Corporate finance Books

Book SynopsisTrade ReviewBook of the week * MoneyWeek *A thrilling, head-spinning book... Money Men hugely rewards the reader when you get the scoop alongside McCrum - you are close to punching the air... A fine testament to the importance of quality journalism. * Irish Times *The best book I read this year was Money Men... It reads like a thriller as he painstakingly exposes the tissue of lies, false accounting and mythical acquisitions that lie behind the company's respectable facade... Brilliant stuff. -- Books of the Year * The Tablet *Well worth your time -- Richard Fletcher * The Times *A fraud so audacious it took the company's auditor, Ernst & Young, years to believe it... McCrum's account may read like a crime drama, but really it is a testament to old-school reporting... At a time when social media is increasingly causing facts to be regarded as beside the point, it is a reminder that the truth is always worth chasing. * New Statesman *McCrum was more responsible than anyone else for the exposure and eventual collapse of the hugely fraudulent payment company... A cross between the Enron scandal and Rosemary's Baby. -- John Lanchester * London Review of Books *Money Men is a rollercoaster read that reveals everything that's wrong with our financial system. Dan McCrum and his colleagues at the FT deserve medals for their tenacious battle to expose the dark heart of Wirecard - the enormous fraud and money laundering machine with shadowy ties. -- Catherine Belton, author of Putin's PeopleDan McCrum's deep dive into Wirecard was the financial investigation of the decade. Money Men tells the story from inside Wirecard's headquarters with entertaining drama and verve, but it also unspools the high-stakes reporting process McCrum and his colleagues carried out at the Financial Times against the odds. It instantly enters the canon of great financial crime books. -- Bradley Hope, co-author of New York Times bestseller Billion Dollar WhaleWhat a wild ride! Going head to head with powerful executives, their teams of lawyers and intelligence operatives, Dan McCrum has uncovered one of the biggest economic scandals in Europe. Money Men reads like a thriller, but it's all true. -- Frederik Obermaier, Pulitzer Prize winning journalist and co-author of The Panama PapersThe culmination of years of careful investigative work... A gripping tale. * Evening Standard *Wirecard might still be one of Europe's most feted tech firms, were it not for a small band of sceptics - including Dan McCrum... Wirecard fought back viciously and dirtily ... Money Men should be required reading for investors and financial regulators. It is a compelling case study of a seemingly eternal truth: when a business is built on lies, there are always clues. * Economist *A fantastic book. Think of Dan as a bespectacled James Bond with a keyboard instead of a gun. * Steve Clapham, author of The Smart Money Method *This behind-the-scenes look into the years of work and the persistence that was required to topple Wirecard is nothing short of incredible. * AltFi *Money Men is a rip-roaring ride into the underworld of the global economy. Dan McCrum is a proper reporter: there is no threat, con trick or hangover that will stand in his way. In today's pandemic of lies, courageous journalism like this is the medicine. -- Tom Burgis, Sunday Times bestselling author of KleptopiaA milestone in the history of investigative journalism. -- Olaf Scholz, Chancellor of Germany, awarding the Reporters Forum Reporterpreis

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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 SynopsisFamiliarise yourself with the core concepts surrounding Corporate Finance with this reader-friendly text. Corporate Finance: Principles and Practice, 8th Edition by Denzil Watson and Antony Head, is a comprehensive guide to the field, introducing you to the key topics and basic areas of Corporate Finance. This thoroughly updated edition is ideal for students in accounting, business, or finance-related studies at undergraduate, postgraduate, and professional levels. Written and structured in a reader-friendly style for those new to the subject, the book explains clearly and step-by-step the essential principles and mathematical techniques needed without burdening you with unnecessary detail. The questions for review and discussion throughout the book and the comprehensive references with further reading suggestions at the end of the text, aim to support self-study and help you develop critical thinking skills. The eighTable of ContentsPreface Acknowledgements The finance function Learning objectives Introduction 1.1 Two key concepts in corporate finance 1.2 The role of the financial manager 1.3 Corporate objectives 1.4 How is shareholder wealth maximised? 1.5 Agency theory 1.6 Corporate governance 1.7 Conclusion Key points Self-test questions Questions for review Questions for discussion References Recommended reading Capital markets, market efficiency and ratio analysis Learning objectives Introduction 2.1 Sources of business finance 2.2 Capital markets 2.3 Capital market efficiency 2.4 Assessing financial performance 2.5 Conclusion Key points Self-test questions Questions for review Questions for discussion References Recommended reading Short-term finance and working capital management Learning objectives Introduction 3.1 The objectives of working capital management 3.2 Working capital policies 3.3 Working capital and the cash conversion cycle 3.4 Overtrading 3.5 Managing inventory 3.6 Managing cash 3.7 Managing trade receivables 3.8 Conclusion Key points Self-test questions Questions for review Questions for discussion References Recommended reading Long-term finance: equity finance Learning objectives Introduction 4.1 Equity finance 4.2 The Stock Exchange 4.3 Rights issues 4.4 Scrip issues, share splits, scrip dividends and share repurchases 4.5 Preference shares 4.6 Conclusion Key points Self-test questions Questions for review Questions for discussion References Recommended reading Long-term finance: debt finance, hybrid finance and leasing Learning objectives Introduction 5.1 Bonds, loan notes, loan stock and debentures 5.2 Bank and institutional debt 5.3 International debt finance 5.4 Convertible bonds 5.5 Warrants 5.6 Valuing fixed interest bonds 5.7 Valuing convertible bonds 5.8 Leasing 5.9 Evaluating the financial effects of financing choices 5.10 Conclusion Key points Self-test questions Questions for review Questions for discussion References Recommended reading An overview of investment appraisal methods Learning objectives Introduction 6.1 The payback method 6.2 The return on capital employed method 6.3 The net present value method 6.4 The internal rate of return method 6.5 Comparing the NPV and IRR methods 6.6 The profitability index and capital rationing 6.7 The discounted payback method 6.8 Conclusion Key points Self-test questions Questions for review Questions for discussion References Recommended reading Investment appraisal: applications and risk Learning objectives Introduction 7.1 Relevant project cash flows 7.2 Taxation and capital investment decisions 7.3 Inflation and capital investment decisions 7.4 Investment appraisal and risk 7.5 Appraisal of foreign direct investment 7.6 Empirical investigations of investment appraisal 7.7 Conclusion Key points Self-test questions Questions for review Questions for discussion References Recommended reading Portfolio theory and the capital asset pricing model Learning objectives Introduction 8.1 The measurement of risk 8.2 The concept of diversification 8.3 Investor attitudes to risk 8.4 Markowitz's portfolio theory 8.5 Introduction to the capital asset pricing model 8.6 Using the CAPM to value shares 8.7 Empirical tests of the CAPM 8.8 Conclusion Key points Self-test questions Questions for review Questions for discussion References Recommended reading The cost of capital and capital structure Learning objectives Introduction 9.1 Calculating the cost of individual sources of finance 9.2 Calculating the weighted average cost of capital 9.3 Average and marginal cost of capital 9.4 The CAPM and investment appraisal 9.5 Practical problems with calculating WACC 9.6 WACC in the real world 9.7 The cost of capital for foreign direct investment 9.8 Gearing: its measurement and significance 9.9 The concept of an optimal capital structure 9.10 The traditional approach to capital structure 9.11 Miller and Modigliani (I): net income approach 9.12 Miller and Modigliani (II): corporate tax 9.13 Market imperfections 9.14 Miller and personal taxation 9.15 Pecking order theory 9.16 Conclusion: does an optimal capital structure exist? Key points Self-test questions Questions for review Questions for discussion References Recommended reading Dividend policy Learning objectives Introduction 10.1 Dividends: operational and practical issues 10.2 The effect of dividends on shareholder wealth 10.3 Dividend irrelevance 10.4 Dividend relevance 10.5 Dividend relevance or irrelevance? 10.6 Dividend policies 10.7 Alternatives to cash dividends 10.8 Empirical evidence on dividend policy 10.9 Conclusion Key points Self-test questions Questions for review Questions for discussion References Recommended reading Mergers and takeovers Learning objectives Introduction 11.1 The terminology of mergers and takeovers 11.2 Justifications for acquisitions 11.3 Trends in takeover activity 11.4 Target company valuation 11.5 The financing of acquisitions 11.6 Strategic and tactical issues 11.7 Divestment 11.8 Private equity 11.9 Empirical research on acquisitions 11.10 Conclusion Key points Self-test questions Questions for review Questions for discussion References Recommended reading Risk management Learning objectives Introduction 12.1 Interest and exchange rate risk 12.2 Internal risk management 12.3 External risk management 12.4 Futures contracts 12.5 Options 12.6 Swaps 12.7 Issues in interest and exchange risk management 12.8 Political risk 12.9 Conclusion Key points Self-test questions Questions for review Questions for discussion References Recommended reading Answers to self-test questions Glossary Present value tables Index

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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 Synopsis**A TIMES AND NEW YORK TIMES BOOK OF THE YEAR 2022**An explosive exposé of a firm whose work has made your world more unequal, more corrupt and more dangerous.McKinsey & Company have earned billions consulting for almost every major corporation in the world - and countless governments, including yours. Shielded by NDAs, their practices have remained hidden - until now.In this propulsive investigation, prize-winning journalists Walt Bogdanich and Michael Forsythe reveal the disturbing reality. McKinsey's work includes ruthless cuts to the NHS, troubleshooting for Big Oil, incentivising the prescription of opioids, executing Trump's immigration policies (the ones that put children in cages) as well as advising some of the world's most unsavoury despots.'A story of secrecy, delusion and untold harm' OBSERVER'Makes you so angry...the evidence the authors winkle out is astonishing' SUNDAY TIMES 'Panoramic, meticulously reported and ultimately devastating' PATRICK RADDEN KEEFE'A harrowing account of decades of dishonourable exploits' ECONOMISTTrade ReviewHard-hitting ... damning ... If you think what management consultants do is to dress up common sense in jargon and flog it as vision to credulous executives, you are, according to [Bogdanich and Forsythe], greatly underestimating their impact * The Times *A masterful work of investigative journalism ... to unearth conflicts of interest, corruption, hypocrisy and strategic blunders that read like a prosecutor's indictment ... The fact that neither regulators, the public, nor most of McKinsey's employees knew about these sordid episodes ... is a testament to the authors' prowess as investigative reporters ... superb * Washington Post *Deeply reported ... The portrait this book creates is one of a company chasing profits, spreading the gospel of downsizing and offshoring, its leaders virtually unmoored from any guiding principles or moral code ... a clear and devastating picture of the management philosophy that helped drive the decline of a stable ... middle class over the last 50 years' * The New York Times *Hypocrisy, avarice, ridiculous PowerPoints, aiding and abetting the world's polluters and drug companies. Every page made my blood boil as I read about McKinsey's flawed reasoning and the vast profits made from ethically dubious work for governments, polluting companies and big pharma -- Joseph E. Stiglitz, Nobel Laureate, author of The Price of Inequality'A lengthy and damning charge sheet ... makes you so angry you want to chuck rocks at its offices ... the evidence the authors winkle out is astonishing ... What sustains you are the authors' eye for detail and killer quotes. If you want to know why top pay for US executives has risen to a record 350 times that of the average worker, look to McKinsey * Sunday Times *A highly informed, fascinating read * The Guardian *A harrowing account of decades of dishonourable exploits * Economist *New York Times reporters Walt Bogdanich and Michael Forsythe's devastating investigation into the consulting firm uncovers a story of secrecy, delusion and untold harm. ... The book's scrutiny - and measured sense of outrage - is overdue and, you hope, only the beginning * Observer *With McKinsey's deep reach into business and government around the world, it is inevitably and correctly a focus for discussion on what modern corporations are for ... That this internal turmoil has come to light is testament to the depth of sourcing of journalists Walt Bogdanich and Michael Forsythe [whose] reporting of these and other controversies has intensified questions over the firm's ethics ... The debate ... is intensely uncomfortable for McKinsey's leadership' * Financial Times *In government and the private sector, the influence of McKinsey is difficult to overstate. Walt Bogdanich and Michael Forsythe penetrate the firm's vaunted culture of secrecy to expose the malign ways in which McKinsey's 'scientific management' ends up impacting all of our lives. Panoramic, meticulously reported and ultimately devastating, this is an important book -- Patrick Radden Keefe, author of Empire of PainTwo of the finest investigative reporters in the business got behind the wall of secrecy erected by one the world's most influential companies. A revelatory - and disturbing - portrait of a powerful firm whose vaunted reputation is belied by its actions -- Jane Mayer, author of The Dark SideAfter the publication of When McKinsey Comes to Town, the secretive consulting firm is going to need its own management consultant to address the damage. A tour de force of investigative reporting -- James B. Stewart, author of Den of ThievesCan you trust those clever folk at the consulting firm McKinsey? ... This book shows that McKinsey & Company has a darker side. * The Times, *Best Business Books of 2022* *Timely * The Week *Excellent investigative work ... Every chapter of When McKinsey Comes to Town lays out another disturbing case in which McKinsey worked against the public interest * Literary Review *An investigative tour de force [that] strip[s] away the aura of respectability that has surrounded the profession for more than a century * Prospect *[An] account...based on exhaustive research... [which] makes for compelling reading * Times Literary Supplement *

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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 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 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 SynopsisStock Markets and Corporate Finance: A Primer examines the nature of the stock market and its implications for corporate management. In the historical context of financial institutions and business finance, students are stimulated to learn that traditional totems of corporate finance can no longer be presented as dogma, but rather as exceedingly frail models of reality. At the core of this text is the philosophy that financial institutions and corporate/business finance are more satisfactorily understood in relation to one another.This revised text from the 2017 Stock Markets and Corporate Finance has allowed for a reshaping of the material with the deletion of a number of chapters considered 'interesting' but overly academic. This additional space has allowed for an update on the chapter 'Financial Institutions and a History of Stock Markets' as well as accounting for the circumstances of a post-COVID-19 era. The chapter 'Financial Planning and Working Capital' has been reworked to demonstrate how a firm's financial management team might interrogate its financial accounts to assess the viability of the firm and the management of its working capital.From reading this book, the reader will achieve insight into the behaviour and importance of financial institutions and firms as they are presented in the media, and how they impact on their own lives. Exercises and solutions are designed to re-enforce chapter material, while animated PowerPoint presentations are available as supplementary material to the book.

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Book SynopsisEddie McLaney is Visiting Fellow in Accounting and Finance at the University of Plymouth.Trade Review“Well-written, valuable guide on business finance concepts”. Dr. Ortenca Kume, University of KentTable of Contents Part 1 The business finance environment Chapter 1 Introduction Chapter 2 A framework for financial decision making Chapter 3 Financial (accounting) statements and their interpretation Part 2 Investment decisions Chapter 4 Investment appraisal methods Chapter 5 Practical aspects of investment appraisal Chapter 6 Risk in investment appraisal Chapter 7 Portfolio theory and its relevance to real investment decisions Part 3 Financing decisions Chapter 8 Sources of long-term finance Chapter 9 The secondary capital market (the stock exchange) and its efficiency Chapter 10 Cost of capital estimations and the discount rate Chapter 11 Gearing, the cost of capital and shareholders’ wealth Chapter 12 The dividend decision Part 4 Integrated decisions Chapter 13 Management of working capital Chapter 14 Corporate restructuring (including takeovers and divestments) Chapter 15 International aspects of business finance Chapter 16 Small businesses Glossary References Index

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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 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 SynopsisFrom the million-copy-bestselling author of Execution'Ingenious . . . An insightful and practical guide for leaders and practitioners at every level.' ForbesWelcome to the age of big tech. The old rules no longer apply.How do companies build a competitive advantage in the digital age? In this lively, accessible guide, Ram Charan - million-copy-bestselling author and advisor to some of the world's top CEOs - reveals that the tech giants have radically rewritten the rules of business. If you want to win, you need to learn to play a new game.Delving into the inner workings of the likes of Netflix, Amazon and Alibaba, Charan uncovers the six rules that the digital giants use to stay ahead: from their emphasis on creating corporate 'ecosystems', to the way they approach team organisation and moneymaking. And he outlines how to use these rules to transform your business, starting today.'One of the world's preeminent counselors to CEOs.' Harvard Business Review'The most influential consultant alive.' FortuneTrade ReviewWinning in the digital age is actually less about how you use technology than about how you use your brain. Ram Charan understands this better than most, and he turns conventional principles on their head with this ingenious reframing of competitive advantage . . . An insightful and practical guide for leaders and practitioners at every level. * Forbes *I like this summary of the competitive reality . . . Relates a wealth of current experience from global clients. * Inc. *

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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 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 Synopsis‘Packed with insights and details that will both amaze and appal you’ – Oliver Bullough, author of Moneyland and Butler to the WorldFrom journalist Chris Blackhurst, Too Big to Jail unveils how HSBC facilitated mass money laundering schemes for brutal drug kingpins and rogue nations – and thereby helped to grow one of the deadliest drugs empires the world has ever seen.While HSBC likes to sell itself as ‘the world’s local bank’ – the friendly face of corporate and personal finance – it was one decade ago hit with a record US fine of $1.9 billion. In pursuit of their goal of becoming the biggest bank in the world, between 2003 and 2010, HSBC allowed El Chapo and the Sinaloa cartel, one of the most notorious and murderous criminal organizations in the world, to turn its ill-gotten money into clean dollars.How did a bank, which boasts ‘we’re committed to helping protect the world’s financial system on which millions of people depend, by only doing business with customers who meet our high standards of transparency’ come to facilitate Mexico’s richest drug baron? And how did a bank that as recently as 2002 had been named ‘one of the best-run organizations in the world’ become so entwined with one of the most barbaric groups of gangsters on the planet?Too Big to Jail is an extraordinary story, brilliantly told by writer, commentator and former editor of The Independent, Chris Blackhurst, that starts in Hong Kong and ranges across London, Washington, the Cayman Islands and Mexico, where HSBC saw the opportunity to become the largest bank in the world, and El Chapo seized the chance to fuel his murderous empire by laundering his drug proceeds through the bank. It brings together an extraordinary cast of politicians, bankers, drug dealers, FBI officers and whistle-blowers, and asks what price does greed have? Whose job is it to police global finance? And why did not a single person go to prison for facilitating the murderous expansion of a global drug empire?Trade ReviewThe sheer hubris, greed and arrogance of bankers is laid bare in shocking, and at times hilarious, detail. Blackhurst takes them on and pricks their bubble of self-congratulatory entitlement -- Andrew Neil, broadcaster and former editor of The Sunday TimesPacked with insights and details that will both amaze and appal you. This is the inside story of how the City of London really operates and if it doesn't make you angry, you need to check your pulse -- Oliver Bullough, author of Moneyland and Butler to the WorldFull of extraordinary revelations. Epic story-telling about a shocking scandal. Read this! -- Iain Martin, author of Making It HappenBlackhurst’s tale would make an exciting novel. But alarmingly, this is a true story, carefully researched and told with gusto -- Baroness Patience Wheatcroft, former editor of The Sunday TelegraphBlackhurst’s attention to detail is excellent, as is his lucid analysis * The Australian *Highly entertaining . . . told with pace, gusto, and a strong sense of moral outrage * The Critic Magazine *

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Book SynopsisIt is no secret that women are increasingly controlling wealth. Estimates suggest that women control more than 50% of all wealth and growing. Importantly, 95% of women will be their family’s primary financial decision maker at some point in their lives. Yet recent studies show that Millennial women are deferring financial and investing decisions at a greater pace than Baby Boomer women. Targeted to all women “with a clear recognition that though the objectives and needs of this vast segment may not necessarily be homogeneous, women share common challenges when it comes to investing, this book provides clear instruction and a series of Intelligent Investing Rules for women to live by, especially in these times with sticky and persistent inflation and rising interest rates. The Women’s Guide to Successful Investing demonstrates how women can develop the knowledge and skills required to accumulate wealth and build an investment portfolio for the long term. Providing proven wealth accumulation strategies, tailored advice, and a comprehensive market analysis, this second edition is a must-read for female investors who want to master volatile markets with long-term success. Written by a female CEO, CIO, and investment manager whose career has spanned 38 years, the book offers a much-needed blueprint for investments for women. Table of Contents1 Wealth Accumulation Is an Attitude Investing for your future requires a few goals and much less capital than you think 2 Saving to Invest is the Best Strategy 3 COVID Hit Women’s Finances Much Harder than Men’s Women left the worforce en masse – at what cost? 4 It’s True! Women Make Better Investors than Men (sorry guys) Women inherently display the traits required for successful investing 5 Developing an Intelligent Investing Strategy All Your Own Like any discipline, sound investing can become muscle memory for the diligent student and practitioner 6 Developing an Investment Discipline That Will Achieve our Goals—Continued: The Stock Market is a Tug of War between Fear and Greed; Arm Yourself with the Tools to Succeed 7 Construct Your Portfolio Like a Dinner Party Invitation List: Holdings Should Be Balanced and Behave Well If Things Get Out of Hand 8 Apple, Inc.—A Case Study in How to Select a Core Holding: A Role Model Investment You Will Want to Emulate 9 Mutual Funds Are So 1990, How to use Exchange-Traded Funds To Round Out Your Portfolio Holdings. To Crypto or not to Crypto and what the heck are meme stocks? 10 A Case Study of a Fallen Consumer Discretionary, Tech, E-commerce Company: Amazon. And Stocks to Own for a Lifetime 11 Five Critical Lessons and Warnings: Don’t Touch a Hot Stove, Don’t Talk to Strangers and Other Lessons for the Ages 12 Twelve Intelligent Investing Rules – And One More for Good Measure: Rules for Women to Invest By

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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 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 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 SynopsisA groundbreaking exploration into the intricate art of business turnarounds and swift recovery â qualified by a careerâs worth of insights â in Your Turn the message is startlingly clear: a turnaround is a one-chance-only experience. This is âdo or die,â and if you understand that in time and act accordingly by following a robust, comprehensive, data-driven approach to survival, your company stands a good chance of weathering the storm.Your Turn is a practical guide for executives to lead their own business turnarounds. With meticulous detail and respected leadership insights, the author has built a step-by-step approach that has served him well in delivering successful business turnarounds.Packed with real-world business examples and instructive models, Your Turn is an indispensable resource for CEOs, board members and senior leadership looking to drag their company out of a distressed situation and back into a thriving enterprise.

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Book SynopsisAbout our authors Arthur J. Keown is the Department Head and R. B. Pamplin Professor of Finance at Virginia Polytechnic Institute and State University. He received his bachelor's degree from Ohio Wesleyan University, his MBA from the University of Michigan, and his doctorate from Indiana University. An award-winning teacher, he is a member of the Academy of Teaching Excellence; has received 5 Certificates of Teaching Excellence at Virginia Tech, the W. E. Wine Award for Teaching Excellence, and the Alumni Teaching Excellence Award; and in 1999 received the Outstanding Faculty Award from the State of Virginia. Professor Keown is widely published in academic journals. His work has appeared in the Journal of Finance, the Journal of Financial Economics, the Journal of Financial and Quantitative Analysis, the Journal of Financial Research, the Journal of Banking and Finance, Financial Management, the Journal of Portfolio Management, and many others. In addition to Foundations of Finance, 2 other of his books are widely used in college finance classes all over the country: Basic Financial Management and Personal Finance: Turning Money into Wealth. Professor Keown is a Fellow of the Decision Sciences Institute, was a member of the Board of Directors of the Financial Management Association, and is the head of the finance department at Virginia Tech. In addition, he served as the co-editor of the Journal of Financial Research for 6 years and as the co-editor of the Financial Management Association's Survey and Synthesis series for 6 years. He lives with his wife in Blacksburg, Virginia, where he collects original art from Mad Magazine. John D. Martin holds the Carr P. Collins Chair in Finance in the Hankamer School of Business at Baylor University, where he teaches in the Baylor EMBA programs and has 3 times been selected as the outstanding teacher. John joined the Baylor faculty in 1998 after spending 17 years on the faculty of the University of Texas at Austin. Over his career he has published over 50 articles in the leading finance journals, including papers in the Journal of Finance, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Journal of Monetary Economics, and Management Science. His recent research has spanned issues related to the economics of unconventional energy sources, the hidden cost of venture capital, and the valuation of firms filing Chapter 11. He is also co-author of several books, including Financial Management: Principles and Practice (13th Edition, Prentice Hall), Foundations of Finance (9th Edition, Prentice Hall), Theory of Finance (Dryden Press), Financial Analysis (3rd Edition, McGraw Hill), Valuation: The Art & Science of Corporate Investment Decisions (2nd Edition, Prentice Hall), and Value Based Management with Social Responsibility (2nd Edition, Oxford University Press). William Petty, PhD, Baylor University, is Professor of Finance and W. W. Caruth Chair of Entrepreneurship. Dr. Petty teaches entrepreneurial finance, both at the undergraduate and graduate levels. He is a University Master Teacher. In 2008, the Acton Foundation for Entrepreneurship Excellence selected him as the National Entrepreneurship Teacher of the Year. His research interests include the financing of entrepreneurial firms and shareholder value-based management. He has served as the co-editor for the Journal of Financial Research and the editor of the Journal of Entrepreneurial Finance. He has published articles in various academic and professional journals including the Journal of Financial and Quantitative Analysis, Financial Management, Journal of Portfolio Management, Journal of Applied Corporate Finance, and Accounting Review. Dr. Petty is co-author of a leading textbook in small business and entrepreneurship, Small Business Management: Launching and Growing Entrepreneurial Ventures. He also co-authored Value-Based Management: Corporate America's Response to the Shareholder Revolution (2010). He serves on the Board of Directors of a publicly traded oil and gas firm. Finally, he serves on the Board of the Baylor Angel Network, a network of private investors who provide capital to startups and early-stage companies.Table of ContentsPART I: THE SCOPE AND ENVIRONMENT OF FINANCIAL MANAGEMENT An Introduction to the Foundations of Financial Management The Financial Markets and Interest Rates Understanding Financial Statements and Cash Flows Evaluating a Firm's Financial Performance PART II: THE VALUATION OF FINANCIAL ASSETS The Time Value of Money The Meaning and Measurement of Risk and Return The Valuation and Characteristics of Bonds The Valuation and Characteristics of Stock The Cost of Capital PART III: INVESTMENT IN LONG-TERM ASSETS Capital-Budgeting Techniques and Practice Cash Flows and Other Topics in Capital Budgeting PART IV: CAPITAL STRUCTURE AND DIVIDEND POLICY Determining the Financing Mix Dividend Policy and Internal Financing PART V: WORKING-CAPITAL MANAGEMENT AND INTERNATIONAL BUSINESS FINANCE Short-Term Financial Planning Working-Capital Management International Business Finance Cash, Receivables, and Inventory Management

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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 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 SynopsisGlen Arnold is the author of Corporate Financial Management, Financial Times Guide to Value Investing 2e, The Handbook of Corporate Finance,  FT Guide to Investing, 2e, The FT Guide to the Financial Markets and The Great Investors. FT Guide to Investing is the most successful book in the personal finance section of Total Consumer Market.Table of ContentsAbout the author Preface Author's acknowledgements Publisher's acknowledgements PART 1 DIFFERENT TYPES OF BANKING Chapter 1 What is banking? Chapter 2 An overview of different aspects of banking Chapter 3 Retail banking Chapter 4 Transferring money and other retail bank services Chapter 5 Corporate banking: lending Chapter 6 Corporate banking: key activities Chapter 7 How a bank operates Chapter 8 Asset and liability management Chapter 9 Bank financial statements Chapter 10 Investment banking: services to companies and governments Chapter 11 Investment banking: market trading activities Chapter 12 The mutuals Chapter 13 Finance houses PART 2 INTERNATIONAL BANKING Chapter 14 Banking across borders Chapter 15 UK banking Chapter 16 European banking Chapter 17 Banking in the Americas Chapter 18 Banking in Asia and Australasia Chapter 19 Banking in the Middle East and Africa PART 3 INSTRUMENTS AND MARKETS Chapter 20 Debt markets Chapter 21 Futures markets Chapter 22 Swaps and options Chapter 23 Foreign exchange markets PART 4 CENTRAL BANKING AND REGULATION Chapter 24 Monetary policy Chapter 25 Central banking: other functions Chapter 26 Regulation Notes to chapters Index

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a huge range and FREE tracked UK delivery on ALL orders.

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a huge range and FREE tracked UK delivery on ALL orders.

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a huge range and FREE tracked UK delivery on ALL orders.

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Book SynopsisMake your next merger or acquisition one for the ages Meant to create value potentially fueled by synergies, the reality is that most mergers and acquisitions fail. It's estimated that 83% of mergers and acquisitions do not hit their desired results. The Merger & Acquisition Leader's Playbook tells you why most mergers fail. More importantly, it tells you how to make your next one a sweeping success. In the book, a team of private equity experts deliver a masterful walkthrough of how to integrate organizations by driving commercial success, instead of focusing purely on cutting costs. Readers will find: Concrete strategies for increasing the odds of success and reducing the risk of failure of a new merger or acquisitionA comprehensive, easily deployed and implemented plan to realize synergiesProven tools, techniques, and tricks of the trade to help leaders stay on top of their latest merger and keep everything on trackA must-read resource for business leaders considering a fresh merger or acquisition, The Merger & Acquisition Leader's Playbook: A Practical Guide to Integrating Organizations, Executing Strategy, and Driving New Growth after M&A or Private Equity Deals will also earn a place in the libraries of investors, agents, corporate service providers, and consultants trying to get two or more businesses to pull in the same direction.Table of ContentsAcknowledgments ix Executive Summary xi Part I The Strategic Playbook 1 Chapter 1 The Investment Case: The Heart of the Merger and Acquisition Leader’s Playbook 3 Tool 1.1 Investment Case 18 Chapter 2 Focus:It Drives Everything Else 19 Chapter 3 Plans: Strategy Precedes Execution 29 Tool 3.1 Situation Analysis Checklist 38 Tool 3.2 SWOT 40 Tool 3.3 Business Planning 41 Chapter 4 Innovation: A Fundamental Strategic Choice 43 Tool 4.1 BRAVE Innovation 74 Part II The Commercial Playbook 75 Chapter 5 Organic Revenue Growth: So Valuable 77 Chapter 6 Customers: From Which All New Value Flows 83 Chapter 7 Marketing and Sales: Which Every Organization Must Do 87 Tool 7.1 Purchase and Sales Funnel Management 88 Tool 7.2 Marketing Planning 90 Tool 7.3 Creative Brief 95 Tool 7.4 Strategic Selling 99 Part III The Operational Playbook 103 Chapter 8 Cost Optimization: To Free Up Resources to Fuel Commercial Growth 105 Chapter 9 Operational Excellence: Supply Chain, Distribution, Continual Improvement 111 Tool 9.1 Team Charter 122 Tool 9.2 Milestone Management 123 Chapter 10 Technology: Because All Companies Are Technology Companies Today 125 Part IV The Financial Playbook 129 The Financial Playbook 129 Chapter 11 The Deal and Due Diligence: Iteratively 131 Tool 11.1 Culture 153 Tool 11.2 Negotiating 155 Tool 11.3 Due Diligence Checklist 157 Chapter 12 Financing the Deal: The Different Options 165 Chapter 13 Further M&A: Enabling Commercial and Operational Success 171 Part V The Governance Playbook 173 Chapter 14 Regulatory: And the License to Play 175 Chapter 15 Financial Governance: Always Necessary 179 Chapter 16 The Board: And Its Multiple Roles 185 Part VI The Organizational Playbook 195 Chapter 17 Culture: The Underlying Root Cause of Nearly Every Merger’s Success or Failure 197 Chapter 18 Incentives: Show Me How They’re Paid and I’ll Tell You What They Do 223 Chapter 19 Leadership: Starting with the Core Leadership Team 227 Tool 19.1 Team and People Assessment 243 Chapter 20 People: Acquire, Develop, Encourage, Plan, Transition 245 Tool 20.1 Future Organizational Capability Planning 264 Tool 20.2 Talent Management 265 Tool 20.3 Recruiting Brief 267 Chapter 21 Politics: What Current and New Leaders Need to Know Organizationally and Personally 269 Part VII The Change Management Playbook 279 Chapter 22 Integration Leadership: Start Here 281 Chapter 23 Change Management: Leading Through the Point of Inflection 291 Tool 23.1 Alignment Workshop 303 Chapter 24 Communication: Everything Communicates 305 Tool 24.1 Communication and Presentation Planning 320 Chapter 25 Announcement Cascade: Emotional, Direct, Indirect 321 Tool 25.1 Announcement Cascade 328 Tool 25.2 Press Interviews 329 Chapter 26 Adjustments: Because You’ll Need Them 331 Tool 26.1 Management Cadence 349 Part VIII Prototypical Order 351 Chapter 27 Prototypical Order 353 About the Authors 361 Guest Contributors 365 Bibliography 367 Index 369

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Book SynopsisIf man’s next big step is to live and work in space, then what will everyone do out there that is so different from what we are now doing here on Earth? As the future of space comes into focus it is clear that profit and power are the core elements of the new space economy. This entertaining and informative book looks at human settlement in space as a mainstream business opportunity for investors, entrepreneurs and far-sighted individuals seeking to secure their place in the innovative commercial space sector. Dr. Jack Gregg presents a unique 5-phase development roadmap that shows how space will grow from a frontier economy to a mature integrated market. Written in simple, non-technical language, this book answers such questions as:• What is the new industrial space economy?• What are the challenges and roadblocks on the way to a robust space economy?• How will the rapid growth of the new space economy impact commerce back on Earth?• How can one best invest in profitable space-related enterprises? The Cosmos Economy is for readers who hope to be better equipped and more informed about the new space economy; and Investors, entrepreneurs, and futurists who wants to learn how to take part in the business opportunities of the new high frontier of commercial space.Trade Review“The Cosmos Economy, will help readers understand what is going on in the space business and why it is happening. The book will also explain how the industry could be valued at $3 trillion by mid-century. … Gregg mentions industries such as space-based energy generation, agriculture and food production, mining, and manufacturing. These are all things NSS members will recognize, but it is worth repeating for those unaware of what might one day be possible in space.” (Casey Suire, space.nss.org, April 9, 2022)Table of ContentsChapter 1. The Cosmos Economy.- Chapter 2. Blue oceans and greenfields in space.- Chapter 3. The importance of frontiers.- Chapter 4. Coming into the cosmos.- Chapter 5. No country for Earthmen.- Chapter 6. Turning over [space] rocks…Assumptions about space business.- Chapter 7 Planning on purpose Section.- Chapter 8. Settlement communities.- Chapter 9. Forever frontiers.- Chapter 10. Pushback and challenges.- Chapter 11. Visions of space.- Chapter 12. The space economy is already here.- Chapter 13. The new space merchants.- Chapter 14. The industrialization of space.- Chapter 15. Space biz.- Chapter 16. Space mining.- Chapter 17. Space manufacturing.- Chapter 18. No country for Earth men.- Chapter 19. Colonies, outposts, settlements, and stations.- Chapter 20. Don’t Look Back.- Chapter 21. The new 49-ers rush to space.- Chapter 22.- A competitive solar system.- Chapter 23. The rules of the game.- Chapter 24. Trouble in paradise.- Chapter 25. Industrial space.- Chapter 26. Business models.- Chapter 27. Diffusion of Innovations: The 5-Phase adoption model.- Chapter 28. Phase 1: Innovators/ The frontier phase of the new space economy.- Chapter 29. Phase 2: Early Adopter Phase.- Chapter 30. Phase 3: Early Mainstream Phase.- Chapter 31. Phase 4: Late Mainstream Phase.- Chapter 32. Phase 5: Late Adopters - Market Maturity Phase.- Chapter 33. Connecting the dots.- Chapter 34. A new generation of pilgrims.- Chapter 35. Questions and Answers.- Chapter 36. Lessons learned.- Chapter 37. How to be part of the new cosmos economy.

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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 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 Synopsis''A brilliantly readable account, based on exceptional access, of the transformation of the old Quaker bank into a hard-charging capitalist adventurer ... both a thriller and a reminder that business is fascinating because all human life is there'' John Plender, Financial TimesBased on unparalleled access to those involved, and told with compelling pace and drama, The Bank that Lived a Little describes three decades of boardroom intrigue at one of Britain''s biggest financial institutions. In a tale of feuds, grandiose dreams and a struggle for supremacy between rival strategies and their adherents, Philip Augar gives a riveting account of Barclays'' journey from an old Quaker bank to a full-throttle capitalist machine. The disagreement between those ambitious for Barclays to join the top table of global banks, and those preferring a smaller domestic role more in keeping with the bank''s traditions, cost three chief executives their jobTrade ReviewHe tells the financial story of our age -- Alec Russell * Financial Times *A brilliantly readable account, based on exceptional access to most of those involved, of the transformation of the old Quaker bank into a hard-charging capitalist adventurer. ... Philip Augar's book is both a thriller and a reminder that business is fascinating because all human life is there. -- John Plender * Financial Times *A riveting and revealing account of how a bank of high moral character with Quaker origins ended up in the sewer thanks to ambition and greed. -- Iain Martin * The Times *Once you start reading Philip Augar's well-researched book, you are captivated. ... What makes The Bank That Lived a Little a must-read is the way in which, in its pages, Barclays comes to embody all that has been, and possibly still is, wrong with the entire banking sector. -- Vicky Pryce * Literary Review *

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Book SynopsisBest books of 2021, Financial Times''Grab some popcorn and take a front row seat, because Robin Wigglesworth has an astonishing story to tell you'' Tim Harford, author of How to Make the World Add Up''A fascinating account of an investment revolution'' Ian Fraser, Literary Review''A magisterial, delightfully written history offering up portraits of the academic scribblers and entrepreneurial practitioners who created the index-fund revolution'' The Wall Street Journal''Wigglesworth has written an important book'' Patrick Hosking, Financial Editor, The Times''A terrific read'' Gregory Zuckerman, author of The Man Who Solved the Market''A fascinating journey and a crucial book for anyone trying to understand the financial markets'' Bradley Hope, author of Billion Dollar Whale--------------------------------------------------------------Trade ReviewThe simplest, humblest ideas are sometimes the ones that turn the world upside down. Grab some popcorn and take a front row seat, because Robin Wigglesworth has an astonishing story to tell you * Tim Harford, author of How to Make the World Add Up *Trillions is both entertaining and educational. Wigglesworth explores one of the most important modern-day financial innovations and explains its broad impact on financial markets, investors, global economies and even capitalism. A terrific read and a topic that will become more important as passive investments increasingly dominate markets. Wigglesworth brings what could be a dull topic to full life * Gregory Zuckerman, special writer at the Wall Street Journal and author of The Man Who Solved the Market *As only the incomparable Robin Wigglesworth could do, in Trillions he turns the often obscured history of the investment industry into a rollicking great yarn, replete with admirable heroes, political infighting, fascinating diversions and unexpected triumphs * William Cohan, special correspondent at Vanity Fair and author of The Last Tycoons *Very few writers can tell a great story and help us understand a big idea. Robin Wigglesworth is one of those rare journalists who can. His history of the index fund is required reading for anyone who wants to know where the financial markets have come, and where they are going. It's also just a wonderfully engaging romp through the last half century of market news * Rana Foroohar, global business columnist at the Financial Times and author of Don't Be Evil *This is a tour de force. Passive investing has become a bedrock of finance but very few investors understand where and how this practice emerged from and how it is changing markets in a way that impacts us all. Wigglesworth has turned this arcane tale into an easy-to-understand and fun read, full of lively characters and little known details of how finance really works today. Anyone who wants to understand modern investing should read it * Gillian Tett, chair of the editorial board and US editor-at-large at the Financial Times and author of Fool's Gold *A real tour de force, this engaging and thought-provoking book brings together several historical threads - from Warren Buffett's famous hedge fund bet to the 'Manhattan Project of financial economics' - to show how passive investing and index funds have evolved into an ETF phenomenon that has 'humble[d] the investment industry ... reshape[d] finance forever,' and now poses risks for future financial stability and economic wellbeing * Mohamed El Erian, Chief Economic Adviser of Allianz and author of When Markets Collide *The greatest change in investing in the last 100 years is brought to life like never before. A page turner! * Fred Grauer, former CEO of Wells Fargo Investment Advisors *Robin Wigglesworth is one of the most lucid and exciting journalists writing about finance today. Trillions tackles the enormous changes that have swept the investing world through the stories of its charismatic innovators. It's a fascinating journey and a crucial book for anyone trying to understand the financial markets * Bradley Hope, writer at Project Brazen and author of Billion Dollar Whale *A fascinating account of an investment revolution. Trillions should be read not just by millionaires, billionaires and trillionaires, but by anyone who has a pension plan, individual savings account or money invested, directly or indirectly, in the stock market * Ian Fraser, Literary Review *A magisterial, delightfully written history offering up portraits of the academic scribblers and entrepreneurial practitioners who created the index-fund revolution. It also contains common-sense wisdom that will benefit all investors. * The Wall Street Journal *Wigglesworth has written an important book. Passive has mostly been a boon, but its impact in future may not be so benevolent. Investors, companies and regulators need to apprehend the water they are swimming in * Patrick Hosking, Financial Editor of The Times *Paul Volcker once quipped that the greatest innovation in finance in recent decades was the humble ATM. Not so, argues the FT global finance correspondent who makes the case for the index fund as the instrument that democratised investing, upended established structures and changed capitalism. Told through the stories of the group of radical nerds who made it all happen * Best books of 2021, Financial Times *

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Book SynopsisGlen Arnold is a businessman, investor and a professor of finance at Salford University. He's the author of Corporate Financial Management, now  in its fourth edition, Essentials of Corporate Financial Management, The Financial Times Guide to Value Investing, now in its second edition, and the market leading, The Financial Times Guide to Investing also in its second edition. Table of ContentsTable of Contents CONTENTS Introduction · Some of the financial issues covered · The scope of corporate finance Chapter 1. What is the firm’s objective? A common purpose The assumed objective of finance Why should we aim for shareholder wealth? What is shareholder wealth? Profit maximisation is not the same as shareholder wealth maximisation Getting manager’s objectives aligned with shareholder’s objectives What happens if control over directors is weak? Conclusion PART 1 – IINVESTING IN PROJECTS? Chapter 2. State-of-the-art project assessment techniques How do you know whether an investment generates value for shareholders? State-of-the-art technique 1: net present value State-of-the-art technique 2: internal rate of return Choosing between NPV and IRR Appendix 2.1 Mathematical tools for finance Chapter 3. Traditional appraisal techniques What appraisal techniques businesses actually use Payback Accounting rate of return Internal rate of return: reason for continued popularity Chapter 4. Investment decision-making in companies The managerial art of investment selection More tricky issues in real world project appraisal The stages of investment decision making Chapter 5. Allowing for risk in project appraisal What is risk? Adjusting for risk through the discount rate Sensitivity analysis Scenario analysis Probability analysis Problems with using probability analysis Evidence of risk analysis in practice PART 2 SHAREHOLDER VALUE Chapter 6. Value managed companies versus earnings managed companies The pervasiveness of the value approach Case studies: FT100 companies creating value and destroying value Why shareholder value? Three steps to value Earnings-based management’s failings ROCE has failings Focusing on earnings is not the same as value How a business creates value The five actions to create value Chapter 7. Value through strategy Value principles touch every corner of the business Strategic business unit management The firm’s objective Strategic assessment Strategic choice Strategy implementation What use is the head office? Targets and motivation Chapter 8. Value creation within strategic business units · Using cash flow to measure value · Shareholder value analysis · Economic profit · Economic value added (EVA) · Cash flow return on investment Chapter 9. Entire firm value measurement Total shareholder return Wealth added index Market added value Market to book ratio Chapter 10. What is the company’s cost of capital? A word of warning The required rate of return Two sides of the same coin The weighted average cost of capital The cost of equity capital The cost of retained earnings Debt capital The cost of preference share capital Hybrid secu

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Book SynopsisJavier Estrada holds an M.S. in Finance and a Ph.D. in Economics both from the University of Illinois at Urbana-Champaign. He is currently an associate professor at the IESE Business School in Barcelona, Spain; the co-editor of the Emerging Markets Review; and a wealth management advisor at Sports Global Consulting. He has published extensively in international journals, written many cases for class discussion, and lectured throughout the world.Trade Review‘This delivers the essential concepts of modern finance clearly and concisely. My advice: buy this book and keep it close at hand!' Mark Kritzman, President and CIO, Windham Capital Management, LLC ‘Whilst there are a number of books that purport to offer a quick reference for business professionals, this is the only one that really manages to do this in an effective way.' Valerio Potì, Director of the MSc in Finance and Capital Markets Program, Dublin City University Business School ‘This is corporate finance served in bite-sized and digestible portions.' Elroy Dimson, Emeritus Professor of Finance, London Business School ‘Javier Estrada is to be commended for translating deep economic ideas into terms that are immediately usable, compelling and valuable.' Robert F. Bruner, Dean of Darden Business School, University of Virginia Table of ContentsPublisher's acknowledgments Preface to the second edition Preface to the first edition PART I: RISK AND RETURN 1 Returns (I): Basic concepts 2 Returns (II): Mean returns 3 Risk (I): Total risk 4 Risk and return (I): Portfolios 5 Risk (II): Diversification &

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Book SynopsisIt doesn''t matter how old you are or where you''re from; you can start a profitable business. The Young Entrepreneur''s Guide to Starting and Running a Business will show you how.Through stories of young entrepreneurs who have started businesses, this book illustrates how to turn hobbies, skills, and interests into profit-making ventures. Mariotti describes the characteristics of the successful entrepreneur and covers the nuts and bolts of getting a business up, running and successful.

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Book SynopsisTable of ContentsPreface xiii Acknowledgments xv About the CFA Investment Series xvii Chapter 1 Overview of Equity Securities 1 Learning Outcomes 1 1. Introduction 1 2. Equity Securities in Global Financial Markets 2 3. Types and Characteristics of Equity Securities 8 3.1. Common Shares 9 3.2. Preference Shares 11 4. Private versus Public Equity Securities 13 5. Investing in Non-Domestic Equity Securities 15 5.1. Direct Investing 17 5.2. Depository Receipts 17 6. Risk and Return Characteristics of Equity Securities 21 6.1. Return Characteristics of Equity Securities 21 6.2. Risk of Equity Securities 22 7. Equity Securities and Company Value 23 7.1. Accounting Return on Equity 24 7.2. The Cost of Equity and Investors’ Required Rates of Return 28 8. Summary 29 References 31 Practice Problems 31 Chapter 2 Introduction to Industry and Company Analysis 35 Learning Outcomes 35 1. Introduction 36 2. Uses of Industry Analysis 36 3. Approaches to Identifying Similar Companies 37 3.1. Products and/or Services Supplied 37 3.2. Business-Cycle Sensitivities 38 3.3. Statistical Similarities 39 4. Industry Classification Systems 40 4.1. Commercial Industry Classification Systems 40 4.2. Governmental Industry Classification Systems 44 4.3. Strengths and Weaknesses of Current Systems 45 4.4. Constructing a Peer Group 46 5. Describing and Analyzing an Industry 50 5.1. Principles of Strategic Analysis 52 5.2. External Influences on Industry Growth, Profitability, and Risk 70 6. Company Analysis 77 6.1. Elements That Should Be Covered in a Company Analysis 77 6.2. Spreadsheet Modeling 80 7. Summary 81 References 84 Practice Problems 84 Chapter 3 Equity Valuation: Concepts and Basic Tools 89 Learning Outcomes 89 1. Introduction 90 2. Estimated Value and Market Price 90 3. Major Categories of Equity Valuation Models 92 4. Present Value Models: The Dividend Discount Model 94 4.1. Dividends: Background for the Dividend Discount Model 94 4.2. The Dividend Discount Model: Description 96 4.3. Preferred Stock Valuation 100 4.4. The Gordon Growth Model 103 4.5. Multistage Dividend Discount Models 108 5. Multiplier Models 112 5.1. Relationships among Price Multiples, Present Value Models, and Fundamentals 112 5.2. The Method of Comparables 116 5.3. Illustration of a Valuation Based on Price Multiples 119 5.4. Enterprise Value 121 6. Asset-Based Valuation 123 7. Summary 127 References 129 Practice Problems 129 Chapter 4 Equity Valuation: Applications and Processes 135 Learning Outcomes 135 1. Introduction 135 2. Value Definitions and Valuation Applications 136 2.1. What is Value? 136 2.2. Applications of Equity Valuation 139 3. The Valuation Process 141 3.1. Understanding the Business 142 3.2. Forecasting Company Performance 152 3.3. Selecting the Appropriate Valuation Model 153 3.4. Converting Forecasts to a Valuation 160 3.5. Applying the Valuation Conclusion: The Analyst’s Role and Responsibilities 161 4. Communicating Valuation Results 163 4.1. Contents of a Research Report 163 4.2. Format of a Research Report 165 4.3. Research Reporting Responsibilities 166 5. Summary 168 References 169 Practice Problems 170 Chapter 5 Return Concepts 177 Learning Outcomes 177 1. Introduction 177 2. Return Concepts 178 2.1. Holding Period Return 178 2.2. Realized and Expected (Holding Period) Returns 179 2.3. Required Return 179 2.4. Expected Return Estimates from Intrinsic Value Estimates 181 2.5. Discount Rate 183 2.6. Internal Rate of Return 183 3. The Equity Risk Premium 184 3.1. Historical Estimates 186 3.2. Forward-Looking Estimates 194 4. The Required Return on Equity 198 4.1. The Capital Asset Pricing Model 198 4.2. Multifactor Models 206 4.3. Build-Up Method Estimates of the Required Return on Equity 213 4.4. The Required Return on Equity: International Issues 217 5. The Weighted Average Cost of Capital 218 6. Discount Rate Selection in Relation to Cash Flows 220 7. Summary 220 References 222 Practice Problems 223 Chapter 6 Industry and Company Analysis 229 Learning Outcomes 229 1. Introduction 230 2. Financial Modeling: An Overview 230 2.1. Income Statement Modeling: Revenue 230 2.2. Income Statement Modeling: Operating Costs 236 2.3. Income Statement Modeling: Non-operating Costs 249 2.4. Income Statement Modeling: Other Items 253 2.5. Balance Sheet and Cash Flow Statement Modeling 254 2.6. Scenario Analysis and Sensitivity Analysis 256 3. The Impact of Competitive Factors on Prices and Costs 258 4. Inflation and Deflation 266 4.1. Sales Projections with Inflation and Deflation 267 4.2. Cost Projections with Inflation and Deflation 272 5. Technological Developments 274 6. Long-Term Forecasting 285 Case Study: Estimating Normalized Revenue 286 7. Building a Model 291 7.1. Industry Overview 291 7.2. Company Overview 292 7.3. Construction of Pro Forma Income Statement 293 7.4. Construction of Pro Forma Cash Flow Statement and Balance Sheet 299 7.5. Valuation Inputs 304 8. Summary 305 References 306 Practice Problems 306 Chapter 7 Discounted Dividend Valuation 313 Learning Outcomes 313 1. Introduction 314 2. Present Value Models 315 2.1. Valuation Based on the Present Value of Future Cash Flows 315 2.2. Streams of Expected Cash Flows 317 3. The Dividend Discount Model 322 3.1. The Expression for a Single Holding Period 323 3.2. The Expression for Multiple Holding Periods 324 4. The Gordon Growth Model 326 4.1. The Gordon Growth Model Equation 326 4.2. The Links Among Dividend Growth, Earnings Growth, and Value Appreciation in the Gordon Growth Model 334 4.3. Share Repurchases 334 4.4. The Implied Dividend Growth Rate 335 4.5. The Present Value of Growth Opportunities 336 4.6. Gordon Growth Model and the Price-to-Earnings Ratio 339 4.7. Estimating a Required Return Using the Gordon Growth Model 341 4.8. The Gordon Growth Model: Concluding Remarks 342 5. Multistage Dividend Discount Models 342 5.1. Two-Stage Dividend Discount Model 343 5.2. Valuing a Non-Dividend-Paying Company 346 5.3. The H-Model 347 5.4. Three-Stage Dividend Discount Models 349 5.5. Spreadsheet (General) Modeling 354 5.6. Estimating a Required Return Using Any DDM 356 5.7. Multistage DDM: Concluding Remarks 357 6. The Financial Determinants of Growth Rates 358 6.1. Sustainable Growth Rate 358 6.2. Dividend Growth Rate, Retention Rate, and ROE Analysis 360 6.3. Financial Models and Dividends 363 7. Summary 365 References 367 Practice Problems 368 Chapter 8 Free Cash Flow Valuation 383 Learning Outcomes 383 1. Introduction to Free Cash Flows 384 2. FCFF and FCFE Valuation Approaches 385 2.1. Defining Free Cash Flow 385 2.2. Present Value of Free Cash Flow 386 2.3. Single-Stage (Constant-Growth) FCFF and FCFE Models 387 3. Forecasting Free Cash Flow 389 3.1. Computing FCFF from Net Income 389 3.2. Computing FCFF from the Statement of Cash Flows 393 3.3. Noncash Charges 394 3.4. Computing FCFE from FCFF 400 3.5. Finding FCFF and FCFE from EBIT or EBITDA 405 3.6. FCFF and FCFE on a Uses-of-Free-Cash-Flow Basis 407 3.7. Forecasting FCFF and FCFE 409 3.8. Other Issues in Free Cash Flow Analysis 414 4. Free Cash Flow Model Variations 419 4.1. An International Application of the Single-Stage Model 420 4.2. Sensitivity Analysis of FCFF and FCFE Valuations 421 4.3. Two-Stage Free Cash Flow Models 422 4.4. Three-Stage Growth Models 430 4.5. ESG Considerations in Free Cash Flow Models 431 5. Nonoperating Assets and Firm Value 436 6. Summary 436 References 438 Practice Problems 438 Chapter 9 Market-Based Valuation: Price and Enterprise Value Multiples 455 Learning Outcomes 455 1. Introduction 456 2. Price and Enterprise Value Multiples in Valuation 457 2.1. The Method of Comparables 457 2.2. The Method Based on Forecasted Fundamentals 459 3. Price Multiples 460 3.1. Price to Earnings 460 3.2. Price to Book Value 492 3.3. Price to Sales 503 3.4. Price to Cash Flow 510 3.5. Price to Dividends and Dividend Yield 515 4. Enterprise Value Multiples 518 4.1. Enterprise Value to EBITDA 519 4.2. Other Enterprise Value Multiples 524 4.3. Enterprise Value to Sales 525 4.4. Price and Enterprise Value Multiples in a Comparable Analysis: Some Illustrative Data 526 5. International Considerations When Using Multiples 528 6. Momentum Valuation Indicators 529 7. Valuation Indicators: Issues in Practice 535 7.1. Averaging Multiples: The Harmonic Mean 535 7.2. Using Multiple Valuation Indicators 537 8. Summary 542 References 544 Practice Problems 546 Chapter 10 Residual Income Valuation 559 Learning Outcomes 559 1. Introduction 560 2. Residual Income 560 2.1. The Use of Residual Income in Equity Valuation 563 2.2. Commercial Implementations 564 3. The Residual Income Model 565 3.1. The General Residual Income Model 568 3.2. Fundamental Determinants of Residual Income 573 3.3. Single-Stage Residual Income Valuation 574 3.4. Multistage Residual Income Valuation 575 4. Residual Income Valuation in Relation to Other Approaches 580 4.1. Strengths and Weaknesses of the Residual Income Model 582 4.2. Broad Guidelines for Using a Residual Income Model 583 5. Accounting and International Considerations 584 5.1. Violations of the Clean Surplus Relationship 585 5.2. Balance Sheet Adjustments for Fair Value 594 5.3. Intangible Assets 594 5.4. Nonrecurring Items 597 5.5. Other Aggressive Accounting Practices 598 5.6. International Considerations 598 6. Summary 599 References 601 Practice Problems 602 Chapter 11 Private Company Valuation 611 Learning Outcomes 611 1. Introduction 612 2. The Scope of Private Company Valuation 612 2.1. Private and Public Company Valuation: Similarities and Contrasts 612 2.2. Reasons for Performing Valuations 614 3. Definitions (Standards) of Value 616 4. Private Company Valuation Approaches 618 4.1. Earnings Normalization and Cash Flow Estimation Issues 619 4.2. Income Approach Methods of Private Company Valuation 625 4.3. Market Approach Methods of Private Company Valuation 635 4.4. Asset-Based Approach to Private Company Valuation 643 4.5. Valuation Discounts and Premiums 644 4.6. Business Valuation Standards and Practices 651 5. Summary 652 References 654 Practice Problems 654 Glossary 661 About the Editors 671 About the CFA Program 673 Index 675

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Book SynopsisThere is no doubt that the proliferation of entrepreneurial activity is a current trend. Start-ups enable an effective transformation of knowledge, generating high added value to society. The objective of this book is to address the financing of the entrepreneurial process as a necessary element to articulate a solid business fabric, based on taking advantage of new opportunities. The book is structured in two parts. The first part takes as a reference the lack of financing in the entrepreneurship process and analyses different sources of financing available to entrepreneurs depending on the phase in which the project is located. The second part of the book analyses innovation and its links to the financing of start-ups, addressing the impact of emerging technologies and fintech services and the support of artificial intelligence. Finally, the book concludes with an examination of decentralized finance (DeFi), as an idea that is changing the financial world, giving rise to new financial paradigms.Table of ContentsPart I. Investment Cycles.- Chapter 1. Financing Rounds with Private Capital.- Chapter 2. Angel Investing Startups.- Chapter 3. Crowdfunding: Another Way of Financing My Business.- Chapter 4. A Prospective Analysis of the Advantages of Crowdlending to Startups.- Chapter 5. The Financing of Minority Entrepreneurial Efforts in the U.S..- Chapter 6. Bank Credit in Europe Between Two Crises: From the Great Recession to the COVID 19 Pandemic.- Part II. Startup Innovation.- Chapter 7. Emerging Technologies in Financing Startups.- Chapter 8. ICOs, IEOs and STOs: Token Sales as Innovative Formulas for Financing Start-ups.- Chapter 9. Financing Start-ups Through Artificial Intelligence.- Chapter 10. DeFi & Startups: Revolution in Finance.

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Book SynopsisAbout our authors Jonathan 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 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 papers ever published in The Review of Financial Studies. In recognition of his influence on the practice of finance he has received the Bernstein-Fabozzi/Jacobs Levy Award, the Graham and Dodd Award of Excellence, and the Roger F. Murray Prize. He served 2 terms as an Associate Editor of the Journal of Finance, and a term as a director of the American Finance Association, the Western Finance Association, and academic director of the Financial Management Association. He is a Fellow of the Financial Management Association and a member of the advisory board of the Journal of Portfolio Management. Born in Johannesburg, South Africa, Professor Berk has 2 daughters, and is an avid skier and biker. Peter DeMarzo is the John G. McDonald Professor of Finance at the Graduate School of Business, Stanford University. He is the former President of the American Finance Association and a Research Associate at the National Bureau of Economic Research. He teaches MBA and PHD courses in Corporate Finance and Financial Modeling. Professor DeMarzo has also taught at the Haas School of Business and the Kellogg Graduate School of Management. He is a Fellow of the Econometric Society and former National Fellow at the Hoover Institution. Professor DeMarzo received the Sloan Teaching Excellence Award at Stanford and the Earl F. Cheit Outstanding Teaching Award at U.C. Berkeley. Professor DeMarzo has served as an Associate Editor for The Review of Financial Studies, Financial Management, and the B.E. Journals in Economic Analysis and Policy, as well as Vice President and director of the American Finance Association and President of the Western Finance Association. Professor DeMarzo's research is in the area of corporate finance, asset securitization, and contracting, as well as market structure and regulation. His recent work has examined issues of the optimal design of contracts and securities, leverage dynamics and the role of bank capital regulation, and the influence of information asymmetries on stock prices and corporate investment. He has received numerous awards including the Western Finance Association Corporate Finance Best-Paper Award, the Charles River Associates Best-Paper Award, the Barclays Global Investors/Michael Brennan Best-Paper of the Year Award from The Review of Financial Studies, and the Brattle Prize for the best corporate finance paper from the Journal of Finance. Professor DeMarzo was born in Whitestone, New York, and is married with 3 boys. He and his family enjoy hiking, biking and skiing. Jarrad Harford is the Paul Pigott - PACCAR Professor of Finance at the University of Washington's Foster School of Business. Prior to Washington, Professor Harford taught at the University of Oregon. He earned his PhD in Finance with a minor in Organizations and Markets from the University of Rochester. Professor Harford has taught the core undergraduate finance course, Business Finance, for 25 years, as well as an elective in Mergers and Acquisitions, and Finance for Non-financial Executives in the executive education program. He has won numerous awards for his teaching, including the UW Undergraduate Finance Professor of the Year (2010, 2012, 2016, 2021, 2022), Panhellenic/Interfraternity Council Business Professor of the Year Award (2011, 2013), ISMBA Excellence in Teaching Award (2006), and the Wells Fargo Faculty Award for Undergraduate Teaching (2005). Professor Harford is currently a Managing Editor of the Journal of Financial and Quantitative Analysis, and served as an Associate Editor for the Journal of Financial Economics, and the Journal of Corporate Finance. His main research interests are understanding the dynamics of merger and acquisition activity as well as the interaction of corporate cash management policy with governance, payout and global tax considerations. Professor Harford was born in Pennsylvania, is married, and has 2 sons. He and his family enjoy traveling, hiking and skiing

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Book SynopsisHow should firms decide whether and when to invest in new capital equipment, additions to their workforce, or the development of new products? This book provides an exposition of a theoretical approach to the capital investment decisions of firms, stressing the irreversibility of most investment decisions.Trade Review"[The authors'] approach has powerful implications for investors in marketable assets as well. No investment professional or CFO can afford to ignore this brilliant new book."—Peter L. Bernstein, author of Capital Ideas: The Improbable Origins of Modern Wall Street"Avinash Dixit and Robert Pindyck have successfully applied to capital budgeting the ideas and techniques of option pricing that have so enriched our understanding of financial markets."—Merton H. Miller, Nobel Laureate in EconomicsTable of ContentsPreface1A New View of Investment32Developing the Concepts Through Simple Examples263Stochastic Processes and Ito's Lemma594Dynamic Optimization under Uncertainty935Investment Opportunities and Investment Timing1356The Value of a Project and the Decision to Invest1757Entry, Exit, Lay-Up, and Scrapping2138Dynamic Equilibrium in a Competitive Industry2479Policy Intervention and Imperfect Competition28210Sequential Investment31911Incremental Investment and Capacity Choice35712Applications and Empirical Research394References429Symbol Glossary445Author Index449Subject Index455

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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 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 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 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 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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