Corporate finance Books

Book SynopsisTable of ContentsForeword xiii Preface xv Acknowledgments xxvii Part One The Making of a VC 1 The Business of Cash and Carry 3 2 Why Choose a Career in VC 11 3 Attributes of Successful VCs 15 4 Welcome to the Land of Ad-Venture 21 5 Developing Your Investment Career 41 6 A Business Where Enemies Accumulate 57 7 Generational Transfer and Succession 63 Part Two Raising Your Venture Fund 8 LP Universe 73 9 LPs of Choice: Fund of Funds 89 10 How LPs Conduct Fund Due Diligence 95 11 Defining Your Fund’s Investment Strategy 99 12 Investment Team Diligence 119 13 Fund Size and Portfolio Construction 129 14 Performance Analysis 137 15 Terms of Fund Investment 155 16 The Venture Firm’s Ethos, Culture, and Values 173 17 Raising Your First Fund 193 18 The Fundraising Roadshow 205 19 Why LPs Seek First-Time Funds 221 20 Sourcing Investment Opportunities 229 Part Three Building Your Portfolio 21 Due Diligence Cheat Sheet 255 22 Diligence 259 23 Management Team Diligence: Assessing the Intangible 269 24 Market, Product, and Business Model Analysis 293 25 Terms and Conditions Apply 303 26 Structure of the Term Sheet 309 27 Buy Low, Sell High 317 28 The Closing Process 353 Part Four The Art of Value Creation 29 Serving on Boards 357 30 Board Culture and Orientation 367 31 Let Me Know How I Can Be Helpful: Value Creation 377 32 Challenges in the Boardroom 391 Part Five Exits: Liquidity Events and Champagne 33 Exit Strategies 407 34 Acquisitions 417 35 Initial Public Offering 435 36 Secondary Sales 449 Notes 451 Index 485

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Book SynopsisThis book takes an in-depth look at the economics and finance of professional team sports, with a strong focus on applied analysis and performance measurement, to enable students, researchers, and practitioners to develop their professional knowledge of contemporary sport business. It examines the key themes that define professional team sports today, including the unique features of the team sport market place, the operation of leagues, competitive balance, salary caps, draft systems, income from broadcasting rights, the role of agents, and governance and financial regulation. It analyses the functional aspects of sport finance including where the money flows in and out, how to measure performance holistically, and how to interpret the financial performance of professional sport teams. It also covers emerging and disruptive forces that may shape the market in the future. It includes real- world cases and data in every chapter, including sports from football to Formula 1 and Table of ContentsPart I: Sport Economics, Theories and Concepts, 1. The Market Structure for Professional Team Sport, 2. League Structure, Uncertainty of Outcome and Competitive Balance, 3. Models of Professional Team Sport, 4. Profit and Utility Maximisation in Professional Team Sports, Part II: Functions of Economics and Finance in Professional Team Sports, 5. Revenue Generation and Cost Structure in Professional Team Sports, 6. Cost Structures in Professional Team Sports, 7. Holistic Performance Measurement in Professional Team Sport, 8. Financial Statements and Annual Reports in Professional Team Sports, 9. Interpreting Annual Reports in Professional Team Sports, 10. Ownership Structure, Governance, and Regulation in Professional Team Sport, 11. Managers and Agents in Professional Team Sports, Part III: Emerging Trends and Disruptive Forces, 12. Breakaway Leagues in Professional Team Sports, 13. Over the Top (OTT) Broadcasting Platforms and Commercial Shifts in Professional Team Sports, 14. Financing and the Rise in Private Equity in Professional Team Sports, 15. Governance, Ownership, and Regulation Reform in Professional Team Sports, 16. Esports in Professional Team Sport, 17. Cryptocurrency, Socios, NFTs and the Metaverse in Professional Team Sports

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Book SynopsisHow can you be sure you are buying the company you think you are? Are you sure it is as good as the seller says? How can you be certain unexpected costs and obligations will not suddenly appear once you are the owner and responsible for them? How best can you arm yourself for the negotiations? Have you worked out precisely what you are going to do with it once it is yours? How do you set the priorities for change to recoup the premium you have paid for it? The answer to all these questions, and many more, lies within a series of three comprehensive yet concise volumes by Peter Howson.The Essentials of M&A Due Diligence, the first in the series, is a must for anyone who needs to master the essentials of due diligence with the minimum effort and in the minimum amount of time. Straightforward and unbiased, it sets out the fundamentals of pre-acquisition investigations, showing which are appropriate and why.Table of ContentsList of illustrationsChapter 1: IntroductionChapter 2: Getting startedChapter 3: Working with advisersChapter 4: Financial due diligenceChapter 5: Legal due diligenceChapter 6: Commercial due diligenceChapter 7: Human Resources due diligenceChapter 8: Management due diligenceChapter 9: Pensions due diligenceChapter 10: Tax due diligenceChapter 11: Environmental due diligenceChapter 12: IT due diligenceChapter 13: Technology due diligenceChapter 14: Intellectual property due diligenceChapter 15: Anti-trust due diligence

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Book SynopsisSustainable Finance Fundamentals provides an accessible overview of this critical, rapidly growing area at the intersection of finance and sustainability.The first part showcases different approaches to sustainable finance, covering banking, impact investing, integrated reporting and strategy, and risk management. The second part covers investing, including equity, green bonds, and crowdfunding. In the final part, issues beyond sustainable finance, such as alternative investments, renewable energy, and innovation, are explored. In addition, two optional appendices provide useful introductions to the time value of money (TVM) and financial statements.Ethical and regulatory issues are addressed holistically throughout the book and sustainable finance is linked to related topics, such as environmental economics and the UN Sustainable Development Goals. Each chapter has an international focus and features examples, in a nutshell summaries, and discussion questionsTable of Contents1. Introduction 2. Value creation through sustainable finance 3. Financial institutions 4. Different approaches to sustainable finance 5. The basics of reporting 6. Equity ownership 7. Bonds in different colors, shapes, and sizes 8. Indices and passive investments 9. Alternative assets 10. Insurance and risk 11. Carbon markets 12. Transition to clean energy 13. Innovation, a path to follow

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Book SynopsisThe first introductory practical guide of its kind, this book brings together principles of corporate governance, investor stewardship and enterprise sustainability in the context of institutional investment.Stewardship codes are developing in diverse markets to provide a framework for responsible institutional investment practices and fiduciary duties for beneficiaries. While codes provide a starting point, the application of stewardship in practical terms can be challenging for many institutional investors. Written by two well-known corporate governance experts, George Dallas and Mike Lubrano, and based on the ICGN training course on stewardship that they developed, this book gives needed clarity, rigor and guidance to practitioners about what we knowand don''t knowabout stewardship, governance and sustainability. It explores the theoretical foundations of stewardship, linking these to day-to-day decision-making and providing real-life examples and practical toolsTrade Review"Practical, but underpinned by an excellent understanding of the theory and scientific research! I can’t think of a better duo to capture the essence of the ongoing debate on the relationship between governance and sustainability. Mike and George, given their experience and exposure to a wide range of issues in different parts of the world, as pioneers of good corporate governance in the early 2000s, are uniquely positioned to explain what matters and why in different contexts, and to offer stewardship guidance to investors. I also recommend this book to serving directors, investor relations professionals and corporate communications teams."—Prof. Dr. Melsa Ararat, Director, Sabancı University Corporate Governance Forum; Member, ICGN Board."Investors have long known how to trade. But they are only now embracing how to own company shares to make sure boards steer responsible value creation over the long term. That’s where investor stewardship comes in. Dallas and Lubrano have written the world’s first comprehensive guidebook on the toolkit investors can use to safeguard the financial and social interests of citizen savers. With kudos to the International Corporate Governance Network for publishing, this a vital, must-read manual for professionals in the rising field of stewardship."—Stephen Davis, Ph.D., Associate Director and Senior Fellow, Harvard Law School Programs on Corporate Governance and Institutional Investors"Dallas and Lubrano’s guide to stewardship is concise, evidence-based and implementable. Responsible investors should read it from cover to cover. I recommend it strongly." —Professor Elroy Dimson, Centre for Endowment Asset Management, Cambridge Judge Business School."This book gives not only the ICGN members but all governance practitioners around the globe an excellent way of in depth understanding the necessities and practical requirements for being a sustainable and successful pursuer of good governance and stewardship." —Christian Strenger, Academic Director of the Corporate Governance Institute at the Frankfurt School of Finance"This is a must read for any ESG investor and a should read for any corporate governance, environmental and/or social specialist. George and Mike have effectively weaved current trends of ESG integration and stewardship into the complex corporate governance ecosystem. This modern look at corporate governance is refreshing and quite palatable even to the general public or layperson seeking to find out what is ESG."—Charles T. Canfield, Principal Corporate Governance Officer, International Finance Corporation (World Bank Group)"As an investor you can easily get lost nowadays in how best to integrate ESG in your investment practice, contribute to the SDGs and report in accordance with TCFD, SASB or GRI. In ‘Governance, Stewardship and Sustainability’ the authors Dallas and Lubrano not only explain this ‘alphabet soup’ in a concise and practical fashion but also help you understand what you need to do as an investor to continue doing well while doing good."— Martin Steindl, ESG Manager, FMO (The Dutch Development Bank)"This book is filled with ICGN's wisdom, which has had a huge influence on Japanese corporate governance and investor stewardship. As sustainability and ESG issues continue to develop and have greater prominence for both companies and investors, this book provides practical path to guide investors in how to realise their stewardship responsibilities." — George Iguchi, Chief Corporate Governance Officer, Nissay Asset Management and ICGN Board Governor.Table of ContentsForeword Preface to the second edition Preface to the first edition Background of the authors 1. Theory and Practice of Stewardship and Sustainability 2. Basic Principles of Corporate Governance: Investor Expectations and Corporate Realities 3. The Case for Stewardship and Sustainability: Ethics and Economics 4. Sources of ESG Data, Standards and Ratings: Making Sense of them for Investors and Companies 5. ESG and Investment Decision-Making: Designing and Effective Methodology 6. Effective Stewardship in Practice: Monitoring, Engaging, Voting and Reporting 7. Company Perspective: Sustainability Governance and Reporting 8. Case Study: Volkswagen’s DieselGate: Corporate Governance and Sustainability Index

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Book SynopsisNow in its fourth edition, Finance: The Basics is a clear and practical introduction to the world of finance. It thoroughly explains essential financial statements, tools, and concepts; fundamental financial instruments and transactions; and global financial participants, markets, and systems. This fully revised edition captures the most important aspects of a changing financial landscape, including: A new chapter dedicated to the emerging world of digital currencies, with a review of digital finance and a detailed discussion of regulated and unregulated digital currencies (including cryptocurrencies) New sections dealing with a range of social issues that directly impact on finance, including sustainability; environmental, social, and governance (ESG) and socially responsible investing (SRI) imperatives; microfinance; and impact investing Twelve updated real-world case studies ('Finance in Action' studies) and nine new case studies focuseTable of ContentsPART 1: Concepts and tools 1. The world of finance 2. The financial statements 3. Financial concepts and tools PART 2: Instruments and marketplaces 4. Common and preferred stock 5. Loans and bonds 6. Investment funds 7. Derivatives and insurance 8. Corporate finance 9. Digital Currencies 10. Financial Participations 11. The Global Financial Markets

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

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

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Book SynopsisAswath Damodaran, distinguished author, Professor of Finance, and David Margolis, Teaching Fellow at the NYU Stern School of Business, have delivered the newest edition of Applied Corporate Finance.Table of ContentsPrefaceAcknowledgementsChapter 1 The FoundationsChapter 2 The Objective in Decision MakingChapter 3 The Basics of RiskChapter 4 Risk Measurement and Hurdle Rates in PracticeChapter 5 Measuring Return on InvestmentsChapter 6 Project Interactions, Side Costs, and Side BenefitsChapter 7 Capital Structure: Overview of the Financing DecisionChapter 8 Capital Structure: The Optimal Financial MixChapter 9 Capital Structure: The Financing DetailsChapter 10 Dividend PolicyChapter 11 Analyzing Cash Returned to StockholdersChapter 12 Valuation: Principles and PracticeAppendix 1Appendix 2Appendix 3Appendix 4

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Book SynopsisAn intuitive introduction to fundamental corporate finance concepts and methods Lessons in Corporate Finance, Second Edition offers a comprehensive introduction to the subject, using a unique interactive question and answer-based approach. Asking a series of increasingly difficult questions, this text provides both conceptual insight and specific numerical examples. Detailed case studies encourage class discussion and provide real-world context for financial concepts. The book provides a thorough coverage of corporate finance including ratio and pro forma analysis, capital structure theory, investment and financial policy decisions, and valuation and cash flows provides a solid foundational knowledge of essential topics. This revised and updated second edition includes new coverage of the U.S. Tax Cuts and Jobs Act of 2017 and its implications for corporate finance valuation. Written by acclaimed professors from MIT and Tufts University, this innovative Table of ContentsAbout the Authors xiii Acknowledgments xv Preface xvii Chapter 1 Introduction 1 Two Markets: Product and Capital 2 The Basics: Tools and Techniques 3 A Diagram of Corporate Finance 4 A Brief History of Modern Finance 5 Reading This Book 6 Part One Financial Health of a Firm and Cash Flow Management Chapter 2 Determining a Firm’s Financial Health (PIPES-A) 11 The Conversation with the Banker Is Like a Job Interview 11 Starting with the Product Market Strategy 13 Is PIPES Profitable? 14 Doing the Math 14 Sources and Uses of Funds 16 Ratio Analysis 20 The Cash Cycle 26 Summary 28 Chapter 3 Pro Forma Forecasts (PIPES-B) 31 First, Let’s Take a Closer Look at Ratio Analysis 31 Pro Forma Forecasts 33 Circular Relationships 40 Back to (Forecasting) the Future 42 Projecting Out to 2018 and 2019 43 Evaluating the Loan 45 Summary 50 Appendix 3A: Accounting Is Not Economic Reality 52 Chapter 4 The Impact of Seasonality on a Firm’s Funding (PIPES-C) 57 Monthly Pro Forma Income Statements 58 Monthly Pro Forma Balance Sheets 60 A Different Picture of the Firm 68 Summary 72 Appendix 4A: PIPES Monthly Pro Forma Income Statements and Balance Sheets, 2018 73 Appendix 4B: PIPES Monthly Pro Forma Income Statements and Balance Sheets, 2019 76 Part Two Firm Financing and Financial Policies Chapter 5 Why Financing Matters (Massey Ferguson) 81 Product Market Position and Strategy 81 Political Risk and Economies of Scale in Production 82 Massey Ferguson, 1971–1976 83 Sustainable Growth 85 The Period after 1976 87 Conrad Runs Away 90 The Competitors 91 Back to Massey 93 Massey’s Restructuring 96 Postscript: What Happened to Massey 100 Summary 100 Appendix 5A: Massey Ferguson Financial Statements 102 Chapter 6 An Introduction to Capital Structure Theory 107 Optimal Capital Structure 108 M&M and Corporate Finance 111 Taxes 116 Costs of Financial Distress 126 The Textbook View of Capital Structure 131 The Cost of Capital 133 Summary 134 Chapter 7 Capital Structure Decisions (Marriott Corporation and Gary Wilson) 137 Capital Structure 137 The Cost of Capital 144 How Firms Set Capital Structure in Practice 147 Corporate Financial Policies 148 Sustainable Growth and Excess Cash Flow 151 What to Do with Excess Cash? 152 Summary 154 Appendix 7A: Marriott Corporation Income Statements and Balance Sheets 156 Appendix 7B: Marriott Corporation Selected Ratios 158 Chapter 8 Investment Decisions (Marriott Corporation and Gary Wilson) 159 What Is the Correct Price? 160 How Should Marriott Buy Its Shares? 160 The Loan Covenants 164 The Impact of the Product Market on Financial Policies 165 The Capital Market Impact and the Future 167 Summary 173 Chapter 9 Financial Policy Decisions (AT&T: Before and After the 1984 Divestiture) 177 Background on AT&T 178 M&M and the Practice of Corporate Finance 178 Old (pre-1984) AT&T 180 New (post-1984) AT&T 195 Summary 207 Appendix 9A: Development of AT&T Pro Formas, 1984–1988 (Expected-Case) 208 Chapter 10 The Impact of Operating Strategy on Corporate Finance Policy (MCI) 211 A Brief Summary 211 A Brief History of MCI 213 Convertible Preferred Stock and Convertible Bonds 218 Interest Rates and Debt Ratios 222 Leases 223 Financing Needs of the New MCI 223 MCI’s Financing Choice 234 MCI Postscript 235 Summary 236 Appendix 10A: Development of MCI’s Pro Formas, 1984–1988 238 Chapter 11 Dividends and Stock Repurchases (Apple Inc.) 241 The Theory of Dividend Policy 241 Empirical Evidence 245 Apple Inc. and the Decision on Whether to Pay Dividends 248 What Did Apple Do about Dividends? 260 What Happened Next 261 Summary 264 Chapter 12 A Continuation of Capital Structure Theory 265 The Tax Shield of Debt 266 The Costs of Financial Distress 267 Transaction Costs, Asymmetric Information, and Agency Costs 269 Asymmetric Information and Firm Financing 272 Agency Costs: Manager Behavior and Capital Structure 279 Leverage and Agency Conflicts between Equity and Debt Holders 281 Start with the Amount of Financing Required 286 Summary 288 Chapter 13 Restructuring and Bankruptcy: When Things Go Wrong (Avaya Holdings) 291 When Things Go Wrong 291 The Key Economic Principle of Bankruptcy Is to Save Viable Firms 297 When Should a Firm File for Bankruptcy? 297 The Rules of Bankruptcy 300 Maintaining the Value of a Firm in Bankruptcy 303 Avaya Emerges from Bankruptcy 304 Summary 306 Appendix 13A: The Creditors Coordination Problem 308 Part Three Investments and Valuation Chapter 14 The Time Value of Money: Discounting and Net Present Values 311 The Time Value of Money 311 Net Present Value (NPV) 316 Payback 322 Projects with Unequal Lives 323 Perpetuities 325 Summary 326 Chapter 15 Valuation and Cash Flows (Sungreen A) 327 Investment Decisions 327 How to Value a Project 328 The Weighted Average Cost of Capital (WACC) 340 Terminal Values 341 Summary 343 Chapter 16 Valuation (Sungreen B) 345 Sungreen’s Projected Cash Flows 345 The Weighted Average Cost of Capital (WACC) 346 Twin Firms 351 The Cost of Equity 354 The Cost of Debt 357 The Final Valuation 358 Strategic Analysis 360 Summary 361 Chapter 17 Valuation Nuances 363 Cash Flow Nuances 363 Cost of Capital Nuances 365 Nuances on Calculating the Cost of Equity: Levering and Unlevering Beta 371 Separating Cash Flows and Terminal Values 376 Nuances of Terminal Value Methods 376 Other Valuation Techniques: DCF Variations 383 Real Options (aka Strategic Choices) 386 Summary 389 Chapter 18 Leveraged Buyouts and Private Equity Financing (Congoleum) 391 Congoleum: A Short History 391 Leading up to the LBO: What Makes a Firm a Good LBO Target? 392 Details of the Deal 395 Postscript: What Happened to LBOs? 409 Summary 411 The World Keeps Changing 412 Appendix 18A: Congoleum’s Pro Formas with and without the LBO 414 Appendix 18B: Highlights of the Lazard Fairness Opinion 420 Chapter 19 Mergers and Acquisitions: Strategic Issues (The Dollar Stores) 423 The Three Main Competitors 423 Recent History 424 Shopping a Firm/Finding a Buyer 428 Summary 431 Chapter 20 Valuing an Acquisition: Free Cash Flows to the Firm (The Dollar Stores) 433 The Bid for Family Dollar 433 Free Cash Flows to the Firm 435 Estimating the Cost of Capital 443 Discounted Cash Flows 448 Terminal Values 448 The Three Pieces 451 Summary 452 Appendix 20A: Family Dollar Pro Forma Financial Statements with Authors’ Constant Debt Ratio 453 Chapter 21 Understanding Free Cash Flows (The Dollar Stores) 455 Comparing the Free-Cash-Flows Formulas 455 Back to Discount Rates 457 On to Free Cash Flows to Equity 459 Discounting the Free Cash Flows to Equity 462 Summary 463 Appendix 21A: Family Dollar Pro Forma Free Cash Flows to Equity with Constant Debt Ratio 464 Chapter 22 Mergers and Acquisitions: Execution (The Dollar Stores) 465 The Time Line 465 Managerial Discretion 468 Activist Shareholders 470 The Federal Trade Commission (FTC) 472 Shareholder Lawsuits 473 The Vote 474 Summary 475 Appendix 22A: Key Events in the Bidding for Family Dollar, 2014–2015 476 Chapter 23 Review 477 Chapters 2–4: Cash Flow Management—Financial Tools 478 Chapters 5–13: Financing Decisions and Financial Policies 478 Chapters 14–22: Valuation 482 Tools and Concepts Discussed in This Book 485 Finance as Art, Not Science 486 Bottom Lines 487 An Intelligent Approach to Finance 487 Keeping Current 488 Larry’s Last (Really a True) Story 489 Paul’s Theory of Pies 490 Rules to Live By 490 Glossary 493 Index 503

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Book SynopsisHow to steer your business through times of financial distress and achieve sustained profitability Corporate Turnaround Artistry is a complete guide for entrepreneurial companies in times of financial distresspresenting effective strategies and proven methods to revive and rehabilitate your business. Uncertain economic times have significantly altered the financial resources available to struggling businesses. Narrowing margins and mounting internal and external pressure has taken their toll on many companies. Fortunately, most businesses can be repaired while maintaining their existing revenue structure. Offering practical steps that go beyond simple cost-cutting and sales-building advice, this invaluable guide teaches you how to control cash, secure financial relief, and develop a comprehensive turnaround plan that your employees, customers, and creditors will support. Business leaders and entrepreneurs often fall into the trap of assuming new debt whenTable of ContentsAbout the Author ix Foreword xi Professor Kenneth P. Walsleben Preface xv Acknowledgments xix Chapter 1 Understanding Corporate Turnarounds 1 Chapter 2 Crisis Leadership 45 Chapter 3 Controlling Cash 73 Chapter 4 When Banks Attack 103 Chapter 5 Turnaround Management 141 Chapter 6 Arsonists and Regulators 171 Chapter 7 Insolvency and the Law 189 Chapter 8 Debt Restructuring Out of Court 237 Chapter 9 Strategic Exits 261 Chapter 10 Building Long-Term Value 279 Resources 297 Bibliography 299 Index 301

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Book SynopsisIn the newly revised second edition of Venture Capital, Private Equity, and the Financing of Entrepreneurship, a dedicated team of researchers and professionals delivers an authoritative and comprehensive account of the world of active investing. This important work demonstrates how venture capitalists and private equity investors do business and create value for entrepreneurs, shareholders, and other stakeholders. The authors, drawing on decades of combined experience studying and participating in the private equity markets, discuss the players, dynamics, and the incentives that drive the industry. They also describe various possibilities for the future development of private equity. This latest edition is perfect for advanced undergraduate students of finance and business, as well as MBA students seeking an insightful and accessible textbook describing the private equity markets.Table of ContentsPreface vii Acknowledgments ix About the Authors xi 1. Introduction 1 2. The Private Equity Cycle— Fundraising and Fund Choosing 20 3. Deal Sourcing and Evaluation— Not as Easy as It Looks! 65 4. Assigning Value 101 5. Deal Structuring— Private Equity Securities and Their Motivation 131 6. After the Money Arrives 175 7. Getting Liquid: Exits and Distributions 204 8. The Globalization of Venture Capital and Private Equity 246 9. Risk and Return 285 10. The Impact of Private Equity on Society— Does This Really Matter Anyway? 313 11. People, Positions, and Culture: The Management of the Private Equity Firm 345 12. Scaling and Institutionalization 374 13. Boom and Bust 404 14. Wrapping Up 435 Glossary G- 1 Index I- 1

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Book SynopsisTable of ContentsForeword xv Acknowledgments xix About the CFA Institute Investment Series xxi CHAPTER 1 Corporate Structures and Ownership 1 1. Introduction 1 2. Business Structures 2 3. Public and Private Corporations 12 4. Lenders and Owners 23 5. Summary 31 6. Practice Problems 32 CHAPTER 2 Introduction to Corporate Governance and Other ESG Considerations 35 1. Introduction 36 2. Stakeholder Groups 36 3. Principal--Agent and Other Relationships 41 4. Corporate Governance and Mechanisms to Manage Stakeholder Risks 51 5. Corporate Governance and Stakeholder Management Risks and Benefits 63 6. ESG Considerations in Investment Analysis 69 7. Environmental, Social, and Governance Investment Approaches 73 8. Summary 77 9. Practice Problems 79 CHAPTER 3 Working Capital & Liquidity 81 1. Introduction 81 2. Financing Options 82 3. Working Capital, Liquidity, and Short-Term Funding Needs 89 4. Liquidity and Short-Term Funding 95 5. Measuring Liquidity 99 6. Evaluating Short-Term Financing Choices 103 7. Summary 105 8. Practice Problems 105 CHAPTER 4 Capital Investments 109 1. Introduction 109 2. Types of Capital Investments 110 3. The Capital Allocation Process 114 4. Investment Decision Criteria 119 5. Common Capital Allocation Pitfalls 125 6. Corporate Use of Capital Allocation 126 7. Real Options 129 8. Summary 132 9. Practice Problems 133 CHAPTER 5 Capital Structure 139 1. Introduction 139 2. Factors Affecting Capital Structure 140 3. Capital Structure and Company Life Cycle 151 4. Modigliani--Miller Propositions 157 5. Optimal and Target Capital Structures 167 6. Stakeholder Interests 174 7. Summary 183 8. Practice Problems 183 CHAPTER 6 Measures of Leverage 189 1. Introduction 189 2. Leverage 190 3. Business and Sales Risks 192 4. Operating Risk and the Degree of Operating Leverage 194 5. Financial Risk, the Degree of Financial Leverage and the Leveraging Role of Debt 201 6. Total Leverage and the Degree of Total Leverage 205 7. Breakeven Points and Operating Breakeven Points 208 8. The Risks of Creditors and Owners 211 9. Summary 213 10. Practice Problems 214 CHAPTER 7 Cost of Capital: Foundational Topics 219 1. Introduction 219 2. Cost of Capital 220 3. Costs of the Various Sources of Capital 223 4. Estimating Beta 232 5. Flotation Costs 237 6. Methods in Use 239 7. Summary 240 8. Practice Problems 241 CHAPTER 8 Cost of Capital: Advanced Topics 249 1. Introduction 249 2. Cost of Capital Factors 250 3. Estimating the Cost of Debt 261 4. The ERP 268 5. The Cost of Equity (Required Return on Equity) 279 6. Mini-Case 1 293 7. Mini-Case 2 299 8. Practice Problems 300 CHAPTER 9 Analysis of Dividends and Share Repurchases 303 1. Dividends: Forms and Effects on Shareholder Wealth and Financial Ratios 304 2. Dividend Policy and Company Value: Theories 311 3. Other Theoretical Issues: Signaling 313 4. Other Theoretical Issues: Summary 320 5. Factors Affecting Dividend Policy in Practice 320 6. Payout Policies 327 7. Share Repurchases 332 8. Valuation Equivalence of Cash Dividends and Share Repurchase 338 9. The Dividend versus Share Repurchase Decision 339 10. Analysis of Dividend Safety 347 11. Summary 351 12. Practice Problems 353 CHAPTER 10 Business Models & Risks 359 1. Introductory Context/Motivation 359 2. What Is a Business Model? 359 3. Business Model Types 373 4. Business Models: Financial Implications 378 5. Business Risks 383 6. Macro Risk, Business Risk, and Financial Risk 384 7. Business Risk: A Closer Look 386 8. Financial Risk 389 9. Summary 392 10. Practice Problems 392 CHAPTER 11 The Firm and Market Structures 395 1. Analysis of Market Structures 395 2. Perfect Competition 401 3. Elasticity of Demand 403 4. Other Factors Affecting Demand 406 5. Consumer Surplus: Value Minus Expenditure 408 6. Supply Analysis, Optimal Price, and Output in Perfectly Competitive Markets 410 7. Long-Run Equilibrium In Perfectly Competitive Markets 416 8. Monopolistic Competition 418 9. Long-Run Equilibrium in Monopolistic Competition 421 10. Oligopoly and Pricing Strategies 422 11. The Cournot Assumption 425 12. The Nash Equilibrium 428 13. Oligopy Markets: Optimal Price, Output, and Long-Run Equilibrium 431 14. Monopoly Markets: Demand/Supply and Optimal Price/Output 434 15. Price Discrimination and Consumer Surplus 440 16. Monopoly Markets: Long-Run Equilibrium 442 17. Identification of Market Structure 443 18. Summary 446 19. Practice Problems 447 CHAPTER 12 Introduction to Industry and Company Analysis 451 1. Introduction 452 2. Uses of Industry Analysis 452 3. Approaches to Identifying Similar Companies 453 4. Industry Classification Systems 457 5. Describing and Analyzing an Industry and Principles of Strategic Analysis 465 6. External Influences on Industry 480 7. Company Analysis 489 8. Summary 493 9. Practice Problems 496 CHAPTER 13 Financial Statement Modeling 501 1. Introduction 502 2. Income Statement Modeling: Operating Costs 508 3. Modeling Operating Costs: Cost of Goods Sold and SG&A 512 4. Modeling Non-operating Costs and Other Items 520 5. Balance Sheet and Cash Flow Statement Modeling 525 6. Building a Financial Statement Model 531 7. Behavioral Finance and Analyst Forecasts 545 8. The Impact of Competitive Factors in Prices and Costs 551 9. Inflation and Deflation 561 10. Technological Developments 570 11. Long-Term Forecasting 580 12. Summary 584 13. Practice Problems 585 CHAPTER 14 Corporate Restructurings 593 1. Introduction 593 2. Corporate Evolution, Actions, and Motivations 594 3. Evaluating Corporate Restructurings 611 4. Modeling and Valuation 620 5. Evaluating Investment Actions 628 6. Evaluating Divestment Actions 640 7. Evaluating Restructuring Actions 647 8. Summary 653 9. Practice Problems 654 CHAPTER 15 Environmental, Social, and Governance (ESG) Considerations in Investment Analysis 659 1. Introduction 659 2. Ownership Structures and Their Effects on Corporate Governance 660 3. Evaluating Corporate Governance Policies and Procedures 666 4. Identifying ESG-Related Risks and Opportunities 670 5. Evaluating ESG-Related Risks and Opportunities 676 6. Summary 685 7. Practice Problems 686 CHAPTER 16 Intercorporate Investments 689 1. Introduction 689 2. Basic Corporate Investment Categories 690 3. Investments In Financial Assets: IFRS 9 692 4. Investments in Associates and Joint Ventures 695 5. Amortization of Excess Purchase Price, Fair Value Option, and Impairment 700 6. Transactions with Associates and Disclosure 705 7. Acquisition Method 709 8. The Consolidation Process 716 9. Financial Statement Presentation 722 10. Variable Interest and Special Purpose Entities 725 11. Additional Issues in Business Combinations That impair Comparability 729 12. Summary 730 13. Practice Problems 731 Glossary 743 References 757 About the Authors 763 About the CFA Program 769 Index 771

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Book SynopsisA practitioner's guide to the role and implications of performance measurement and attribution analysis in asset management firms Practical Portfolio Performance Measurement and Attribution is a comprehensive reference and guide to the use and calculation of performance returns in the investment decision process. Focusing on real-world application rather than academic theory, this highly practical book helps asset managers and investors determine return on assets, analyse portfolio behaviour and improve performance. Author Carl R. Bacon clearly describes each of the methodologies used by performance analysts in today's financial environment whilst sharing valuable insights drawn from his experience as a Director of Performance Measurement & Risk Control. The third edition is revised to reflect recent developments in performance attribution and presentation standards. Fully up-to-date chapters cover the entire performance measurement process, including return calculations, attribution methodologies, risk measures, manager selection and presentation of performance information. Written by an acknowledged leader in global investment performance standards, performance attribution technique and risk measurementAligns with the publication of the 2020 Global Investment Performance Standards (GIPS)Explains the mathematical aspects of performance measurement and attribution in a clear, easy-to-understand mannerProvides numerous practical and worked examples of attribution analysis and risk calculations supported by Excel spreadsheetsIncludes signposts for the future development of performance measurement Practical Portfolio Performance Measurement and Attribution, Third Edition, remains a must-have for performance analysts and risk controllers, portfolio managers, compliance professionals and all asset managers, owners, consultants and servicing firms.Table of ContentsContents Acknowledgements Contents Chapter 1 Introduction The Performance Measurement Process Role of performance analysts Book Structure Chapter 2 The Asset Management Industry Asset Classes Public Equities Bonds (or Fixed Income) Cash (and near cash) Private Assets Real Estate Private Equity Private Debt Infrastructure Natural Resources Commodities Derivatives Futures Forwards Swaps Contracts for Difference (CFD) Options Overlay Strategies Currency Hedge Funds Asset Allocation Strategic asset allocation Tactical asset allocation. Chapter 3 The Mathematics of Portfolio Return Simple Return Continuously Compounded (or logarithmic) Returns Money-weighted Returns (MWR) Internal Rate of Return (IRR) Ex-ante Internal Rate of Return Simple Internal Rate of Return Ex-post Internal Rate of Return Simple Dietz ICAA Method Modified Dietz Time-Weighted Returns (TWR) True Time-Weighted Unit Price Method Unit Price Method with Distributions Time-weighted versus Money-weighted Rates of Return Approximations to the Time Weighted Return Index Substitution Regression Method (or b method) Analyst’s Test Hybrid Methodologies Linked Modified Dietz BAI Method (or linked IRR) Which method to use? Late Trading and Market Timing Self-selection Large Cash Flow Self-selection of methodologies Annualised Returns Since Inception Internal Rate of Return (SI-IRR) Modified IRR (MIRR) Return Hiatus Gross and net of fee calculations Estimating gross and net of fee returns Initial Fees Performance Fees Asymmetric or Symmetric Crystallisation Performance Fees in Practice Equalization Reporting Hierarchy Overlay Strategies Overlay performance return calculations: Base currency and local returns Currency conversions Hedged Returns Currency Overlay Returns Perfectly Hedged Returns Portfolio Component Returns Money-weighted Component Returns End of day Beginning of day Intra-day weighted Differentiated Actual Time Rule-based Extremely large cash flows Which timing assumption to use for time-weighted returns? Carve Outs Sub-portfolios Cash Sectors Individual security returns Multi-period component returns Abnormal Returns Short Positions Contribution to return Composite returns Chapter 4 Benchmarks Benchmarks Benchmark attributes The Role of Benchmarks Types of Benchmarks Commercial Indexes Calculation methodologies Aggregate Price Index (Price-weighted Index or Carli type) Geometric (or Jevons type) Index Market Capitalisation Index Laspeyres Index Paasche Index Marshall – Edgeworth Index Fisher Index Equal weighted Indexes Fundamental Indexes Optimised Indexes (efficient or minimum variance indexes) Fixed Income Indexes Index Providers Choice of Index Provider Benchmark Regulation Choice of Index Currency Effects in Benchmark Hedged Indexes Customised Indexes Capped Indexes Peer Groups and Universes Percentile Rank Random Portfolios Exchange Traded Funds (ETFs) Target Returns Blended Benchmarks (or balanced benchmarks) Fixed Weight & Dynamised Benchmarks Spliced Indexes Money-weighted Benchmarks (or public market equivalents) Normal Portfolio Benchmark Statistics Index Turnover Up-capture Indicator Down-capture Indicator Up-number Ratio Down-number Ratio Up-percentage Ratio Down-percentage Ratio Percentage Gain Ratio Excess return Arithmetic Excess Return Geometric Excess Return Chapter 5 Risk Definition of Risk Risk types Risk management v Risk control Risk aversion Ex-post and ex-ante Descriptive Statistics Mean (or arithmetic mean) Mean absolute deviation (or mean deviation) Variance Bessel’s correction (population or sample, n or n-1) Sample variance Standard deviation (variability or volatility) Annualised risk (or time aggregation) The Central Limit Theorem Frequency and number of data points Normal (or Gaussian) distribution Histograms Skewness (Fisher’s or moment skewness) Sample skewness Kurtosis (Pearson’s kurtosis) Excess kurtosis (or Fisher’s kurtosis) Sample kurtosis Bera-Jarque statistic (or Jarque-Bera) Covariance Sample covariance Correlation (r) Sample correlation Performance appraisal Sharpe ratio (reward to variability, Sharpe index) Roy ratio Risk-free rate Alternative Sharpe ratio Revised Sharpe ratio Adjusted Sharpe Ratio Skew-adjusted Sharpe Ratio Relative risk Tracking error (or tracking risk, relative risk, active risk) Information ratio Geometric information ratio Modified information ratio Regression analysis Regression equation Regression alpha Regression beta Regression epsilon Capital Asset Pricing Model (CAPM) Beta (b) (systematic risk or volatility) Jensen’s alpha (Jensen’s measure or Jensen’s differential return or ex-post alpha) Annualised alpha Bull beta (b+) Bear beta (b-) Beta timing ratio Market timing Systematic risk Correlation R2(or coefficient of determination) Specific (or residual) risk Treynor ratio (Reward to volatility) Appraisal ratio (or Treynor-Black ratio) Factor Models Fama decomposition Selectivity Diversification Net selectivity Fama-French three factor model Three factor alpha (or Fama-French alpha) Carhart four factor model Four factor alpha (or Carhart’s alpha) Multi-factor Models Drawdown Average drawdown Maximum drawdown Largest individual drawdown Recovery time (or drawdown duration) Drawdown deviation Ulcer index Pain index Calmar ratio (or Drawdown ratio) MAR ratio Sterling ratio Sterling-Calmar ratio Burke ratio Modified Burke ratio Martin ratio (or Ulcer performance index) Pain ratio Partial Moments Downside risk (or semi-standard deviation) Downside potential Pure downside risk Half variance (or semi-variance) Upside risk (or upside uncertainty) Mean absolute moment Omega ratio (W) Bernardo & Ledoit (or gain–loss) ratio d ratio Omega-Sharpe ratio Sortino ratio Reward to half-variance Downside risk Sharpe ratio Sortino-Satchell ratio Kappa ratio Upside potential ratio Volatility skewness Variability skewness Farinelli-Tibiletti Ratio Prospect ratio Fixed Income Risk Pricing fixed income instruments Redemption yield (yield to maturity) Weighted average cash flow Duration (effective mean term, discounted mean term or volatility) Macaulay duration Macaulay-Weil duration Modified duration Portfolio duration Effective duration (or option-adjusted duration) Duration to worst Convexity Modified convexity Effective convexity Portfolio convexity Bond returns Duration beta Reward to duration Miscellaneous Risk Measures Hurst index (or Hurst exponent) Bias ratio Active Share Value at Risk (VaR) Risk-adjusted return M2 M2 excess return Differential return Adjusted M2 Skew-adjusted M2 Types of Excess Return (or Alpha) A Periodic Table of Risk Measures Periodic Table Design Why measure ex-post risk? Which risk measures to use? Hedge funds Smoothing Outliers Data mining Time Period Chapter 6 Return Attribution 280 What is Attribution? Definition Attribution as an asset management tool Early Development Types of Return Attribution Returns-based (regression or factor) Attribution Holdings-based (or buy/hold) Attribution Transaction-based Attribution Arithmetic Attribution Brinson, Hood & Beebower Asset Allocation Security (or Stock) Selection Interaction Brinson & Fachler Interaction Geometric Excess Return Attribution Asset allocation Stock selection Sector Weights Frequency of Analysis Security Level Attribution Transaction costs Off-benchmark (or zero weight sector) attribution Attribution consistent with the Investment Decision Process Market Neutral Attribution Attribution for 130/30 funds (or extended short funds) Leverage (or gearing) Attribution including derivatives Attribution including Equity Index Futures Attribution Analysis using options Multi-currency attribution Ankrim & Hensel Karnosky & Singer Geometric Multi-Currency Attribution Naïve Currency Attribution Compounding effects Geometric Currency Allocation Currency Timing Interest Rate Differentials Revised Currency Allocation Revised Country Allocation Incorporating Forward Currency Contracts Summarising Other Currency Issues Fixed Income Attribution The Yield Curve Yield curve analysis Shift Twist (or slope) Curvature (or butterfly) Carry Credit (or spread) Yield Curve Decomposition Wagner & Tito Weighted Duration Attribution Geometric Fixed Income Attribution Campisi Framework Yield Curve Decomposition Multi-period attribution Smoothing Algorithms Carino Menchero Linking Algorithms GRAP Method Frongello Davies & Laker Multi-period Geometric Attribution Annualisation of Excess Return Attribution Annualisation Contribution Analysis (or absolute return attribution) Risk-adjusted Attribution Selectivity Multi-level Attribution Balanced attribution Evolution of performance attribution methodologies Chapter 7 Performance Presentation Standards Why do we need performance presentation standards? Global Investment Performance Standards (GIPS®) – A history Advantages for Asset Managers The GIPS Standards Fundamentals of Compliance Definition of the Firm Maintaining Policies and Procedures Providing GIPS Reports Benchmark Selection Correcting Errors in GIPS Reports Composite Descriptions Recordkeeping Linking of theoretical and actual performance Portability Use of time-weighted or money-weighted returns Claiming Compliance with the GIPS standards. Input Data and Calculation Methodology Firm Assets, Composite Assets and Pooled Fund Assets Overlay Exposure Returns Valuation Time-Weighted Returns Money-weighted Returns Net Returns Composite Returns Private Market Investments Real Estate Net-of-fee Carve-outs returns Wrap fee, side pockets and subscription lines of credit Composite and Pooled Fund Maintenance Composite Maintenance Carve-Outs Presentation and Reporting Composite Time-weighted Return Report Returns, Dispersion & Risk Unobservable inputs, gross or net-of-fees, multiple benchmarks, breaks in performance, carve-outs and non-fee-paying portfolios Committed Capital and Advisory Assets Reporting currency, carve-outs, overlay strategies, wrap fees and supplemental information Composite Money-weighted Reports Composite Cumulative Committed Capital Total Value to Since-inception Paid in Capital (TVPI or Multiple of Investment Capital (MOIC) or Investment Multiple) Since-inception Distributions to Since-inception Paid-in Capital (Realisation multiple or DPI) Since-inception Paid-in Capital to cumulative Committed Capital (PIC Multiple) Residual Value to since-Inception Paid-in Capital (Unrealised Multiple or RVPI) Disclosures Claim of Compliance Firm, composite and benchmark definitions Fee disclosures Inception date, creation date, composite lists availability of policies and procedures, leverage and estimated transaction costs. Significant events, redefinition, minimum asset levels and withholding tax Conflicts with regulation, carve-out disclosures & sub-advisors. Benchmark Disclosures Significant cash flow disclosure and material errors. Risk measures, overlay strategy, real estate valuation and theoretical performance disclosures. Sample GIPS Composite Report GIPS Advertising Guidelines Fundamental requirements of the GIPS Advertising Guidelines GIPS Advertisements that do not include performance. GIPS advertisements for composites GIPS Advertisements for a Broad Distribution Pooled Fund Verification Performance Examination Achieving Compliance Maintaining Compliance GIPS Standards for Asset Owners Chapter 8 Bringing it all together Effective dashboards Data visualisation tools Manager Selection Asset Manager Selection Manager Evaluation Portfolio Evaluation Monitoring and Control The Four Dimensions of Performance Ex-post Return (The traditional dimension) Ex-post Risk (The neglected dimension) Ex-ante Return (The unknown dimension) Ex-ante Risk (The “sexy” dimension) Risk efficiency ratio Performance efficiency Risk control structure Risk management Glossary of Key Terms Appendix A - Simple Attribution Appendix B - Multi-Currency Attribution Methodology Bibliography Index

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Book SynopsisAn incisive framework for companies seeking to increase their resilience In The Black Swan Problem: Risk Management Strategies for a World of Wild Uncertainty, renowned risk and finance expert Håkan Jankensgård delivers an extraordinary and startling discussion of how firms should navigate a world of uncertainty and unexpected events. It examines three fundamental, high-level strategies for creating resilience in the face of black swan risks, highly unlikely but devastating events: insurance, buffering, and flexibility: The author also presents: Detailed case studies, stories, and examples of major firms that failed to anticipate Black Swan Problems and, as a result, were either wiped out or experienced a major strategy disruptionExtending the usual academic focus on individual biases to analyze Swans from an organizational perspective and prime organizations to proactive rather than reactive actionPractical applications and tactics to mitigate Black Swan risks and protect corporate strategies against catastrophic losses and the collateral damage that they causeStrategies and tools for turning Black Swan events into opportunities, reflecting the fact that resilience can be used for strategic advantage An expert blueprint for companies seeking to anticipate, mitigate, and process tail risks, The Black Swan Problem is a must-read for students and practitioners of risk management, executives, founders, managers, and other business leaders.Table of ContentsPrologue 3 Chapter 1: The Swans Revisited 7 The nature of randomness 8 The Moving Tail 11 The role of expectations 16 What makes us suckers? 20 The relativity of Black Swans 24 Meet the preppers 28 Chapter 2: Corporate Swans 31 The Board’s perspective 31 Swans attack 33 Strategy Swans 35 The Swan within 39 The growth fetish 42 The fear factor 47 The Chief Executive Swan 49 Swans on the rise 52 Chapter 3: The Black Swan Problem 60 Tail risk and firm value 60 Understanding wipeouts 65 Strategy disruption 71 All you zombies 76 The affordability issue 78 The conundrum 84 Chapter 4: Greeting the Swan 90 Randomness redux 90 The roads not taken 98 Functional stupidity 102 The Swanmakers 108 On tools and models 112 A Swan radar for the Board 116 Chapter 5: Taming the Swan 122 Drawing the line 122 Distance to wipeout 129 Risk capital 131 Stress testing 140 The exit option 146 Resilience vs endurance 150 Quantitative models 155 Liquidity is king 162 Chapter 6: Catching the Swan 166 Antifragility 167 Restoring the true path 170 Buying on the cheap 173 Opportunity capital 176 Flight to safety 182 Risk as strategy 187 Chapter 7: Riding the Swan 192 Risk shifting 192 A beautiful strategy 199 Fuel for growth 203 Narcissism redeemed 208 A tail of two companies 211 End of the ride 215 Swans to the rescue? 217 Epilogue 221

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Book SynopsisTable of ContentsChapter One The Next Financial Revolution 1 Chapter Two The Origins of Embedded Finance 9 Chapter Three Big Tech and Beyond 45 Chapter Four Embedded Finance in the Offline World 69 Chapter Five The Right Ingredients Are Now in Place 117 Chapter Six A More Sustainable and Equal World 161 Chapter Seven 2030: How Embedded Finance Takes Over the World 197 Acknowledgments 223 About the Authors 225 Index 227

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Book SynopsisA clearer, more accurate performance management strategy Over the past two decades, performance measurement has profoundly changed societies, organizations and the way we live and work.Table of ContentsFrom the Authors xi PART I INTRODUCTION 1 1 The Road to Insanity 3 2 Performance and Measurement 13 What is performance measurement? 14 What is performance? 15 What is measurement? 17 Getting the number or changing the behaviour? 20 PART II PERFORMANCE MEASUREMENT 21 3 Measurement for Measurement’s Sake 23 Making things measurable 25 Measures and more measures 27 Competitive measuring 27 Sticky measures 27 Conflicting measures 28 Losing the link to performance 29 Excessive reliance on measures 30 Fixating on measures 31 Getting desensitized to numbers 33 Getting lost in performance data 34 Paying the price 35 Preventing learning and change 37 Learning points 37 Deciding what to measure 38 Designing a robust indicator 40 Managing with measures 41 And finally… 41 4 All I Need is the Right Measure! 43 How difficult can this be? 46 What’s in a name? 46 Knowing the purpose 47 Poor relations 48 It’s in the formula 49 Frequency 50 Where does the data come from? 51 What will you do with the results? 53 How strong are your indicators? 54 Is the indicator measuring what it is meant to measure? 55 Is the indicator only measuring what it is meant to measure? 56 Is the indicator definitely the right indicator? 57 Is the indicator consistent regardless of who measures and when? 58 Can the data be readily communicated and easily understood? 59 Is any ambiguity possible in the interpretation of the results? 60 Can and will the data be acted upon? 61 Can the data be analyzed soon enough for action to be taken? 62 Is the cost of collecting and analyzing data justified? 63 Will the measure encourage any undesirable behaviours? 64 Learning points 66 It’s not just a KPI 66 Pass or fail 67 And finally… 67 5 Comparing Performance 69 Apples and pears 73 Differences in data collection 73 Different datasets 75 Different methodologies 76 Interpretation and presentation 78 Timeliness 80 Special variation 81 Choice and relevance 82 Using data unintended for comparative purposes 83 Yes, but… 84 Moving up the rankings 85 Unintended consequences 89 Learning points 92 Which data to collect? 93 Collection mechanisms 93 Consistency 94 Handling ambiguity 94 And finally… 95 PART III PERFORMANCE MANAGEMENT 97 6 Target Turmoil 99 What are performance targets? 102 When targets go bad 104 Are targets so bad? 106 The main pitfalls 107 When targets do good 114 Clarity and commitment 116 Unexpected benefits 118 Learning points 119 Types of targets 121 Setting targets 122 Feedback 123 Targets and incentives 124 In summary 124 And finally… 126 7 Gaming and Cheating 127 Gaming: what is it? 129 Gaming and cheating 133 What drives gaming and cheating? 137 The pressure to perform 139 Targets – the wrong kind and in the wrong way 141 The climate of competitiveness 142 Types of gaming 144 The number and predictability of gaming behaviours 145 Learning points 149 Relieving the pressure 150 Setting the right kind of target 150 Foreseeing the future 151 Improving data management systems 151 Changing the culture 152 And finally... 154 8 Hoping for A Whilst Rewarding B 157 Common management reward follies 160 Hoping for teamwork whilst rewarding individual effort 160 Hoping for the long term whilst rewarding short-term gain 162 Hoping for truth whilst rewarding lies 163 Hoping for contribution whilst rewarding outcomes 166 Hoping for budget control whilst rewarding overspend 167 Learning points 169 Targets, rewards and measures 169 Reward people later 171 Avoid negative spillover 171 Systems thinking 172 And finally… 173 9 Failing Rewards and Rewarding Failure 175 Top rewards for top performers 178 Rewarding failure 179 Failing rewards 180 Measurement, rewards and motivation 182 When financial rewards backfire 185 What motivates us? 188 Learning points 192 Motivation and long-term goals 192 Different strokes for different folks 193 The right measures 194 The time to reward 195 Team vs. individual rewards 195 And finally… 196 PART IV CONCLUSIONS 197 10 Will Measurement Madness Ever Be Cured? 199 And finally… 203 References 205 Index 217

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Book SynopsisAn illuminating exploration of the importance of your company''s cash position and the steps you can take to ensure organizational liquidity In Cash is King, working capital and cash strategist Peter W. Kingma delivers an insightful and practical discussion of why your company''s cash position should be on an equal footing with sales, cost, and service, and how to make that happen. You''ll learn why cash is the fuel in your corporate engine and discover the attributes of an organizational cash culture and how to adopt them within your own firm. While explaining some of the most importantand most misunderstoodcorporate finance concepts, this book is not a finance textbook. Instead, it uses case study examples to offer concrete suggestions for improvements in your company that increase the availability of cash when you most need it. You''ll also find: Discussions of the importance of sufficient liquidity for operational concerns, research and development,

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Book SynopsisTodayâs best-known expert on the topic shows business leaders how to dramatically increase corporate value through smart, strategic divestituresYou've focused on mergers and acquisitions, but how much do you know about divestitures? Wharton Professor Emilie R. Feldman provides a comprehensive primer on what strategic objectives divestitures can achieve, which businesses divestitures typically involve, what divestiture structures companies can choose from, and how to implement divestitures to maximize their financial benefits.Divestitures are among the hottest transactional structures today. Divestitures: Creating Value Through Strategy, Structure, and Implementation shows executives, board members, transactional advisors, educators, and others how strategic divestitures can be used to enhance corporate value and performance. The book is organized into three sections:Strategy: Remove problems, improve focus, reconfigure the corporate portfolio,

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Book SynopsisTable of ContentsI. FINANCIAL THEORY. 1. Introduction to Capital Markets, Consumption and Investment. 2. Investment Decisions: The Certainty Case. 3. Theory of Choice Under Uncertainty: Utility Theory. 4. State-Preference Theory. 5. Objects of Choice. 6. Market Equilibrium: CAPM and APT. 7. Pricing Contingent Claims: Option Price Theory and Evidence. 8. Futures Contracts and Markets - Term Structure - Cox, Ingersoll, Ross. 9. Multiperiod Aspects of Financial Theory - Real Options - Investment. 10. Efficient Capital Markets: Theory. 11. Efficient Capital Market: Evidence. 12. Information Asymmetry: Agency Cost Theory and Signaling. II. CORPORATE POLICY. 14. Valuation and Tax Policy. 15. Capital Structure. 16. Dividend Policy. 17. Applied Issues in Corporate Finance. 18. External Investment Decisions. 19. International Finance: Theory and Evidence. 20. Open-Ended Issues for Research.

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Book SynopsisGlen Arnold runs an investment fund and previously held positions as Professor of Finance and Professor of Investing. In addition to the textbook Modern Financial Markets and Institutions, he has authored leading investment and banking books, including The Financial Times Guide to Investment, The FT Guide to Banking, and The FT Guide to Value Investing. Deborah Lewis is a Senior Teaching Fellow at the University of Bath. As a Director of Studies for the Bath MBA programme, featured in the top 100 of the FT Global MBA 2018 Ranking, she ensures the material is useful both for the student and the practitioner. Deborah's previous commercial experience allows her to blend academic theory with professional application.Table of ContentsBrief contents Topics covered in the book xxi Introduction to the book xxiii Acknowledgements xxix Part 1 Introduction 1 The financial world 2 Part 2 The investment decision 49 Project appraisal: net present value and internal rate of return 50 Project appraisal: cash flow and applications 89 The decision-making process for investment appraisal 125 Project appraisal: capital rationing, taxation and inflation 151 Part 3 Risk and return 173 Risk and project appraisal 174 Portfolio theory 222 The Capital Asset Pricing Model and multi-factor models 268 Part 4 Sources of finance 327 Stock markets 328 Raising equity capital 365 Long-term debt finance 422 Short- and medium-term finance, treasury and working capital management 474 Stock market efficiency 542 Part 5 Corporate value 611 Value-based management 612 Value-creation metrics 658 The cost of capital 704 Valuing shares 738 Capital structure 787 Dividend policy 840 Mergers 868 Part 6 Managing risk 927 Derivatives 928 Managing exchange-rate risk 974 Appendices A:1 Future value of £1 at compound interest A:2 Present value of £1 at compound interest A:3 Present value of an annuity of £1 at compound interest A:4 Future value of an annuity of £1 at compound interest A:5 Areas under the standardised normal distribution A:6 Answers to the mathematical tools exercises in Chapter 2, Appendix 2.1 A:7 Glossary G:1 Bibliography B:1 Index I:1

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Book SynopsisWe have seen many empires come and go. From the Roman Empire to the British Empire, we are now witnessing the decline of the US as a superpower. How do economic innovations foster global economic dominance, and how does the natural evolution of an economic empire eventually bring about its demise and replacement by other economic superpowers?Table of ContentsIntroduction PART I: FROM 10,000 B.C. TO 1776 – THE DISCOVERY OF ECONOMIES OF SCALE An Economic Prehistory to Economic Emperors Barter, Economic Emperors, and the Decentralized Marketplace Specialization and Surpluses The First Industrial Revolution Colonialism Puts Sugar in Our Tea PART II: A SECOND INDUSTRIAL REVOLUTION A Declaration of Economic Independence An Economic Bill of Rights Dominance Through Economics Private Solutions to Public Problems PART III: THE NEW MERCANTILISTS The Consumer as King A New Colonialism Dependency Economics PART IV: ASPIRING NATIONS Transfer of Technology Economic Imitation is the Sincerest Form of Flattery Heckscher, Ohlin, and Two Billion Hungry and Willing to Work for Change PART V: GROWING PAINS Complex Economic Systems Herding Cats and Chaos Theory Too Big to Fail Private Property Gives Way to the Public Good The Winner's Curse PART VI: A NEW ECONOMIC ORDER The Politics of a Consumption Economy Gradual economic Marginalization A New Economic Order Convergence PART VII: FROM WHERE HAVE WE COME, AND WHERE WILL WE GO? The Dance of Demographics Steady State and Sustainability Economic Darwinism and Dinosaurs Prescriptions for Relevance Conclusions

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Book SynopsisExamine what would happen if we were to deploy blockchain technology at the sovereign level and use it to create a decentralized cashless economy.This bookexplains how finance and economics work today, and how the convergence of various technologies related to the financial sector can help us find solutions to problems, such as excessive debt creation, banks getting too big to fail, and shadow banking. The Blockchain Alternativeoffers sensible corrections to outdated and incorrect dogmas, such as the efficient markets hypothesis and rational expectations theory. You'll also be introduced to universal basic income, the consequences of going cashless, why complexity economics needs to be understood and what kinds of tools and theories you'll need to redefine the existing definition of capitalism. While the book does discuss technologies and methods that are primed for our future, a number of references are made to economic history and the works ofgreat thinkers from a different era. Trade Review“The book is based on a clear understanding of systemic links established behind today’s economic scene, an unsophisticated approach to blockchain technology, and diverse multidisciplinary documentation. A small part of the bibliographical material is presented in the text as large extracts from academic papers or official documents and policymaker or business representative statements. As a result, the work is easy to understand by a large audience and also a must-read for those who study or work in the financial sector.” (Computing Reviews, October, 2017)Table of Contents

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Book SynopsisThe dramatic increase in minority- and female-owned companies continues to transform the business world while setting standards for those who follow.Thriving as a Minority-Owned Business in Corporate Americaoffers you a comprehensive guide to current practical knowledge of minority business development, from grants and loans to market building. This book demonstrates how you can use specific laws, institutions, and new technologies to set up and steer your business to success.Expert coverage includes both established and underused resources at the federal, state, and local levels dedicated to minority business expansion. You will learn how to tap resources made available by government agencies like the Minority Business Development Agency (MBDA) and programs such as the Offices of Minority and Women Inclusion (OMWI). Non-governmental funding sources (e.g., banks, credit unions, venture capital) are also examined in depth, with sound advice on approaching each.The author explores the crTable of ContentsChapter 1, tentative title: The Minority Business ImperativeChapter Goal: Set the stage for the discussion• What Is a Minority Business?• Why are they important?• SummaryChapter 2, tentative title: The Current State of Minority BusinessChapter Goal: Begin the discussion• Number of firms• Type of firms• Data sources on Minority Businesses• SummaryChapter 3, tentative title: Laws and RegulationsChapter Goal: Dive into the market• History of laws designed to support minority businesses• How effective have these efforts been?• SummaryChapter 4, tentative title: Public Sector InstitutionsChapter Goal: Provide a public sector institutional overview • Federal: MBDA• New Federal Efforts: OMWI• State• Local• Summary and Data SourcesChapter 5, tentative title: Private Sector InstitutionsChapter Goal: Provide a public sector institutional overview • National: NMSDC, etc.• National Chambers of Commerce• State Chambers of Commerce• State Level Organizations• SummaryChapter 6, tentative title: New Technologies and Institutions Chapter Goal: Societal trends (like Instagram businesses) that are opening new spaces • Review of technologies • JOBS Act and Crowdfunding. Indiegogo, Kickstarter, GoFundMe • Digital currency• Instagram• Facebook• LinkedIn• Independent websites• SummaryChapter 7, tentative title: Interviews with successful small business ownersChapter Goal: Real World • Shoe Crazy Wine: Gwen Hurt• Texas Black Chamber of Commerce: Charles O’Neil• Others to be addedChapter 8, tentative title: AppendixChapter Goal: Real World ResourcesHow to complete a Bank Loan ApplicationGrants for Minority and Women-owned Small BusinessesHow to complete a Grant ApplicationBanks: Do they hate Women and Minority-owned Small Businesses?Short and Long-term capital, business financingWhy you should avoid Venture Capital and Private Equity firmsHow to work with Federal, State and local AgenciesDay Care Centers, Hair Salons, and Music/Film businessesTemplates:Business Plan (Example: Business Plan for the Apple Mac (1981))Completed Bank Loan ApplicationCompleted Credit Union Loan ApplicationCompleted Grant ApplicationCompleted Franchise Purchase ApplicationBlank Ten Page Business Plan Presentation

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Book SynopsisFrom journalist Chris Blackhurst, Too Big to Jail unveils how HSBC facilitated mass money laundering schemes for brutal drug kingpins and rogue nations – and thereby helped to grow one of the deadliest drugs empires the world has ever seen.'Packed with insights and details that will both amaze and appal you' - Oliver Bullough, author of Butler to the WorldWhile HSBC likes to sell itself as ‘the world’s local bank’ – the friendly face of corporate and personal finance – it was hit with a record US fine of $1.9 billion. In pursuit of their goal of becoming the biggest bank in the world, between 2003 and 2010, HSBC allowed El Chapo and the Sinaloa cartel, one of the most notorious and murderous criminal organizations in the world, to turn its ill-gotten money into clean dollars.How did a bank which boasts transparency, come to facilitate Mexico’s richest drug baron? And how did a bank that had been named ‘one of the best-run organizations in the world’ become so entwined with one of the most barbaric groups of gangsters on the planet?Too Big to Jail is an extraordinary story, brilliantly told by writer, commentator and former editor of The Independent, Chris Blackhurst, that starts in Hong Kong and ranges across London, Washington, the Cayman Islands and Mexico.It brings together an extraordinary cast of politicians, bankers, drug dealers, FBI officers and whistle-blowers, and asks what price does greed have? Whose job is it to police global finance? And why did not a single person go to prison for facilitating the murderous expansion of a global drug empire?Trade ReviewPacked with insights and details that will both amaze and appal you . . . if it doesn't make you angry, you need to check your pulse -- Oliver Bullough, author of Moneyland and Butler to the WorldThe sheer hubris, greed and arrogance of bankers is laid bare in shocking, and at times hilarious, detail. Blackhurst takes them on and pricks their bubble of self-congratulatory entitlement -- Andrew NeilFull of extraordinary revelations. Epic story-telling about a shocking scandal. Read this! -- Iain Martin, author of Making It HappenBlackhurst’s tale would make an exciting novel. But alarmingly, this is a true story, carefully researched and told with gusto -- Baroness Patience Wheatcroft, former editor of The Sunday TelegraphA pacey, page turning thriller tale of banking collusion with extreme criminality -- Brian Basham, veteran financial PR man and chairman of Equity Development[Blackhurst] writes with gusto ... a diverting book * The Times Literary Supplement *Blackhurst’s attention to detail is excellent, as is his lucid analysis * The Australian *Highly entertaining . . . told with pace, gusto, and a strong sense of moral outrage * The Critic Magazine *

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

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Book SynopsisOver the past three years, the notorious @GSElevator Twitter feed has offered a hilarious, shamelessly voyeuristic look into the real world of international finance. Hundreds of thousands followed the account, Goldman Sachs launched an internal investigation, and when the true identity of the man behind it all was revealed, it created a national media sensation - but that's only part of the story. Where @GSElevator captured the essence of the banking elite with curated jokes and submissions overheard by readers, Straight to Hell adds John LeFevre's own story - an unapologetic and darkly funny account of a career as a globe-conquering investment banker spanning New York, London, and Hong Kong. Straight to Hell pulls back the curtain on a world that is both hated and envied, taking readers from the trading floors and roadshows to private planes and after-hours overindulgence. Full of shocking lawlessness, boyish antics, and win-at-all-costs schemes, this is the definitive take on the deviant, dysfunctional, and absolutely excessive world of finance.Trade ReviewMakes the Wolf of Wall St look like a pussycat. * Daily Mail *LeFevre is a pretty loathsome human being. * The Times *His story reads like a frat boy's fever dream of the high-flying life: morning drinking, late-night drinking, and drinking all the hours in between. * Publishers Weekly *[A] sleazy catalogue of vice. * Wall Street Journal *Details midday cocaine binges, dodgy deals and epic booze benders that make movie The Wolf Of Wall Street look like a poodle. * The Sun *This book is going to annoy and offend a lot of people, with good reason. * Euromoney.com *

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Book SynopsisImagine if the multinational hotel groups had founded Airbnb, or the big auto companies had launched Uber and Tesla, or Blockbuster had created Netflix. Large companies can start new ventures. You have ideas, talent, brand, capital—you have customers—you can strike back.In The Unicorn Within, Mach49 founder and CEO Linda Yates empowers large companies to beat startups at their own game—to build a pipeline and portfolio of new ventures to drive meaningful growth. How? With a teachable, repeatable, scalable method focused 100 percent on execution across the spectrum of venture creation from Ideate to Incubate, Accelerate, and Scale. She also offers keys to managing the Mothership and seizing the Mothership advantage to ensure your ventures reach escape velocity and thrive.And don't stop at just one venture. Yates also lays out her blueprint for building a Venture Factory capable of becoming your company's growth engine for years to come.The next Unicorns don't have to come from Silicon Valley. Regardless of your company's industry, geography, or history, they can come from you. Whether you're the CEO, a member of the C-suite, or an internal entrepreneur, you can help your company grow. With this book's proven method, you can unleash the Unicorn within.Trade ReviewNamed one of the 10 Best Business Books of 2022 by Forbes"Newly released, The Unicorn Within: How Companies Can Create Game-Changing Ventures at Startup Speed is a practical guide to a repeatable and scalable methodology. Yates and her Mach49 team use it to steer Global 1,000 corporations towards sustained internal venture generation." — CEO World magazineAdvance Praise for The Unicorn Within:"I've known Linda Yates for over thirty-five years. She is one of the top growth and innovation experts in the world. Her new book, The Unicorn Within, is a playbook for executives of large companies who are tasked with making the monumental shift from being the disrupted to becoming the disruptor. Her book is a highly practical guide to help you drive growth for your company, your shareholders, your customers, your people, your community, and, given her strong ethos that you can do well by doing good, the world." — Reed Hastings, cofounder, Chairman, and CEO, Netflix"We can prove to the world that there is no better time for the long-established legacy companies to launch our own startups and, yes, even our own Unicorns. We have ideas, brands, talent, capital, and customers we can leverage. The Unicorn Within teaches us all how to stay 100 percent focused on execution and unleash those assets in a repeatable, scalable way for the long term. I predict this book will become a how-to resource for companies across the globe." — Richard J. Kramer, Chairman, CEO, and President, The Goodyear Tire & Rubber Company"A must-read for innovation-minded corporate business leaders. I've seen firsthand how effective Linda's strategies are when applied to the real world of venture creation and disruptive growth. I am confident that The Unicorn Within will be a coveted read and an important book." — Ira Ehrenpreis, founder and Managing Partner, DBL Partners; early investor, Tesla, SpaceX, and several other successful startups

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Book SynopsisThe inside story of an unprecedented feat of science and business.At the start of 2020, Moderna was a biotech unicorn with dim prospects. Yes, there was the promise of its disruptive innovation that could transform medicine by using something called messenger RNA, one of the body's building blocks of life, to combat disease. But its stock was under water. There were reports of a toxic work culture. And despite ten years of work, the company was still years away from delivering its first product. Investors were getting antsy, or worse, skeptical.Then the pandemic hit, and Moderna, at first reluctantly, became a central player in a global drama—a David to Big Pharma's Goliaths—turning its technology toward breaking the global grip of the terrible disease. By year's end, with the virus raging, Moderna delivered one of the world's first Covid-19 vaccines, with a stunningly high rate of protection. The achievement gave the world a way out of a crippling pandemic while validating Moderna's technology, transforming the company into a global industry power. Biotech, and the venture capital community that fuels it, will never be the same.Wall Street Journal reporter Peter Loftus, veteran reporter covering the pharmaceutical and biotech industries and part of a Pulitzer Prize–finalist team, brings the inside story of Moderna, from its humble start at a casual lunch through its heady startup days, into the heart of the pandemic and beyond. With deep access to all of the major players, Loftus weaves a tale of science and business that brings to life Moderna's monumental feat of creating a vaccine that beat back a deadly virus and changed the business of medicine forever.The Messenger spans a decade and is full of heroic efforts by ordinary people, lucky breaks, and life-and-death decisions. It's the story of a revolutionary idea, the evolution of a cutting-edge American industry, and one of the great achievements of this century.Trade Review"This book offers a fascinating view inside the company behind the vaccine." — CHOICE, the publication of the American Library Association"Mr. Loftus' book is an easy and great read for anyone interested in science and business." — Business Standard"Wall Street Journal reporter Peter Loftus provides the inside track on the company in The Messenger, an engagingly pacy yet detailed narrative that traces the scientific origins of the Moderna story through the various dramas that led to the licensing of the vaccine in December 2020." — The Irish Times"Offers readers an inside view of the company's ascent from secretive startup to one of the most valuable health care companies in the world." — Science magazine"Based on nearly 300 interviews with more than 150 people, including Moderna employees, co-founders, members of the company's board and investors past and present, the book tells the story of the bet Moderna made on developing a vaccine for Covid-19." — Financial Times"Wall Street Journal reporter Loftus charts in his captivating debut Moderna's spectacular rise from a small biotech company with "no products [and] no profits" in 2018 to a key player in the race for a Covid-19 vaccine." — Publisher's Weekly"A satisfying look at how a smart business can both identify opportunity and do well by doing good." — Kirkus ReviewsAdvance Praise for The Messenger:"The Messenger delivers a riveting account of Moderna's unprecedented quest to develop a vaccine against Covid-19. With deep reporting and clear writing, Loftus compellingly chronicles the high-stakes drama behind one of the most important science-business stories of our time." — Ron Winslow, former Deputy Bureau Chief, Health and Science, and award-winning medical reporter, the Wall Street Journal"Peter Loftus's new book is an in-depth look at how a controversial startup whose vaccine was one of the few miracles of the pandemic rose from nothing to a company that at its peak was valued at over $200 billion. The book is part business story, part science story, and entirely a story of people who wouldn't entertain the notion of failure." — Bethany McLean, contributing editor, Vanity Fair; columnist, Thomson Reuters; and coauthor, New York Times bestselling author, All the Devils Are Here"The Messenger is a compelling, page-turning story of the development of the mRNA vaccine for Covid-19 by a collaboration between Moderna and scientists at the National Institutes of Health. Given the incredible importance of mRNA vaccines in combating both Covid-19 and other pathogens in the future, this well-written, accessible, and exciting narrative is a must-read." — Monica Gandhi, MD, MPH; Professor of Medicine and Associate Division Chief, HIV, Infectious Diseases, and Global Medicine, University of California, San Francisco

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Book SynopsisBusiness industries depend on advanced models and tools that provide an optimal and objective decision-making process, ultimately guaranteeing improved competitiveness, reducing risk, and eliminating uncertainty. Thanks in part to the digital era of the modern world, reducing these conditions has become much more manageable. Advanced Models and Tools for Effective Decision Making Under Uncertainty and Risk Contexts provides research exploring the theoretical and practical aspects of effective decision making based not only on mathematical techniques, but also on those technological tools that are available nowadays in the Fourth Industrial Revolution. Featuring coverage on a broad range of topics such as industrial informatics, knowledge management, and production planning, this book is ideally designed for decision makers, researchers, engineers, academicians, and students.

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Book SynopsisToday, the real economy has become completely divorced from the financial market. The market itself, flooded with money and protected from failure by Central Banks, has selfishly boomed. But in the real economy, commercial banks have effectively pulled up the drawbridge on their traditional banking activities, including lending to consumers and SMEs, with devastating social consequences.Fintech is rapidly emerging to fill this gap. Fintech lending platforms, Blockchain, DLTs, Advanced AI analytics and automation are converging to create new capabilities and transform financial services. Embedded finance is already allowing businesses to manage and sell innovative products, seamlessly integrating creative forms of payment, debit, credit, insurance and investment into their end-user experience, while tokenisation on the blockchain allows for the conversion of real-world assets into digital tokens, democratising wealth creation and management.InThe Future of Finance

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Book SynopsisThis book responds to key issues in strategic management control beyond the numbers. Grounded in research but written with practitioners and students in mind, this second volume addresses the most up-to-date management control issues in the public sector, forecasting, budgeting and controls in international organisations.Table of ContentsIntroduction.- 1. The Management Accountant as a Strategic Decision-Maker.- 2. Internationalisation and Management Control Systems- 3. Management Accounting Non-Profit Organisations.- 4. Management Accounting in the Public Sector.- 5. Accounting in the Absence of Numbers.- Conclusion.

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Book Synopsis This book provides unique information to prepare graduates and newly hired corporate and investment banking professionals for a career in the global markets environment of large universal and international investment banks. It shows the interrelationship between the three specific business functions of sales, trading, and research, as well as the interaction with corporate and institutional clients. The book fills a gap in the available literature by linking financial market theory to the practical aspects of day-to-day operations on a trading floor and offers a taxonomy of the current banking business, providing an in-depth analysis of the main market participants in the global markets ecosystem. Engaging the reader with case studies, anecdotes, and industry color, the book addresses the risks and opportunities of the global markets business in today’s global financial markets both from a theoretical and from a practitioner’s perspective and focuses on the most important fixed-income financial instruments from a pricing, risk-management, and client-marketing perspective.Table of Contents1. Introduction.- 2. A Taxonomy of the Banking Business.- 3. Fundamentals of the Banking Business.- 4. Sales.- 5. Trading.- 6. Research.- 7. Derivatives.- 8. Exercises.

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Book SynopsisThe venture capital model doesn’t work—at least not for 99% of startups and small businesses. In this 99% are a lot of companies with incredible potential: businesses headed by female founders and those from diverse racial backgrounds, organizations headquartered outside of venture capital hubs, and purpose-driven enterprises that are creating social and environmental impact alongside financial success. Counter to what the press-savvy venture capital world would have you believe, there are a lot of funding options out there for startups and small businesses. Adventure Finance is designed to help you understand some of these options, and walk you through real examples of how other founders and funders have put them to use. In simple, approachable language, the book breaks down the different types of funding options available from revenue-based financing to recoverable grants to redeemable equity to distributed ownership and more. Through a mix of storytelling and frameworks, based on a decade of research and experience in investing in early-stage companies, this book will give you the ability to determine how each of these structures can contribute to your own funding journey. The goal for this book is to shift the conversation about startup funding and help founders and funders widen the spectrum of “mainstream” investment options in order to make the venture financing world more inclusive and purpose-driven.Table of ContentsChapter 1. Who are you?.- Chapter 2: Where are you?.- Chapter 3. Where are you headed?.- Chapter 4. The innovative financing spectrum.- Chapter 5. Helium Health: Our Equity Journey.- Chapter 6. Soko & Powered by People: Our Debt Funding Journey.- Chapter 7. Candide Group: Our Structured Exits Journey.- Chapter 8. Provive: Our Revenue Based Debt Journey.- Chapter 9. Get Vantage & Viwalla: Our Technology Enabled RBF Journey.- Chapter 10. Maya Mountain Cacao: Our Demand Dividend Journey.- Chapter 11. Earnest Capital: Our Shared Earnings Journey.- Chapter 12. Earth Equity: Our Redeemable Equity Journey.- Chapter 13. Agora Partnerships: Our Variable Payment Obligation Journey.- Chapter 14. Riders for Health: Our guarantee journey.- Chapter 15. Purpose Capital: Our Steward Ownership Journey.- Chapter 16. Codeforall: Our Crowdfunding Journey.- Chapter 17. Steward Farms: Our Crowd Financing journey.- Chapter 18. Solar: Our Distributed Ownership Journey.- Chapter 19. Project Equity: Our journey facilitating exits to communities.-Chapter 20. Upaya Social Ventures: Our Recoverable Grant Journey.- Chapter 22. Trackosaurus: Our Convertible Grant Journey.- Chapter 23. PRIME Coalition: Our Catalytic Capital Journey.- Chapter 24. Ikamva Youth: Our Forgivable Loan Journey.- Chapter 25. MacArthur Foundation: Our PRI journey.- Chapter 26. Michael and Susan Dell Foundation: Our margin rate rebate journey.- Chapter 27. Clinicas de Azucar: Our SIINC Journey.- Chapter 28. Bertha Centre: Our Impact Bond Journey.- Chapter 29. Decoding Term Sheets.- Chapter 30. Embedding Impact into Contracts.- Chapter 31. Tax and Accounting Considerations.- Chapter 32. Looking forward: Emerging Enablers.

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Book SynopsisMergers & acquisitions are an essential instrument of strategic corporate management for companies of all sizes. The success of an M&A project highly depends on an optimal transaction preparation, fast execution and the experience of all parties involved. Due to numerous endogenous and exogenous influences, no two M&A transactions are alike at the detailed level. This book is designed as a practical M&A guide for students and professionals alike. In addition to dealing with important basics of mergers & acquisitions, the focus is on a structured and in-depth examination of the individual process steps of a typical company sale. At various points in this book, specific differences between a company sale of medium-sized companies (mid-caps) and large companies (large-caps) are discussed in detail.Table of ContentsChapter 1. The foundation of the consideration.- Chapter 2. David and Goliath: Mid-cap and large-cap companies.- Chapter 3. M&A sales process.

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Book SynopsisThis book challenges the notion that commodities are always good hedges against inflation, which is the conventional belief today in financial markets. Specifically, it focuses on gold as a traditional hedge and the ways in which crypto assets are argued to be positioned as an alternative hedge against inflationary risk.The book engages with emerging debates around the performance of gold since the 2008 financial crisis, analyzing its characteristics, relationship with inflation, and the role of mining companies, and discusses ways that cryptocurrencies have replaced precious metals as an attractive asset class during an inflationary scenario. In considering the case of crypto as being or not a good inflation hedge, the book devotes particular attention to the theoretical financial and macroeconomic implications of a monetary system based on Bitcoin, dealing with the concept of money and the determination of Bitcoin’s supply and purchasing power. Additionally, it outlines the consequences that such a system would entail for the banking industry, and financial conditions involving interest rates, exchange rates, and the inflation-deflation dynamic. The book also analyses the relative impact of past and future events on the different commodity families.This work will be of interest to students and researchers in financial economics, macroeconomics, and monetary economics, as well as analysts and traders in financial and commodity markets.Table of ContentsChapter 1: Are Commodities a Good Hedge Against Inflation?.- Chapter 2: Precious Metals: The Bull Market that Faded.- Chapter 3- The Market’s New Gold and the Promise of Bitcoin.- Chapter 4: Final Thoughts on Commodities, Crypto and Inflation.

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Book SynopsisThis book covers each step in the asset allocation process, addressing as many of the relevant questions as possible along the way. How can we formulate expectations about long-term returns? How relevant are valuations? What are the challenges to optimizing the portfolio? Can factor investing add value and, if so, how can it be implemented? Which are the key performance drivers for each asset class, and what determines how they are correlated? How can we apply insights about the business cycle to tactical asset allocation? The book is aimed at finance professionals and others looking for a coherent framework for decision-making in asset allocation, both at the strategic and tactical level. It stresses analysis rather than pre-conceived ideas about investments, and it draws on both empirical research and practical experience to give the reader as strong a background as possible.Table of ContentsPrefacePart I: Foundations1. Introduction to Asset Allocation2. Performance Evaluation3. Strategic versus Tactical Asset AllocationPart II: Strategic Asset Allocation4. Long-Term Return Expectations5. Optimizing the SAA6. Factor Investing I7. Factor Investing IIPart III: Tactical AA8. Tactical Macro-Drivers9. The Four Phases Framework10. Appendix

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Book SynopsisEmployee stock options (ESOs) are an integral component of compensation in the US. In fact, almost all S&P 500 companies grant options to their top executives, and the total value accounts for almost half of the total pay for their CEOs. In view of the extensive use and significant cost of ESOs to firms, the Financial Accounting Standards Board (FASB) has mandated expensing ESOs since 2004. This gives rise to the need to create a reasonable valuation method for these options for most firms that grant ESOs to their employees. The valuation of ESOs involves a number of challenging issues, and is thus an important active research area in Accounting, Corporate Finance, and Financial Mathematics.In this exciting book, the author discusses the practical and challenging problems surrounding ESOs from a financial mathematician's perspective. This book provides a systematic overview of the contractual features of ESOs and thoughtful discussions of different valuation approaches, with emphasis on three major aspects: (i) hedging strategies; (ii) exercise timing; and (iii) valuation methodologies. In addition to addressing each of these categories, this book also highlights their connections and combined effects of the cost of ESOs to firms, as well as examines the implications to modeling and valuation approaches. The book features a unique approach that combines stochastic modeling and control techniques with option pricing theory, and provides formulas and numerical schemes for fast implementation and clear illustration.

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Book SynopsisThis book compares and contrasts 10 distinct investment philosophies and how each leads to different approaches to investment selection, portfolio construction, and risk management in practice.

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Book SynopsisWho needs investors? More than two generations ago, the venture capital community VCs, business angels, incubators and others convinced the entrepreneurial world that writing business plans and raising venture capital constituted the twin centerpieces of entrepreneurial endeavor. They did so for good reasons: the sometimes astonishing returns they''ve delivered to their investors and the astonishingly large companies that their ecosystem has created. But the vast majority of fast-growing companies never take any venture capital. So where does the money come from to start and grow their companies? From a much more agreeable and hospitable source, their customers. That''s exactly what Michael Dell, Bill Gates and Banana Republic''s Mel and Patricia Ziegler did to get their companies up and running and turn them into iconic brands. In The Customer Funded Business, best-selling author John Mullins uncovers five novel approaches that scrappy and innoTrade Reviewthere s inspiration aplenty for entrepreneurs looking to do things their own way. (Elite Business, August 2014) Mullins is a good corporate storyteller, which is what makes this book an engaging read. (Financial Times, August 2014) A truly different, but comprehensive way of looking at the issue of funding, this book will set the idea juices flowing. (Talk Business, September 2014) No matter what sort of business you re actually contemplating starting, this is a book you want to read. (Entrepreneur Middle East, September 2014) ..a great book that any aspiring entrepreneur should read. What is says is such good common sense that it s amazing it took so long to be written. (The Telegraph, December 2014)Table of ContentsWhy This Book? xv 1 Craving Crowdfunding? Pandering to VCs? Groveling to Your CFO?: The Magic of Traction and the Customer-Funded Revolution 1 2 Customer-Funded Models: Mirage or Mind-Set? Old or New? 39 3 Buyers and Sellers, but Not Your Goods: Matchmaker Models 70 4 Ask for the Cash: Pay-in-Advance Models 98 5 Recurring Revenue: Subscription and SaaS Models 125 6 Sell Less, Earn More: Scarcity and Flash Sales Models 153 7 Build It for One, Then Sell It to All: Service-to-Product Models 177 8 Make It Happen: Put a Customer-Funded Model to Work in Your Business 205 Acknowledgments 239 Notes 243 About the Research 267 About the Author 271 Index 273

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

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

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

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

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Book SynopsisJames C. Van Horne, Professor of Banking and Finance at Stanford University. Also the author of Financial Management and Policy, a Pearson Education text. John Wachowicz, Jr., Professor of Finance at The University of Tennessee.  Table of Contents PART ONE: INTRODUCTION TO FINANCIAL MANAGEMENT 1. The Role of Financial Management 2. The Business, Tax and Financial Environments PART TWO: VALUATION 3. The Time Value of Money 4. The Valuation of Long-Term Securities 5. Risk and Return Appendix A: Measuring Portfolio Risk Appendix B: Arbitrage Pricing Theory PART THREE: TOOLS OF FINANCIAL ANALYSIS AND PLANNING 6. Financial Statement Analysis Appendix: Deferred Taxes and Financial Analysis 7. Funds Analysis, Cash-Flow Analysis, and Financial Planning Appendix: Sustainable Growth Modeling PART FOUR: WORKING CAPITAL MANAGEMENT 8. Overview of Working Capital Management 9. Cash and Marketable Securities Management 10. Accounts Receivable and Inventory Management 11. Short-Term Financing PART FIVE: INVESTMENT IN CAPITAL ASSETS 12. Capital Budgeting and Estimating Cash Flows 13. Capital Budgeting Techniques Appendix A: Multiple Internal Rates of Return Appendix B: Replacement Chain Analysis 14. Risk and Managerial Options in Capital Budgeting PART SIX: THE COST OF CAPITAL, CAPITAL STRUCTURE, AND DIVIDEND POLICY 15. Required Returns and the Cost of Capital Appendix A: Adjusting the Beta for Financial Leverage Appendix B: Adjusted Present Value 16. Operating and Financial Leverage 17. Capital Structure Determination 18. Dividend Policy PART SEVEN: INTERMEDIATE AND LONG-TERM FINANCING 19. The Capital Market 20. Long-Term Debt, Preferred Stock, and Common Stock Appendix: Refunding A Bond Issue 21. Term Loans and Leases Appendix: Accounting Treatment of Leases PART EIGHT: SPECIAL AREAS OF FINANCIAL MANAGEMENT 22. Convertibles, Exchangeables, and Warrants Appendix: Option Pricing 23. Mergers and Other Forms of Corporate Restructuring Appendix: Remedies for a Failing Company 24. International Financial Management

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Book Synopsis

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