Corporate finance Books

Book SynopsisAn incisive history of the venture-capital industry.New YorkerAn excellent and original economic history of venture capital.Tyler Cowen, Marginal RevolutionA detailed, fact-filled account of America's most celebrated moneymen.New RepublicExtremely interesting, readable, and informativeTom Nicholas tells you most everything you ever wanted to know about the history of venture capital, from the financing of the whaling industry to the present multibillion-dollar venture funds.Arthur RockIn principle, venture capital is where the ordinarily conservative, cynical domain of big money touches dreamy, long-shot enterprise. In practice, it has become the distinguishing big-business engine of our time[A] first-rate history.New YorkerVC tells the riveting story of how the venture capital industry arose from America's longstanding identification with entrepreneurship and risk-taking. Whether the venture is a whaling voyage setting sail from New Bedford or the latest Silicon Valley startup, VC is a state of mind as much as a way of doing business, exemplified by an appetite for seeking extreme financial rewards, a tolerance for failure and experimentation, and a faith in the promise of innovation to generate new wealth. Tom Nicholas's authoritative history takes us on a roller coaster of entrepreneurial successes and setbacks. It describes how iconic firms like Kleiner Perkins and Sequoia invested in Genentech and Apple even as it tells the larger story of VC's birth and evolution, revealing along the way why venture capital is such a quintessentially American institutionone that has proven difficult to recreate elsewhere.Trade Review[An] incisive history of the venture-capital industry. * New Yorker *A detailed, fact-filled account of America’s most celebrated moneymen…It provides a valuable look into their world…Nicholas is at his best when he is charting just how reliant venture capital has been on the government—and just how far the industry has gone to try and shape government policy in its favor. -- Avi Asher-Schapiro * New Republic *An excellent and original economic history of venture capital. -- Tyler Cowen * Marginal Revolution *Though it’s no secret that Pentagon money helped Silicon Valley to develop into a technology hub, Nicholas’s history sheds light on the less explored role of venture capital firms in bringing these new technologies to civilian markets. -- Jamie Martin * Bookforum *Whatever your view of venture capitalists, it’s worth studying where they came from. I had a vague familiarity with the role of U.S. postwar policy in the creation of the species, but I learned a lot more from Nicholas. And I’d never thought about their precursors in the old whaling industry! -- Stephen L. Carter * Bloomberg Opinion *Not only an insightful study of an asset class but a fascinating history which touches on fundamental questions of political economy. VC is distinctive mainly because it offers such a long view of venture capital’s evolution…[It] offers many lessons for attentive readers, explaining not only the present features of the venture landscape but also how we might address some of the widely recognized problems facing the U.S. economy today. -- Julius Krein * American Conservative *A penetrating history of the industry…I enthusiastically recommend it. -- Laurence B. Siegel * Advisor Perspectives *In his extremely interesting, readable, and informative VC, Tom Nicholas tells you most everything you ever wanted to know about the history of venture capital, from the financing of the whaling industry to the present multibillion-dollar venture funds. -- Arthur Rock, Arthur Rock & Co.VC is a captivating book that casts a historical light on the contemporary landscape of venture capital. Nicholas brilliantly explains the surprising origins of the financial practices and organizational structures of the VC industry we know today. -- Toby E. Stuart, Haas School of Business, University of California, Berkeley, and venture partner, Avid Park VenturesRalph Waldo Emerson once called America ‘the country of tomorrow,’ and Nicholas’s book does a great job of showing how venture capital, a rocket fuel for entrepreneurial risk, played a fundamental and unique role in proving Emerson right. -- Mike Maples, Jr., partner, Floodgate

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Book SynopsisThis book provides an interdisciplinary critical perspective regarding risk, uncertainty and governance challenges of cryptocurrencies. It considers the perspectives of several disciplines including accounting, cybersecurity, cyberlaw, economics, ethics, finance, financial regulation, Shariah (Islamic) law and technology. Different from other books on a similar topic, this book's in-depth analysis and critical discourse on cryptocurrency risk categories are supplemented by research evidence gathered from surveys and interviews with stakeholders. The inclusion of an Islamic insight matters given mixed views at present regarding the permissibility of cryptocurrencies and some countries have indeed imposed somewhat restricted functions of cryptocurrencies for non-religious reasons. It is envisaged that this book will help enlighten stakeholders on this aspect of uncertainty and inspire fit and proper governance strategies for the public interest.

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Book SynopsisThe ongoing digital transformation is shaping the Islamic mode of financial intermediation and the impact on the faith-based financial mode has been multifaceted. This has raised a host of interesting questions: what is the degree of penetration of Islamic finance in the fintech industry? Are Islamic financial institutions (IFIs) or banks ready to embrace fintech? Is fintech an enabler or barrier to achieve the intended purpose of Islamic finance? Will technology narrow the division between Islamic and conventional finance in the future? These are existential questions for Islamic finance and the book endeavors to examine the impact of financial technology on the industry.The book assesses various fintech business models and how they could be a threat or an opportunity. It also examines whether fintech provides IFIs an edge to serve clients following the Shariah norms and how the adoption of fintech in the Islamic mode is required for meeting the maqasid Al Shariah. The book Trade Review‘The book can be considered a guiding companion for those who are concerned about fintech.’ Dr Mohd Daud Bakar, Founder of Amanie Group & International Islamic Finance Advisor‘The book provides students, academics, scholars, and practitioners with a detailed description of theoretical and philosophical speculations on digital transformation in Islamic finance.’Abu Umar Faruq Ahmad, Chair, Shariah Governance Curriculum Review Committee, AAOIFI‘The book offers an important insight as to how technology is going to shape the future of finance.’Professor Dr Mohammad Hashim Kamali, Founding CEO, International Institute of Advanced Islamic Studies (IAIS), MalaysiaTable of ContentsIntroduction Part I Theoretical and Philosophical Speculations on Digital Transformation in Islamic Finance 1. Digital Transformation in Islamic Finance: A Critique of Perfectionist’s Views on Islamic Fintech 2. A Typology of Financial Business Models on Digital Transformation: Expected Impacts on Commercial Banks 3. Fintech, Technomania and Persistent Socio-Civilizational Challenges Part II Empirical Studies 4. Business Risk Mitigation through "Value-Chain Integrated" Financing in Islamic Peer to Peer Lending in Indonesia: PT Qazwa Mitra Hasanah’s Experience 5. Prospects and Opportunities of Islamic Crowdfunding in Bangladesh Anik 6. Empirical Assessment on Digital Transformation in Islamic Banking 7. Fintech in Islamic Banking in Bangladesh: Opportunities and Threats 8. Islamic digital banking in the Netherlands – Challenges and Opportunities 9. Can Islamic FinTech Best Serve the Migrants’ Interest in Remittance Services? The South and South-East Asian Perspective 10. The impact of central bank digital currency (CBDC) on the operations of Islamic Banks 11. Takafultech Reflects the Maqasid al-Shariah Ethos in Takaful 12. Digital Transformation and Accounting Issues in Takaful: The Case of Indonesia 13. Dilemma and Challenges for fintech application in Waqf Administration / Regulation in contemporary Muslim majority countries: A Case of Bangladesh 14. Breaking the barriers of Zakat Management System through Islamic Fintech: The Case of Bangladesh 15. An inquiry into the application of Artificial Intelligence on Fatwa. Conclusion.

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Book SynopsisDetermine a company''s value, what drives it, and how to enhance value during a M&A Valuation for M&A lays out the steps for measuring and managing value creation in non-publicly traded entities, and helps investors, executives, and their advisors determine the optimum strategy to enhance both market value and strategic value and maximize return on investment. As a starting point in planning for a transaction, it is helpful to compute fair market value, which represents a floor value for the seller since it by definition represents a value agreed upon by any hypothetical willing and able buyer and seller. But for M&A, it is more important to compute investment value, which is the value of the target company to a strategic buyer (and which can vary with each prospective buyer). Prepare for the sale and acquisition of a firm Identify, quantify, and qualify the synergies that increase value to strategic buyers Get access to newTable of ContentsPreface xi Dedication and Acknowledgments xv PART I Introduction 1 Chapter 1 Winning through Mergers and Acquisitions 3 Critical Values Shareholders Overlook 5 Stand-Alone Fair Market Value 6 Investment Value to Strategic Buyers 8 Win–Win Benefits of Merger and Acquisition 10 Computation of Cavendish’s Stand-Alone, Fair Market Value 11 Investment Value to Strategic Buyer 12 PART II Building Value 15 Chapter 2 Building Value and Measuring Return on Investment in a Private Company 17 Public Company Value Creation Model 17 Computing Private Company Value Creation and ROI 19 Analyzing Value Creation Strategies 35 Chapter 3 Market and Competitive Analysis 41 Linking Strategic Planning to Building Value 43 Assessing Specific Company Risk 48 Competitive Factors Frequently Encountered in Nonpublic Entities 53 Financial Analysis 54 Conclusion 59 Chapter 4 Merger and Acquisition Market and Planning Process 61 Common Seller and Buyer Motivations 64 Why Mergers and Acquisitions Fail 65 Sales Strategy and Process 67 Acquisition Strategy and Process 78 Due Diligence Preparation 86 Chapter 5 Measuring Synergies 91 Synergy Measurement Process 92 Key Variables in Assessing Synergies 95 Synergy and Advance Planning 96 PART III Measuring Value 99 Chapter 6 Valuation Approaches and Fundamentals 101 Business Valuation Approaches 101 Using the Invested Capital Model to Define the Investment Being Appraised 103 Why Net Cash Flow Measures Value Most Accurately 104 Frequent Need to Negotiate from Earnings Measures 106 Financial Statement Adjustments 109 Managing Investment Risk in Merger and Acquisition 112 Conclusion 117 Chapter 7 Income Approach: Using Expected Future Returns to Establish Value 119 Why Values for Merger and Acquisition Should Be Driven by the Income Approach 119 Two Methods within the Income Approach 121 Three-Stage DCF Model 128 Establishing Defendable Long-Term Growth Rates and Terminal Values 131 DCF Challenges and Applications 133 Chapter 8 Cost of Capital Essentials 135 Cost of Debt Capital 136 Cost of Preferred Stock 138 Cost of Common Stock 138 Fundamentals and Limitations of the Capital Asset Pricing Model 139 Modified Capital Asset Pricing Model 142 Build-Up Model 143 Summary of Rate of Return Data 151 Private Cost of Capital 153 International Cost of Capital 156 How to Develop an Equity Cost for a Target Company 157 Reconciling Discount Rates and P/E Multiples 159 Conclusion 161 Appendix 8A Using Specific Company Risk Strategically 162 Chapter 9 Weighted Average Cost of Capital 169 Iterative Weighted Average Cost of Capital Process 170 Shortcut Weighted Average Cost of Capital Formula 174 Common Errors in Computing Cost of Capital 176 Chapter 10 Market Approach: Using Guideline Public Companies and M&A Transactions 181 Transaction Multiple Method 182 Guideline Public Company Method 186 Selection of Valuation Multiples 190 Commonly Used Market Multiples 191 Chapter 11 Asset Approach 199 Book Value versus Market Value 200 Premises of Value 201 Use of the Asset Approach to Value Noncontrolling Interests 201 Adjusted Book Value Method 202 Specific Steps in Computing Adjusted Book Value 207 Chapter 12 Adjusting Value through Premiums and Discounts 209 Applicability of Premiums and Discounts 210 Application and Derivation of Premiums and Discounts 211 Apply Discretion in the Size of the Adjustment 213 Control versus Lack of Control in Income-Driven Methods 215 Fair Market Value versus Investment Value 215 Chapter 13 Reconciling Initial Value Estimates and Determining Value Conclusion 217 Essential Need for Broad Perspective 217 Income Approach Review 220 Market Approach Review 225 Asset Approach Review 226 Value Reconciliation and Conclusion 228 Checks to Value 231 Candidly Assess Valuation Capabilities 232 Valuation Scenarios – Platform for M&A 232 Appendix 13A Disciplined and Thorough Valuation Analysis Key to Avoiding Failed M&A Deals 235 Analysis of a Hypothetical Synergistic Deal 235 Establishing the Value of an Acquisition Target 236 Establishing Value for the Acquirer 238 Considerations of Other Impacts on Value 239 PART IV Specialty Issues 241 Chapter 14 Exit Planning 243 Why Is Exit Planning So Difficult? 244 What Makes Planning for Your Private Company Investment Unique? 247 Why Should Exit Planning for Your Private Company Begin Now? 249 Exit Planning Process 250 Step 1: Setting Exit Goals 252 Step 2: Owner Readiness 254 Step 3: Type of Exiting Owner 256 Step 4: Exit Options 258 Step 5: Range of Values 263 Step 6: Execution of Exit Plan 265 Chapter 15 Art of the Deal 269 Unique Negotiation Challenges 269 Deal Structure: Stock versus Assets 271 Asset Transaction 276 Terms of Sale: Cash versus Stock 279 Personal Goodwill 282 Bridging the Gap 283 See the Deal from the Other Side 286 Chapter 16 Fairness Opinions 289 Why Are Fairness Opinions Obtained? 291 The Use of Fairness Opinions by Private Companies 294 Parties Who Prepare Fairness Opinions 295 Components of a Fairness Opinion 297 What Fairness Opinions Are Not 301 Conclusion 302 Appendix 16A Sample Fairness Opinion Letter 303 Chapter 17 M&A and Financial Reporting 309 U.S. GAAP and IFRS 310 Relevant FASB and IFRS Statements 311 Reviews by the Audit Firm 312 ASC 820: Fair Value Measurements 313 ASC 805: Business Combinations 315 ASC 350: Goodwill and Other Intangible Assets 325 Incorporating ASC 805 into the Due Diligence Process 326 References 329 Chapter 18 Intangible Asset Valuation 331 Approaches to Valuing Intangible Assets 332 Key Components to Intangible Asset Valuation 334 Intangible Asset Valuation Methods 343 Conclusion 352 Chapter 19 Measuring and Managing Value in High-Tech Start-Ups 353 Why Appraisals of High-Tech Start-Ups Are Essential 353 Key Differences in High-Tech Start-Ups 355 Value Management Begins with Competitive Analysis 356 Stages of Development 358 Risk and Discount Rates 360 Start-Ups and Traditional Valuation Methods 361 QED Survey of Valuation Methods Used by Venture Capitalists 367 A Probability-Weighted Scenario Method to Value Start-Ups 372 Equity Allocation Methods 377 Conclusion 380 Chapter 20 Cross-Border M&A 381 Strategic Buy-Side Considerations 381 Due Diligence 390 Sell-Side Considerations 395 PART V Case Studies 397 Chapter 21 Merger and Acquisition Valuation Case Study – Distribution Company 399 History and Competitive Conditions 400 Potential Buyers 401 General Economic Conditions 402 Specific Industry Conditions 403 Growth 404 Computation of the Stand-Alone Fair Market Value 404 Risk and Value Drivers 409 Summary and Conclusion of Stand-Alone Fair Market Value 418 Computation of Investment Value 420 Suggested Considerations to Case Conclusion 427 Chapter 22 Merger and Acquisition Valuation Case Study –Professional Services Firm 429 Characteristics 429 Valuation Methods 433 Case Study Introduction 435 Potential Buyer 435 Historic Financial Performance 436 Future Expectations 439 Risk and Value Drivers 443 Discounted Cash Flow Method 445 Other Valuation Methods to Consider 445 Suggested Considerations to Case Conclusion 451 About the Authors 453 Glossary 455 Index 465

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Book SynopsisThe financial crisis focused unprecedented attention on ethics in investment banking. This book develops an ethical framework to assess and manage investment banking ethics and provides a guide to high profile concerns as well as day to day ethical challenges.Trade Review'Reynolds and Newell have produced a well-informed assessment of the multiple ethical issues that investment bankers must confront. With an insider's view of the industry as well as expertise in applied ethics, they focus on the critical differences between compliance and ethics. The result is a no-nonsense book full of practical and workable solutions to ethical problems. Ethics in Investment Banking could not be more timely, making it very clear that there is no excuse for the absence of a strong ethical foundation to investment banking.' - Lord Myners 'Whether banks, including especially investment banks, lost their moral and ethical compass, as well as vast amounts of shareholders' capital, is a fair question to ask in the wake of the financial crisis. What is clear is that sustainable returns in banking can only be achieved if banks act fairly and responsibly to their key stakeholders. This book makes an important contribution to considering this question.' - Sir Philip Hampton, Chairman, RBS 'This book needed to be written...gives an insight into what it feels like to be immersed in the complicated end of banking. Even the controversial views are informed ones. Read this book and be grateful for those who wrestle with what it means to be salt and light rather than enjoy the moral purity of the spectator.' - John Ellis, Faith in Business QuarterlyTable of ContentsForeword Introduction: Learning from Failure? Ethics in Investment Banking: Background and Context The Framework for Understanding Ethics in Investment Banking Religion and Investment Banking Ethics The Two Opposing Views of Investment Banking Ethics: Rights Vs. Duties Recent Ethical Issues in Investment Banking Clients and Ethics Internal Ethical Issues A New Code of Ethics for Investment Banking

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Book SynopsisThe business world has been changing at a faster rate than before and has become more complex and interdependent. This has given rise to greater opportunities for new business platforms and growth, but the need for new understanding of this complexity. Hyperinnovation provides a complete rethink of strategies for innovation in a multidimensional and connected economy.Trade Review' Hyperinnovation is a wonderful book. Chris Harris has managed to recombine elements of cutting-edge science and management practices to produce a new model of innovation, one that not only takes advantage of, but also celebrates the richness of connectivity. Hyperinnovation is not for those looking for a quick fix. It is clear and compelling, but deep. When you are ready to become an innovation leader in the connected economy, read this book.' - Rudy Ruggles, Head of Innovation Research, CAP Gemini Ernst &YoungTable of ContentsIntroduction SECTION I: HYPERINNOVATION-STRATEGY Thriving on Paradox Multidimensional Thinking Multidimensional Learning Multidimensonal Enterprise Collaborative Commerce SECTION II: HYPERINNOVATION-CULTURE High Concept Futuring Values that Connect Multidimensional Leaders Nurture Multidimensional People SECTION III: HYPERINNOVATION-ORGANISATION Complexity, Innovation & Organisation SwarmNets & Emergent Teams Project Hosting and Whole Team Building Warehouse-of-Innovation Hypermachines:Tools to Think and Collaborate With SECTION IV: HYPERINNOVATION PROJECTS Results Focussed Projects Less is More, Results over Time Kanban Projects Measuring Uncertainty & Projects-in-Progress (PIP) Mapping SECTION V: HYPERINNOVATION TOOLS Searching for Seeds and Complexes of Needs Analysing Customer Demands Translating Raw Customer Demands Identifying Core-Competency/Core Technology Focus on What's Most Important Conceptualisation Matrix Innovation Risk Assessment SECTION VI: HYPERINNOVATION IGNITION Control Theory & The Design of Performance Metrics 3...2...1...Ignition Bibliography Index

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Book SynopsisSynconomy argues that the operating state of a firm has a synergistic relationship with the behaviour of the entire marketplace. This will be important in order to understand the value of the firm and predict its performance. The book will explore the business conditions of an ever-more interoperating global economic marketplace in which companies, customers and competitors collaborate on many issues. The book proposes a new approach to measuring value in this inter-connected global framework.Table of ContentsThe New Corporate Globality Value Does Not Simply Translate to Product or Service The Global Flow of Capital The Redefinition of the Corporation and the Nation State National Allegiance, Corporate Loyalty and Religious Complexity International Trade, Protectionism and Globally Economic Impact Conclusions

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Book SynopsisThis book arises from an event on the future of banking which included leading figures in the industry.Table of ContentsPART I: GETTING THERE: SENSING THE MARKET AND IDENTIFYING THE COMPETITIVE PROBLEM The Future of Money, Payments and Value Exchange Globalization, Mergers and Acquisitions The Advance of Technology Social Factors and Demographics PART II: BEING THERE: WHAT DO THESE FACTORS MEAN FOR YOUR FIRM Organization, Business Processes and Skills Rethinking Lines of Business Developing Revenue Opportunities and Fee Income Branding, Channels and Customer Behaviour PART III: COMPETING THERE: DEVELOPING STRATEGIC INITIATIVES Innovating New Products and Technology Becoming Customer Intimate Operational Customer Excellence Smart Sourcing and Engaging Partners

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Book SynopsisGrowth in the derivatives market has brought with it a greater volume and range of interest rate dependent products. A study of the evolution of interest rate modelling theory places these models in the correct mathematical context, allowing appreciation of their key assumptions, concepts and implications.Table of ContentsIntroduction The Vasicek Model The Cox, Ingersoll and Ross Model The Brennan and Schwartz Model Longstaff® and Schwartz: A Two-Factor Equilibrium Model Langetieg's Multi Factor Equilibrium Framework The Ball and Torous Model The Hull and White Model The Black, Derman and Toy One-Factor Interest Rate Model The Black and Karasinski Model The Ho and Lee Model The Heath, Jarrow and Morton Model Brace, Gatarek and Musiela Model Calibration of the Hull White - Extended Vasicek Approach Calibration of the Black, Derman and Toy Discrete Time Model Calibration of the Heath, Jarrow and Jorton Framework Conclusion Bibliography

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Book SynopsisFind out how to hold your own with the accountants. The principles of business finance aren't complicated. Every business is driven by just four figures. Knowing what these four figures are, how they relate to each other and (most importantly) how they can be managed, is the key to understanding the finances of any organisation.Quickly learn how to get to grips with the accounts of any business. The 4 Figure Trick will show you how, in under one minute, to ascertain whether any business is a success or not and how, in less than five minutes, to identify all its core strengths and weaknesses. Discover the formula for financial success and the practical steps any business can take to enhance financial performance.Trade ReviewAn excellent guide through the world of finance, full of important information. This book is easy to understand for those of us who need to know financials, without having to be an expert. * Keith Mitchell, Partner - Managed Services, Ernst & Young *Demystifies the world of financial management - an essential business companion. This book sets out a simple yet very effective formula for every business leader to engage with and succeed. Highly recommended, particularly if finance is not your natural strength. * Terry Lees, Head of Leadership Development & Learning Events, British Retail Consortium *The 4 Figure Trick takes the mysticism out of financial management, making finance accessible to everyone. An essential and enjoyable read for everyone in business - from shop floor to the board room. * Jacqueline Shorrocks, Head of Higher Education, Fashion Retail Academy *The perfect book for non-financial managers to really comprehend what matters when assessing a business and to help them make better business decisions. * Sarah Andrews, HR & Retail Director, Harrods *The 4 Figure Trick is deceptively simple to read, but it gives financial and non-financial managers alike an unbeatable insight into how to profitably manage a company - or invest in it. * Keith Anderson, Senior Lecturer in Accounting and Finance, University of York *By focussing on just four numbers, here is a book that really does make the mysterious world of Finance accessible to non-Finance individuals. In my view this is a must read for any non-financial manager, regardless of their role, to help and broaden your view as a business leader. * Damian McGloughlin, CEO, Homebase *An accessible insight into one of the most important knowledge areas for anyone working in any business or organisation. Any manager in business will improve their confidence in measuring financial performance and their potential to make the right impact across everything they do. * Michael Nathan, Associate Director - Emerging Talent Lead, Mace Group *A thoroughly readable and instructive book which de-mystifies finance. The 4 Figure Trick provides its readers with a thorough and simple run through of the main principles of finance and financial analysis which should be a reference for those of us in business without a formal background in finance. I recommend this book for all current and aspirant business leaders as a real aid to boost their financial literacy and gain greater fluency in finance, which remains the language of business. * Dominic Schofield, Managing Partner Board & CEO Practice, Korn Ferry *If you feel the urge to doze off, recoil or even flee at the sight of management accounts then this book is for you. I cannot overemphasize how engaging David is as a writer; he does for finance what Bill Bryson has done for science. Let's be honest finance & fun share nothing except a first letter - that was until I read The 4 Figure Trick. * Sonia Chesaux, Director of Learning & Development, EMEA Ralph Lauren *A perfect read for anyone who wants to understand corporate and business finance in jargon-free language. The book explores key aspects of finance management: measuring success, making sense of trade data, the profit-making process and improving performance. Critically, it brings simplicity to the financial management and performance of a business that inspires managers to make more financially sound decisions. * Amy Prendergast, Director of Change, People and Learning, retailTRUST *

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Book SynopsisThe issue of sustainability has become increasingly important at a global level, prompting governments, international organizations, and private and public organizations to seek ways to contribute to sustainable development. However, the lack of accountability and transparency in organizations has made it difficult to identify, measure, and disclose their sustainable practices and impacts. Additionally, there is a lack of consensus on the determinants and impacts of the extent and quality of non-financial information reporting. Enhancing Sustainability Through Non-Financial Reporting is a book edited by Albertina Monteiro, Ana Pinto Borges, and Elvira Vieira that offers a comprehensive analysis of the relationship between sustainability/ Environmental, Social and Governance (ESG) practices and reporting, and the accounting, finance, and management fields. The book provides a high-quality vehicle for the dissemination of new knowledge and tendencies, using both qualitative and quantitative methods. It welcomes and encourages articles from both academics and practitioners, with empirical and theoretical articles accepted to reach various audiences and a diversity of topics. The book aims to better understand the contributions of organizations to sustainable development, the level, determinates, and impacts of non-financial information reporting, the impact of sustainability reporting standards on the extent and quality of non-financial reporting, and the role and challenges of accounting, finance, management, and auditing. It is an essential resource for academics and practitioners in accounting, finance, and management, as well as other interested groups and individuals seeking to enhance sustainability through non-financial reporting.

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Book SynopsisFinance is as fundamental to the IT world as it is to most other aspects of life. However, many IT professionals lack knowledge of the particular financial principles on which decisions about IT should be based. Assuming no prior knowledge, this new edition covers all relevant aspects of finance and is updated with International Financial Reporting Standards (IFRS) terminology. It is ideal for all IT decision makers who wish to conquer their fear of finance or refresh existing knowledge.Trade ReviewIt is written in plain language and contains many practical examples. -- KybernetesThis is a practical, readable and enjoyable guide to the financial factors that IT decision makers should consider when making an investment and how these relate to business operations. -- Geoff Berridge * Knowledge Based Solutions *This book bridges the gap between the IT professional and the accountant, demystifying finance for those involved in making decisions about IT. [...] an easy-to-read guide to finance for any IT professional involved or interested in financially justifying IT. -- Mehmet Hurer MBCS CITP * BT *Table of Contents1 Finance and accounts: the basics 2 Decisions, decisions... 3 Financial cases and business cases 4 When is a benefit not a benefit? 5 How financial cases are evaluated: Part 1 6 How financial cases are evaluated: Part 2 7 The effects of taxation 8 Depreciation of IT assets 9 IT Financing and leasing 10 Outsourcing: financial aspects 11 Budgeting, costing and pricing: the basics 12 Financial analysis: the basics APPENDICES A1 Discount tables A2 Financial characteristics of different businesses A3 Published accounts A4 Accounting for long-term contracts A5 Debit and credit Glossary Further Reading Index

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Book SynopsisOver the past years, significant changes have occurred in the corporate sector arising from globalization, increasing international competitiveness, and intensive use of information and communication technologies (ICTs). These developments have led to new corporate and social behaviors that are affecting the entire corporate value chain. Thus, business organizations are focusing on technological innovation as a driving force of development.Emerging Tools and Strategies for Financial Management is a pivotal reference source that explores both practical and theoretical perspectives on how financial management is evolving and how future consequences of technological innovation will affect individuals, businesses, and society. While highlighting topics such as financial imbalance, venture capital, and shadow banking, this publication explores the relationship between companies and their customers and the methods of generating changes in today's enterprises. This book is ideally designed for business managers, financial analysts, financial controllers, directors, finance officers, treasurers, entrepreneurs, CEOs, academicians, students, and research professionals.

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Book SynopsisSocially responsible investment arises from the integration of environmental, social and governance criteria in investment decisions and the implementation of sustainable finance. As the impact of COVID-19 continues to be navigated, Responsible Investment Around the World considers economic recovery undertaken in different regions around the world. Financing policies and investment solutions are proposed that can responsibly help address the world’s most pressing issues – in climate change, social injustice, and access to healthcare. Paving the way for responsible investment towards creating a fairer and more equitable society, Julia M. Puaschunder offers a comparative approach that takes into account both law and economics to understand the most contemporary global international finance and responsible investment trends. The interdisciplinary nature of Responsible Investment Around the World appeals to academics and scholars, investors, business leaders, healthcare practitioners and NGOs. Tangible examples of successful responsible investment and financial solutions to solve worldwide predicaments make the book highly applicable to everyday finance and economics practice with real-world relevance.Table of ContentsChapter 1. Introduction Chapter 2. Responsibility Chapter 3. Discussion and Future Prospect Chapter 4. Conclusion

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Book SynopsisConsideration of harmful short-termism in capital markets is prevalent amongst legal and business academics. It is also garnering increased attention in corporate board rooms and executive suites, and from the investing public. As a result, correcting perceived short-termism in capital markets has become a rationale for reform used by regulators across the globe. Despite the considerable attention given to this phenomenon, there has not yet been a comprehensive book analyzing the perceived short-termism problem, its sources and causes, and reform efforts undertaken to date. This book fills this gap by documenting the rise of the short-termism discussion, analyzing the significance of the problem, and considering the proposed legal remedies. Based on this analysis, a framework for effective short-termism reform is offered.Table of ContentsChapter 1. Introduction.- Chapter 2. Defining the Issues.- Chapter 3. Short-Termism, An Evolving Concern?.- Chapter 4. What Has Been Done to Correct Short-Termism?.- Chapter 5. Is There A Short-Termism Problem At All?.- Chapter 6. Short-Termism Transmission Mechanisms.- Chapter 7. What Are The Harms Of Short-Termism?.- Chapter 8: Dual Pathway For Short-Termism Reform.- Chapter 9. Conclusion.

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Book SynopsisAmidst the constant stream of overly technical and excitable books heralding a blockchain revolution that’s destined to be more disruptive than the Internet, this book stands apart for its more nuanced take, focusing on the potential for these new technologies to change developing countries for the better. Chain Reaction divides the world into two: for some, blockchain seems a poor substitute for an efficient banking and regulatory system in which transactions are settled instantly and contracts are underpinned by solid institutions. For others, it will be truly life-changing – namely those living in countries where rule of law is weak, concepts of ownership are vague and, consequently, trust in institutions is in scarce supply.With blockchain, we are about to witness a leapfrogging – one that will bring the next billion emerging consumers into the formal economy by creating reliable institutions of contract, ownership and trust among people previously denied such luxuries. The authors humanize the technology by taking the reader on a global journey through a multitude of applications – from registering property to voting and delivering aid. In place of the usual abstract lessons in complex technology, this book is instead filled with lively anecdotes of places where trust is so weak that a crisp dollar bill sells at a premium to a better-used version. The book’s goal is to create the first truly approachable, entirely comprehensible and enjoyable read on the wonders to come from blockchain. Table of ContentsChapter 1: Introducing Blockchain: Tomorrow’s Railroads Chapter 2: Trust Matters Chapter 3: What Does Blockchain Solve? Chapter 4: Who Really Controls Blockchain? Chapter 5: Making money Chapter 6: More than money Chapter 7: Opening Up Trade Chapter 8: The Big Bet Vs. Devil You Know Conclusion Index

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Book SynopsisIn this book Harold L. Vogel comprehensively and holistically examines the business economics and investment aspects of major components of the travel industry, including airlines, hotels, casinos, amusement and theme parks, cruise lines, and tourism. The book is designed as an economics-grounded text that uniquely integrates reviews of each sector’s history with economics, accounting, and financial aspects and analysis. As such, it provides a concise, up-to-date reference guide for financial analysts, economists, industry executives, legislators and regulators, advertisers, and journalists interested in the economics, financing, and marketing of travel and tourism-related goods and services.The fourth edition of this well-established text updates, refreshes, and significantly broadens the coverage of tourism economics. It includes new sections on travel law and applications of big data and artificial intelligence technologies as well as additional material on demographic spending patterns, the online travel agency business, the pandemic’s effects and affects on industry finances, expanded coverage of the cruise line industry, and information on the damage to tourist destinations caused by excessive pollution and traffic.Table of Contents Part I: Introduction.- Part II: Getting There.- Part III: Being There.- Part IV: Doing Things There.- Part V: Roundup.

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Book SynopsisValuation is the natural starting point toward buying or selling a business orsecurities through the stock market. Essential in wealth management, thevaluation process allows the measurement of the strengths and weaknesses of acompany and provides a historical reference for its development.This guide on valuation methods focuses on three global approaches: the assetbasedapproach, the fundamental or DCF approach, and the market approach.Ultimately, this book provides the basics needed to estimate the value of a smallbusiness.Many pedagogical cases and illustrations underpin its pragmatic and didacticcontent. However, it also contains enough theories to satisfy an expert audience.This book is ideal for business owners and additional players in the businessworld, legal professionals, accountants, wealth management advisers, and bankers, while also of interest to business school students and investors.Table of Contents1 Enterprise Value, Company Value, and other Essential Financial Data1.1 Abstract and Keywords. 9 1.2 Definition of Two Essential Aggregates. 10 1.2.1 Enterprise Value. 10 1.2.2 The Fair Market Value of Equity. 13 1.2.3 Case Study Showing the Differences Between the Two Aggregates. 15 1.2.4 Fundamental Equations. 17 1.2.5 Market Efficiency and Behavioral Finance. 19 1.3 The Strategic Positioning of a Company. 23 1.4 Method Comparison and a Few Recommendations. 27 1.5 Key Takeaways and Limitations. 31 2 Asset-Based Approach to Valuation. 34 2.1 Abstract and Keywords. 34 2.2 The Net Worth of a Company. 36 2.3 Adjusted Net Asset Value Method. 41 2.3.1 Essential Income Statement Adjustments. 43 2.3.2 Essential Asset Adjustments. 53 2.3.3 Essential Equity and Liability Adjustments. 60 2.3.4 Case Study of a Family-Owned Real Estate Investment Company. 66 2.3.5 Adjusted Net Asset Value Case Study. 67 2.4 The Capitalized Excess Earnings or Goodwill Method. 71 2.4.1 Intangible Assets and Goodwill 71 2.4.2 Implementation of the CEEM or Goodwill Method. 72 2.4.3 Goodwill Valuation Case Study. 82 2.5 Key Takeaways and Limitations. 91 3 Fundamental Value or DCF Approach to Valuation. 94 3.1 Abstract and Keywords. 94 3.2 Fundamental Value Definition. 95 3.3 The Two-Stage DCF Method. 96 3.4 Generalities on the Forecast and Scenarios. 100 3.5 Free Cash Flows. 103 3.5.1 Free Cash Flow to the Firm.. 103 3.5.2 Free Cash Flow to Equity. 106 3.5.3 Company SEGI’s Free Cash flows Case Study. 106 3.5.4 Free Cash Flow Summary. 112 3.6 Cost of Equity. 113 3.6.1 The Methods Used. 113 3.6.2 The Issues and Ambiguities of the Risk Premiums. 116 3.6.3 Estimated Cost of Equity for a Small Business. 117 3.6.4 Implementation of the Build-Up Method. 122 3.7 Weighted Average Cost of Capital (WACC) 124 3.8 Dividend Discount Model 127 3.9 DCF Case Study (Company SEGY) 128 3.9.1 Free Cash Flows and Assumptions. 129 3.9.2 Indirect DCF Method. 130 3.9.3 Direct DCF Method. 133 3.9.4 Estimated Equity Value. 134 3.10 Key Takeaways and Limitations. 136 4 Market Approach to Valuation. 139 4.1 Abstract and Keywords. 139 4.2 Precedent Transaction Analysis. 141 4.3 The P/E Multiple Approach. 142 4.3.1 Potential Valuation Case Study. 144 4.3.2 P/E Dynamics. 144 4.3.3 P/E Limitations. 150 4.4 The EV/EBITDA Multiple Approach. 151 4.5 Other Comparative Valuation Methods. 153 4.5.1 The Price to Book Value Multiple. 153 4.5.2 Cash Flow Valuation Methods. 154 4.5.3 Valuation with a Non-Financial Multiple. 154 4.6 Market Multiple Adjustments. 155 4.7 Case Study with the P/E and EV/EBITDA Multiples. 157 4.7.1 Company Y’s Financial Data. 157 4.7.2 Comparison Between the P/E and EV/EBITDA Multiples. 157 4.7.3 Equity Value Calculation with the Two Sector Multiples. 158 4.7.4 Equity Value Calculation with the Leader Multiples. 159 4.7.5 Equity Value Calculation with the Laggard Multiples. 160 4.7.6 Equity Value Overview.. 160 4.7.7 The Business Valuation Professional’s Decision. 161 4.7.8 The Drawbacks of Historical Averages. 161 4.8 Key Takeaways and Limitations. 163 5 Full Valuation Case Study (Company SEGA) 167 5.1 Abstract and Keywords. 167 5.2 Generalities on the Applied Valuation Methods. 168 5.3 Presentation of Company SEGA.. 171 5.4 Adjusted Net Asset Value. 175 5.4.1 The Adjusted Net Asset Value Method. 175 5.4.2 The CEEM or Goodwill Method. 178 5.4.3 Asset-Based Equity Value Estimates. 182 5.5 Discounted Cash Flow Methods. 183 5.5.1 Valuation According to the Optimistic-Case Scenario. 184 5.5.2 Valuation According to the Pessimistic-Case Scenario. 186 5.5.3 DCF Value Estimates. 190 5.6 Precedent Transaction Analysis and Market Multiple Valuation. 190 5.6.1 Precedent Transaction Analysis. 190 5.6.2 Adjusted P/E Multiple. 191 5.6.3 Dividend Discount Model 192 5.6.4 EV/EBITDA Multiple Valuation. 195 5.6.5 Market Value Estimates. 195 5.7 Estimated Equity Value of Company SEGA.. 196 5.7.1 Results. 196 5.7.2 The Valuation Professional’s Decision. 197 6 General Bibliography, Webography, and Further Reading. 201

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Book SynopsisThis textbook offers a step-by-step guide through comprehensive financial statement analysis with real-life case studies for students of financial accounting, financial reporting, and financial statement analysis. Structured into five comprehensive sections, it begins by explaining the content of accounting reports themselves and the three primary financial statements (income statement, balance sheet and cash flow statement). It deciphers the notes to financial statements and demonstrates some classical tools such as ratio analysis and multivariable credit risk models that are useful in a retrospective financial statement analysis. It includes simple step-by-step procedures of a prospective (i.e. future-oriented) financial statement simulation and closes with a comprehensive real-life case study that demonstrates a practical application of the analytical tools discussed earlier in the text. Additionally, the textbook includes online appendices consisting of additional comprehensive real-life case studies (of varying degrees of complexity and dealing with different aspects of a practical financial statement analysis), a set of MS Excel files that contain all major calculations included in tables and charts that appear in the core textbook, and a set of webinars in which the most fundamental parts of the core textbook are discussed in the form of the recorded lectures.Table of Contents

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Book SynopsisThis textbook is intended to fill a gap in undergraduate finance curriculums by providing an asset pricing text that is accessible for undergraduate finance students. It offers an overview of original works on foundational asset pricing studies that follows their historical publication chronologically throughout the text. Each chapter stays close to the original works of these major authors, including quotations, examples, graphical exhibits, and empirical results. Additionally, it includes statistical concepts and methods as applied to finance. These statistical materials are crucial to learning asset pricing, which often applies statistical tests to evaluate different asset pricing models. It offers practical examples, questions, and problems to help students check their learning and better understand the fundamentals of asset pricing., alongside including PowerPoint slides and an instructor’s manual for professors.Table of ContentsChapter 1: Portfolio Theory and Practice.- Chapter 2: Capital Market Conditions.- Chapter 3: Capital Asset Pricing Model (CAPM).- Chapter 4: The Market Model.- Chapter 5: The Zero-Beta CAPM.- Chapter 6: Alternative CAPM Specifications.- Chapter 7: Arbitrage Pricing Theory.- Chapter 8: Multifactor Models.- Chapter 9: A Special Case of Zero-Beta CAPM.- Chapter 10: Event Studies.

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Book SynopsisChapter 1: Introduction.- Part I: Economy, Space, Outer Space, and Human Impact.- Chapter 2: The New Outer Space Economy.- Chapter 3: Space and Outer Space.- Chapter 4: Human Impact On Space.- Part II: The Chains Of Risk and Time.- Chapter 5: Spaceless Financial Value Framework.- Chapter 6: Spaceless Financial mathematics.- Chapter 7: Spaceless Debt-Based Monetary Architecture.- Part III: Muzzle, Leash, and Whip in Space.- Chapter 8: Calendar Time: A Muzzle in Space.- Chapter 9: Monetary Gravity: A Leash in Space.- Chapter 10: Monetary Hunger: A Whip in Space.- Part IV: Breaking Risk and Time.- Chapter 11: Introducing Space.- Chapter 12: Respecting Space.- Chapter 13: Valuing Space.- Chapter 14: Monetising Space.- Part V: Institutional and Policy Transformations in Space.- Chapter 15: US Debt Ceiling to Wealth Floor.- Chapter 16: UK New Outer Space Deal.- Chapter 17: Conclusion.

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How to make sound investment decisions: Fundamentals of Investment Appraisal, 2nd edition, is based on long-term experience with students and is written in an easily understood style. A case study has been constructed to illustrate all methods discussed. The goal of the book is to pace a sure way through the variety of methods in investment appraisal. Mathematical basics are specifically explained in detail. The book shows clearly why there are different methods in investment appraisal and on where to focus in a given situation. As all methods are introduced by the same case study, it is easy to compare and evaluate the results. The statements in the text are further consolidated by abstracts and evaluations of each of the methods. Exercises with extensive solutions will lead to the confidence which is necessary for an ease of handling the investment appraisal techniques and for a good preparation for students’ exams. German and international students at universities and other institutions of higher education will find this book an excellent systematic preparation for their exams.

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Book SynopsisDieses Buch bringt Ihnen die Robotic Process Automation in der Finanzwirtschaft näher In der Finanzbranche ist das Thema Prozessautomatisierung seit Jahren nicht mehr wegzudenken. Doch wie setzt man solche Veränderungen im Rahmen des Changemanagements erfolgreich und effizient um? Das Buch „Robotic Process Automation in der Finanzwirtschaft“ zeigt es Ihnen. Im Fokus steht der recht junge RPA-Ansatz aus der Intelligent Automation. Dabei imitieren Roboter das menschliche Handeln. Die Eingabe von Befehlen erfolgt direkt über die Oberfläche. So gehören tiefgreifende Softwareveränderungen der Vergangenheit an. Im Zuge dessen klärt dieses Buch u. a. folgende Fragen bezüglich der Robotic Process Automation in der Finanzwirtschaft: • Was ist RPA überhaupt? • Welche Vorteile bringt diese Technologie mit sich? • Welche Erfolgsfaktoren tragen zu einer optimalen RPA-Implementierung bei? • Wie sieht ein mögliches RPA-Kompetenzcenter aus? • Welche Anwendungsbereiche für RPA gibt es? Eine Leseempfehlung für ein breites Zielpublikum Daneben beschäftigen sich die Autoren nicht nur mit dem Ist-Zustand der Robotic Process Automation. Zudem erhalten Sie einen Ausblick auf die zukünftige Entwicklung dieser Software-Lösung. Durch den hohen Praxisbezug ist das Buch speziell für folgende Zielgruppen eine lesenswerte Empfehlung: • Verantwortliche für die Implementierung von Prozessen oder Technologien im IT-Bereich • RPA-Anwender und Personen, die sich dafür interessieren • Erfahrene Experten und Praktiker, die branchenübergreifend mit RPA vertraut sindTable of ContentsAreas of application and examples of TSPs in the financial industry - Technological background - TSP market overview and software solutions - Execution of TSP implementations - Setting up and introducing TSP governance - TSP success factors - Special cases and further developments of TSP technology.

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Book Synopsis Fintech Dictionary - What is a blockchain framework? What is crowdlending or an ICO? The Fintech Dictionary helps readers in clarifying key terms that have emerged in the vivid field of financial technology (fintech). It links keywords from banking and insurance, from information technology as well as from innovation management – similar to the „melting pot“ of terms in reality. The collection of over 830 keywords presents the reader concise and up-to-date definitions of terms in an alphabetical order. It should serve students and interested parties from academia and practice alike.Table of ContentsA–D.- E–H.- I–M.- N–R.- S–V.- W–Z.- Numerical Terms.

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Book SynopsisThis book explains the theoretical and policy issues associated with the taxation of financial services and includes a jurisdictional overview that illustrates alternative policy choices and the legal consequences of those choices . The book addresses the question: how can financial services in an increasingly globalized market best be taxed through VAT while avoiding economic distortions? It supports the discussion of the key practical problems that have arisen from the particular complexity of the application of VAT to financial services, and allows for the evaluation of best practice by comparing the major current reform models now being implemented.Trade Review“In the complex world of VAT and GST and in the complex world of finance, this book is an indispensable guide.” (Charlene-A. Herbain, Intertax, Vol. 46 (5), 2018)​Table of ContentsPart I: Establishing the VAT and Financial Supplies Benchmarks.- Chapter 1. Theories of Consumption and the Consequences of Partial Taxation of Financial Services (Robert F. van Brederode).- Part II: Financial Loans and Intermediary Services.- Chapter 2. Taxing Loan Intermediary Services: Theory and Design Considerations (Robert F. van Brederode).- Chapter 3. Financial Loan Intermediary Services: Argentina (Guillermo Teijeiro).- Chapter 4. Financial Loan Intermediary Services: Australia (Richard Krever).- Chapter 5. Financial Loan Intermediary Services: Brazil (Flavio Rubinstein).- Chapter 6. Financial Loan Intermediation Services: Canada (Simon Thang).- Chapter 7. Financial Loan Intermediary Services: China (Na Li).- Chapter 8. Financial Loan Intermediary Services: China (Joachim Englisch).- Chapter 9. Financial Loan Intermediary Services: Israel (David Goldman).- Chapter 10. Financial Loan Intermediation Services: New Zealand (Marie Pallot).- Chapter 11. Financial Loan Intermediary Services: South Africa (Alwyn de Koker).- Part III: Financial Investments.- Chapter 12. VAT and Financial Investments (Richard Krever).- Chapter 13. VAT and Cost Sharing in the EU (Ine Lejeune).- Chapter 14. A VAT/GST Perspective on Crowdfunding (Sebastian Pfeiffer).- Chapter 15. Financial Investments: European Union (Joachim Englisch).- Chapter 16. Financial Investments: South Africa (Alwyn de Koker).- Part IV: Financial Pooling Services: Insurance and Gambling.- Chapter 17. GST and Insurance: Australia (Richard Krever).- Chapter 18. VAT and Insurance: The European Union (Marta Papis-Almansa).- Chapter 19. GST and Insurance: Singapore (Soo How Koh).- Chapter 20. VAT and Gambling (Fabiola Annacondia).

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Book SynopsisThis book shows how strategic management can be practiced in the context of flexibility. It discusses strategic formulation and implementation perspectives and practices, including vision and mission, general environment analysis, industry analysis, competitive advantage, resource and capability view, generic strategies, business level strategy, corporate level strategy, international strategy, change and turnaround, strategic implementation, and strategic controls, as well as flexibility embedded in these concepts. It can be used as a primary textbook for managerial programs for executives, and as a supplementary case textbook for core MBA courses. Exploring “Strategic Formulation” and “Strategic Implementation” concepts from a flexibility perspective, it is also an excellent companion to leading strategic management textbooks.Table of Contents1. Adani Group2. American Express3. Barbeque Nation4. DHL5. Essar Oil6. Federal Express7. Google India8. Lemon Tree9. Marriott Hotels10. National Stock Exchange of India11. National Thermal Power Corporation12. ONGC13. Punjab National Bank14. State Bank of India15. Tata Power

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

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Book SynopsisNick Vyas is the Executive Director and Co-founder of USC Marshall's Center for Global Supply Chain Management and Academic Director of the M.S. Global Supply Chain program. Based in Los Angeles, California, he previously managed global operations for Duty-Free International, Sears, Federated Stores, and Toys R Us.Aljosja Beije is Director of Blocklab, a technology company that specializes in the application of emerging technologies in the logistics and energy domains and senior researcher at of Supply Chain Finance at Windesheim University of Applied Sciences in Zwolle, The Netherlands. Bhaskar Krishnamachari is Director of USC Viterbi Center for Cyber-Physical Systems and the Internet of Things and Professor of Electrical and Computer Engineering at the University of Southern California, in Los Angeles, California.Trade Review"What I like most about the book is that it weaves you into an exciting and enticing journey through the foundations and strategies of supply chain management, blockchain concepts and technologies, and even incorporating the SCOR model. The use cases in supply chain are really helpfully illustrative and capture global examples from all over the world. It is most up-to-date and helps us navigate supply chain management strategic issues while taking advantage of the transformative effects of blockchain technologies. I think it is a must-read for any forward-looking supply chain professional. Very nicely done!" * Omar A. El Sawy, Kenneth King Stonier Chair in Business Administration and Professor of Information Systems, USC Marshall School of Business *Table of Contents Chapter - 01: Evolution of supply chain - How we got here; Chapter - 02: Supply chains in 2021 – Costly, fragile, and increasingly complex; Chapter - 03: Basics of blockchain; Chapter - 04: Internet of things, data analytics and other information technologies; Chapter - 05: Blockchain strategy – The why, what and how of blockchain; Chapter - 06: What supply chain management processes and metrics will be affected by blockchain?; Chapter - 07: Blockchain projects in practice – Case study; Chapter - 08: Blockchain use cases in supply chain; Chapter - 09: Economic impact and future outlook

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Book SynopsisArunkumar Krishnakumar, based in London, UK, is Chief Strategy Officer at Bullieverse. Technologist, investor, engineer and advisor, he is a web3 expert and co-host of the One Vision podcast. Krishnakumar is an Onalytica fintech influencer, Refinitiv Top 100 Social Leader and a Top 100 Asian in UK Tech. Theodora Lau, founder of Unconventional Ventures and start-up advisor, is based in Washington, D.C. She co-hosts One Vision, is named one of the Most Influential Women in Fintech by American Banker and is co-author of Beyond Good, also published by Kogan Page.Trade Review"It is clear that the metaverse is going to be a BIG thing and, for many in finance, it is a development that clearly needs financial services. Arun and Theo have pre-empted this development with an essential guide to how to navigate this thing. I thoroughly recommend it." * Chris Skinner, CEO, The Finanser Ltd *"No one knows what the future will hold. Kudos to Theo and Arun for their bold attempt to lay out a vision of the future in The Metaverse Economy, with innovation and community in mind. I highly recommend this book to gain valuable insights from the renowned authors." * Spiros Margaris, Global fintech, finance and AI influencer *"The Metaverse Economy emerges just as AI bursts into public awareness. Is the metaverse and web3 heading in the same direction? Exploring this question from multiple angles, this book provides a balanced perspective on the possibilities, the headwinds and the potential for advancing our human development. This is essential reading for those who wish to understand this possible future." * Frank Diana, Managing Partner and Futurist, TCS *"Web2, web3, DeFi, metaverse, hype cycles? If you are in finance and trying to look to the future, you need to read this book. Yes, you will get the technical details, but you also get a rational view of how this is really just history repeating itself. Just as social media has become a critical part of our daily lives, the metaverse is coming. Will you be ready, or will you be a bystander?" * Curt Queyrouze, President, Coastal Community Bank *"As I read The Metaverse Economy, I couldn't help but feel a surge of excitement and inspiration. The possibilities that lie before us are boundless, and our journey into this digital frontier is one that holds transformative potential in every aspect of our lives. In this digital realm, diverse minds converge, ideas collide and creativity thrives. Thanks to Theodora Lau and Arun Krishnakumar, people will be motivated to embark on this transformative journey with open hearts and open minds." * Dr Martha Boeckenfeld, Meta-Host, Choice LGBTQIA+ *"Whether you're new or 'early' to web3, you need to read this book. Theo and Arun provide a solid foundation to understand and make sense of this fast-evolving digital world. The book's thoughtful construction makes it easy to follow with relevant context and expert insight without overwhelming you with jargon. When you've finished The Metaverse Economy, you'll be ready to explore for yourself how this technology can change how we connect, collaborate and create together." * Patrick Rivenbark, Principal, The Rivenbark Group *"As we move towards web3, it is imperative that we all participate. Consider this book as a captivating invitation to explore the present iteration of the metaverse, allowing you to form your own perspectives of the future with the guidance of the authors who share their thoughts on the challenges and opportunities that lie ahead." * Dr. Efi Pylarinou, Global fintech & tech influencer *"What a wonderful read and herculean effort! The Metaverse Economy provides the reader with accessible, tangible points and connections to real-world brands and experiences, making the content digestible and accessible." * Liat Shetret, Director of Global Policy & Regulation, Elliptic *"The metaverse must be one of the most difficult concepts to describe, dissect, analyze and philosophize. Theodora Lau and Arun Krishnakumar have done it masterfully. This is a very helpful book for those that are new to the industry." * Jenn Tesch, Sr Director, Enterprise Business Development *"The Metaverse Economy is a must-read for finance professionals seeking to stay ahead of the curve and harness the opportunities presented by web3. Arun and Theodora's expertise and forward-thinking approach shine through as they explore the potential impact of blockchain, decentralized finance and virtual worlds on the financial industry." * Medhy Souidi, Head of Transformation & Ecosystems, DBS HK *"On the cusp of a revolution in AR, VR, digital assets and the metaverse in general, Theo and Arun step into the fray with The Metaverse Economy. If you are in financial services, you need a plan. This book will get you on the road to success." * Brett King, bestselling author of 'The Rise of Technosocialism' *"If you have been sitting on the sidelines wondering what all the hype is around web3, then this book is your fast-track MBA. This is the best book you will find on the new metaverse economies. I have been waiting for someone to cut through the noise and clearly articulate the web3 use cases and their economic models. This book should be required reading for every C-suite exec grappling with their metaverse strategy. You'll find all your answers here." * Caroline Hughes, CEO, Lifetise *Table of Contents Section - 01: The fundamentals; Chapter - 01: The current landscape; Chapter - 02: The future is Web3; Chapter - 03: Understanding non-fungible tokens (NFTs); Chapter - 04: The ownership economy; Chapter - 05: What is GameFi?; Chapter - 06: The metaverse; Section - 02: The evolution and where we can be; Chapter - 07: Riding the wave of the economic models; Chapter - 08: The convergence; Chapter - 09: Community; Chapter - 10: Capital ecosystem; Chapter - 11: Looking beyond the hype;

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Book SynopsisThis book provides an overview of the evolution of investment and risk, together with a synthesis of research on these developments. It explores how exposures can be modified by measuring and managing them and introduces readers to the latest strategies and trends in investment. Broad in scope, the book covers the most important aspects of investment risk management, including the time value of money, financial markets, equity markets, bond markets, and portfolio theory. Accordingly, it offers a valuable asset for advanced undergraduate and graduate finance students, investors and academics alike.Table of Contents1. Introduction.- 2. Time Value of Money.- 3. Financial Markets.- 4. Stock Market.- 5. Bond Market.- 6. Portfolio Theory.- 7. Derivatives.- 8. Summary Problems.

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

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

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

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

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

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

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

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

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

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Book SynopsisThe one bad apple spoiling the whole barrel has become a common metaphor used with reference to risk culture in organisations. This inside-out perspective begins with the individual as the unit of analysis and follows with inferences to the broader environment. Since the Global Financial Crisis (GFC) of 2008, risk culture for many has become the explanation for shortcomings, poor decisions, and moral failures in organisations. This volume presents an institutional perspective of the forces that shape risk culture, and culture more generally, in organisations through a multi-disciplinary examination from a variety of leading academics and subject specialists. The authors demonstrate that firms play a role as manufacturers and managers of risk and they challenge common conceptions that attribute risk to chance circumstances or rogue behaviours. The foundational concepts needed for an institutional view of risk culture are highlighted with subsequent links to significant developments withTrade Review'Culture is contagious, within and across organisations. The global financial crisis provides no better illustration of that cultural contagion and its adverse consequences for individual firms and society at large. That makes understanding culture, its origins and propagation, crucial if we are to keep organisations and our economic and financial systems at a safe distance from cultural cliff-edges. This volume, by international renowned experts in the field, is a valuable contribution to improving both our understanding of organisational culture and the policies needed to avoid a future crashing of cultures.' Andrew Haldane, Chief Economist, Bank of England'As we enter the third decade of the twenty-first century, this is a timely spotlight on the role risk culture has to play as businesses face unprecedented challenges to their operating models. It places the issues in a robustly argued context, with the occasional welcome dose of academic scepticism, providing Boards, the C-Suite and an organisation's risk practitioners with thoughtful perspectives on how to challenge current thinking.' Clare Williams, Global Head of Reputation Management, Barclays'Beyond Bad Apples: Risk Culture in Business provides a much-needed institutional view to a topic that is the lifeblood of organisations and has come to the forefront since the Global Financial Crisis crises. Each of the subject authors brings a unique lens through which the culture discussion is viewed, and provides insightful context for organisations when considering their own risk cultures.' Alan Smith, Global Head of Risk Strategy and Senior Executive Officer of Group Risk, Global Risk, HSBC plc'A strong risk culture is a cornerstone of effective risk management and a competitive advantage for financial and non-financial firms alike. This book is a welcome addition to the literature on risk culture as it addresses the topic in a comprehensive and multi-disciplinary fashion.' Alessandra Mongiardino, Managing Director of Group Financial and Strategic Risks, RBS'Often highlighted as a panacea for firms, but seldom explored and taken forward with the required energy and rigour, 'risk culture' has acquired a new urgency due to the complex uncertainties and emerging threats within today's business environment. Not only does this book from Cambridge intimate an elastic, multi-faceted approach that is responsive to the exigencies of our times, it also sets out a challenge to others regarding interesting angles the team hasn't had time to delve into.' Richard Smith-Bingham, Director, Marsh & McLennan Insights'Getting culture right is critical. But there isn't a set of rules to follow as it's fundamentally unique to each organisation. The wide-ranging perspectives and insights from multi-disciplinary experts and thought leaders will be welcomed by firms tackling this complex challenge.' Stacey English, former Head of Regulatory Intelligence, Thomson Reuters'This book presents excellent insight and analysis into the rationales and needs for any organization to develop a positive risk culture. And it succinctly explains and addresses the complexities associated with evolving marketplaces, and the need for corporations, individuals and regulatory initiatives to plainly respond, while pointing out the clear benefits derived from building a positive risk culture.' Rich Apostolik, President and Chief Executive Officer, Global Association of Risk ProfessionalsTable of ContentsIntroduction Michelle Tuveson, Daniel Ralph and Kern Alexander; I. Risk culture conceptual underpinnings: 1. Individual agency and collective patterns of action: organisational culture through the lens of organisational theory Jennifer Howard-Grenville; 2. Risk culture and information culture: why an “appetite for knowledge” matters Michael Power; 3. A network view of tone at the top and the role of opinion leaders Michelle Tuveson and Daniel Ralph; 4. Rethinking risk management cultures in organisations: insights from innovation Stelios Kavadias and Kostas Ladas; II. A view of risk culture concepts in firms and society: 5. The changing risk culture of UK banks Duncan Needham and Anthony Hotson; 6. Regulating agency relationships and risk culture in financial institutions Kern Alexander; 7. What does risk culture mean to a corporation? Evidence for business value Andrew Freeman; 8. Values at risk: perspectives on the ethical turn in risk management Anette Mikes; conclusion Michelle Tuveson, Daniel Ralph and Kern Alexander; Appendix; Index.

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