Corporate finance Books

Book SynopsisElgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences, business and law, expertly written by the world’s leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas.Fully revised and updated, this Advanced Introduction provides a comprehensive understanding of entrepreneurial finance of new and growing ventures. With a unique research-based focus, Hans Landström synthesizes contemporary knowledge and presents diverse theoretical approaches to explain financial decision-making in entrepreneurial ventures.New features include: An updated synthesis of knowledge on entrepreneurial finance, which highlights accumulated knowledge as well as new contributions in entrepreneurial finance research Emphasis on entrepreneurial finance from the perspective of both entrepreneurs as well as capital providers An elaboration of financial issues not only in high-tech and high growth ventures, but also in the financing of more 'everyday' ventures A consideration of the ways the financial landscape has changed, featuring analysis of the FinTech revolution, crowdfunding and initial coin offerings (ICOs). This second edition will serve as an excellent up-to-date resource for advanced students and scholars in entrepreneurship, innovation, finance and business. Policy-makers interested in financial issues in young and growing ventures will also find this Advanced Introduction a useful tool for exploring financial decision-making from an entrepreneur’s perspective.Trade Review‘This book is a must-read for anyone interested in entrepreneurial finance. From the traditional funding sources to the new financial landscape created by the fintech revolution, Hans Landstrom provides an excellent overview of the field. By adopting the perspective of both entrepreneurs and capital providers and moving beyond the traditional focus on high tech and high growth ventures, this book takes an important step in “democratizing” the literature on entrepreneurial finance to cover the financing needs of “everyday” entrepreneurs and ventures.’ -- Annaleena Parhankangas, Iowa State University, US‘This book makes a significant contribution to the literature on entrepreneurial finance. It provides a comprehensive review of both the demand for, and supply of, debt and equity finance. Theory and empirical evidence are both discussed in detail. This second edition includes important new content on the changing financial landscape. I recommend that anyone who is developing a course on entrepreneurial finance should base the structure and content of their teaching around this book. It is essential reading for courses on entrepreneurial finance.’ -- Colin Mason, University of Glasgow, UKAcclaim for the first edition:‘I think readers can learn a great deal from this book. Indeed, I hope it will inspire more researchers to engage in entrepreneurial finance as a fascinating research topic.’ -- Douglas Cumming, International Small Business Journal‘Over the last decades, Hans Landström has made important contributions to the financial bootstrapping, business angel and venture capital literatures. In this book, he provides a rich overview of the entrepreneurial finance literature, going back to the earliest contributions and breaking down the “silos” of research on entrepreneurial finance that developed in the entrepreneurship and finance literatures. Experienced researchers and PhD students will find much to learn in this book to position their own research vis-à-vis the state of the art.’ -- Tom Vanacker, Ghent University, Belgium‘This book is outstanding and provides an excellent review of the study of entrepreneurial finance. It is research-based and expands our understanding of the application and adaption of traditional financial techniques to the management of new and growing ventures. The book takes the perspectives of both capital providers and entrepreneurs, with significant attention being devoted to the financial decision-making behaviors in entrepreneurial firms. Overall, this book is a must-read and offers a comprehensive and critical discussion of knowledge on the fundamental topic of entrepreneurial finance.’ -- Dirk De Clercq, Brock University, CanadaTable of ContentsContents: Preface to the second edition PART I ENTREPRENEURIAL FINANCE 1. The basics of entrepreneurial finance PART II ENTREPRENEURS’ PERSPECTIVE 2. The characteristics of entrepreneurship 3. The demand for capital – empirical evidence 4. The demand for capital – theoretical explanations PART III CAPITAL PROVIDERS’ PERSPECTIVE 5. The supply of capital – debt financing 6. The supply of capital – equity financing 7. The new financial landscape 8. The context of entrepreneurial finance References Index

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Book SynopsisElgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences, business and law, expertly written by the world’s leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas.This Advanced Introduction provides an illustrative guide to private equity, integrating insights from academic research with examples to derive practical recommendations. Paul Gompers and Steven Kaplan begin by reviewing the history of private equity then exploring the evidence on performance of private equity investments at both the portfolio company level and fund level, documenting the creation of economic value. The book then presents a set of actionable frameworks for driving value creation in private equity investments. It concludes by examining how private equity investors raise funds and how they successfully manage their private equity firms. Key Features: Explains what private equity investors do and how they do it Includes a detailed discussion of career paths in private equity Links real world examples that illustrate insights from academic research Provides an overview of the private equity industry from individual investments to fundraising to firm management This Advanced Introduction is an excellent resource for investment bankers and consultants as well as prospective investors who are looking for a comprehensive yet succinct introduction to the topic. Scholars interested in the fields of finance and private equity will find the research and case studies informative and enlightening.Trade Review‘This book is a must read for those interested in how the US private industry was formed, evolved over the years and currently operates. Paul Gompers and Steve Kaplan provide a comprehensive review of the academic research about the industry and provide thoughtful new rigorous analysis. Through the use of statistical evidence and real world examples, they demystify the working of a private equity firm and illustrate how private equity firms create value through operating improvements, leverage, governance, aligned incentives, and strategic direction. They also dispel many rumors about the industry. This book is the definitive work on the private equity industry and should be of interest to students, academicians and practitioners.’ -- Robert F. "Bob" White, Harvard Business School, US‘Private equity has become a traditional and strongly growing asset class – this book provides a great overview and deep dive of the “what is what” of the industry.’ -- Marcel Erni, Co-Founder, Partners Group‘Gompers and Kaplan take some of the “private” out of “private equity” by demystifying how it all works and deftly weaving together both the academic and practitioner perspectives. Finally, a book I can recommend to students, new recruits, and professionals looking for a Private equity primer.’ -- Joe Osnoss, Managing Partner, Silver Lake‘Private Equity is comprehensive, insightful and revelatory. It will quickly become the industry’s definitive tome authored by private equity’s foremost academic authorities – Paul Gompers and Steven Kaplan.’ > -- Gregory Purcell, Co Founder and Chief Executive Officer, Arbor Investments, LLC

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Book SynopsisElgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences, business and law, expertly written by the world’s leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas.This Advanced Introduction provides an illustrative guide to private equity, integrating insights from academic research with examples to derive practical recommendations. Paul Gompers and Steven Kaplan begin by reviewing the history of private equity then exploring the evidence on performance of private equity investments at both the portfolio company level and fund level, documenting the creation of economic value. The book then presents a set of actionable frameworks for driving value creation in private equity investments. It concludes by examining how private equity investors raise funds and how they successfully manage their private equity firms. Key Features: Explains what private equity investors do and how they do it Includes a detailed discussion of career paths in private equity Links real world examples that illustrate insights from academic research Provides an overview of the private equity industry from individual investments to fundraising to firm management This Advanced Introduction is an excellent resource for investment bankers and consultants as well as prospective investors who are looking for a comprehensive yet succinct introduction to the topic. Scholars interested in the fields of finance and private equity will find the research and case studies informative and enlightening.Trade Review‘This book is a must read for those interested in how the US private industry was formed, evolved over the years and currently operates. Paul Gompers and Steve Kaplan provide a comprehensive review of the academic research about the industry and provide thoughtful new rigorous analysis. Through the use of statistical evidence and real world examples, they demystify the working of a private equity firm and illustrate how private equity firms create value through operating improvements, leverage, governance, aligned incentives, and strategic direction. They also dispel many rumors about the industry. This book is the definitive work on the private equity industry and should be of interest to students, academicians and practitioners.’ -- Robert F. "Bob" White, Harvard Business School, US‘Private equity has become a traditional and strongly growing asset class – this book provides a great overview and deep dive of the “what is what” of the industry.’ -- Marcel Erni, Co-Founder, Partners Group‘Gompers and Kaplan take some of the “private” out of “private equity” by demystifying how it all works and deftly weaving together both the academic and practitioner perspectives. Finally, a book I can recommend to students, new recruits, and professionals looking for a Private equity primer.’ -- Joe Osnoss, Managing Partner, Silver Lake‘Private Equity is comprehensive, insightful and revelatory. It will quickly become the industry’s definitive tome authored by private equity’s foremost academic authorities – Paul Gompers and Steven Kaplan.’ > -- Gregory Purcell, Co Founder and Chief Executive Officer, Arbor Investments, LLC

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Book SynopsisExpertly surveying the realm of corporate finance, this adroitly-crafted Handbook offers a wealth of conceptual analysis and comprehensively outlines recent scholarly research and developments within the field. It not only delves into the theoretical dimensions of corporate finance, but also explores its practical implications, thereby bridging the gap between these distinct strands.Featuring contributions from eminent scholars, chapters cover a wide range of central topics including corporate financing and payout policies, investment decisions and mergers and acquisitions. The Handbook also presents state-of-the-art thinking and evidence on key issues within these areas of study, namely product market competition, labour contracts and governance arrangements that protect the interests of capital providers. It further examines some of the most critical decisions made by corporate financial managers, setting out a number of unresolved issues that should be addressed in future scholarly inquiry.Innovative and accessible, the Handbook of Corporate Finance will prove to be a fundamental resource for established academics and students interested in corporate governance, economics and finance, and business and management. Practitioners in the corporate finance world will similarly find this to be a beneficial read.Trade Review‘This book offers a one-stop shop with 17 impressive chapters surveying important corporate finance topics, written by experts in each area. These up-to-date surveys provide the reader with the ability to efficiently learn about the important patterns and explanations in each area. The chapters also offer guidance for new research on unanswered questions.’ -- Jay R. Ritter, University of Florida, US‘A comprehensive and insightful overview of corporate finance.’ -- John Graham, Duke University, US‘This comprehensive Handbook, edited by Professor David Denis, brings together eminent academics who delve into various key areas, including corporate financing and payout policies, investment decisions, and governance arrangements. With a focus on the “state-of-the-art” research, this book serves as an indispensable resource for doctoral students, faculty, and practitioners seeking to explore the complexities of corporate finance. Each chapter provides a snapshot of current knowledge while highlighting unresolved issues, paving the way for future research in the field.’ -- Raghavendra Rau, University of Cambridge, UKTable of ContentsContents: Introduction to the Handbook of Corporate Finance 1 David J. Denis PART I CORPORATE OBJECTIVES 1 The corporate objective function 7 Diane Denis PART II CORPORATE FINANCING AND PAYOUT POLICIES 2 Empirical corporate capital structure 27 Murray Z. Frank and Vidhan K. Goyal 3 Corporate dividend policy 126 Mark Leary and Vasudha Nukala 4 Share repurchases 176 Alice Bonaimé and Kathleen Kahle 5 Corporate cash holdings 223 David J. Denis and Luxi Wang 6 Leveraged finance 249 Greg Nini and David C. Smith 7 Risk management 294 Kristine W. Hankins and Gerard Hoberg PART III MERGERS, ACQUISITIONS, AND TAKEOVER DEFENSES 8 The private deal process in mergers and acquisitions 323 Nihat Aktas and Audra Boone 9 Cross-border mergers and acquisitions 345 Isil Erel, Yeejin Jang, and Michael S. Weisbach 10 Merger waves: a survey of the literature 377 Jarrad Harford 11 Corporate takeover defenses 410 Jonathan M. Karpoff and Michael D. Wittry PART IV CORPORATE OWNERSHIP AND GOVERNANCE STRUCTURES 12 Survey of boards’ monitoring and advisory roles 456 Jeffrey L. Coles, Naveen D. Daniel, and Lalitha Naveen 13 The blurring lines between private and public ownership 479 Michelle Lowry 14 Information flows, organizational structure, and corporate governance 511 Nadya Malenko PART V OTHER IMPORTANT INFLUENCES ON CORPORATE FINANCE DECISIONS 15 Corporate decision-making under uncertainty: review and future research directions 548 Murillo Campello and Gaurav Kankanhalli 16 Product markets, competition and corporate finance: a review and directions for future research 591 Laurent Frésard and Gordon M. Phillips 17 Labor and corporate finance 647 Naman Nishesh, Paige Ouimet, and Elena Simintzi Index 674

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Book SynopsisThis book offers cutting-edge insights into the changing landscape of entrepreneurial finance, as digital technologies play an increasingly dynamic role in the world economy. Assessing the rapid development of innovative technologies in entrepreneurial ecosystems, it contributes to a wider discussion on the role that technology plays in facilitating and commercializing ideas in the context of global finance. Chapters offer a systemic, comparative analysis of the interplay between financial activities and digital technologies, reflecting on the acceleration of the development of innovative technologies and alternative financing. The book includes thoughtful discussions of women entrepreneurs, crowdfunding, business angels and big data, connecting these topics to wider discussions of technology-based entrepreneurship. Offering interdisciplinary insights from a variety of entrepreneurial contexts, including startups, universities, corporations, and the public sector, contributors demonstrate the role of digital technologies in facilitating entrepreneurial ecosystems. Bringing together state-of-the-art qualitative and quantitative research on entrepreneurial ecosystems, this book offers crucial insights for academics and researchers of entrepreneurial finance looking for a better understanding of the contemporary role of digital technologies in alternative financing. Policymakers and practitioners will also benefit from the managerial implications of real-world scenarios analyzed by contributors.Trade Review‘The intellectual breadth of Audretsch, Belitski, Rejeb, and Caiazza is exemplified in this collection of papers on entrepreneurial finance and technology. The eminent scholars who contributed exhibited through their writings cutting edge insight on the integration of two important fields of study. A must read.’ -- Albert N. Link, University of North Carolina at Greensboro, US‘This ambitious volume draws upon a wide variety of contributions in developing a comprehensive overview of entrepreneurial finance and technology, ranging from the discovery of entrepreneurial opportunities, to industry and country differences, to the role of science, to the role of financing entrepreneurial activities. Developments in Entrepreneurial Finance and Technology represents a major contribution to the field and can be warmly recommended to those who already are entrepreneurship researchers and practitioners.’ -- Erik E. Lehmann, University of Augsburg, GermanyTable of ContentsContents List of contributors vii Introduction to entrepreneurial finance and technology xvi David B. Audretsch, Maksim Belitski, Nada Rejeb and Rosa Caiazza PART I TECHNOLOGY AND ENTREPRENEURIAL CONTEXT 1 The technological dilemma for entrepreneurial leaders: who drives innovation? 2 Lebene Richmond Soga, Kofi Osei-Frimpong and Rita Nasr 2 Startups and regional entrepreneurial ecosystems: the Russian case 23 Stepan Zemtsov and Alexander Mikhaylov 3 Women serial high-tech entrepreneurs: a literature review and research agenda 39 María José Ibáñez and Maribel Guerrero 4 Big data analytics and internationalisation in Italian firms 67 Martina Aronica, Davide Piacentino and Pasquale Massimo Picone 5 Science, entrepreneurship, and spin-off diversity 82 Deepa Scarrà 6 Entrepreneurial university stakeholders and their contribution to knowledge and technologies transfer 90 Natalya Radko PART II FINANCING FOR ENTREPRENEURSHIP 7 The invention and diffusion of venture capital: when knowledge married capital 118 Henry Etzkowitz, Chunyan Zhou and Rosa Caiazza 8 Public sector entrepreneurship, principal investigators, and entrepreneurial effectuation 130 James A. Cunningham, Matthias Menter and Kayleigh Watson 9 A systematic literature review of reward-based crowdfunding 146 Wendy Chen 10 Business angels’ ties with entrepreneurs 182 Mahsa Samsami, Hoda El Kolaly and Thomas Schøtt 11 Exploring the landscape of corporate venture capital and corporate accelerators in Germany 199 Nikolaus Seitz and Patrick Haslanger 12 Non-accounting drivers of start-up valuation by early-stage equity investors: literature review and future research agenda 227 Daniel Agyare, Davide Hahn, Tommaso Minola and Silvio Vismara Index

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Book SynopsisElgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences, business and law, expertly written by the world’s leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas. This Advanced Introduction presents the modern theories of corporate finance. Its focus on core concepts offers useful managerial insights, bolstered by recent empirical evidence, to provide a richer understanding of critical corporate financial policy decisions.Key features include: A modern approach to corporate financial theory and evidence Key research presented in a structured manner Concepts explained in an intuitive, example-filled manner that does not require a strong mathematics background Detailed references for those wishing further reading on particular topics. Within business programs, the book offers an insightful introduction for courses on corporate finance, but also can be employed as a supplementary text in broader business courses. Experienced managers in financial functions will find the book a useful review and update of material developed since earning their degrees. Given the increasing use of cross-functional teams within the business community, the book provides a richer understanding of corporate financial policy choices for managers across a broad array of business functions.Trade Review‘This book does a great job reviewing the most important aspects of corporate finance written in an accessible manner for a wide audience. Non-finance managers that need to grasp the basics, as well as finance-trained folks who simply need a refresher, and all those in between, will benefit from this book.’ -- James Linck, Southern Methodist University, US‘In this book, two of the world's most distinguished financial economists summarize the current academic thinking on three major financial policy questions that face all public companies: How do we value our investment opportunities? How do we finance those investments, primarily with debt, equity, or some combination thereof? And how do we decide when to return capital to our shareholders, and whether mainly through dividends or stock buybacks?’ -- Don Chew, Editor, Journal of Applied Corporate Finance

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Book SynopsisElgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences, business and law, expertly written by the world’s leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas. This Advanced Introduction presents the modern theories of corporate finance. Its focus on core concepts offers useful managerial insights, bolstered by recent empirical evidence, to provide a richer understanding of critical corporate financial policy decisions.Key features include: A modern approach to corporate financial theory and evidence Key research presented in a structured manner Concepts explained in an intuitive, example-filled manner that does not require a strong mathematics background Detailed references for those wishing further reading on particular topics. Within business programs, the book offers an insightful introduction for courses on corporate finance, but also can be employed as a supplementary text in broader business courses. Experienced managers in financial functions will find the book a useful review and update of material developed since earning their degrees. Given the increasing use of cross-functional teams within the business community, the book provides a richer understanding of corporate financial policy choices for managers across a broad array of business functions.Trade Review‘This book does a great job reviewing the most important aspects of corporate finance written in an accessible manner for a wide audience. Non-finance managers that need to grasp the basics, as well as finance-trained folks who simply need a refresher, and all those in between, will benefit from this book.’ -- James Linck, Southern Methodist University, US‘In this book, two of the world's most distinguished financial economists summarize the current academic thinking on three major financial policy questions that face all public companies: How do we value our investment opportunities? How do we finance those investments, primarily with debt, equity, or some combination thereof? And how do we decide when to return capital to our shareholders, and whether mainly through dividends or stock buybacks?’ -- Don Chew, Editor, Journal of Applied Corporate Finance

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Book SynopsisThis accessible Handbook provides an essential entry point for those with an interest in the increasingly complex subject of financial decision making. It sheds light on new paradigms in society and the ways that new tools from private actors have affected financial decision making. Covering a broad range of key topics in the area, leading researchers summarize the state of the art in their respective areas of expertise, delineating their projections for the future.Chapters cover both more traditional fields, such as regulation and the role of analysts, and emerging fields, such as artificial intelligence, neurofinance and robo-advising. Organized into three sections, the Handbook first deals with the natural and environmental factors that impact financial decision making, before moving on to examine the institutions, frameworks, and tools created for the purpose of aiding the decision-making process. It concludes by looking at financial advisors, household finance and enabling financial decision making.This Handbook will be of great value to scholars and researchers invested in the fields of finance, economic psychology, business management and development. Its comprehensive introduction to current research in accounting and finance alongside multiple topics on technology and decision making will be invaluable for practitioners, policy makers and regulators.Trade Review'With the rise of new kinds of data and approaches, the field of financial decisions is developing very rapidly. This volume provides excellent overviews of these developments with perspectives from leading experts in the field.' -- David Hirshleifer, USC Marshall School of Business, US‘This is an excellent collection of lucidly written articles on recent developments in finance that highlight how the scope of the field is rapidly changing. The book will be a valuable source of information and inspiration for advanced undergraduate and graduate students, and will help draw more people to the field of finance. I will definitely be recommending it to my students.’ -- Sudipto Dasgupta, Chinese University of Hong Kong, Hong Kong SAR, ChinaTable of ContentsContents: PART I INTRODUCTION Financial decision making: an overview 2 Gilles Hilary and David McLean PART II NATURAL AND ENVIRONMENTAL FACTORS THAT IMPACT FINANCIAL DECISION MAKING Part II.1 Natural Factors 1 Limited attention and financial decision-making 17 Alexander Nekrasov, Siew Hong Teoh, and Shijia Wu 2 Seasonality in stock returns and government bond returns 36 Mark J. Kamstra and Lisa A. Kramer 3 Preference for lottery-like securities 63 Turan G. Bali and Quan Wen 4 Neurofinance 91 Elise Payzan-LeNestour Part II.2 Environmental, Social, and Cultural Factors 5 Corporate culture: a review and directions for future research 112 Jillian Grennan and Kai Li 6 Geography and financial decision making 133 Qinghai Wang 7 Language in financial disclosures 154 Natasha Bernhardt, Mandy T. Ellison, Kristina M. Rennekamp, and Brian J. White 8 The impact of word-of-mouth communication on investors’ decisions and asset prices 171 Byoung-Hyoun Hwang 9 The role of media in financial decision-making 192 Kenneth R. Ahern and Joel Peress PART III INSTITUTIONS, FRAMEWORKS, AND TOOLS Part III.1 Institutions 10 Disclosure regulation: past, present, and future 215 S.P. Kothari, Liandong Zhang, and Luo Zuo 11 The audit in a modern economy 235 W. Robert Knechel and Eddie Thomas Part III.2 Frameworks 12 Accounting and prices 256 Steven J. Monahan 13 Managerial accounting and decision-making 277 Satish Joshi and Ranjani Krishnan 14 Social responsibility in business and finance 296 Hao Liang and Tran Bao Phuong Nguyen Part III.3 Tools: Computer-Based Advising 15 Artificial intelligence in financial decision-making 315 Allen H. Huang and Haifeng You 16 IT meets finance: financial decision-making in the digital era 336 Francesco D’Acunto and Alberto G. Rossi PART IV SETTINGS: ADVISORS AND DECISION MAKING 17 Financial analysts 356 Daniel Bradley 18 Household financial decision making 375 Sumit Agarwal and Nithin Mannil 19 Behavioral finance and retirement planning in defined contribution plans 411 Julie Agnew Index 432

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Book SynopsisThis incisive book presents a critical evaluation of fintech, the use of technology to provide financial services. While fintech has been hailed as a game changer and a disruptor, Imad Moosa illustrates critical similarities between the present popularity of fintech and the dot-com hype of the early 2000s. Presenting a detailed account of the growth of the technology used in the provision of financial services, the book offers an expansive introduction to the fintech industry as it exists and functions in the 21st century. Moosa advances an in-depth assessment of the costs and benefits of financial technologies, debunking popular myths, highlighting the risks that necessitate regulation, and examining fintech-related fraud. In investigating the propaganda used to justify the ‘war on cash’ and glorify cryptocurrencies, the book considers whether fintech is an evolution or a revolution, ultimately characterising fintech as a transitory hype. Utilising empirical data and topical case studies to underpin its analysis of fintech, this timely book will be an invaluable resource for academics interested in financial technology. Its investigation into proliferating regulatory problems brought about by the emergence of small firms will also prove beneficial to politicians and policymakers.Trade Review‘It would be nice to think that in academic circles, where much teaching of the new world of banking and financial services takes place, a book like this becomes de rigueur reading for all on all sides of the teaching and learning fence. Indeed, a wonderful book that superbly treats this fascinating reality of today’s FS world. Very strongly recommended.’ -- John Consiglio, University of Malta, Malta‘Moosa leads the reader through a fresh, insightful investigation of what fintech is and isn’t. For everyone interested in understanding the evolution/revolution of the developments of the use (and potential abuse) of technologies across the breadth of our global financial sectors, Moosa’s in depth, well referenced, and easy-to-read book is the best source available. A “must have” for the bookshelf!’ -- Ronald D. Ripple, Mervin Bovaird Professor of Energy Business and Finance (retired), University of Tulsa, US'Professor Moosa brings his analytic skills and extensive research experience to bear on the evolution and promise of fintech. His lucid writing and analysis explores the rise of fintech with particular reference to the growth of cryptocurrencies and the evolution of the financial economy. He analyses the war on cash and the benefits and costs of the use of computing. The book is replete with real world examples and draws some startling conclusions. I strongly recommend it to practitioners, researchers and scholars.' -- Greg O'Brien, La Trobe University, AustraliaTable of ContentsContents: Preface 1. Fintech: what is in a definition? 2. The evolution and revolution of fintech 3. Functions and market structure 4. The technology 5. The benefits and costs of fintech 6. The war on cash 7. Cryptocurrencies: a revolutionary innovation or a scam? 8. The implications of fintech for financial stability and inclusion 9. The regulation of fintech 10. The fintech hype References Index

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Book SynopsisExploring how green finance has become a key strategy for the financial industry in the wake of the 2007-08 financial crisis, this timely book critically assesses the current dominant forms of neoliberal green finance. Understanding Green Finance delivers a pioneering analysis of the topic, covering the essential tenets of green finance with an emphasis on critical approaches to mainstream views and presenting alternatives insights and perspectives.This prescient book first introduces the concept of, and current approaches to, green finance and green monetary policy, ultimately presenting a range of potential alternatives including both reformist and transformative-progressive approaches. Chapters explore how neoliberal green finance tends to deepen financialisation, and does not effectively address environmental problems, offering insights into reformist forms of green finance that insist that state regulation and public financing are crucial to tackling environmental problems.A crucial contribution to the debate surrounding the financial industry’s role in addressing the environmental crisis, this book will be beneficial for academics and students with an interest in environmental, ecological and financial economics. The accessible writing style will also prove valuable for policy makers, civil society professionals and financial and sustainability experts.Trade Review‘If the world community does not green the global financial system we will experience catastrophic social and ecological tipping points. That said, green is in the eye of the beholder. This essential book gives a clear eyed view of how to think about green finance, what works, and how to move forward.’ -- Kevin P. Gallagher, Boston University, US‘This book provides essential reading on a key issue of our time: green finance and its ability to tackle climate change. By bringing together leading thinkers in the field, this book provides a much-needed critical analysis of green finance in a cogent, comprehensive, and coherent critical analysis.’ -- Susanne Soederberg, Queen’s University, CanadaTable of ContentsContents: PART I INTRODUCTION AND THEORETICAL ASPECTS 1 A critical overview of green finance 2 Ewa Dziwok and Johannes Jäger 2 The defence of nature: resisting the financialisaton of the earth 18 John Bellamy Foster 3 Money and a green economy: financialised solutions to the environmental problems 33 Ismail Ertürk 4 Limitations of conventional private green finance industry and strategies 46 Christophe Revelli and Christian Walter 5 Ecological money and finance: insight from post-Keynesian economics 58 Thomas Lagoarde-Segot PART II CURRENT APPROACHES TO GREEN FINANCE AND GREEN MONETARY POLICY 6 Current policy initiatives on green finance in the EU: the green taxonomy in the global context 73 Max Knapp, Julia Litofcenko, Silva Maringele, Christoph Rogers, Andreas Streinzer, Lina Schmid and Mario Taschwer 7 Challenges of green finance in Latin America 88 Leonardo E. Stanley 8 Green central banking policy between risk-based and reformist objectives 102 Elena Almeida, Simon Dikau and Hugh Miller 9 Multilateral development banks, corporations and banks: public and private actors between brown and green strategies 119 Olaf Weber and Asher Imam 10 A neoliberal agenda: decentralized financial innovation to enhance sustainable finance 135 Elisabeth Springler PART III CRITICAL AND ALTERNATIVE PERSPECTIVES ON THE FUTURE OF GREEN FINANCE 11 Finance, the green transition and climate justice in the Global South 148 Luiz Garcia 12 Financing a just transition to a carbon-free world: a developmental perspective 160 Richard Kozul-Wright, Katie Gallogly-Swan and Maria Ahmed 13 Prospects and roadblocks to a “sustainable” international monetary and financial system 183 Jeffrey Althouse and Romain Svartzman 14 Climate-financing carrots and sticks in South Africa: profound flaws in “Just Energy Transition Partnership“ and “Carbon Border Adjustment Mechanism” pilot projects 200 Patrick Bond 15 Neoliberal, reformist and transformative-progressive green finance and possible futures 215 Ewa Dziwok and Johannes Jäger Index

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Book SynopsisInvestigating theoretical frameworks, identifying problems, and discussing implications for managers, entrepreneurs, and policymakers, regulatory changes and compliance challenges are dissected in this book, providing a timely guide for managers to navigate the evolving regulatory landscape.

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Book SynopsisEnterprise Risk Management in Today's World examines enterprise risk management in its past, present and future, exploring the role that directors and leaders in organizations have in devising risk management strategies, analysing values such as trust, resilience, CSR and governance within organizations.

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Book SynopsisEnterprise Risk Management in Today's World examines enterprise risk management in its past, present and future, exploring the role that directors and leaders in organizations have in devising risk management strategies, analysing values such as trust, resilience, CSR and governance within organizations.

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Book SynopsisDividend Policy: A Business Perspective explores the critical role of the business environment in shaping corporate decisions, with a specific focus on dividend policy. A typical business environment commonly has three levels: The first level, the internal environment, encompasses all factors within the firm's control. This includes corporate operations, resources, and the interests of internal stakeholders, including shareholders, the board of directors, the CEO, and employees. The second level is the industry environment or micro-environment, involving external individuals and organizations tied to the firm's operations. The third level, the macro-environment, comprises external and general conditions affecting all firms in the economy. Each level, significantly impact dividend decisions in their own unique way. Here, the PESTEL model is employed to analyse six key factors: Political, Economic, Social, Technological, Environmental, and Legal. Author Quoc Trung Tran delves into the impact of these factors on dividend policy, focusing particularly on the role of technological factors, where theoretical mechanisms and empirical evidence are currently lacking. Written with a finance and treasury readership in mind, this work will appeal to students, educators, researchers, managers, and policymakers alike.Table of ContentsChapter 1. Introduction of Dividend Policy Chapter 2. Dividend Policy Around the World Chapter 3. Dividend Policy Theories and Empirical Evidence Chapter 4. Internal Environment and Dividend Policy Chapter 5. Industry Environment and Dividend Policy Chapter 6. Macro-Environment and Dividend Policy Chapter 7. Business Environment and Dividend Smoothing Chapter 8. Dividend Policy and Stock Price

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Book SynopsisThis book is an important addition to the emerging body of new work on capital. Its primary contribution is in analysing capital investment choice as a process. The understanding of this process requires some modification and significant extension to the standard neo-classical economic tools.Capital and Uncertainty is a non-mathematical text, modernizing and adding to the existing thought in this area, with insights from game theory, rational choice under uncertainty and new institutional economics. Dr Runge also draws upon 25 years of business experience in setting out a thorough and immensely practical exposition of the risk/return trade-off and how major capital investment decisions are made within firms.Topics studied include: the nature of capital investment decisions entrepreneurship and the market order capital investment choice processes capital investment models capital decisions: choices between strategies Economists, industrial organisation specialists, business academics and practitioners alike will all find this book of immense interest and use.Table of ContentsContents: Preface 1. Introduction 2. The Nature of Capital Investment Decisions 3. Choice, Risk and Uncertainty 4. Rational Choice 5. Entrepreneurship and the Market Order 6. Intertemporal Valuation 7. Choice under Uncertainty 8. Capital Investment Choice Process 9. Capital Investment Models 10. Model with Capital Heterogeneity 11. Capital Decisions: Choices between Strategies 12. Summary and Conclusions References Index

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Book SynopsisThe conditions for successful manufacturing have changed considerably in recent years. New technologies such as information technology and biotechnology are considered important players in eradicating poverty in developing countries, but the risky nature of projects based on new technologies forces firms to raise investment capital by means other than conventional capital markets. This book examines the role of venture capital institutions in financing technology-based ventures both in developed and developing countries. It also explores that part of venture capital activity which is hitherto vastly under-researched; namely the ability of venture capital institutions to render a whole host of value-added support functions. These include setting up management teams and designing strategic plans for fledgling enterprises. The latter issue is operationalized through a series of carefully chosen case studies.Financial Systems, Corporate Investment in Innovation, and Venture Capital will be a valuable text for scholars and students of the theory and practice of financing innovation. It will also be a valuable source for governments, NGOs, financial institutions and multilateral agencies interested in the practicalities of promoting technology-based small and medium enterprises.Table of ContentsContents: Preface 1. Introduction 2. The Financing of Research and Development 3. The Financing and Governance of New Technologies 4. The Globalization of Venture Capital: The Cases of Taiwan and Japan 5. Targeting Venture Capital: Lessons from Israel’s Yozma Program 6. Institutional Support for Investment in New Technologies: The Role of Venture Capital Institutions in Developing Countries 7. Financial Systems, Investment in Innovation, and Venture Capital: The Case of China 8. Venture Capital and Innovation: The Indian Experience 9. The Emergence of Singapore Venture Capital Industry: Investment Characteristics and Value-Added Activities 10. High-Tech Venture Capital Investment in a Small Transition Country: The Case of Hungary Index

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Book SynopsisThis book provides coherent theoretical and empirical analysis of firms' investment and financing decisions. It assesses the role of uncertainty, financial imperfections, corporate governance and taxation. Evidence is obtained using several unique and high quality microeconomic data-sets, which explore features seldom addressed. Overall, the empirical results confirm theoretical precedents. Some firms are indeed financially constrained, for fixed investment as well as for R&D projects. The 'free cash-flow' hypothesis holds, that is managers divert excess funds away for their own interests, but less so in closely controlled companies. In accordance with the real option theory, the results suggest that uncertainty leads firms to adopt a 'wait and see' strategy which eventually reduces investment, especially for irreversible investment. Corporate governance features are shown to affect managers, discipline and companies' restructuring plans. Finally, different tax reforms are evaluated, and an alternative tax structure that would stimulate growth is proposed.Scholars, including those with an interest in microeconomics and econometrics, and staff within central banks and national and international organisations will also find the book of interest, as will policymakers and decision-makers concerned with the role of financing, corporate governance and taxation on firm's decisions.Table of ContentsContents: Foreword by Guy Quaden Introduction 1. Lifting the Burden: Fundamental Tax Reform and US Economic Growth 2. Structural Modelling of Financial Constraints on Investment: Where Do We Stand? 3. Capital Market Imperfections and Investment: Evidence from Belgian Panel Data 4. Investment, R&D and Liquidity Constraints: A Corporate Governance Approach to the Belgian Evidence 5. Financing and Investment Interdependencies in Unquoted Belgian Companies: The Role of Venture Capital 6. Financing Constraints, Fixed Capital and R&D Investment Decisions of Belgian Firms 7. Real Options and Investment under Uncertainty: What Do We Know? 8. Development Path and Capital Structure of Belgian Biotechnology Firms 9. Investment, Uncertainty and Irreversibility: Evidence from Belgian Accounting Data 10. The Impact of Uncertainty on Investment Plans: A Survey Data Approach 11. Governance as a Source of Managerial Discipline 12. Capital Structure, Firm Liquidity and Growth Bibliography Index

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Book SynopsisThe pursuit of the financial proceeds of criminal activity has become a central theme of contemporary crime control. Initially conceived to tackle the global trade in illegal drugs, these methods have been more recently employed in the context of terrorism. This work offers a judicious account of the national and international strategies which seek to cope with crime by attacking its financial underpinnings. The book focuses on the increasingly civil legal orientation of these strategies - a sea change from criminal prosecutions to civil legal instruments. The author focuses on developments of the civil strategy in the US and the UK beginning with its historical origins. The work reveals the contradictions that animate the civil approach to criminal finance and discloses the failure of civil devices, as presently constituted, to comply with rights. It bridges the gap between two jurisdictions prominent in this area; the United States and the United Kingdom. This comparative element distinguishes the project from other work in the field that focuses on a single jurisdiction. Critical in its perspective, the work brings balance and reflection to an emergent area of national and international interest.Money Laundering and the Proceeds of Crime analyzes rather than merely describes the proceeds of crime laws, anti-money laundering regimes and the civil legal approach to criminal finance and as such will have a wide readership. The book will appeal to, amongst others, government actors involved in constructing instruments to confront criminal finance, scholars and researchers working in the area and banks, financial institutions, lawyers and other professional private actors charged with anti-money laundering functions.Table of ContentsContents: Preface 1. The Financial Element of Crime 2. Confiscation, Proceeds and the Civil Standard of Proof 3. The Intersection of Civil Proceedings and Crime 4. Forfeiture and Criminal Assets 5. The American Model 6. The Proceeds of Crime Act 2002 7. Criminal Money, Civil Proceedings and European Law 8. Civil Devices and the Financial Element of Crime References Index

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Book SynopsisThis unique collection of new, previously unpublished papers demonstrates the importance of corporate governance throughout the different stages of the life-cycle of firms and organisations, and in particular in the crucial transitions between stages. In so doing it redresses an imbalance created by the wealth of literature and research devoted to the study of corporate governance in mature firms only. The book gives equal consideration to the monitoring and control functions of corporate governance mechanisms, and to the resource and strategic roles of governance in the decision-making process. In so doing it attempts to provide a framework through which to understand the factors that affect the balance between the possible functions of corporate governance.It is suggested in these papers that an analysis of the firm's governance life-cycles cannot be separated from the economic and institutional dynamics in a particular country, and as such the book reviews the role of the corporate governance life-cycle in different industrial and institutional contexts.Trade Review'The range of articles here clearly goes beyond the limits normally encountered, adding also an international perspective not restricted to just the US, but encompassing Belgium, the Netherlands, Germany and the Baltic states. The book stands as a valuable and stimulating entity in itself, and it is to be hoped that its example will encourage others to similar explorations.' -- ManifestTable of ContentsContents: 1. The Corporate Governance Life Cycle 2. Venture Capital and the Corporate Governance Life Cycle 3. Organizational Life Cycle Transitions and their Consequences for the Governance of Entrepreneurial Firms: An Analysis of Start-up and Adolescent High Technology New Ventures 4. Exploring the Agency Consequences of Ownership Dispersion Among Inside Directors at Family Firms 5. Venture Capitalists, Syndication and Governance in Initial Public Offerings 6. Governance Implications of Locked-in Venture Capitalists (VCs) and Founder Owners in Newly Floated UK Companies 7. Insider Retention and Long-run Performance in German and UK IPOs 8. Divestment, Remuneration and Corporate Governance in Mature Firms 9. Corporate Governance and Financial Constraints on Strategic Turnarounds 10. Corporate Governance and the Public to Private Threshold 11. Corporate Governance, Strategy and Structure: US and British Comparatives, 1950–2000 12. Corporate Directing in Large PLCs: Reflections on (the Concept of) Corporate Governance 13. The Impact of Corporate Governance on Firm Performance and Growth Potential: An Analysis of Three Different European Governance Regimes 14. Corporate Governance Cycles During Transition: Theory and Evidence from the Baltics

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Book SynopsisCorporate groups outside the US are often controlled by a complex of ownership links, which typically form a pyramidal structure: a private holding company sits at the top of a control pyramid of several tiers of companies; firms in the lowest tier are the group's publicly listed companies. The usual practice of expropriation in such groups is to pass bad assets to companies down the pyramid and to pass the proceeds up the pyramid via internal transactions. For this collection Larry Lang has selected some of the most significant previously published articles by leading academics which investigate this process and its consequences. The volume explores the nature of ownership structure in countries outside the US and examines how controlling owners expropriate minority shareholders. It includes articles which analyse the pros and cons of the various finance and accounting issues resulting from this separation of ownership and control, and presents some country-specific studies which examine the impact of this disjunction.The editor has written an authoritative introduction which provides explanatory information and points the way for future research in this area.Table of ContentsContents: Acknowledgements Introduction Larry H.P. Lang PART I NEW EVIDENCE OF THE OWNERSHIP STRUCTURE AROUND THE WORLD 1. Rafael La Porta, Florencio Lopez-de-Silanes and Andrei Shleifer (1999), ‘Corporate Ownership Around the World’ 2. Stijn Claessens, Simeon Djankov and Larry H.P. Lang (2000), ‘The Separation of Ownership and Control in East Asian Corporations’ 3. Mara Faccio and Larry H.P. Lang (2002), ‘The Ultimate Ownership of Western European Corporations’ PART II EXPROPRIATION OR TUNNELING 4. Mara Faccio, Larry H.P. Lang and Leslie Young (2001), ‘Dividends and Expropriation’ 5. Simon Johnson, Rafael La Porta, Florencio Lopez-de-Silanes and Andrei Shleifer (2000), ‘The Near Crash of 1998: Tunneling’ PART III VALUE, INFORMATION AND THE SEPARATION OF OWNERSHIP FROM CONTROL 6. Stijn Claessens, Simeon Djankov, Joseph P.H. Fan and Larry H.P. Lang (2002), ‘Disentangling the Incentive and Entrenchment Effects of Large Shareholdings’ 7. Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shleifer and Robert Vishny (2002), ‘Investor Protection and Corporate Valuation’ 8. Karl V. Lins (2003), ‘Equity Ownership and Firm Value in Emerging Markets’ 9. Joseph P.H. Fan and T.J. Wong (2002), ‘Corporate Ownership Structure and the Informativeness of Accounting Earnings in East Asia’ PART IV COUNTRY STUDIES OF IMPACT OF SEPARATION OF OWNERSHIP FROM CONTROL 10. Marianne Bertrand, Paras Mehta and Sendhil Mullainathan (2002), ‘Ferreting out Tunneling: An Application to Indian Business Groups’ 11. Kee-Hong Bae, Jun-Koo Kang and Jin-Mo Kim (2002), ‘Tunneling or Value Added? Evidence from Mergers by Korean Business Groups’ 12. Sung Wook Joh (2003), ‘Corporate Governance and Firm Profitability: Evidence from Korea before the Economic Crisis’ 13. Kenneth A. Kim, Pattanaporn Kitsabunnarat and John R. Nofsinger (2004), ‘Ownership and Operating Performance in an Emerging Market: Evidence from Thai IPO Firms’ 14. Yupana Wiwattanakantang (2001), ‘Controlling Shareholders and Corporate Value: Evidence from Thailand’ 15. Yin-Hua Yeh, Tsun-Siou Lee and Tracie Woidtke (2001), ‘Family Control and Corporate Governance: Evidence from Taiwan’ Name Index

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Book SynopsisIn this thorough and enlightening book, the authors examine the role of law in developing the large financial markets necessary for national economic success. They discuss the basic foundational law of contracts, property and tort, corporate law, and securities law, providing both a broad theoretical and empirical case for its value in financial markets. The book begins with an historical analysis of the law's development, reviewing the legal governance of corporate finance with an emphasis on the development of US securities law in the twentieth century. Also provided is an extensive empirical analysis of the law's effect. A unique benefit of the book is its integration of all the relevant aspects, rather than examining them in isolation. Chapters cover the role of law in corporate finance, behavioral and empirical analyses, as well as current controversies in law and corporate finance. Ultimately, the book is a defense of the economic value of the law in the United States and throughout the world.Students and scholars of business and law will find much of interest in the authors' comprehensive study of the rule of law in today's financial markets.Trade Review'Frank Cross and Robert Prentice have written a quite useful and very clear analysis and review of the interplay between law and corporate finance.' -- Mark Roe, Harvard University Law School, US'In this impressive and ambitious book, the authors explore the role of the law in advancing the economic wellbeing of a society. Three tiers of legal regulation of business enterprises and of equity markets are examined: basic foundational law of contracts, property and tort; corporate law; and securities law. The classical economic case for government intervention on the grounds that it can enhance trust, reduce transaction costs and contribute to valuable network externalities is clearly and cogently outlined. There is also a thoughtful account of behavioural analysis of law and corporate finance. New empirical evidence is presented alongside a useful review of studies conducted by other scholars. Complementing the economic, behavioural and empirical analyses, the book also provides a concise history of the development of the law governing corporate finance. Having examined corporate finance law from these different standpoints, in the final chapter the authors draw upon their deep understanding of the subject to provide a new perspective on current controversies. A great virtue of this book is that it covers a great deal of material in a concise, lucid and stimulating manner. The fresh and rigorous analysis also stands out. There is much here that will be of value to students and scholars.' -- Eilis Ferran, University of Cambridge, UKTable of ContentsContents: 1. The Role of Law in Corporate Finance 2. The Economics of the Law and Corporate Finance 3. Behavioral Analysis of Law and Corporate Finance 4. History of Law and Corporate Finance 5. Empirical Analysis of the Law and Corporate Finance 6. Current Controversies in Law and Corporate Finance Index

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Book SynopsisThe term "takeover", of which the first form is mergers and acquisitions (M&A), refers to the transfer of control of a business from one group of shareholders to another. Considering the importance of this issue and the real drives behind takeovers, it has become imperative to identifying companies that are vulnerable to takeover by two types: tender offer and exchange offer. This book thus presents the legal aspects, the theoretical justifications and the empirical contributions of takeovers, and analyzes the economic and financial characteristics of targets in order to assess the probability of being acquired. An empirical approach based on two quantitative studies is then applied to the European market, which is still virgin territory in terms of academic research. Finally, acquisition probability models have been developed and they have a 72% forecast accuracy average rate of targets. Corporate Takeover Targets is aimed at students and researchers in economic and management, as well as M&A consultants.Table of ContentsIntroduction ix Part 1. Corporate Takeovers: Theoretical Justifications and Empirical Contributions 1 Introduction to Part 1 3 Chapter 1. Economic and Legal Framework of Takeover Bids in Europe 5 1.1. Corporate takeover: general description 6 1.1.1. The control 6 1.1.2. The takeover concept 8 1.1.3. Techniques and classification of M&A 9 1.1.4. Conclusion 14 1.2. The economic impact of takeover bids 15 1.2.1. Global development over the period 1990-2000 16 1.2.2. Characteristics of the recent M&A wave: 2001–2007 26 1.3. Regulation and control of takeover bids in Europe . 34 1.3.1. Merger and acquisition control in Europe 35 1.3.2. The role of public authorities 38 1.3.3. Harmonization of regulations on takeover bids within the European Union 42 1.4. Conclusion 46 Chapter 2. Motivations and Economic Role of Takeover Bids: a Theoretical and Empirical Characterization 49 2.1. Economic interpretation of takeover bids and plurality of their theoretical references 50 2.1.1. Economic justifications for takeover bids 50 2.1.2. Plurality of theoretical references on the potential effectiveness of takeover bids 60 2.1.3. Conclusion 67 2.2. Performance and effectiveness of takeover bids: results of empirical research 68 2.2.1. Short term performance of companies: around the event date 70 2.2.2. Long-term acquisition performance: bnormal post acquisition return 77 2.2.3. Conclusion 81 2.3. Motivations of takeover bids: results of empirical research 82 2.3.1. Empirical studies on targets profile 84 2.3.2. Empirical studies of acquiring companies’ profiles 98 2.3.3. Joint empirical studies of the profiles of acquirers and targets 100 Part 2. Exploration of Predictive Variables for Takeover Bids and Forecast of European Targets 105 Introduction to Part 2 107 Chapter 3. Detection of Predictive Variables for Corporate Takeover: an Exploratory Study 109 3.1. Conceptual and empirical framework: theoretical positioning, survey characteristics and choice of data analysis method 109 3.1.1. The theoretical positioning of the exploratory study 110 3.1.2. The questionnaire characteristics 111 3.1.3. Statistical analysis of responses 113 3.2. Results of empirical tests: exploratory factor analysis in principal components 114 3.2.1. Reliability and validity of the measurement scale 114 3.2.2. Qualitative analysis of responses 116 3.2.3. Results of the exploratory factor analysis of variables 122 3.2.4. Conclusion 132 Chapter 4. Developing a Takeover Prediction Model: The European Case 135 4.1. Empirical analysis: hypotheses, sample selection and statistical methodology 136 4.1.1. Formulation of hypotheses and measurement variables 136 4.1.2. Selection of samples and data collection 150 4.1.3. Methodological choices and statistical processing 156 4.1.4. Conclusion 161 4.2. Modeling takeover bids in Europe: predicting takeover targets 162 4.2.1. Univariate analysis results 163 4.2.2. Results of the multivariate analysis 176 4.2.3. Performance and predictive ability of the developed models 193 4.2.4. Conclusion 201 Conclusion 203 Bibliography 209 Index 221

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Book SynopsisModelling Corporation Tax Revenue examines the revenue growth properties of corporate income taxes and how firms respond to changes in corporation tax. It provides a companion volume to the authors’ Modelling Tax Revenue Growth, which explores the revenue growth and behavioural response properties of income and consumption taxes. John Creedy and Norman Gemmell examine the corporation tax structure and the implications for revenue elasticity both for individual corporations and for all firms combined. The authors highlight how asymmetries in the treatment of positive and negative profits in the tax structure affect firms’ revenues and behaviours, and demonstrate that the examination of corporation tax revenue requires a detailed treatment of dynamic aspects. Within the book, a dynamic microsimulation model is constructed and used to examine profits and taxes over hypothetical business cycles, concentrating on the revenue elasticity and profit shifting responses to tax changes.This comprehensive yet concise book will appeal to researchers and graduate students in public finance, public economics and taxation, as well as economists in governmental departments and international organisations.Trade Review‘This book is well-written and its model carefully constructed.’ -- Linda Arch, Tax Justice Focus‘Fiscal crises around the world imply that revenue forecasting is ever more important, while globalization implies that estimating corporate tax revenues is ever more difficult. This book could thus not be more timely, as Creedy and Gemmell provide an expert analysis of both the technical issues and practical details that must be addressed in modelling corporation tax revenues. It will be invaluable to anyone involved in revenue forecasting - or anyone who wants to know what is involved in revenue forecasting.’ -- George R. Zodrow, Oxford University, UK‘Corporate taxes are an important but volatile source of revenue in leading economies like the UK. Understanding the factors that influence fluctuations in corporate tax revenues is important not only for projecting revenues, but also for designing and reforming tax systems to promote economic efficiency and keep up with the evolving nature of the corporate sector. This comprehensive analysis and modeling of corporate behavior and taxation is an important contribution toward gaining such understanding.’ -- Alan Auerbach, University of California, Berkeley, USTable of ContentsContents: Part I: Introduction 1. Introduction and Outline Part II: Corporate Profits and Tax Revenue 2. The Revenue Elasticity 3. Tax Loss Asymmetries 4. Taxes and Income Shifting Part III: A Simulation Model 5. The Distribution of Profits 6. Modelling Deductions Part IV: Corporate Tax Simulations 7. Revenue Elasticity Simulations 8. Tax Response Simulations Part V: Conclusions 9. Conclusions Appendices Bibliography Index

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Book SynopsisThis Handbook charts the development of venture capital research in light of the global financial crisis, starting with an analysis of the current venture capital market and the changing nature of the business angel market. Looking at governance structures, the performance of venture capitalists in terms of investments, economic impact and human capital, and the geographical organization of business angels and venture capital global 'hotspots', this book also analyzes the current state of venture capital research and offers a roadmap for the future. Contributors: A. Avdeitchikova, G. Avnimelech, D. Cumming, D. De Clercq, D. Dimov, S. Harel, S.A. Johan, H. Landstrom, D. Lingelbach, H. Lu, C. Mason, A. Parhankangas, J. Sohl, R. Sorheim, Y. TanTrade Review’The second edition of the Handbook of Research on Venture Capital provides an important guidepost for venture capital researchers. As Landstrom and Mason point out, the nature of venture capital has changed dramatically over the last 10 years. The asset class as a whole has failed to return principal and the old model is under tremendous strain. The contributors nicely highlight many of these changes, especially how venture capital has scaled beyond the US. For those of us active in venture capital research, the chapters raise many interesting research questions that deserve further attention.’ -- Andrew Zacharakis, Babson College’This exciting second volume of cutting edge research on venture capital takes up where volume one leaves off, bringing greater depth to topics covered in the first volume (such as angel investing) and adding new topics and insights. It poses interesting questions such as ''is venture capital in crisis? Are new models of early investing needed?'', and offers carefully researched answers. Landstrom and Mason provide insightful commentary and skillfully pinpoint the contributions of a talented set of researchers. Both scholars and practitioners of venture capital will want to read this book. -- Harry J. Sapienza, University of MinnesotaTable of ContentsContents: Preface PART I: INTRODUCTION: VENTURE CAPITAL MARKETS 1. Introduction Colin Mason and Hans Landström 2. The Changing Nature of the Angel Market Jeffrey Sohl PART II: VENTURE CAPITAL: GOVERNANCE STRUCTURES 3. Institutional Investment in Private Equity Sofia A. Johan 4. Venture Capital Financial Contracting: An Overview of the International Evidence Douglas Cumming PART III: VENTURE CAPITAL: PERFORMANCE 5. Venture Capital Firms: A Human Capital Perspective Dirk De Clercq and Dimo Dimov 6. The Economic Impact of Venture Capital Annaleena Parhankangas 7. Venture Capitalists as Smart Investors Roger Sørheim PART IV: VENTURE CAPITAL: REGIONAL ASPECTS 8. The Geographic Organization of ‘Venture Capital’ and ‘Business Angels’ Sofia Avdeitchikova 9. Global Venture Capital ‘Hotspots’: Israel Gil Avnimelech and Shai Harel 10. Global Venture Capital ‘Hotspots’: China Haitian Lu and Yi Tan 11. Global Venture Capital ‘Hotspots’: Developing Countries David Lingelbach PART V: VENTURE CAPITAL: THE FUTURE 12. Venture Capital Research: The Road Ahead Hans Landström and Colin Mason Index

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Book SynopsisThis unique and detailed Handbook provides a comprehensive source of analysis and research on alternative investment funds in the EU, the US and other leading jurisdictions. Expert contributors offer an unparalleled perspective on the contemporary alternative funds industry, the main areas of regulatory policy concern surrounding its activities, and the role that alternative funds have played in recent financial crises, as well as an account of the rules governing their operation in selected jurisdictions. Providing insight and analysis of the contemporary investment funds industry at a time of crisis and transition, the Research Handbook on Hedge Funds, Private Equity and Alternative Investments will be a valuable tool for scholars, practitioners and policy makers alike. Contributors include: J. Adams, P. Athanassiou, A. Brav, T. Bullman, L. Chincarini, D.K. Das, A. Erskine, F. Goltz, N. Greene, D. Harrison, A. Hankova, M. Jickling, W. Jiang, H. Kim, V. Krepely Pool, M. Lamandini, N. Lang, F.-S. Lhabitant, H. McVea, T. Oatley, L. Phalippou, D. Schroeder, M. Stromqvist, W.K. Winecoff, P. YeohTable of ContentsContents: Preface Introduction PART I: FOUNDATIONS 1. Hedge Funds – An Introduction Ludwig Chincarini 2. Europe’s Hedge Fund Industry – An Overview Andrea Hankova and François-Serge Lhabitant 3. Sovereign-wealth Funds – A Paradigm Shift in Capital Flows in the Global Economy Dilip K. Das 4. Private Equity Funds’ Performance, Risk and Selection Ludovic Phalippou PART II: REGULATORY ISSUES 5. Alternative Investments and Retail Investors – A Bold but Risky Experiment Harry McVea 6. Hedge Fund Reporting Felix Goltz and David Schröder 7. Hedge Fund Activism Alon Brav, Wei Jiang and Hyunseob Kim 8. Hedge Funds and the Detection of Managerial Fraud Veronika Krepely Pool 9. Self-regulation – What Future in the Context of Hedge Funds? Marco Lamandini 10. Hedge Fund Regulation through Competition Law Principles – Some Reflections David Harrison PART III: ALTERNATIVE INVESTMENT FUNDS – FAILURES AND FINANCIAL CRISES 11. Lessons of Long-Term Capital Management and Amaranth Advisors Mark Jickling 12. Hedge Funds and their Impact on Systemic Stability Maria Strömqvist 13. Sovereign Default Risks in the Economic and Monetary Union and the Role of Vulture Funds Peter Yeoh PART IV: COMPARATIVE PERSPECTIVES AND FUTURE PROSPECTS 14. US Regulation of Investment Advisers and Private Investment Funds – A Concise Overview Nathan Greene and John Adams 15. German Alternative Investment Fund Regulation – Wrong Answers to the Wrong Questions? Norbert Lang 16. Hedge Funds, Private Equity and Alternative Investment in Australia Alex Erskine 17. The EU’s AIFM Directive and its Impact – An Overview Phoebus Athanassiou and Thomas Bullman 18. The Domestic Rooting of Financial Regulation in an Era of Global Capital Markets Thomas Oatley and W. Kindred Winecoff Index

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Book SynopsisIn The Theory of Corporate Finance, Michael J. Brennan has brought together a set of major papers which defines the current status of the theory of corporate finance. This authoritative collection emphasizes recent research, while also including representative classics in the field. The main paradigms in corporate finance are addressed in these volumes, with particular attention to the problems raised by information asymmetries and the responses to them. Major sections deal with issues including shareholder objectives, agency and monitoring, adverse selection and signalling, reputation, and contracting and incentives. The Theory of Corporate Finance also covers the application of the paradigms of corporate finance to particular aspects of corporate financial decisions and relationships. These include initial public offerings of common stock, the role of debt contracts, the relation between financial structure and the real asset and product markets, capital investment decisions, hedging and disclosure policy, insider trading, the effect of taxes on financial policy, takeover contests and the assignment of voting and control rights, and corporate bankruptcy.Michael J. Brennan’s two volume set brings together key articles and papers which represent the current state of the financial theory of the corporation, ensuring that this collection will be an invaluable resource for scholars, students and practitioners of finance and financial economics.Trade Review’The work is an exceptional collection of articles, one that I have already utilized in teaching a Ph.D. seminar in corporate finance. I would recommend the volumes as worthwhile investment to anyone desiring to explore the frontiers of corporate finance research.’ -- Thomas H. Noe, The Journal of FinanceTable of ContentsVolume I Acknowledgements Foreword by Richard Roll Introduction by the editor Part I Shareholder Objectives 1. H. DeAngelo (1981), ‘Competition and Unanimity’ 2. L. Makowski (1983), ‘Competition and Unanimity Revisited’ 3. H. Leland (1977), ‘Information, Managerial Choice and Stockholder Unanimity’ Part II Agency and Monitoring 4. M.C. Jensen and W.H. Meckling (1976), ‘Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure’ 5. S.C. Myers (1977), ‘Determinants of Corporate Borrowing’ 6. R.M. Stulz (1990), ‘Managerial Discretion and Optimal Financing Policies’ 7. A. Shleifer and R.W. Vishny (1986), ‘Large Shareholders and Corporate Control’ 8. B. Holmström and J. Tirole (1993), ‘Market Liquidity and Performance Monitoring’ Part III Adverse Selection and Signalling 9. S.C. Myers and N.S. Majlup (1984), ‘Corporate Financing and Investment Decisions when Firms have Information that Investors do not have’ 10. H.E. Leland and D.H. Pyle (1977), ‘Informational Asymmetries, Financial Structure, and Financial Intermediation’ 11. M.H. Miller and K. Rock (1985), ‘Dividend Policy under Asymmetric Information’ 12. R. Ambarish, K. John and J. Williams (1987), ‘Efficient Signalling with Dividends and Investments’ 13. M.J. Brennan and A. Kraus (1987), ‘Efficient Financing under Asymmetric Information’ Part IV Reputation 14. D.W. Diamond (1989), ‘Reputation Acquisition in Debt Markets’ 15. A.W.A. Boot, S.I. Greenbaum and A.V. Thakor (1993), ‘Reputation and Discretion in Financial Contracting’ Part V Contracting and Incentives 16. P. Aghion and P. Bolton (1992), ‘An Incomplete Contracts Approach to Financial Contracting’ 17. M.P. Narayanan (1985), ‘Managerial Incentives for Short-term Results’ 18. D. Hirshleifer and Y. Suh (1992), ‘Risk, Managerial Effort and Project Choice’ Part VI Initial Public Offerings 19. K. Rock (1986), ‘Why New Issues are Underpriced’ 20. I. Welch (1992), ’Sequential Sales, Learning, and Cascades’ 21. C. Spatt and S. Srivastava (1991), ‘Preplay Communication, Participation Restrictions, and Efficiency in Initial Public Offerings’ Part VII Debt Markets 22. R.G. Rajan (1992),’ Insiders and Outsiders: The Choice between Informed and Arm’s-Length Debt’ 23. D.W. Dimand (1993), ‘Seniority and Maturity of Debt Contracts’ Name Index Volume II Acknowledgements An Introduction by the editor to both volumes appears in Volume I Part I Financial Structure and the Real Asset and Products Markets 1. S. Titman (1984), ‘The Effect of Capital Structure on a Firm’s Liquidation Decision’ 2. V. Maksimovic and J. Zechner (1991), ‘Debt, Agency Costs, and Industry Equilibrium’ 3. A. Shleifer and R.W. Vishny (1992), ‘Liquidation Values and Debt Capacity: A Market Equilibrium Approach’ 4. P. Volton and D.S. Scharfstein (1990), ‘A Theory of Predation Based on Agency Problems in Financial Contracting’ Part II Capital Investment and Valuation 5. M.J. Brennan (1990), ‘Latent Assets’ 6. M.J. Brennan and D.S. Schwartz (1985), ‘ Evaluating Natural Resource Investments’ 7. J.E. Ingersoll, Jr. and S.A. Ross (1992), ‘Waiting to Invest: Investment and Uncertainty’ 8. H.E. Leland (1994), ‘Corporate Debt Value, Bond Covenants, and Optimal Capital Structure’ Part III Hedging, Disclosure Policy and Insider Trading 9. P.M. deMarzo and D. Duffie (1991), ‘Corporate Financial Hedging with Proprietary Information’ 10. K.A. Froot, D.S. Scharfstein and J.C. Stein (1993), ‘Risk Management: Coordinating Corporate Investment and Financing Policies’ 11. M.J. Fishman and K.M. Hagerty (1989), ‘Disclosure Decisions by Firms and the Competition for Price Efficiency’ 12. H.E. Leland (1992), ‘Insider Trading: Should It Be Prohibited?’ Part IV Taxes and Financial Policy 13. M.H. Miller (1977), ‘Debt and Taxes’ 14. F. Modigliani (1982), ‘Debt, Dividend Policy, Taxes, Inflation and Market Valuation’ 15. S.A. Ross (1985), ‘Debt and Taxes and Uncertainty’ Part V Voting and Control 16. S.J. Grossman and O.D. Hart (1988), ‘One Share–One Vote and the Market for Corporate Control’ 17. M. Harris and A. Raviv (1989), ‘The Design of Securities’ Part VI Takeover Contests 18. S.J. Grossman and O.D. Hart (1980), ‘Takeover Bids the Free-Rider Problem, and the Theory of the Corporation’ 19. M.J. Fishman (1989), ‘Preemptive Bidding and the Role of the Medium of Exchange in Acquisitions’ 20. D. Hirshleifer and S. Titman (1990), ‘Share Tendering Strategies and the Success of Hostile Takeover Bids’ Part VII Corporate Bankruptcy 21. R.M. Giammarino (1989), ‘The Resolution of Financial Distress’ 22. R. Gertner and D. Scharfstein (1991), ‘A Theory of Workouts and the Effects of Reorganization Law’ 23. R.M. Mooradian (1994), ‘The Effect of Bankruptcy Protection on Investment: Chapter 11 as a Screening Device’ Name Index

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Book SynopsisThis four-volume collection contains a comprehensive selection of over 70 modern papers in empirical corporate finance. Empirical Corporate Finance also features a new introduction by the editor which explains the basis for the selection of the articles and relates the empirical findings they report to recent developments in corporate financial theory.The volumes are arranged by subject matter, reflecting the broad stages in the life-cycle of the firm, starting with venture capital and initial public offerings, and then moving on to events that characterize corporate maturity: dividend policy, investment policy, corporate governance issues, and financing strategy. The volumes conclude with sections on takeovers and bankruptcy.A major feature of the collection is its attention to the relation between corporate financial policy and the legal and economic framework within which the corporation operates; thus evidence is provided for the importance of asset resale markets as well as product markets for the capital structure decision; the legal framework is shown to be related to financing policies in different countries; and the existence of financial institutions such as banks and leasing companies is shown to have important consequences for financial policy. A pervasive theme of the volumes is the importance of informational asymmetries and agency relationships for understanding phenomena in corporate finance.Empirical Corporate Finance will serve as a reference for professionals and MBA students who are concerned with the evidence on important issues such as initial public offerings, dividend policy, capital structure. The volumes will also serve, both as an introduction to the techniques of investigation in empirical corporate finance, and to the major substantive findings in the field for doctoral students; finally, they will be an invaluable source of reference to the most important work that has been done in each of the major areas of research.Trade Review'. . . this collection makes a timely contribution to the literature on the "new" corporate finance. An additional plus of the four volumes is that they are introduced by an excellent and exhaustive introduction by Brennan, setting the scene and summarising the main conclusions of the papers. . . the collection . . . will be extremely useful not only to finance specialists, but also to any other economist with an interest in financial economics.'Table of ContentsContents Volume I Acknowledgements Foreword Richard Roll Introduction Michael J. Brennan PART I METHODOLOGY 1. Eugene F. Fama, Lawrence Fisher, Michael Jensen and Richard Roll (1969), ‘The Adjustment of Stock Prices to New Information’ 2. Stephen J. Brown and Jerold B. Warner (1980), ‘Measuring Security Price Performance’ 3. N.R. Prabhala (1997), ‘Conditional Methods in Event Studies and an Equilibrium Justification for Standard Event-Study Procedures’ 4. John D. Lyon, Brad M. Barber and Chih-Ling Tsai (1999), ‘Improved Methods for Tests of Long-Run Abnormal Stock Returns’ PART II VENTURE CAPITAL AND INITIAL PUBLIC OFFERINGS 5. Bernard S. Black and Ronald J. Gilson (1998), ‘Venture Capital and the Structure of Capital Markets: Banks versus Stock Markets’ 6. William A Sahlman (1990), ‘The Structure and Governance of Venture-Capital Organizations’ 7. Joshua Lerner (1994), ‘Venture Capitalists and the Decision to go Public’ 8. Roni Michaely and Wayne H. Shaw (1994), ‘The Pricing of Initial Public Offerings: Tests of Adverse-Selection and Signaling Theories’ 9. Francis Koh and Terry Walter (1989), ‘A Direct Test of Rock’s Model of the Pricing of Unseasoned Issues’ 10. Kathleen Weiss Hanley and William J. Wilheim, Jr. (1995), ‘Evidence on the Strategic Allocation of Unseasoned Issues’ 11. Raghuran Rajan and Henri Servaes (1997), ‘Analyst Following of Initial Public Offerings’ 12. Alon Brav and Paul A. Gompers (1997), ‘Myth or Reality? The Long-Run Underperformance of Initial Public Offerings: Evidence from Venture and Nonventure Capital-Backed Companies’ PART III DIVIDEND POLICY AND EQUITY MANAGEMENT: SECONDARY OFFERINGS, SPLITS AND SHARE REPURCHASES 13. Roni Michaely, Richard H. Thaler and Kent L. Womack (1995), ‘Price Reactions to Dividend Initiations and Omissions: Overreaction or Drift?’ 14. Pyung Sig Yoon and Laura T. Starks (1995), ‘Signaling, Investment Opportunities, and Dividend Announcements’ 15. Theo Vermaelen (1984), ‘Repurchase Tender Offers, Signaling, and Managerial Incentives’ 16. David Ikenberry, Josef Lakonishok and Theo Vermaelen (1995), ‘Market Underreaction to Open Market Share Repurchases’ 17. Laurie Simon Bagwell (1992), ‘Dutch Auction Repurchases: An Analysis of Shareholder Heterogeneity’ 18. Michael J. Brennan and Patricia J. Hughes (1991), ‘Stock Prices and the Supply of Information’ Name Index Volume II Acknowledgements An introduction by the editor to all four volumes appears in volume I PART I CORPORATE INVESTMENT POLICY 1. John J. McConnell and Chris J. Muscarella (1985), ‘Corporate Capital Expenditure Decisions and the Market Value of the Firm’ 2. Steven N. Kaplan and Richard S. Ruback (1995), ‘The Valuation of Cash Flow Forecasts: An Empirical Analysis’ 3. Eugene F. Fama and Kenneth R. French (1997), ‘Industry Costs of Equity’ 4. Philip G. Berger, Eli Ofek and Itzhak Swary (1996), ‘Investor Valuation of the Abandonment Option’ 5. Owen Lamont (1997), ‘Cash Flow and Investment: Evidence from Internal Capital Markets’ 6. Olivier Jean Blanchard, Florencio Lopez-de-Silanes and Andrei Shleifer (1994), ‘What do Firms do with Cash Windfalls?’ PART II ORGANIZATIONAL STRUCTURE AND CONTROL 7. Randall Morck, Andrei Shleifer and Robert W. Vishny (1989), ‘Alternative Mechanisms for Corporate Control’ 8. Luigi Zingales (1995), ‘What Determines the Value of Corporate Votes?’ 9. Wayne H. Mikkelson and M. Megan Partch (1997), ‘The Decline of Takeovers and Disciplinary Managerial Turnover’ 10. Jennifer E. Bethel, Julia Porter Liebeskind and Tim Opler (1998), ‘Block Share Purchases and Corporate Performance’ 11. Benjamin C. Esty (1997), ‘Organizational Form and Risk Taking in the Savings and Loan Industry’ 12. James A. Brickley and Frederick H. Dark (1987), ‘The Choice of Organizational Form: The Case of Franchising’ PART III AGENCY, INCENTIVES, AND OWNERSHIP 13. Charles J. Hadlock and Gerald B. Lumer (1997), ‘Compensation, Turnover, and Top Management Incentives: Historical Evidence’ 14. Brian J. Hall and Jeffrey B. Liebman (1998), ‘Are CEOs Really Paid Like Bureaucrats?’ 15. Rajesh K. Aggarwal and Andrew A. Samwick (1999), ‘The Other Side of the Trade-Off: The Impact of Risk on Executive Compensation’ 16. Charles P. Himmelberg, R. Glenn Hubbard and Darius Palia (1999), ‘Understanding the Determinants of Managerial Ownership and the Link between Ownership and Performance’ 17. David J. Denis, Diane K. Denis and Atulya Sarin (1997), ‘Agency Problems, Equity Ownership, and Corporate Diversification’ Name Index Volume III Acknowledgements An introduction by the editor to all four volumes appears in volume I PART I CORPORATE FINANCIAL POLICY A The Role of the Legal Framework 1. Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shleifer and Robert W. Vishny (1997), ‘Legal Determinants of External Finance’ B The Role of Taxation and Security 2. John R. Graham (1996), ‘Debt and the Marginal Tax Rate’ 3. John R. Graham, Michael L. Lemmon and James S. Schallheim (1998), ‘Debt, Leases, Taxes, and the Endogeneity of Corporate Tax Status’ 4. Michael J. Alderson and Brian L. Betker (1995), ‘Liquidation Costs and Capital Structure’ 5. Mark Hoven Stohs and David C. Mauer (1996), ‘The Determinants of Corporate Debt Maturity Structure’ C The Role Of Private Incentives And Agency 6. Philip G. Berger, Eli Ofek and David L. Yermack (1997), ‘Managerial Entrenchment and Capital Structure Decisions’ D Debt as Precommitment 7. Assem Safieddine and Sheridan Titman (1999), ‘Leverage and Corporate Performance: Evidence from Unsuccessful Takeovers’ E Consequences for Valuation, Product Markets and Firm Survival 8. John J. McConnell and Henri Servaes (1995), ‘Equity Ownership and the Two Faces of Debt’ 9. Judith A. Chevalier (1995), ‘Capital Structure and Product Market Competition: Empirical Evidence from the Supermarket Industry’ 10. Dan Kovenock and Gordon M. Phillips (1997), ‘Capital Structure and Product Market Behavior: An Examination of Plant Exit and Investment Decisions’ 11. Luigi Zingales (1998), ‘Survival of the Fittest or the Fattest? Exit and Financing in the Trucking Industry’ PART II CAPITAL MARKET FINANCING: TIMING AND SOURCE OF FUNDS 12. Kooyul Jung, Yeong-Cheol Kim and René M. Stulz (1996), ‘Timing, Investment Opportunities, Managerial Discretion, and the Security Issue Decision’ 13. Tim Loughran and Jay R. Ritter (1995), ‘The New Issues Puzzle’ 14. Tim Loughran and Jay R. Ritter (1997), ‘The Operating Performance of Firms Conducting Seasoned Equity Offerings’ 15. Joel F. Houston and Michael D. Ryngaert (1997), ‘Equity Issuance and Adverse Selection: A Direct Test Using Conditional Stock Offers’ 16. Larry Lang, Annette Poulsen and René Stulz (1995), ‘Asset Sales, Firm Performance, and the Agency Costs of Managerial Discretion’ PART III THE ROLE OF INTERMEDIATED FINANCE 17. Takeo Hoshi, Anil Kashyap and David Scharfstein (1991), ‘Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups’ 18. Mitchell A. Petersen and Raghuram G. Rajan (1994), ‘The Benefits of Lending Relationships: Evidence from Small Business Data’ 19. Mark Carey, Mitch Post and Steven A. Sharpe (1998), ‘Does Corporate Lending by Banks and Finance Companies Differ? Evidence on Specialization in Private Debt Contracting’ 20. Mitchell A. Petersen and Raghuram G. Rajan (1997), ‘Trade Credit: Theories and Evidence’ 21. Steven A. Sharpe and Hien H. Nguyen (1995), ‘Capital Market Imperfections and the Incentive to Lease’ Name Index Volume IV Acknowledgements An introduction by the editor to all four volumes appears in volume I PART I RISK MANAGEMENT 1. Peter Tufano (1996), ‘Who Manages Risk? An Empirical Examination of Risk Management Practices in the Gold Mining Industry’ 2. Catherine Schrand and Haluk Unal (1998), ‘Hedging and Coordinated Risk Management: Evidence from Thrift Conversions’ 3. Mitchell A. Petersen (1994), ‘Cash Flow Variability and Firm’s Pension Choice: A Role for Operating Leverage’ PART II CORPORATE ACQUISITIONS AND DIVESTITURES [241 pp] 4. Randall Morck, Andrei Shleifer and Robert W. Vishny (1990), ‘Do Managerial Objectives Drive Bad Acquisitions?’ 5. Mark L. Mitchell and Kenneth Lehn (1990), ‘Do Bad Bidders Become Good Targets?’ 6. Steven N. Kaplan and Michael S. Weisbach (1992), ‘The Success of Acquisitions: Evidence from Divestitures’ 7. Larry H.P. Lang and René M. Stulz (1994), ‘Tobin’s q, Corporate Diversification, and Firm Performance’ 8. Michael Bradley, Anand Desai and E. Han Kim (1988), ‘Synergistic Gains from Corporate Acquisition and their Division between the Stockholders of Target and Acquiring Firms’ 9. Arthur Warga and Ivo Welch (1993), ‘Bondholder Losses in Leveraged Buyouts’ 10. Richard A. Ippolito and William H. James (1992), ‘LBOs, Reversions and Implicit Contracts’ 11. Sudha Krishnaswami and Venkat Subramaniam (1999), ‘Information Asymmetry, Valuation, and the Corporate Spin-off Decision’ PART III BANKRUPTCY, RE-ORGANIZATION AND LIQUIDATION 12. Todd C. Pulvino (1998), ‘Do Asset Fire Sales Exist? An Empirical Investigation of Commercial Aircraft Transactions’ 13. Julian R. Franks and Walter N. Torous (1994), ‘A Comparison of Financial Recontracting in Distressed Exchanges and Chapter 11 Reorganizations’ 14. Paul Asquith, Robert Gertner and David Scharfstein (1994), ‘Anatomy of Financial Distress: An Examination of Junk-Bond Issuers’ 15. Stuart C. Gilson (1990), ‘Bankruptcy, Boards, Banks, and Blockholders: Evidence on Changes in Corporate Ownership and Control When Firms Default’ 16. Hamid Mehran, George E. Nogler and Kenneth B. Schwartz (1998), ‘CEO Incentive Plans and Corporate Liquidation Policy’ Name Index

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Book SynopsisThis book presents up-to-date evidence on the issues facing financiers and intermediaries involved in venture capital and management buy-outs. It provides a comprehensive review of existing literature and an analysis of international trends in market development as well as a global comparison of the major issues.It addresses venture capital at the industry/market and firm level and provides full coverage on both informal and formal venture capitalists, management buy-outs, and competing and complementary sources of finance including bank finance and trade credit. The contributors also discuss important but neglected issues on the nature of venture capitalist-investee relationships and the revelation of knowledge, the costs of information searches, the development of appropriate forms of managerial and financial control systems, the role of the entrepreneur and bargaining models of contract negotiation. It uses case study examples from the US, the UK, and West and Eastern Europe.This book will be of interest to practitioners, researchers and policymakers in the area of the financing and management of firms as well as academics and students interested in management buy-outs, venture capital, entrepreneurship and finance.Trade Review'It provides a comprehensive review of existing literature and an analysis of international trends in market development as well as a global comparison of the major issues.' -- International Review of Administrative SciencesTable of ContentsContents: Preface 1. Introduction 2. Venture Capital 3. The Venture Capital and Buy-out Markets in the UK and Europe 4. Venture Capital in Transition Economies 5. The Role of Trust in the Informal Investor’s Investment Decision 6. Relationship Participation 7. Loan Covenants, Relationship Banking and Management Buy-outs in Default 8. Small Business Demand for Trade Credit, Credit Rationing and the Late Payment of Commerical Debt 9. Funds Providers’ Role in Venture Capital Firm Monitoring 10. Sources of Venture Capital Deals 11. Venture Capitalists, Investment Appraisal and Accounting Information 12. Accounting Information System Development and the Supply of Venture Capital 13. European IPO Markets 14. Venture Capitalists, Serial Entrepreneurs and Serial Buy-outs Index

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Book SynopsisThis book is a practical guide to the very practical subject of Tax Due Diligence. It aims to show that tax due diligence is not a commodity by leading the reader through the tax due diligence process and explaining at each stage how to extract the maximum value from tax due diligence.Covering a wide range of transaction scenarios, the book deals with every aspect of tax due diligence, including:What is tax due diligence and what it is not.The different circumstances in which tax due diligence is required and the implications of each.Planning tax due diligence.Managing the tax due diligence process.Obtaining and analysing information.How best to address issues identified by tax due diligence.Making the most of limited information.Tax due diligence in asset deals.This book is aimed at anyone in industry or practice who is commissioning or planning a tax due diligence exercise or who is responsible for its performance.Table of Contents Table of contents. iii Tables of authorities. xi Acts of Parliament xi Regulations. xiv Rules and Codes. xiv OECD model conventions. xv Cases xv 1. Introduction.. 1 1.1. Introduction.. 1 1.2. What is tax due diligence – a definition.. 1 2. The Principal Types of Due Diligence. 5 2.1. Pre-acquisition or buy-side tax due diligence. 5 2.1.1. Whether to do the deal in its entirety or even at all?. 6 2.1.2. How to do the deal? Implications for the acquisition structure. 7 2.1.3. At what price? Implications for value, price and purchase consideration 7 2.1.4. On what terms? Implications for the contract 10 2.1.5. What are the implications for managing the target’s tax affairs post-acquisition? Implications for future management of the target’s tax affairs. 10 2.2. Vendor or sell-side tax due diligence. 10 2.2.1. Vendor assistance reports. 15 2.2.2. Exit readiness. 15 2.3. Long form due diligence. 19 2.3.1. When is long form due diligence commissioned.. 19 2.3.2. Main Market of the London Stock Exchange. 20 2.3.3. The Alternative Investment Market (‘AIM’) of the London Stock Exchange 21 2.3.4. Long form tax due diligence. 22 2.4. ‘Twin track’ exits. 24 2.5. Buy-side tax due diligence where the seller provides a vendor tax due diligence report 25 3. The Tax Due Diligence Process. 27 3.1. Instruction.. 27 3.2. Scope. 28 3.3. Fieldwork. 28 3.4. Reporting tax due diligence findings. 30 3.5. Review of the contract for the sale/purchase of the target 30 3.6. Timing. 30 4. Defining the Scope of a Tax Due Diligence Review... 31 4.1. Introduction.. 31 4.2. Defining scope. 32 4.2.1. Type of due diligence. 32 4.2.2. Value. 32 4.2.3. The existence and extent of reliable tax warranties and indemnities. 34 4.2.4. The existence and extent of any vendor due diligence or vendor assistance report provided by the seller 35 4.2.5. The existence and extent of any tax losses or other tax assets within the target company or group 36 4.2.6. Audit file review... 36 4.2.7. Materiality. 37 4.2.8. Jurisdictions to be included within scope. 38 4.2.9. Legal entities to be included within scope. 38 4.2.10. Tiered approach.. 39 4.2.11. Taxes to be included.. 43 4.2.12. The period(s) to be reviewed.. 43 4.2.13. How much tax due diligence will actually be possible?. 44 4.3. A Generic/Proforma Scope for a Full Scope Tax Due Diligence Review... 44 4.3.1. Pre-acquisition or buy-side tax due diligence. 44 4.3.2. Vendor or sell-side tax due diligence. 46 4.4. A Generic/Proforma Information Request for a Tax Due Diligence Review 48 4.4.1. Pre-acquisition or buy-side tax due diligence. 48 4.4.2. Vendor or sell-side tax due diligence. 49 4.5. A Generic/Proforma Scope/Information Request for a Limited Scope Tax Due Diligence Review 50 4.5.1. Corporate income tax. 50 4.5.2. Employment taxes and Value Added Tax/sales tax. 50 4.5.3. Tax in accounts. 50 4.6. A Generic/Proforma Information Request for a Stamp Taxes Due Diligence Review 51 4.6.1. General 51 4.6.2. Stamp Duty/SDLT on UK real estate. 51 4.6.3. SDRT/Stamp Duty on securities. 52 4.6.4. Other property. 52 4.6.5. Partnerships. 52 4.6.6. Sundry. 52 5. Publicly Available Information.. 53 5.1. UK.. 54 5.2. Australia. 58 5.3. Austria. 58 5.4. Belgium... 59 5.5. China. 59 5.6. Czech Republic. 59 5.7. Denmark. 59 5.8. Finland.. 60 5.9. France. 60 5.10. Germany. 60 5.11. Greece. 61 5.12. Hong Kong. 61 5.13. Hungary. 61 5.14. India. 62 5.15. Ireland.. 62 5.16. Italy. 63 5.17. Japan.. 63 5.18. Luxembourg. 64 5.19. Mexico. 64 5.20. Netherlands. 64 5.21. Norway. 65 5.22. Poland.. 65 5.23. Portugal 66 5.24. Russia. 66 5.25. Slovak Republic. 66 5.26. Spain.. 66 5.27. Sweden.. 67 5.28. Turkey. 67 5.29. United States. 67 6. Reporting Tax Due Diligence Findings. 69 6.1. Reporting language. 69 6.2. Classification of tax risks. 70 6.2.1. Certain exposures. 71 6.2.2. High risk. 71 6.2.3. Medium risk. 71 6.2.4. Low risk. 72 6.3. Reporting emphasis for each type of due diligence. 72 6.3.1. Pre-acquisition or buy-side tax due diligence. 72 6.3.2. Vendor or sell-side tax due diligence. 73 6.3.3. Long form tax due diligence. 75 7. Buy-side Tax Due Diligence where the Seller Provides a Vendor Tax Due Diligence Report 77 7.1. Review of the scope, independence and quality of the vendor tax due diligence report to identify any limitations or restrictions which detract from its quality and which may need to be supplemented by additional pre-acquisition tax due diligence. 77 7.2. Review of the vendor tax due diligence report to identify any differences of opinion 78 7.3. Explanation of how the issues and exposures identified in the vendor tax due diligence report might affect a specific purchaser and recommendations as to how that purchaser should address them in the context of the transaction 79 7.4. Request for further information.. 79 7.5. Interrogation of the advisers who prepared the vendor tax due diligence report (the ‘bidder meeting’) 80 7.6. Format of report to a potential purchaser on a vendor tax due diligence report 81 8. Tax Due Diligence: Implications for the Contract.. 87 8.1. Is a review of the contract part of tax due diligence?. 87 8.1.1. Pre-acquisition or buy-side tax due diligence. 87 8.1.2. Vendor or sell-side tax due diligence. 88 8.2. Brief outline of the key contract provisions relevant to tax due diligence. 89 8.2.1. Tax warranties. 89 8.2.2. The tax indemnity. 91 8.3. What should such contract review comprise?. 98 8.3.1. The scope of the contract review by the tax due diligence provider. 98 8.3.2. Review of the tax indemnity or covenant by the tax due diligence provider 100 8.3.3. Review of the tax warranties by the tax due diligence provider. 112 8.3.4. Tax assets (losses and other reliefs) 113 8.3.5. Reviewing the contract in auctions and contract races. 114 8.4. Assignability of the benefit of tax warranties and indemnities. 115 8.5. Extending and supporting tax due diligence with warranties. 116 8.6. Limitations on claims under tax indemnities and warranties. 117 8.6.1. Exclusions or carve-out clause of the tax indemnity. 118 8.6.2. Matters disclosed by the seller to the purchaser via the formal process of disclosure 118 8.6.3. Time limits for making tax claims. 118 8.6.4. Financial limits on tax claims. 119 8.6.5. Limitation of warranties by awareness or knowledge. 120 8.7. Tax disclosures. 121 8.7.1. The disclosure process. 121 8.7.2. Reviewing disclosures. 122 8.7.3. Voluminous or late disclosure. 122 8.7.4. Limiting disclosure. 123 8.7.5. Forcing disclosure. 123 8.7.6. Attempts to disclose against tax indemnities. 124 8.8. Other contractual means of addressing tax risks identified by due diligence 124 8.8.1. Retentions, withholdings and escrow... 125 8.8.2. Warranty and indemnity insurance. 126 8.9. What tax risks are suitable for contractual protection?. 126 8.10. Purchase price adjustments: completion accounts versus ‘locked box’ balance sheet 127 8.11. Standard tax warranties which are generally included in a typical UK contract for the sale/purchase of the shares of a target company or group.. 127 8.11.1. General 128 8.11.2. Tax in the accounts. 128 8.11.3. Compliance. 128 8.11.4. Concessionary or informal tax treatments. 130 8.11.5. Deductions and withholdings of tax. 131 8.11.6. Tax planning. 131 8.11.7. Residence and foreign tax matters. 132 8.11.8. Secondary liabilities. 132 8.11.9. Distributions. 133 8.11.10. Close companies. 133 8.11.11. Loan relationships. 133 8.11.12. Capital gains. 134 8.11.13. Tax groupings etc. 134 8.11.14. De-grouping charges. 135 8.11.15. Transfer pricing and transactions not at arm’s length etc. 135 8.11.16. Appropriations to or from stock. 136 8.11.17. Depreciatory transactions. 136 8.11.18. Value shifting. 136 8.11.19. Tax depreciation (capital allowances and intangible assets) 136 8.11.20. Reorganisations, reconstructions, changes of ownership, changes to trades or businesses etc. 137 8.11.21. Period between the date of a defined set of financial statements and completion 137 8.11.22. Employment taxes. 138 8.11.23. Bonus, share and option schemes. 138 8.11.24. Value Added Tax. 139 8.11.25. Customs duty. 141 8.11.26. Stamp taxes and transfer taxes. 141 8.11.27. Inheritance tax. 141 8.11.28. Other. 142 9. Dealing with Specific Risk Areas. 143 9.1. Tax losses and other assets. 143 9.1.1. Tax losses. 143 9.1.2. Tax written down value of expenditure qualifying for capital allowances (i.e. tax depreciation) in future periods 144 9.2. De-grouping charges. 146 9.2.1. The basis of the UK de-grouping charge. 146 9.2.2. De-grouping charges in the context of tax due diligence. 147 9.3. Substantial Shareholdings Exemption (‘SSE’) 150 9.3.1. The exemption.. 150 9.3.2. The key conditions which must be satisfied for the SSE to apply. 150 9.3.3. The SSE in the context of tax due diligence. 153 9.4. Roll-over and hold-over of chargeable gains into replacement business assets 159 9.4.1. Roll-over and hold-over of chargeable gains into replacement business assets in the context of tax due diligence 161 9.5. Transfer pricing. 162 9.5.1. Generally. 162 9.5.2. Transfer pricing in the context of tax due diligence. 164 9.5.3. Private equity investments. 171 9.6. Permanent establishments (‘PEs’) 172 9.6.1. PEs in the context of tax due diligence. 173 9.6.2. The existence of a PE.. 174 9.6.3. Attributable profits. 174 9.7. Tax residence. 175 9.7.1. The position in the UK.. 176 9.7.2. UK tax residence in the context of tax due diligence. 178 9.8. Special pension contributions. 181 9.8.1. Special pension contributions in the context of tax due diligence. 182 9.9. Tax treatment of self-employed consultants. 183 9.10. Employee share/security ownership.. 184 9.11. VAT treatment of a target’s historical transaction costs. 187 9.12. Tax planning arrangements disclosable under Part 7 Finance Act 2004 and the Tax Avoidance Schemes (Prescribed Descriptions of Arrangements) Regulations 2006 (SI 2006/1543) 188 9.12.1. The seven hallmarks of notifiable tax planning arrangements. 189 9.12.2. Disclosable tax planning arrangements in the context of tax due diligence 192 9.13. The general tax control environment of the target company or group..... 193 9.14. Completion accounts versus ‘locked box’ balance sheets to determine purchase price 194 9.14.1. Purchase price adjustments based on completion accounts. 194 9.14.2. ‘Locked box’ price determination.. 196 9.15. Money laundering and proceeds of crime. 202 9.16. Stamp taxes. 203 9.16.1. Background.. 203 9.16.2. Stamp Duty. 203 9.16.3. Stamp Duty Reserve Tax (‘SDRT’) 205 9.16.4. Interaction of Stamp Duty and Stamp Duty Reserve Tax. 206 9.16.5. Stamp Duty Land Tax (‘SDLT’) 207 9.16.6. Stamp taxes in the context of tax due diligence. 210 10. Tax Due Diligence in Asset Acquisitions. 213 10.1. Pre-acquisition tax matters with regard to business assets which can affect the post-acquisition tax position of a third party purchaser of those assets: UK.. 213 10.1.1. The seller’s practices, processes and procedures in relation to tax compliance 213 10.1.2. Tax treatment of the assets acquired in the hands of the purchaser... 214 10.1.3. VAT: Transfer of a going concern (‘TOGC’) 219 10.1.4. VAT: Options to subject land and buildings to tax. 221 10.1.5. VAT: Capital Goods Scheme (‘CGS’) 221 10.1.6. VAT: Transfer of assets into a VAT group ‒ anti-avoidance provisions 222 10.1.7. PAYE liabilities: income tax and National Insurance contributions (‘NIC’) 223 10.1.8. Stamp taxes. 224 10.1.9. Tax warranties and indemnities in relation to an asset acquisition... 225 10.1.10. UK asset acquisition information request list 225 10.2. Does a third party purchaser of business assets (rather than shares of a company) assume any tax liabilities of the business in which the assets were formerly employed by the previous owner (jurisdictions outside the UK)? 226 11. Disclosure of Due Diligence Reports to the Tax Authorities 231 11.1. UK.. 231 11.2. Jurisdictions outside the UK.. 232 12. The UK Tax Treatment of the Costs of Due Diligence...... 235 12.1. Corporation tax. 235 12.1.1. Expenses of management of a company with investment business.. 235 12.1.2. Costs of obtaining loan finance. 236 12.1.3. Due diligence costs incurred in relation to the acquisition of certain assets qualifying for specific tax relief 237 12.1.4. Due diligence costs which do not qualify for tax relief on any of the above bases 238 12.1.5. Vendor or sell-side due diligence. 238 12.2. VAT.. 238 12.2.1. Share purchases. 238 12.2.2. Asset deals. 240 Acknowledgements. 243

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Book SynopsisThe Tax Schedule explains the underlying rationale of the key provisions of the tax schedule, and provides updated model long-form and short-form warranties and tax indemnities. The purpose of the book is to explain and simplify issues for tax advisors involved in transactions of buying and selling companies and business, enabling negotiations between tax advisors to keep sight of the commercial reality of the transaction (a sale by a willing seller to a willing buyer). The purpose of the tax schedule is to determine where responsibilities and risks will lie following the completion of the transaction, as well as to re-examine a number of so-called 'market practices'. The intended readership of the book is tax lawyers, tax accountants, corporate lawyers, corporate advisors and finance directors who are involved in the process of the sale of a company.

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Book SynopsisMature businesses across all advanced countries are struggling to find new markets. Indian market has been estimated huge in size, approximately $1.2 trillion in purchasing power parity for the households earning an annual income of less than $4,000. This comes to almost 880 million of Indian population of which 22 percent is urban India and 78 percent rural India.Referred to as bottom of the pyramid/low income/subsistence markets, while these markets offer immense business opportunities they also pose challenges. The needs of this segment have to be addressed by the corporate world but it might need a new approach with new business frameworks for implementation. The companies must understand what constitutes value for this segment, how it is different from other segments and how firms can offer value through their market offerings; accordingly what could be the successful business models Decoding Customer Value at the Bottom of the Pyramid: An Urban India Perspective answers these questions through a practical, rigorous and research oriented way. This book is a must read for business executives across the globe with an interest in the low income customers in India.

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Book SynopsisThe world of options is considered high-risk by many. At its original options treading in the modern era began in the early 1970s when the first listed calls were offered on a short list of companies; a few years later, put trading was added.Since this time, options trading has become available on most companies on the large public exchanges. However, the high-risk reputation of options has persisted through the years, even as dozens of new and often conservative strategies have been introduced. Today, the best use of options is not to speculate on price movement, but to hedge market risk in equity portfolios. Many strategies can combine hedging with income, establishing advantageous circumstances for risk-averse traders. It is possible to apply several strategies to reduce risk and in some instances, to eliminate market risk completely.This book examines the many ways this can be accomplished, based on options for three highly-rated companies. These are qualified as a first step by exceptionally attractive fundamental attributes and trends: Higher than average dividend yield with dividend increases over at least 10 years; a range of moderate price/earnings ratios each year; growing revenue, earnings and net return; and level or declining long-term debt as a percentage of total capitalization.

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Book SynopsisAccording to the U.S. Small Business Administration, over 99 percent of businesses are small or medium size yet the majority of books are focused on large corporations. This book aims to close that gap and also focus on the practitioners—the entrepreneurs, small business owners, consultants—and students aspiring to practice in this space. Small businesses are the growth engine of the economy and it is important that we provide them with the tools for success. This book covers the financial aspects of a business, including those that are important to start, grow, and sustain an enterprise. We accomplish this by providing concepts, tools, and techniques that are important for the practitioner. The overall aim is to provide this information in straightforward way while also providing the depth required for areas that warrant it.

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Book SynopsisFor good business reasons corporate management may conclude that the existing corporate structure should be changed.The changes may require moving assets, liabilities and ownership among of commonly controlled corporations.From the investors point of view, the corporate division may reduce risk by shielding assets from certain liabilities. Moreover, the shareholders will be able to diversify their investment as the stock of the new corporation is distributed to the shareholders of the transferring corporation. Under the general rules of income taxation, moving assets from one corporation to another may trigger taxable gain to the corporation and the shareholders.However, the Internal Revenue Code contains exceptions that allow the separation to be accomplished without taxable income to the corporation and its shareholders. But specified conditions must be satisfied for to achieve this tax abatement. When the conditions are satisfied, the shareholder is permitted to extract value from the corporation and neither the shareholder or the corporations are required to recognizing income.This book will describe the various legal forms used to divide the corporation and the conditions that must be satisfied to avoid taxable income for the corporations and their shareholders. The book is intended to be useful as a supplement to be used in an advanced corporate tax class, as well as a professional guide.

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Book SynopsisThe US QI and FATCA regulations came into being in 2001 and 2010 respectively. They remain today the most challenging cross border tax regulations for financial institutions to comply with and operationalise. There is an increasing trend for financial institutions to become QIs while at the same time, the rules of the QI program become more complex and onerous. Equally, most NQIs have little idea that they are subject to these extra-territorial regulations. The US FATCA anti-tax evasion framework has also evolved through the development of intergovernmental agreements. These are complex and bilaterally jurisdiction specific as well as of multiple types. Most firms are struggling to understand the concepts and how FATCA rules overlap and are affected by QI rules. The original book on this subject by the author continues to be the only book able to explain these regulations in ways that allow financial institutions to understand their compliance obligations and take practical steps to meet them, by hearing about best practice. This second edition builds on the basic framework of the QI and FATCA frameworks by updating the text to encompass the changes that have occurred since the book’s original publication. This edition will also delete material that has become obsolete or was proposed by the IRS originally but never implemented.Table of ContentsIntroductionPart I: The QI Regulations1. Principles of Code Chapter 3 2. Contracts – The QI Agreement - with Commentary 3. Documentation.4. Withholding and Depositing Tax 5. Information Reporting & Tax Returns6. Control and Oversight7. Penalties8. Issues for Non Qualified Intermediaries Part II: FATCA9. 871(m) and QDD 10. An Introduction to FATCA 11. Principles of FATCA12. Due Diligence13. Simplifying FATCA 14. FATCA Withholding 15. ReportingPart III: Related Global Tax Initiatives 16. International Context17. Conclusions18. Appendices

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Book SynopsisPricing of export credit is a challenge in the globalised world trade. Annual premia represent billions of euros or dollars and may determine competition. This book develops a rigorous new framework for pricing export credit products, e.g. buyer and supplier credit insurance and performance and working capital guarantees , based on well-known financial and actuarial theories. It introduces the products, the theories and the different data sources in order to apply the mathematical and financial ideas, e.g. discounting, risk-neutral valuation and Merton type defaults. It shows the differences of historical experience and implicit market pricing assumptions. The well-known OECD Arrangement is used as a benchmark for some part of the framework. Short code snippets in R are given in order to re-perform the results and have a basis to try own ideas. Many unprecedented exhibits give new insights into the subject matter. The book is targeted at practitioners and actuaries in the field with a good quantitative background.Table of ContentsChapter 1. Motivation.- Chapter 2. Export Credit Industry.- Chapter 3. Insurance Background.- Chapter 4. Finance Fundamentals.- Chapter 5. Preliminaries.- Chapter 6. New Premium Framework.- Chapter 7. Historic Default Rates.- Chapter 8. Market Version of the Framework.- Chapter 9. Minimum Interest Calculation.- Chapter 10. Comparison with OECD Arrangement.- Chapter 11. Other Pricing.- Chapter 12. Conclusions.

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Book SynopsisThis open access book addresses four standard business school subjects: microeconomics, macroeconomics, finance and information systems as they relate to trading, liquidity, and market structure. It provides a detailed examination of the impact of trading costs and other impediments of trading that the authors call “frictions”. It also presents an interactive simulation model of equity market trading, TraderEx, that enables students to implement trading decisions in different market scenarios and structures. Addressing these topics shines a bright light on how a real-world financial market operates, and the simulation provides students with an experiential learning opportunity that is informative and fun.Each of the chapters is designed so that it can be used as a stand-alone module in an existing economics, finance, or information science course. Instructor resources such as discussion questions, Powerpoint slides and TraderEx exercises are available online.Table of ContentsChapter 1: Economics and the Equity Market: A Microeconomics Course Application.- Chapter 2: Liquidity, Trading, and Price Determination in Equity Markets: A Finance Course Application.- Chapter 3: Liquidity and the Impact of Information Shocks: A Macroeconomics Course Application.- Chapter 4: Trading and Technology: An Information Systems Course Application.- Chapter 5: Experiencing Market Dynamics with TraderEx: A Trading Decision-Making Simulation.

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Book SynopsisThis textbook presents a comprehensive treatment of the legal arrangement of the corporation, the instruments and institutions through which capital can be raised, the management of the flow of funds through the individual firm, and the methods of dividing the risks and returns among the various contributors of funds.Now in its third edition, the book covers a wide range of topics in corporate finance, from time series modeling and regression analysis to multi-factor risk models and the Capital Asset Pricing Model. Guerard, Gultekin and Saxena build significantly on the first edition of the text, but retain the core chapters on cornerstone topics such as mergers and acquisitions, regulatory environments, bankruptcy and various other foundational concepts of corporate finance.New to the third edition are examinations of APT portfolio selection and time series modeling and forecasting through SAS, SCA and OxMetrics programming, FactSet fundamental data templates. This is intended to be a graduate-level textbook, and could be used as a primary text in upper level MBA and Financial Engineering courses, as well as a supplementary text for graduate courses in financial data analysis and financial investments.Table of ContentsChapter 1. Introduction: Capital Formation, Risk, and the Corporation.- Chapter 2. The Corporation and Other Forms of Business Organization.- Chapter 3. The Corporation Balance Sheet.- Chapter 4. The Annual Operating Statements: The Income Statement and Cash Flow Statement.- Chapter 5. Financing Current Operations and Efficiency Ratio Analysis.- Chapter 6. Financing Current Operations and the Cash Budget.- Chapter 7. Capital and New Issue Markets.- Chapter 8. The Equity of the Corporation: Common and Preferred Stock.- Chapter 9. Long-Term Debt.- Chapter 10. Debt, Equity, the Optimal Financial Structure and the Cost of Funds.- Chapter 11. Investing in Assets: Theory of Investment Decision Making.- Chapter 12. Regression Analysis and Estimating Regression Models.- Chapter 13. Time Series Modeling and the Forecasting Effectiveness of the U.S. Leading Economic Indicators.- Chapter 14. Risk and Return of Equity and the Capital Asset Pricing Model.- Chapter 15. Multi-Factor Risk Models and Portfolio Construction and Management.- Chapter 16. Options.- Chapter 17. Real Options.- Chapter 18. Mergers and Acquisitions.- Chapter 19. Liquidation, Failure, Bankruptcy, and Reorganization.- Chapter 20. Corporation Growth and Economic Growth and Stability.- Chapter 21. International Business Finance.- Chapter 22. Management-Stockholder Relations: Is Optimal Behavior All that is Necessary?.

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Book SynopsisThis textbook presents a comprehensive treatment of the legal arrangement of the corporation, the instruments and institutions through which capital can be raised, the management of the flow of funds through the individual firm, and the methods of dividing the risks and returns among the various contributors of funds.Now in its third edition, the book covers a wide range of topics in corporate finance, from time series modeling and regression analysis to multi-factor risk models and the Capital Asset Pricing Model. Guerard, Gultekin and Saxena build significantly on the first edition of the text, but retain the core chapters on cornerstone topics such as mergers and acquisitions, regulatory environments, bankruptcy and various other foundational concepts of corporate finance.New to the third edition are examinations of APT portfolio selection and time series modeling and forecasting through SAS, SCA and OxMetrics programming, FactSet fundamental data templates. This is intended to be a graduate-level textbook, and could be used as a primary text in upper level MBA and Financial Engineering courses, as well as a supplementary text for graduate courses in financial data analysis and financial investments.Table of ContentsChapter 1. Introduction: Capital Formation, Risk, and the Corporation.- Chapter 2. The Corporation and Other Forms of Business Organization.- Chapter 3. The Corporation Balance Sheet.- Chapter 4. The Annual Operating Statements: The Income Statement and Cash Flow Statement.- Chapter 5. Financing Current Operations and Efficiency Ratio Analysis.- Chapter 6. Financing Current Operations and the Cash Budget.- Chapter 7. Capital and New Issue Markets.- Chapter 8. The Equity of the Corporation: Common and Preferred Stock.- Chapter 9. Long-Term Debt.- Chapter 10. Debt, Equity, the Optimal Financial Structure and the Cost of Funds.- Chapter 11. Investing in Assets: Theory of Investment Decision Making.- Chapter 12. Regression Analysis and Estimating Regression Models.- Chapter 13. Time Series Modeling and the Forecasting Effectiveness of the U.S. Leading Economic Indicators.- Chapter 14. Risk and Return of Equity and the Capital Asset Pricing Model.- Chapter 15. Multi-Factor Risk Models and Portfolio Construction and Management.- Chapter 16. Options.- Chapter 17. Real Options.- Chapter 18. Mergers and Acquisitions.- Chapter 19. Liquidation, Failure, Bankruptcy, and Reorganization.- Chapter 20. Corporation Growth and Economic Growth and Stability.- Chapter 21. International Business Finance.- Chapter 22. Management-Stockholder Relations: Is Optimal Behavior All that is Necessary?.

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Book SynopsisIn 1975, the U.S. Securities Acts Amendments were enacted by Congress, which amongst other measures, officially mandated development of a National Market System (NMS). Since that time, the competitive map has been redrawn, technological changes have been huge and pervasive in scope, and the landscape is ever-changing. This book looks at the evolution of NMS and the factors that have influenced it since its development. Titled after the Baruch College Financial Markets Conference, 40 Years of Experience with the National Market System (NMS): Who Are the Winners and What Have We Learned, the book examines the following questions: What is liquidity and how is it best measured and provided? Has NMS-Induced competition delivered? What is technology’s challenge to regulators? Are fair and level playing fields a good regulatory goal? What is the buyside’s view?The Zicklin School of Business Financial Markets Series presents the insights emerging from a sequence of conferences hosted by the Zicklin School at Baruch College for industry professionals, regulators, and scholars. The transcripts from the conferences are edited for clarity, perspective and context; material and comments from subsequent interviews with the panelists and speakers are integrated for a complete thematic presentation. Each book is focused on a well delineated topic, but all deliver broader insights into the quality and efficiency of the U.S. equity markets and the dynamic forces changing them.Table of ContentsChapter 1. Thoughts and Perspectives on 40th Anniversary of the National Market System (NMS).- Chapter 2. Technology’s Challenge to Regulators.- Chapter 3. The Global View.- Chapter 4. Has NMS-Induced Competition Delivered?.- Chapter 5. Fair and Level Playing Fields: A Good Regulatory Goal?.- Chapter 6. What Have We Learned?.- Chapter 7. The Buyside Responds.- Chapter 8. Invited Editorial: Combating Turbulence in the Equity Markets: Get the Listed Companies on Board.

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Book SynopsisTaking a concise approach to the key concepts of finance, this textbook clearly focuses on the most relevant issues around financial management, which will be of interest to business managers, students and anyone who wishes to understand the basics of finance. Covering cash and working capital, capital project appraisal, risk and uncertainty, financial markets, the cost of capital, mergers and acquisitions and valuation, financial concepts are applied to the business world using real life examples. This text is both international and contemporary in outlook, reflecting the financial environment in which all businesses operate.Table of ContentsPart I. Introduction.- Chapter 1. Cash and Working Capital.- Chapter 2. Basic Capital Project Appraisal.- Chapter 3. Advanced Capital Project Appraisal.- Chapter 4. Risk and Uncertainty.- Part II. An Overview of the Financing Decision.- Chapter 5. Borrowing.- Chapter 6. Ordinary Share Capital.- Chapter 7. Cost of Capital.- Chapter 8. Capital Structure.- Chapter 9. Valuing Companies.- Chapter 10. Conclusion: Putting It All Together.

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Book SynopsisThis textbook, aimed at undergraduate and postgraduate real estate programmes, provides an overview of real estate investment and pricing in a global context with special attention to the diversification of asset types in three parts. Designed as a successor to Will Fraser’s successful student-led investment book, Principles of Property Investment and Pricing, it encompasses the microeconomics of real estate markets and context alongside pricing failures of real estate highlighted by the impact of the global financial crisis, especially with regard to irrationality and risk.Part 1 focuses on the microeconomics of the real estate sector, covering the complex nature of real estate and the consequences for economic analysis and the operation of the market, the underlying essential processes and principles of real estate investment decision making, including a pricing model, and the significance of real estate cycles and why they occur. Part 2 begins with the characteristics of real estate as an investment, differentiated between direct and indirect investment, and making comparisons with alternative stock market assets, then examines real estate investors and their objectives, including financial institutions, REITs and other indirect vehicles. Additionally, it sets out the frameworks within which real estate investment decisions are made in relation to other investments and focuses on decision-making processes and the practicalities of performance measurement. Emerging real estate debates are discussed in Part 3. These chapters are primarily forward-looking to the implications and challenges for real estate investment, including the consequences of recent aspects of regulation, changes to occupier demand, partly driven by technology but also sustainability pressures, the logic and difficulties of international investment, with a particular focus on emerging markets.Table of ContentsPART 1:- The Real Estate Sector.- Chapter 1:-Introduction.- Chapter 2:-Principles of Investment.- Chapter 3:-Macroeconomy and Real Estate Cycles.- PART 2:-Real Estate Investment.- Chapter 4:-Characteristics of Real Estate Investment.- Chapter 5:-Investors.- 6:-Market Efficiency and Asset Pricing.- 7:-Portfolio Theory.- Chapter 8:-Portfolio Management.- Chapter 9:-International Investment.- PART 3:-Developing Real Estate Paradigms.- Chapter 10:-State Intervention and Implications for Investment.- Chapter 11;-Investment Consequences of Changing Occupier Needs and Obsolescence.- Chapter 12:-Real Estate Opportunities and Challenges.- PART 4:-Final thoughts.- Potential dissertation topics.

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Book SynopsisThe rise of the global financial industry is treated by many economists as a critical component of the rise of neoliberalism. What few address is the role of the 1973 OPEC Oil Embargo and the 1979 Oil Shock in making modern financialization possible. Here, it will be demonstrated that the dramatic transfer of wealth from the industrialized, capitalist world to OPEC’s members triggered by the Oil Embargo and the Oil Shock created a vast pool of liquid capital. Oil prices inflation, as a result of Embargo and Shock, also triggered a balance of payments crisis that created unprecedented global demand for credit. Processing this capital and mitigating the inflationary pressures which followed the 1973 Shock encouraged the development of more liquid, internationally mobile instruments that made financialization possible and ushered in the effective privatization of money creation. This transformation of the creation of money, the rise of a new global debt cycle, and petrocapital-fuelled changes to financial practices laid the foundations of modern finance and the neoliberal world order as we know them.Table of Contents IntroductionWould provide a brief introduction of the topic, the limitations of existing scholarship, and the links this work intends to make that will fill in these blank spots. It will lay out the specific argument that the Oil Shocks were necessary for creating the modern, financialized world order by effectively privatizing the creation of currency and providing the necessary liquid capital to transform finance in a similar fashion to how the resources provided by Columbian Conquest made European imperialism possible and the cotton trade was utilized as the launchpad for the Industrial Revolution.Chapter One: The World Before the ShocksDiscusses the state of international finance and the oil industry before the oil shocks from the 1933 Saudi concession which initiated oil drilling in that country by the Arab-American Oil Company to the founding of OPEC. It will include discussion of Bretton Woods, the impact of reliably cheap oil on global economics, the growing Eurocurrency market, and other related factors.Chapter Two: When Oil Shocked the WorldCovers the rise of OPEC, the 1973 Oil Shock, the attempted 1967 oil embargo, the tensions which led to the first Oil Shock, and the consequences it had for the global economy and OPEC’s members. This chapter’s emphasis will be on dissecting the broader economic and social impacts of the Shock with particular focus on how it challenged finance.Chapter Three: Beggar Thy NeighborInvestigates the divergent, often conflicting policies of the US and their allies in responding to the Oil Shocks, the different approaches taken to cope with the new petrocapital cycle, and how these clashing objectives opened up space for the private sector to operate more or less unhindered. Three areas of specific discussion will be how this transformed the Eurocurrency market, led to the creation of the petrodollar monetary system, and fueled a new arms race in the Middle East.Chapter Four: Dancing to the New BeatAnalyses how financial institutions and markets adapted to the new normal of the post-1973 world, with particular emphasis on the explosion of international loan syndications, the rise of swap instruments, and the diversification of financial futures. Particular emphasis in this chapter will be on how this fundamentally transformed global finance in ways that laid the foundation for the financialized economic order which followed.Chapter Five: The Day the Music DiedCloses out the book with examination of the 1979 Oil Shock, how it was caused by escalating geopolitical tensions in the Middle East, and its role in thoroughly destabilizing global markets leading up to the Volker Shock. Particular areas of emphasis will be on the collapse of OPEC’s supply of capital for global markets, the new wave of inflation triggered by the second shocks, and how these new pressures culminated in the 1982 Global Debt Crisis.ConclusionProvides a recap of the book, discusses the main points of how the Oil Shocks created a world where currency creation was effectively privatized, finance become the most valuable industry in the world, and the direct links between the neo-liberal/neo-classical economic order and these tumultuous times.

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Book SynopsisThere is a foundational crisis in financial theory and professional investment practice: There is little, if any, credible evidence that active investment strategies and traditional institutional quantitative technologies are able to provide superior risk-adjusted, cost-adjusted return over investment relevant horizons. Economic and financial theory has been in error for more than fifty years and is the fundamental cause of the persistent ineffectiveness of professional asset management. Contemporary sociological and economic theory, agent-based modeling, and an appreciation of the social context for preference theory provides a rational and intuitive framework for understanding financial markets and economic behavior. The author narrates his long-term experience in the use and limitations of traditional tools of quantitative asset management as an institutional asset manager in practice and as a quantitative analyst and strategist on Wall Street. Monte Carlo simulation methods, modern statistical tools, and U.S. patented innovations are introduced to redefine portfolio optimality and procedures for enhanced professional asset management. A new social context for expected utility theory leads to a novel understanding of modern equity markets as a financial intermediary for purchasing power constant time-shift investing uniquely appropriate for meeting investor long-term investment objectives. This book addresses the limitations and indicated resolutions for more useful financial theory and more reliable asset management technology. In the process, it traces the major historical developments of theory and institutional asset management practice and their limitations over the course of the 20th century to the present, including Markowitz and the birth of modern finance, CAPM theory and emergence of institutional quantitative asset management, CAPM and VM theory limitations and ineffective iconic tools and strategies, and innovations in statistical methodologies and financial market theory. Table of ContentsChapter 1 : The Birth of Modern Finance.- Chapter 2 : The Birth of Capital Market Theory.- Chapter 3 : Rise of Institutional Quantitative Management.- Chapter 4 : Finance Theory in Crisis.- Chapter 5: The Crisis at the Workbench or Markowitz’s revenge.- Chapter 6: The Michaud Efficient Frontier and Rank-Dependent Utility.- Chapter 7: Statistical Portfolio Management.- Chapter 8: Equity Markets in a Sociological Framework.

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Book SynopsisPower and Energy industry is a highly capital intensive business field. Furthermore there is a very close interlinkage between technologies and economics that requires engineers and economists to have a common understanding of project evaluation approaches and methodologies. The book’s overall objective is to provide a comprehensive but concise coverage of engineering economics required for techno-economic evaluation of investments in power and energy system projects. Throughout the book, the emphasis is on transferring practical know-how rather than pure theoretical knowledge. This is also demonstrated in numerous examples derived from experience of respective projects.The book comprises seven chapters. The text part is supported by about 25 tables, 40 figures, 55 application examples and 7 Case Studies.Target audience of the book are primarily international consultants, staff members of engineering companies, utility personnel, energy economists and lawyers, as well as employees of government agencies entrusted with regulating the energy and utility sector and, finally, students in related fields of engineering and economics.Table of ContentsFinancial Mathematics.- Inflation, Interest and Cost of Capital.- Investment Appraisal, Financial and Economic Analysis.- Cost Allocation to Cogeneration Projects.- Project Analysis under Uncertainties.- Overview of Energy Markets and Price Mechanisms.- Case Studies.

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Book SynopsisThis book analyses investment management policies for institutional investors. It is composed of four parts. The first one analyses the various types of institutional investors, institutions which, with different objectives, professionally manage portfolios of financial and real assets on behalf of a wide variety of individuals. This part goes on with an in-depth analysis of the economic, technical and regulatory characteristics of the different types of investment funds and of other types of asset management products, which have a high rate of substitutability with investment funds and represent their natural competitors. The second part of the book identifies and investigates the stages of the investment portfolio management. Given the importance of strategic asset allocation in explaining the ex post performance of any type of investment portfolio, this part provides an in-depth analysis of asset allocation methods, illustrating the different theoretical and operational solutions available to institutional investors. The third part describes performance assessment, its breakdown and risk control, with an in-depth examination of performance evaluation techniques, returns-based style analysis approaches, and performance attribution models. Finally, the fourth part deals with the subject of diversification into alternative asset classes, identifying the common characteristics and their possible role within the framework of investment management policies. This part analyses hedge funds, private equity, real estate, commodities, and currency overlay techniques. Table of Contents

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Book SynopsisIn managerial literature the challenges of ramping-up, growing and enhancing a (Finance) Shared Services Organization are regularly neglected. Therefore, the compilation will address two objectives: First, based on a generic phase model of an SSO’s development, frequently arising questions related to the management of SSOs shall be systematically discussed and practicable solutions derived. Secondly, a picture of the future of SSOs shall be elaborated, resulting in new future management implications.Table of Contents​Strategic Management and Governance Aspects of a Global (Finance) SSO.- Transformation and Transition Programs.- Process and Performance Management.- Change and Human Resources Management.- Selected Enablers and Prerequisites for a Successful Development of an SSO.- Future Trends and New Shared Service Areas.

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