Stalking the Black Swan is an insightful integration of the emerging field of behavioral economics with real-world insights about financial markets. Posner combines true intellect, a fascinating professional background, and a critical mind to help us understand where laboratory insights hold up and where they might not. This book will be a valuable read for anyone interested in the role of behavioral economics in predicting market behavior. -- Max H. Bazerman, Straus Professor, Harvard Business School, and author of Negotiation Genius (with Deepak Malhotra) and Judgment in Managerial Decision Making (with Don A. Moore) Posner has drawn on his extensive experience as a first-rate analyst to examine the clues leading up to the recent meltdown of a number of once-respected financial institutions. But this is not a financial retrospective. He shows us how to combine numbers crunching with intuition, and he provides us with a set of disciplines to use in anticipating future Black Swan events--both positive and negative--and to profit accordingly. -- Byron R. Wien, Blackstone Advisory Partners LP If you are looking for a well-written book which seeks to merge quantitative analysis, fundamental research, and human psychology, Stalking the Black Swanprovides a great resource to help you fine tune your investing framework for the volatile environment of our times. Wall Street Cheat Sheet a wonderful read on how to think about, analyze, and react to extreme events. Motley Fool Stalking the Black Swan provides a great resource to help you fine tune your investing framework for the volatile environment of our times. -- Damien Hoffman Wall St. Cheat Sheet Stalking the Black Swan doesn't attempt to explain why or how the crisis happened, but instead offers practical, crisis-tested advice on methods for uncovering a similar looming disaster in your own portfolio. Seeking AlphaTable of ContentsAcknowledgments Introduction PART I: Uncertainty 1. Forecasting in Extreme Environments 2. Thinking in Probabilities 3. The Balance Between Overconfidence and Underconfidence, and the Special Risk of Complex Modeling PART II: Information 4. Fighting Information Overload with Strategy 5. Making Decisions in Real Time: How to React to New Information Without Falling Victim to Cognitive Dissonance 6. Mitigating Information Asymmetry PART III: Analysis and Judgment 7. Mapping from Simple Ideas to Complex Analysis 8. The Power and Pitfalls of Monte Carlo Modeling 9. Judgment Notes Index

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Book SynopsisThis book is an introduction-level text that reviews, discusses, and integrates both theoretical and practical corporate analysis and planning. The field can be divided into five parts: (1) Information and Methodology for Financial Analysis; (2) Alternative Finance Theories and Cost of Capital; (3) Capital Budgeting and Leasing Decisions; (4) Corporate Policies and their Interrelationships; (5) Financial Planning and Forecasting.The theories used and discussed in this book can be grouped into the following classical theoretical areas of corporate finance: (1) Pre-M&M Theory, (2) M&M Theory, (3) CAPM, and (4) Option Pricing Theory (OPT). The interrelationships among these theories are carefully analyzed. Real world examples are used to enrich the learning experience; and alternative planning and forecasting models are used to show how the interdisciplinary approach can be used to make meaningful financial-management decisions.In this third edition, we have extensively updated and expanded the topics of financial analysis, planning and forecasting. New chapters were added, and some chapters combined to present a holistic view of the subject and much of the data revised and updated.

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Book SynopsisFinancial regulation has dramatically evolved and strengthened since the crisis on both sides of the Atlantic, with enhanced international coordination through the G-20 and the Financial Stability Board and, at the regional level, a definite contribution from the European Union. However the new regulatory environment has its critics, with many divergent voices arguing that over-regulation has become a root cause of our current economic stagnation.This book provides a bigger picture view of the impact and future of financial regulation in the EU, exploring the relationship between microeconomic incentives and macroeconomic growth, regulation and financial integration, and the changes required in economic policy to further European integration. Bringing together contributions from law, economics and management science, it offers readers an accessible but rigorous understanding of the current state of play of the regulatory environment, and on the future challenges.Coverage will include:• A review of the recent regulatory changes from a legal and economic perspective• Analysis of how the economic model of financial institutions and entities is impacted by the new frameworks• How to improve securitization and new instruments under MIFID II• Issues in the enhanced supervision under delegated acts for AIFMD, CRR-CRD IV and Solvency II• How long term funding can be supplied in lieu of the non-conventional monetary policies• A new architecture for a safer and more efficient European financial system Financial Regulation in the EU provides much needed clarity on the impact of new financial regulation and the future of the economy, and will prove a must have reference for all those working in, researching and affected by these changes.Table of Contents

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Book SynopsisThis collection critically explores the use of financial technology (FinTech) and artificial intelligence (AI) in the financial sector and discusses effective regulation and the prevention of crime.Focusing on crypto-assets, InsureTech and the digitisation of financial dispute resolution, the book examines the strategic and ethical aspects of incorporating AI into the financial sector. The volume adopts a comparative legal approach to: critically evaluate the strategic and ethical benefits and challenges of AI in the financial sector; critically analyse the role, values and challenges of FinTech in society; make recommendations on protecting vulnerable customers without restricting financial innovation; and to make recommendations on effective regulation and prevention of crime in these areas.The book will be of interest to teachers and students of banking and financial regulation related modules, researchers in computer science, corporate governance, and business and Trade Review"The edited collection FinTech, Artificial Intelligence and the Law raises critical legal and ethical issues in the important and contemporary topic of technology in finance. Ryder and Lui’s book incorporates a range of chapters on the opportunities and challenges that come with Artificial Intelligence, and contains interesting recommendations on FinTech and Law. Lui and Ryder's editing has brought together a roster of diverse contributors on topical issues, while leaving room for new perspectives that will shape the future of fintech globally. As such, this interdisciplinary collection will be beneficial to international development and non-governmental organisation practitioners, employees within the financial services sector, as well as professional services such as law, technology and corporate governance."Ronda Zelezny-Green, PhDTable of ContentsPart 11. Introduction-Mind the GapsPart 2-The FinTech Ecosystem2. Automation, Virtualisation, and Value3. InsurTech’s Assurance – Value Research through an Array of ABCs4. Improving the digital financial services ecosystem through collaboration of regulators and FinTech companies5. Designing Social-Purpose FinTech: A UK Case StudyPart 3-Regulation of Cryptoassets and Blockchains6. Should we trade market stability for more financial inclusion? The case of crypto-assets’ regulation in EU7. Initial Coin Offerings: Financial Innovation or Scam8. Cryptocurrency and Crime9. Technology and tax evasion in the world of finance: an indispensable helping hand or a façade for crime facilitation?10. The Bank of England’s approach to Central Bank Digital Currencies - Considerations regarding a native digital pound and the regulatory aspectsPart 4-Artificial Intelligence and the Law11. AI, Big Data, Quantum Computing and Financial Exclusion: tempering enthusiasm and offering a human centric approach to policy12. Risk of discrimination in AI systems: evaluating the effectiveness of current legal safeguards in tackling algorithmic discrimination13. Unprecedented times: Artificial Intelligence and the implications for Intellectual Property14. Towards a Responsible Use of Artificial Intelligence (AI) and Fintech in Modern Banking

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Book Synopsis"I learned much from this book I had not previously known. Its cautions for the future should be required reading for all policy makers." - Warren Buffett 2008 saw one of the worst financial crises in generations, the global implications of which are still being felt today. Ten years later Ben Bernanke, Timothy Geithner and Hank Paulson reflect on the causes of the crisis, why it was so damaging, and what it ultimately took to prevent a second Great Depression. All three had crucial roles in the government's response- Ben S. Bernanke as chairman of the Federal Reserve; Henry M. Paulson, Jr., as secretary of the Treasury under President George W. Bush; Timothy F. Geithner as president of the Federal Reserve Bank of New York during the Bush years and then Treasury secretary under President Barack Obama. A powerful, warts and all account told with unprecedented clarity; from the flawed human response to the necessity to learn from the past and help firefighters of the future protect economies from the ravages of financial crises. Firefighting is a vital account of a defining moment in modern history and an inspiring lesson on leadership through crisis.Trade ReviewI'm glad I didn't have to do the job that these three 'fire chiefs' did. I learned much from this book I had not previously known. Its cautions for the future should be required reading for all policy makers. -- Warren Buffett

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Book SynopsisStephen Frost is a Senior Teaching Fellow and Programme Director of MScs in Finance, Finance and Global Trading, and Finance and Management at Loughborough Business School. He teaches a wide range of courses to undergraduate and postgraduate business, management and economics students, including Financial Reporting and Performance AppraisalTrade Review"A clear and easy-to-read introduction to financial accounting and reporting. It is well-structured and guides the reader through each chapter with the use of examples, questions and learning quizzes. A great book for both accounting and non-accounting students." * Ruth Smith, (CGMA) Senior Lecturer in Accounting and Finance, Derby Business School, University of Derby, UK *"Financial Accounting and Reporting for Non-Accounting Students is written in a language that is accessible to those who do not aim to become professional accountants or analysts. It is rich in real-life examples, illustrating the main accounting concepts that underpin the preparation of financial statements. It also provides ample opportunity for readers to practice and enhance their understanding. I commend this book to everyone who wishes to understand what financial statements are for in a simple straightforward manner." * Professor Gilad Livne, Professor of Accounting, University of Bristol, UK *"Financial Accounting and Reporting for Non-Accounting Students is an accessible, hands-on textbook that demystifies the world of accounting for undergraduate and postgraduate students who are not specialists, but who need to know how accounting works in practice. With a wealth of practical examples, real-world cases and a friendly tone, this book renders financial accounting not only understandable but engaging. Through clear explanations and absence of technical jargon, Stephen Frost ensures that the reader gains the knowledge and confidence needed to interpret financial statements, understand financial reporting and make informed judgments about financial performance." * Dr. Rhoda Brown, Senior Lecturer in Financial Reporting, Nottingham Trent University *"This is an excellent book on Financial Accounting and Reporting for non-accounting business and management students. Stephen Frost perfectly succeeds in streamlining complex financial accounting topics and delivering them in a simple language with various real-life case studies and a multitude of numerical and illustrative examples. Highly recommended for both undergraduate and postgraduate students." * Dr Sarah G. Mohamed, Senior Lecturer in Accounting, Birmingham City University Business School *"This book provides an excellent resource for students without a specialised background who seek a clear and comprehensive understanding of accounting. The comprehensiveness of the content, coupled with the practical approach, sets this accounting textbook apart. It is truly a pleasure to recommend this outstanding textbook to anyone embarking on their accounting journey." * Dr Petros Vourvachis, Lecturer in Financial Accounting, Loughborough Business School *"Comprehensive, easy to read, and a very useful textbook for students." * Dr Omiros Georgiou, Associate Professor in Accounting, Birmingham Business School *Table of Contents Chapter - 00: Introduction; Chapter - 01: Introduction to Financial Accounting; Chapter - 02: The Statement of Financial Position; Chapter - 03: The statement of profit and loss; Chapter - 04: Non-current Assets; Chapter - 05: Inventory Valuation; Chapter - 06: The Statement of Cash Flows; Chapter - 07: Performance Appraisal - analysing operating profitability; Chapter - 08: Performance appraisal - investor returns and operating assets; Chapter - 09: Financial reporting issues;

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Book Synopsis"A ground-breaking and definitive roadmap to finding success through the dynamic partnership of private equity and franchising."—Justin Nihiser, Operating Partner, Garnett Station PartnersPrivate equity (PE) is profoundly transforming the business of franchising, as companies increasingly perceive PE transactions as an attractive alternative to going public, and as investors realize the strength and resilience of the franchise model. In recent years, franchisors and multi-unit franchisees encompassing more than 700 brands have partnered with private capital, including Subway, which announced in 2023 that after decades of independence it would be acquired by Roark Capital Group for more than $9 billion. It’s estimated that private capital is currently sitting on at least $1 trillion of “dry powder” — committed funds that haven’t yet been deployed. Franchising will continue to attract investment out of this substant

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Book SynopsisAS FEATURED IN BBC TWO''S BILLION DOLLAR DOWNFALL: THE DEALMAKER DOCUMENTARYTwo Wall Street reporters investigate the man entrusted with millions to make profits and end poverty but now stands accused of masterminding one of the biggest, most brazen frauds in history.''Gripping'' Guardian***Arif Naqvi was a man with an immeasurable dream: to end world suffering, poverty and disease. His vision? Capitalism used for good, progress and profit.He persuaded politicians he could help stabilize the Middle East after 9/11 by providing jobs. He got Bill Gates to help him start a billion-dollar fund to improve health care in poor countries. He won the support of Obama''s administration and was even appointed to boards by the UN and Interpol.The only problem? In 2019 Arif Naqvi was arrested on charges of money laundering and misappropriating hundreds of millions of dollars. He now faces up to 291 years in jail. This is the true, jaw-dropping investigation into the smoke and mirrors world of The Key Man.***''Impeccably researched and sumptuous in its detail . . . It''s a page-turner'' The Economist''This book tells the story brilliantly. . . Well-paced and cleverly organised. It also draws some devastating conclusions'' The Sunday Times''A pacy and deeply-reported tale'' Financial TimesLONGLISTED FOR THE FT MCKINSEY BUSINESS BOOK OF THE YEAR 2021AN ECONOMIST BOOK OF THE YEARTrade ReviewA scorching epilogue... This is tough stuff and this is a tough book that should contribute to much greater scepticism about the bloated financial system * The Sunday Times *Impeccably researched and sumptuous in its detail...It is a page-turner, built around a riveting portrait of the key man of the title. Mr. Naqvi who comes across as a teeming mass of contradictions * The Economist *A pacy and deeply-reported tale * Financial Times *Gripping... The account raises questions over whether 'impact investing' and 'stakeholder capitalism' are less about poverty alleviation for the world than guilt alleviation for the Davos elite * Guardian *For an astonishing story of how the global economy can be manipulated, read the devastating account in The Key Man * David Ignatius, Washington Post *A riveting account of the intertwining of brilliance and greed... Should be a mandatory read at all schools of journalism and business schools. It's a rare tour de force from which both can learn * Business Standard, India *Clark and Louch have done an outstanding job in untangling the knots that usually keep the secretive world of private equity out of reach for most people * Pakistan's Dawn *This excellent book, which is more true crime than finance, describes in cinematic detail how Naqvi and his colleagues pumped up valuations, moved money between the company, its funds and their personal accounts, and lied about performance * Reuters *It's a sorry tale, one that raises important questions about our ability to deliver 'ethical' capitalism * Chris Blackhurst, The National *Spellbinding. You won't want to put the book down * Eileen Applebaum, coauthor of Private Equity at Work *An unbelievable true tale of greed, corruption and manipulation among the world's financial elite and how the World Bank, Bill Gates and the governments of the US, UK, France, and many more fell victim to the world's largest private equity Ponzi scheme * Harry Markopolos, the Bernie Madoff whistleblower *The rigour and colossal effort that went into this book transpires on each page. There is no dull moment. It is 300 pages of reading pleasure mixed with serious discomfort at what is being presented * Ludovic Phalippou, professor of Financial Economics at Saïd Business School, University of Oxford *A rip-roaring account of one of the biggest frauds in corporate history * Owen Walker, award-winning FT journalist and author of Built on a Lie *This splendid cautionary tale lays bare the vulnerabilities of the world of high finance, where even the grandees of Davos were marks for the kid from Karachi * John Helyar, coauthor of Barbarians at the Gate *A highly readable reminder of how greed and gullibility so often go together, and why we need good investigative journalism to keep reminding us that if the pitch (and the person doing the pitch) look just too good to be true there is probably something fishy going on behind the scenes * Professor Sir David Omand, former director of GCHQ and author of How Spies Think *An emphatic indictment of the 'expert class' people who think agility with numbers is somehow equivalent to wisdom and morality * Duff McDonald, author of The Golden Passport *

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Book SynopsisFor the first time the complete financial history of Berkshire Hathaway is available under one cover in chronological format. Beginning at the origins of the predecessor companies in the textile industry, the reader can examine the development of the modern-day conglomerate year-by-year and decade-by-decade, watching as the struggling textile company morphs into what it has become today.This comprehensive analysis distils over 10,000 pages of research material, including Buffett's Chairman's letters, Berkshire Hathaway annual reports and SEC filings, annual meeting transcripts, subsidiary financials, and more. The analysis of each year is supplemented with Buffett's own commentary where relevant, and examines all important acquisitions, investments, and other capital allocation decisions. The appendices contain balance sheets, income statements, statements of cash flows, and key ratios dating back to the 1930s, materials brought together for the first time.The structure of the book allows the new student to follow the logic, reasoning, and capital allocation decisions made by Warren Buffett and Charlie Munger from the very beginning. Existing Berkshire shareholders and long-time observers will find new information and refreshing analysis, and a convenient reference guide to the decades of financial moves that built the modern-day respected enterprise that is Berkshire Hathaway.

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Book SynopsisAmong the landmark occasions in the legendary history of Berkshire Hathaway and its iconic co-leaders, Warren Buffett and Charlie Munger, was a 1996 symposium held in New York at Cardozo Law School. The focus of the symposium was Warren's letters to Berkshire shareholders.

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