Corporate finance Books

Book SynopsisAdopting a modular format, Corporate Finance is the only text you will need for your finance students to succeed. Corporate Finance helps students develop the intuition and analytical skills necessary to effectively apply financial toolsin real-world decision-making situations. The authors provide a fully integrated framework for understanding how value creationrelates to all aspects of corporate finance; whether it be evaluating an investment opportunity, determining the appropriate financing for a business,or managing working capital. Thisunique and integrated framework also provides robust coverage of problem solving anddecision-making skills. An essential resource featuring video clips on topical issues from the world of international finance, as well as questions for classroom discussion is available to aid teaching: www.wileyfinanceupdates.com subscribe today!Table of ContentsAbout the authors. Preface. Organisation and coverage. Proven Pedagogical Framework. Instructor and student Resources. Acknowledgements. Part One. Introduction. Chapter 1. The Financial Manager and The Firm. Part Two. Foundations. Chapter 2. The Financial Environment and the Level of Interest Rates. Chapter 3. Financial Statements, Cash Flows and Taxes. Chapter 4. Analysing Financial Statements. Part Three. Valuation of Future Cash Flows and Risk. Chapter 5. The Time Value of Money. Chapter 6. Discounted Cash Flows and Valuation. Chapter 7. Risk and Return. Chapter 8. Bond Valuation and the Structure of Interest Rates. Chapter 9. Share Valuation. Part Four. Capital Budgeting Decisions. Chapter 10. The Fundamentals of Capital Budgeting. Chapter 11. Cash Flows and Capital Budgeting. Chapter 12. Evaluating Project Economics and Capital Rationing. Chapter 13. The Cost of Capital. Part Five. Working Capital Management and Financial Decisions. Chapter 14. Working Capital Management. Chapter 15. How Firms Raise Capital. Chapter 16. Capital Structure Policy. Chapter 17. Dividends and Dividend Policy. Part Six. Business Formation, Valuation and Financial Planning. Chapter 18. Business Formation. Growth and Valuation. Chapter 19. Financial Planning and Forecasting. Part Seven. Corporate Risk Management and International Decision. Chapter 20. Corporate Risk Management. Chapter 21. International Financial Management. Appendix A. Appendix B. Glossary. Subject Index. Company Index.

Read more less

Book SynopsisLooks at the synthetic structures and credit derivatives used in CDOs and at the new Basel Capital Accord and addresses the framework of these structures as well as the regulatory and accounting implications. This work offers coverage of both the financial and legal aspects of securitization, and a glossary of market and legal terminology.Table of ContentsPreface. About the Author. 1 Introduction. 1.1 Forms of securitisation. 1.2 Rationale for securitisation. 1.3 Global ABS markets. 2 Rating and Credit Structure. 2.1 Rating agencies. 2.2 Credit enhancement and liquidity. 2.3 Hedging and prepayment risk. 3 Deal Structure. 3.1 Ring-fencing and true sale. 3.2 SPVs and trusts. 3.3 Offshore centers. 3.4 Commonly used offshore jurisdictions. 3.5 Bonds and CP funding. 3.6 Securities laws. 3.7 US securities laws. 3.8 UK securities laws. 3.9 EU securities laws. 3.10 Tax treatment. 3.11 Accounting treatment. 3.12 Capital treatment. 3.13 Data and consumer regulation. 3.14 Regulatory approvals. 3.15 Administration and systems. 4 Investor Concerns. 4.1 Investor credit analysis. 4.2 Eligibility criteria. 4.3 Cash flow waterfall. 4.4 Bond pricing and valuation. 4.5 Performance and reporting. 5 Asset Classes. 5.1 ABS: Commercial and EETCs. 5.2 ABS: Consumer and credit cards. 5.3 Collateralised debt obligations. 5.4 Commercial mortgage-backed securities. 5.5 Covered bonds and Pfandbriefe. 5.6 Future flows. 5.7 Non-performing loans. 5.8 Real estate investment trusts. 5.9 Repackagings. 5.10 Residential mortgage-backed securities. 5.11 Trade receivables. 5.12 Whole business securitisation. 6 Opportunities and Challenges. 6.1 Introduction. 6.2 Significance of accounting and capital off-balance-sheet reform. 6.3 New Basel Accord. 7 Synthetics and Credit Derivatives. 7.1 Synthetic securitisation: Credit derivatives. 7.2 Super-senior pieces. 7.3 Pros and cons of synthetic securitisations for investors. 7.4 Terminology and types of credit derivative. 7.5 Use and pricing for credit derivatives. 7.6 Structure and concerns. 7.7 Regulatory capital advantages of synthetics. 7.8 International capital treatment for credit derivatives. 8 Whole Business Securitisation. 8.1 Benefits and requirements of whole business deals. 8.2 Structures. 8.3 Corporate valuation. 8.4 Rating analysis. 8.5 Feasibility in different countries. 8.6 Threats to whole business technology. 9 The European Union. 9.1 Ring-fencing and true sale. 9.2 Securities laws. 9.3 Tax treatment. 9.4 Accounting treatment. 9.5 Capital treatment. 9.6 Data protection/confidentiality. 9.7 Consumer protection. 9.8 Other issues. 10 Accounting for Securitisation. 10.1 US accounting standards. 10.2 UK accounting standards. 10.3 International Accounting Standards. 10.4 The influence of the European Union. 11 Capital. 11.1 Banking book. 11.2 Trading book. 11.3 New Basel Accord. 11.4 Basel capital arbitrage. 11.5 Off-balance-sheet treatment under Basel. 11.6 Basel capital treatment and new Basel proposals. 11.7 Capital for banking book exposures. 11.8 Capital for trading book exposures. 12 Global Securitisation Markets. 12.1 Argentina. 12.2 Australia. 12.3 Austria. 12.4 Belgium. 12.5 Bolivia. 12.6 Brazil. 12.7 Canada. 12.8 Chile. 12.9 China. 12.10 Colombia. 12.11 Czech Republic. 12.12 Denmark. 12.13 Egypt. 12.14 Finland. 12.15 France. 12.16 Germany. 12.17 Greece. 12.18 Hong Kong SAR. 12.19 Hungary. 12.20 India. 12.21 Indonesia. 12.22 Ireland. 12.23 Israel. 12.24 Italy. 12.25 Japan. 12.26 Korea. 12.27 Luxembourg. 12.28 Malaysia. 12.29 Mexico. 12.30 The Netherlands. 12.31 New Zealand. 12.32 Norway. 12.33 Pakistan. 12.34 Panama. 12.35 Paraguay. 12.36 Peru. 12.37 The Philippines. 12.38 Poland. 12.39 Portugal. 12.40 Russia. 12.41 Scotland. 12.42 Singapore. 12.43 South Africa. 12.44 Spain. 12.45 Sweden. 12.46 Switzerland. 12.47 Taiwan. 12.48 Thailand. 12.49 Turkey. 12.50 United Kingdom. 12.51 United States. 12.52 Venezuela. 13 Terminology in the Securitisation and Derivatives Markets. References. Index.

Read more less

Book SynopsisThis title takes a practical, step-by-step approach to valuing both public and closely-held companies in emerging economies for merger or acquisition purposes. It bridges the gap between theory and the practice of company valuation in transitioning markets. Focuses on the valuation issues for emerging markets.Table of ContentsFOREWORD xvii CHAPTER 1 Valuing Companies in Emerging Markets: Importance and Challenges 1 CHAPTER 2 Valuing Companies in Developed Markets: A Review 32 CHAPTER 3 Fundamental Discounted Cashflow Valuation in Emerging Markets: Cashflows and the Cost-of-Equity Capital 92 CHAPTER 4 Fundamental Discounted Cashflow Valuation in Emerging Markets: Unsystematic Risk and Synthetic Company Value 175 CHAPTER 5 Valuing Companies in Emerging Markets via Real Options 222 CHAPTER 6 Relative Valuation in Emerging Markets: Comparable Companies and Transactions 247 CHAPTER 7 Valuing Technology Startups in Emerging Markets 319 APPENDIX A Valuation Parameters in the Reference Emerging Markets 429 APPENDIX B Valuation Parameters in the United States 438 APPENDIX C Valuation Parameters in Argentina 449 APPENDIX D Sources of Data on Comparable Companies and Transactions 462 APPENDIX E Valuation Parameters of U.S. Internet Companies 464 APPENDIX F Present Value of Asset/Present Value of Exercise Price 483 APPENDIX G Best Valuation Practices in the United States and Argentina 488 INDEX 497

Read more less

Book SynopsisThis text is intended for the Corporate Finance course at the MBA level, but it can also be appropriate for undergraduates at higher level schools. Aswath Damodaran is nationally recognized for his teaching approach, using theory and the models that flow from it to understand, analyze and solve problems. He treats corporate finance as a living discipline by making it much more applied than other textbooks. Throughout the text, real companies and real data are used in examples and exercises.Table of ContentsIntroduction to Corporate Finance The Objective in Corporate Finance The Time Value of Money Understanding Financial Statements Value and Price: An Introduction The Basics of Risk Estimating Hurdle Rates for Firms Estimating Hurdle Rates for Projects Estimating Earnings and Cash Flows on Projects Investment Decision Rules Investment Analysis with Inflation and Exchange Rate Risk Project Interactions, Side Benefits and Side Costs Investments in Non-Cash working Capital Investments in Cash and Marketable Securities Investment Returns and Corporate Strategy An Overview of Financing Choices The Financing Process The Financing Mix The Optimal Financing Mix Financing Mix and Choices Dividend Policy Analyzing Cash Returned to Stockholders Beyond Cash Dividends: Buybacks, Spin Offs and Divestitures Valuation: Principles and Practice Value Enhancement: Tools and Techniques Acquisitions and Takeovers Option Applications in Corporate Finance

Read more less

Book SynopsisThe most complete guide to business valuation written by industry-leading valuation specialists! Handbook of Business Valuation Second Edition In this thoroughly revised and updated edition of the number-one guide to business valuation, nearly 50 experts provide expert advice and guidance on all facets of the subject. This is a single-source guide to valuation approaches and methods, in addition to all of the procedures necessary to accurately value a business. The Second Edition of the Handbook of Business Valuation enables you to find precisely the information you need; just go directly to the chapter concerning the topic you are interested in. There is no need to read the entire volume-it''s quick and easy. This is the only valuation book you need. It provides chapters on valuing specific businesses, such as: software companies, radio and cable stations, medical practices, home-based businesses, and many more, plus a special chapter on researching business valuation information on tTable of ContentsTHE PURPOSE, MARKET, AND RESOURCES FOR VALUING BUSINESSES. Reasons for Value a Business and Who Should Do It. Valuation Issues from a Seller's Perspective. Valuation Issues from a Buyer's Perspective. Valuation Issues from an Intermediary's Perspective. The Investment Banker's Perspective on Due Diligence for Mergers, Acquisitions, and Securities Offerings. Valuation Issues from the Legal Perspective. Valuation From the Lender's Perspective. Notable Differences Between Middle Market and Small Businesses. Where to Find Industry Information and Guideline Market Data. VALUATION APPROACHES AND METHODS. Recasting Financial Statements. To Infinity and Beyond: Statistical Techniques Appraising the Closely Held Business. Machinery and Equipment Valuation Approaches and Methods Used in Conjunction with a Going Concern Business. Rules of Thumb: What They Are and How to Use Them. The Direct Market Data Method of Valuing Midsize and Smaller Closely Held Businesses. The Market Approach Using Public Company Data. The Excess Earnings Method. Multiple of Discretionary Earnings Method. Capitalization of Earnings: An Income Approach. Discounted Future Benefits Method: An Income Approach. VALUATION ISSUES BY INDUSTRY. Valuing Retail Businesses. Valuing Manufacturing Businesses. Valuing Automobile Dealerships. Valuing Restaurants. Valuing Medical Practices. Valuing Accounting Firms. Valuing Radio and Cable TV Businesses. Valuation of Hotels and Motels. Valuing a Software Company. Valuing Publishing Companies. Valuing Home Healthcare Businesses. Valuing Lumberyards and Home Centers. Valuing Printing Businesses. Valuing Home-Based Businesses. Valuing Country Businesses. SPECIAL ISSUES. Perspectives on Valuing a Minority Interest in a Private Company. Valuation for ESOP Purposes. Valuing Family Limited Partnerships and Limited Liability Company Interests for Estate Planning Purposes. Valuing Intellectual Property. Corporate Taxes and Valuation. The Use and Abuse of Experts. Index.

Read more less

Book SynopsisPREPARE FOR THE PARTNERSHIPS OF THE FUTURE This invaluable guide through the complex but highly worthwhile partnering between public and private entities in developing and constructing a wide range of building projects offers objective, comprehensive information integral to both the public and private partners.Table of ContentsPublic/Private Development Partnerships and Other Methods toRealize Projects. Emergence of Public/Private Development Partnerships. Advantages and Disadvantages of Public/Private DevelopmentPartnerships. A Highly Integrated Process Is Required to Achieve SuccessfulPublic/Private Development Partnerships. The Role and Responsibilities of the Public Partners. Partnerships Can Be Customized to Meet the Objectives of BothPartners. Structuring Public/Private Finance Plans. The Developer Solicitation Process. The Precarious Future of Public/Private DevelopmentPartnerships. Eight Case Studies. Appendices. Glossary. Index.

Read more less

Book SynopsisCorporate giving currently accounts for nearly 10 percent of allcharitable donations nationwide, and most experts agree that theflow of corporate resources earmarked for nonprofit programs is onthe rise. Yet, many fund raisers are held back from tapping thisgold mine by the fear they don t know how to play the systemcorrectly. When it comes to soliciting corporate funds, even oldhands at private fund raising find themselves stymied by the lackof clear-cut answers to such critical questions as: How do I findout which companies give and how do I obtain information aboutthem? Who are the funding decision makers, and how do I appeal tothem and cultivate relationships with them? What hidden stringsand pitfalls should I be aware of when soliciting corporatefunds? Successful Corporate Fund Raising provides in-depth answers tothese and all your questions about finding and winning corporatefunds. The distillation of Scott Sheldon s more than two decades ofexperience as a corporate fundTable of ContentsTHE BACKGROUND. Introduction to Corporate Giving. The Philosophy of Corporate Giving. TYPES OF SUPPORT. Direct Cash Support. In-Kind Support. Corporate Volunteerism. THE PROCESS. Researching Corporate Giving Programs. Cultivation. Solicitation. Evaluation. Recognition and Stewardship. THE PEOPLE. The Decision Makers. THE STRATEGY. Creating and Implementing an Effective and Sustainable CorporateFund-Raising Strategy. Matching Gifts: A Case Study. Issues, Trends, and Technology. Appendices. Resource Bibliography. Index.

Read more less

Book SynopsisA comprehensive guide to best practices within the investment industry Investment Leadership provides readers with the tools to understand the leadership factors that contribute to sustainable growth; diagnose their firm''s culture and understand why it is important; and replicate best practices from leading firms. With the help of diagnostic tools, practical advice from industry leaders, and real-life case studies, this book sets out to explain what is wrong with the status quo and reveal the secrets of long-term success in the investment industry. James W. Ware, CFA, currently works as a consultant to money managers. He is the coauthor of The Leadership Genius of George W. Bush (0-471-42006-9). Beth Michaels has worked with many organizations, including Chevrolet Motors and the McDonald''s Corporation. Dale Primer has worked with business executives from more than 700 individual businesses in over eighty-five separate industries.Table of ContentsPART ONE: Foundation Pieces: Cornerstones of Long-Term Success. CHAPTER 1: Leadership and Culture in the Investment Industry. CHAPTER 2: Core Values. CHAPTER 3: Vision: Where Are We Going? CHAPTER 4: Strong Cultures. PART TWO: Assessment Tools: Putting Numbers to the Soft Stuff. CHAPTER 5: Leader Types. CHAPTER 6: Measuring Culture. CHAPTER 7: Diagnosing Culture by Measuring Values. CHAPTER 8: Leadership and Trust. PART THREE: Getting Practical: Specific Tools for Improvement. CHAPTER 9: Ambitious Goals and Implementation. CHAPTER 10: The Innovative Culture. CHAPTER 11: Compensation and Ownership. CHAPTER 12: Homegrown Leadership. PART FOUR: Putting It All Together: Case Study. CHAPTER 13: The Best of the Best: Ariel Capital. CHAPTER 14: Continuous Improvement. PART FIVE: Other Audiences. CHAPTER 15: Consultant’s View.. CHAPTER 16: Stock Picker’s Corner: Rounding up the Un-Usual Suspects. NOTES. INDEX.

Read more less

Book SynopsisFocusing on the structuring and practical applications of derivatives, this book introduces the reader to a flexible approach, emphasizing 'financial architecture'. It explains the reasons why derivatives exist and why there is such a large variety.Trade Review"...there is no question that many industry participants will learn from and enjoy reading his book." (Risk, March 2002)Table of ContentsPreface. The General Framework. Stocks and Stock Market Indices. Special Contract Features. Index-Linked Cash Flows. Pricing and Hedging. Improved Efficiency. Risk Management. Reducing the Costs of Buying Options. Equity-Linked Bull Notes. Raising the Participation Rate. Market Timing and Non-Bullish Views. Digital and Coupon Bearing Notes. Equity-Linked Saving. Appendix A. Appendix B. Appendix C. Bibliography. Index.

Read more less

Book SynopsisOver recent years the insurance industry has faced a period of rapid change and consolidation with recent disasters, both natural and manmade highlighting the problems the industry faces. Yet this has also been a time of opportunity, with the rise of securitization, the insurance industry has turned financial necessity into lucrative invention.Table of ContentsPreface. The Basics of Property-Casualty Insurance. Securitizing Insurance Risks. Life Insurance in the United States: History of a Crisis. ALM in Insurance: An Empirical Wander Around Europe. Life Insurance Pricing and the Measurement of the Duration of Liabilities. A Functional Approach to the Insurance Industry. Conclusion and Future Challenges. Appendix: The ALM Survival Toolkit. Index.

Read more less

Book SynopsisProvides practical, comprehensive information and strategies for using managed futures successfully. Clearly explains the benefits of managed futures and their role in a traditional portfolio. Uses case studies and firsthand reports to show how corporations are using managed futures.Table of ContentsTHE FOUNDATIONS. The Potential Role of Managed Futures in Institutional PensionPortfolios (S. Irwin). Using Alternative Investment Strategies and Managed FuturesAccounts in Pension Portfolios (M. Dunmire). Multi-Manager Commodity Portfolios: A Risk/Return Analysis (T.Schneeweis, et al.). APPLICATIONS OF MANAGED FUTURES INVESTING. Evaluating Commodity Trading Advisors (L. Doerrer). A Guide to Organizing a Commodity Pool (M. Mitchell & D.Kozak). Fiduciary Selection and Prohibited Transactions Under ERISA (J.Collins & D. Dygert). U.S. Accounting and Taxation for Managed Futures and Options (G.Mangieri & J. Oliver). Managed Futures: The Consultant's View (H. Marmer). The Financial Considerations of Futures Execution and Clearing(P. Bennett). Inflation Hedging with Unleveraged Futures (S. Hanke & C.Culp). Futures Versus Stocks: A Risk Comparison (P. Matthews & P.Magnollay). Chapter Notes. Index.

Read more less

Book SynopsisAll companies that import or export product to an affiliate company are subject to transfer pricing - the sale, license, or lease of a product from one affiliated company to another. This book provides a comprehensive analysis of the various transfer pricing methods that are available to today's company.Table of ContentsPreface. PART ONE: UNDERSTANDING TRANSFER PRICING. Chapter 1. Practical Aspects of Transfer Pricing. Chapter 2. Business Facets of Transfer Pricing. Chapter 3. General Principles and Guidelines. Chapter 4. Transfer Pricing Basics. PART TWO: APPLYING SPECIFIC TRANSFER TECHNIQUES. Chapter 5. Comparable Uncontrolled Price Method, Resale Price Method, and Cost-Plus Method. Chapter 6. Comparable Profits Method. Chapter 7. Comparable Uncontrolled Transaction Method for Intangibles. Chapter 8. Transfer Pricing for Services. Chapter 9. Cost Sharing. Chapter 10. Profit Methods. PART THREE: FOCUS ON INTERNATIONAL TRANSFER PRICING ISSUES. Chapter 11. Foreign-Owned U.S. Corporations Reporting. Chapter 12. Organization for Economic Cooperation and Development Guidelines. Chapter 13. Transactional Net Margin Method. PART FOUR: AVOIDING TRANSFER PRICING PENALTIES. Chapter 14. Transfer Pricing Penalties. Chapter 15. Transfer Pricing Penalty Exclusion for Contemporaneous Documentation. PART FIVE: ADVANCED TRANSFER PRICING ISSUES. Chapter 16. Advanced Transfer Pricing. Chapter 17. Unfolding Transfer Pricing Issues. Index.

Read more less

Book SynopsisShortlisted for the Financial Times Business Book of the Year Named a Best Book of 2022 by The Economist“A gripping fly-on-the-wall story of the rise of this unique and important industry based on extensive interviews with some of the most successful venture capitalists.” - Daniel Rasmussen, Wall Street Journal“A must-read for anyone seeking to understand modern-day Silicon Valley and even our economy writ large.” -Bethany McLean, The Washington PostA rare and unsettling look inside a subculture of unparalleled influence.” —Jane MayerA classic...A book of exceptional reporting, analysis and storytelling.” —Charles DuhiggFrom the New York Times bestselling author of More Money Than God comes the astonishingly frank and intimate story of Silicon Valley’s dominant venture-capital firms—and how their strategies and fates have sha

Read more less

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

Read more less

Book SynopsisFor private business owners, managing a successful exit from their business is one of the most important events in their business lives. This book shows you how to do so with the minimum of fuss and maximum return. It is unique because the author writes from the owner''s point of view, bringing together in one place all you need to know about planning this complex process. Exit Strategy Planning emphasises the need to place exit planning on a firm foundation, with taxation planning and business continuity planning providing the basis to ensure a smooth transition that will yield the maximum return. The first three parts of the book (''Laying the Foundations'', ''Choosing your Exit Strategy'' and ''Preparing and Implementing your Plans'') present a best practice approach to this complex subject. Here the book highlights the importance of planning, often several years in advance, and explains the need to make the business ''investor ready'' by identifying and removing impediments toTrade Review'A book worth recommending to those clients who may be looking to make a few New Year business resolutions.' Business Adviser 'This is an admirable text, which covers every aspect of planning and implementing a successful exit from a privately owned business...It is written clearly and directly, with well set out guidance to all technical issues...highly recommended.' Change Management Monitor Website 'practical and easy to digest...it does provide a useful platform to help develop your exit tactics.' Financial Adviser '...the book will be valuable to many levels of student for a variety of reasons. All postgraduates and undergraduates of business strategy will be challenged to consider the ultimate motivation of the entrepreneur. Business life cycles are presented from an unusual perspective and all readers will appreciate the complexity of effective fiscal planning. Higher National Diploma students will benefit from easy to read sections on business planning and be able to see, in a practical way, how business structures, accountancy and law need to be full integrated. Business entrepreneurs, who have concentrated on building the business revenue and have not yet tailored a planned capital exit strategy, will also come to recognize this need ...' Journal of Contemporary Hospitality Management. Vol 16 no.1 2004 "...if you're thinking of selling up, you can't afford to be without it." Better BusinessTable of ContentsContents: Introduction: The story of Bill and Carol. Part 1: Laying the Foundations: The importance of time and timing; How to plan for the continuity of your business; Establishing the value of your business. Part 2: Choosing Your Exit Strategy: What are the exit options for your business?; How to choose the best exit strategy; Impediments to sale. Part 3: Preparing and Implementing Your Plans: Business planning - the essential elements; Short-term exit strategy planning; How to design your master exit strategy plan; The integrated financial plan; Putting your master exit strategy plan into action. Part 4: Appendices: What about tax?; Valuation principles and methods; Agents and franchisees; Family succession planning; Management buyouts and buy-ins; Flotation or public listing; Franchising or licensing; Trade sales; The sole trader merger; Ceasing to trade. Index.

Read more less

Book SynopsisCommercial Due Diligence (CDD) is about telling the difference between superior businesses and poor businesses, which is why this book is a mixture of business strategy, marketing analysis and market research. However CDD is not about the bland application of analytical techniques, it''s about understanding how businesses and markets work and what is really important for profits and growth. Commercial Due Diligence is written by someone with over 25 years'' experience of practical strategic analysis who nonetheless has a strong academic grounding. For the first time here is a book that deals with the essentials of strategic analysis with the practitioner''s eye. If you are in the business of formulating company strategy, and you want to see how to apply the theories and understand in practical terms what works, when, and what can go wrong, this is the book for you.Table of ContentsPart I The Basics; Chapter 1 What’s It All About?; Chapter 2 Getting Started; Part II Analytical Techniques; Chapter 3 Which Market is the Target In?; Chapter 4 Industry Attractiveness; Chapter 5 Which Customers is the Target Serving?; Chapter 6 Ability to Compete; Chapter 7 Competitor Analysis; Chapter 8 The New Reality; Chapter 9 CDD in Special Situations; Chapter 10 Assessing Management; Chapter 11 Using the Output; Part III Collecting and Presenting the Data; Chapter 12 Structuring and Planning; Chapter 13 Interviewing; Chapter 14 Writing the Report;

Read more less

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

Read more less

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 *

Read more less

Book SynopsisFinancial technology has made huge advances, allowing more people worldwide to gain access to and benefit from banking, insurance, and credit. But the democratization of finance is just starting. Marion Laboure and Nicolas Deffrennes survey barriers to financial accessibility and foresee how financial innovation could impact the broader society.Trade ReviewProvides a detailed account of the economic and social impacts of financial innovations…We recommend this book to readers…who aspire to comprehend contemporary disruptive innovations in finance and the impact of these innovations on the wider economy. -- Kirti Sood and Simarjeet Singh * Journal of Evolutionary Economics *The authors clearly state the roles and responsibilities of governments—again, particularly in developing countries—to promote democracy, but argue that fintech offers a real possibility for changing the world as we know it. This book broadens the vision of fintech's future and unfurls the democratic potential it might have. * Choice *Much is being written about fintech; little about how it may transform our lives. Based on new research, Laboure and Deffrennes explain how fintech will create new possibilities for people in advanced and low-income countries alike. -- Mervyn King, former Governor of the Bank of EnglandLaboure and Deffrennes highlight the growing importance of financial inclusion and technology. With a wealth of data and case studies, this book demystifies fintech and explains its role in democratizing finance. -- Christian Sewing, CEO of Deutsche BankFinancial services are to the economy what the nervous system is to the human body. Fintech is profoundly changing our economy and our lives. This important book is necessary reading for anyone who cares about the future of our economy or our society. -- Lawrence H. Summers, Charles W. Eliot Professor and President Emeritus, Harvard UniversityA panoramic view of the rapidly changing world of digital finance and money, Democratizing Finance spans a remarkable range of issues with clarity and depth, and provides an excellent primer on the social and economic aspects of rapidly-evolving fintech. -- Kenneth Rogoff, Harvard University

Read more less

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

Read more less

Book SynopsisOver-the-counter (OTC) markets for derivatives, collateralized debt obligations, and repurchase agreements played a significant role in the global financial crisis. This title introduces OTC markets by explaining key conceptual issues and modeling techniques, and by providing readers with a foundation for advanced subjects in this field.Trade Review"Extremely informative and revealing, the book leads readers to a world of dark corners of the financial market. Those who dabble in the market should definitely read it for understanding the pitfalls and those who don't must read it for the satisfaction of knowing what they have not missed. Either way it is a valuable read."--R. Balashankar, Organiser "Dark Markets offers a concise introduction to OTC markets by explaining key conceptual issues and modeling techniques, and by providing readers with a foundation for more advanced subjects in this field."--World Book IndustryTable of ContentsList of Tables ix List of Figures xi Preface xiii Chapter 1: Over-the-Counter Markets 1 1.1 Bilateral Negotiation of Terms 2 1.2 OTC Transparency 4 1.3 Why Trade Over the Counter? 6 1.4 Managing OTC Credit Risk 8 1.5 Price Behavior with Search Frictions 9 Chapter 2: The Case of Federal Funds Lending 13 2.1 T he Federal Funds Market 14 2.2 Data 17 2.3 A nalysis of Transaction-Pairing Likelihood 19 2.4 Determinants of the Rate 22 Chapter 3: Search for Counterparties 27 3.1 Preliminaries 27 3.2 R andom Matching 28 3.3 Dynamic Search Models 31 3.4 Markov Chain for Type 33 3.5 C ontinuous-Time Search and Matching 35 3.6 O ptimal Search 36 3.7 E quilibrium Search Intensities 39 3.8 Development of the Search Literature 40 Chapter 4: A Simple OTC Pricing Model 42 4.1 Basic Risk-Neutral OTC Pricing Model 42 4.2 Bargaining over the Price 46 4.3 R isk Aversion 49 4.4 N umerical Example 54 4.5 Price Response to Supply Shocks 56 4.6 N umerical Examples 59 Chapter 5: Information Percolation in OTC Markets 63 5.1 T he Basic Model 64 5.2 Population Information Dynamics 66 5.3 Market Settings 69 5.3.1 I nformation Sharing at Wallet Games 69 5.3.2 Double Auctions 70 5.4 N umerical Example 72 5.5 N ew Private Information 73 5.6 Multiagent Information Exchanges 74 5.7 V alid Initial Type Distributions 75 5.8 C onvergence and Further Extensions 76 Appendix: Foundations for Random Matching 79 A.1 Mathematical Preliminaries 79 A.2 R andom Matching Results 80 B: Counting Processes 84 Bibliography 87 Index 93

Read more less

Book SynopsisDemonstrates how government at various levels can engage the private sector to overcome seemingly insurmountable problems and achieve public goals more effectively. This title shows how the public sector can harness private expertise to bolster productivity, capture information, and augment resources.Trade Review"No one has summed up quite as concisely the transcendent idea behind the deregulation movement of the last fifty years as have Donahue and Zeckhauser: that by carefully granting decision-making authority to private entities, profit and non-profit enterprises alike, government can achieve considerable gains in both efficiency and consent."--David Warsh, Economic Principals "For anybody who has any experience in public life, either as a politician or official, or in the private sector working on government contracts, Collaborative Governance by John Donahue and Richard Zeckhauser is an interesting read."--Diane Coyle, Enlightened Economist blog "Public-private collaboration, for better and for worse, is the way of American government. Sometimes this is done very well. Sometimes ... this is done very badly. Elected officials and public managers need to learn to do this more effectively, because that's the way their work will get done. John Donahue and Richard Zeckhauser provide a great starting point to ponder these issues... Through a variety of case studies, they consider what government must do in monitoring and motivating private partners to make such arrangements a success... This book effectively demonstrates that government can increase public value by properly and carefully collaborating with the for-profit and non-profit sectors."--Harold Pollack, Reality-Based Community "Required reading for anyone interested or involved in public policy making to understand the potential value, and risks, of collaborative governance."--Sasha Jesperson, LSE Politics and Policy blog "Donahue and Zeckhauser have written an appealing book that, once again, conceives of collaboration as possible... The scholarship upon which the book is based can not be doubted... The public, non profit, and private sectors will need one another to meet on the basis of respect for the strengths of the other. This book's optimism is a delightful step in that direction."--Jos C. N. Raadschelders, Perspectives on PoliticsTable of ContentsForeword by Stephen Breyer ix Part I: The Promise and Problems of Collaboration Chapter 1: Private Roles for Public Goals 3 Chapter 2: Rationales and Reservations 27 Chapter 3 : he Delegator's Dilemma 45 Part II: Rationales--More, Better, or Both Chapter 4: Collaboration for Productivity 63 Chapter 5: Collaboration for Information 104 Chapter 6: Collaboration for Legitimacy 122 Chapter 7: Collaboration for Resources 156 Part III: The Art of Collaboration Chapter 8: Tasks and Tools 207 Chapter 9: Getting Collaboration Right 240 Chapter 10: Forging the Future: Payoff s and Perils 264 Acknowledgments 289 Index 291

Read more less

Book Synopsis

Read more less

Book SynopsisFinancing Infrastructure Projects is an essential guide to the different methods and strategies that are used to finance infrastructure projects. Fully revised and updated, this second edition includes updated coverage across the sector with a focus on the bankability of infrastructure transactions.Trade ReviewA very useful glossary of financial terms is provided. The different types of public–private partnerships (PPP) are described together with a summary of how they can be structured. The influence of financial and foreign exchange markets is also described in detail. Typical risk in the procurement of infrastructure projects is explained, with a breakdown in terms of financial and non-financial risks. I found the case studies particularly valuable: one a PPP school in the UK and the other a project in the Middle East. While the book does not give all the answers to funding an infrastructure project, it is certainly a must-read for any civil engineer involved in the early stages of project development as well as those responsible for financial delivery. -- Stuart Ross, Arup, UK

Read more less

Book Synopsis

Read more less

Book SynopsisJohn Taylor is a Senior Lecturer in accounting and auditing at Leeds Metropolitan University. He has substantial experience of working as an accountant in the audit profession and was formerly financial director of a company in the clothing industry.Justine Simpson is a Principal Lecturer in Accountancy Financial Services at Leeds Met. She teaches professional accounting qualifications (CIMA, CIPFA, ACCA) and management accountancy, project management, forensic accounting and financial management modules on BA Accounting Finance degree and MSc Accounting.Table of Contents Chapter - 00: Introduction; Chapter - 01: The need for trust; Chapter - 02: Corporate culture; Chapter - 03: Ethical behaviour; Chapter - 04: Principles of corporate governance; Chapter - 05: The role of the senior executives/board; Chapter - 06: Assessing performance and remuneration of directors and senior executives; Chapter - 07: The audit function; Chapter - 08: Corporate governance and other stakeholders; Chapter - 09: Corporate Social Responsibility and its reporting; Chapter - 10: Corporate Social Responsibility, its measurement, theories and models; Chapter - 11: Small companies, charities and other not-for-profit organizations; Chapter - 12: Emerging issues

Read more less

Book SynopsisMergers and acquisitions occur for many legitimate reasons and should be encouraged as a matter of general policy, yet the resulting increase in the level of market concentration and market strength can lead to concerns that certain âdealsâ may irreparably damage the market structure and create anti-competitive effects. This volume explores the competition concerns arising out of mergers and acquisitions, the reasons for merger control and the fundamental options that face all jurisdictions intent on implementing an effective merger control regime. The volume acts as a guide through the development of merger control law, policy and scholarly thought and includes commentary on each of the key stages of any effective merger control regime. The articles consider the objectives of merger control and the broader political landscape within which mergers take place; the procedural issues in merger control, including jurisdictional matters and due process; the different substantive legal standards incorporated into merger control; the relevant theories of harm and the appropriate treatment of efficiencies; and the use of remedies in merger control. The chosen articles mainly, but not exclusively, focus on the US and EU, and several adopt a cross-disciplinary approach encompassing law, political science and economics.Table of ContentsContents: Introduction; Part I The Objectives of Merger Control: The political economy of merger regulation, Aditi Bagchi; Discretion and politicization in EU competition policy: the case of merger control, Lee McGowan and Michelle Cini; Afterword - did the Canadian Parliament really permit mergers that exploit Canadian consumers so the world can be more efficient?, Stephen F. Ross. Part II Procedural Issues in Merger Review: Extraterritoriality, Conflict and Convergence: Transatlantic turbulence: the Boeing-McDonnell Douglas merger and international competition policy, William E. Kovacic; A role for the WTO in international merger control, Andre Fiebig; Merger control in the European Union and the United States: just the facts, Mats A. Bergman, Malcolm B. Coate, Maria Jakobsson and Shawn W. Ulrick; Notification: Reflections on 20 years of merger enforcement under the Hart-Scott-Rodino Act, William J. Baer; Due Process and Standard of Proof: Good governance in European merger control: due process and checks and balances under review, Herwig C.H. Hofmann; Standard of proof in EC merger proceedings: a common law perspective, David Bailey. Part III Substantive Review: Standard of Review: A new substantive test for EU merger control, Kyriakos Fountoukakos and Stephen Ryan; Goodbye to 'the dominance test'? Substantive appraisal under the new UK and EC merger regimes, Rhodri Thompson; Theories of Harm: Conglomerate mergers and range effects: it's a long way from Chicago to Brussels, William J. Kolasky; A legal and economic consensus? The theory and practice of coordinated effects in EC merger control, Simon Bishop and Andrea Lofaro; Efficiency Considerations: Merger control policy: how to give meaningful consideration to efficiency claims?, Damien Gerard; Demand-side efficiencies in merger control, David S. Evans and A. Jorge Padilla. Part IV Remedies: Behavioural remedies in EC merger control - scope and limitations, Ariel Ezrachi; UK merger remedies under scrutiny, Michael Harker; Name index.

Read more less

Book SynopsisAntitrust and competition law is a fast moving area of law and the subject of extensive academic research. The aim of this volume is to select articles as tools for understanding how antitrust and competition law is applied to unilateral conduct which is harmful to the consumer and to the competitiveness of the market. The articles examine the meaning of dominance and monopolisation and show that although legal and economic rules have been developed to establish whether undertakings hold such strong market positions, it is often difficult to determine with certainty that the undertaking being investigated meets the threshold. The various debates on pricing and non-pricing conduct are also represented as are the conflicts that have arisen regarding the exercise of intellectual property rights by powerful undertakings, particularly in the context of the new economies. The volume includes scholarly articles published on both sides of the Atlantic and enables a greater understanding of the application of antitrust and competition law from the point of view of economics and politics.Table of ContentsContents: Introduction; Part I The Meaning of Dominance and Monopolization: Monopolization and abuse of dominance in Canada, the United States, and the European Union: a survey, Brian A. Facey and Danny H. Assaf; The abuse of Hoffman-La Roche: the meaning of dominance under EC competition law, Frances Dethmers and Ninette Dodoo; Market Power: Market definition: an analytical overview, Jonathan B. Baker; Markets without substitutes: substitution versus constraints as the key to market definition, Cento Veljanovski; Assigning market shares, Gregory J. Werden; Application of the concept of barriers to entry under Article 82 of the EC Treaty: is there a case for review?, Oluseye Arowolo; Joint Dominance/Oligopoly: Oligopoly and the antitrust laws: a suggested approach, Richard A. Posner; Considering the oligopoly problem, Craig Callery; Interpreting the boundaries of collective dominance in Article 102 TFEU, Félix E. Mezzanotte. Part II Abuse and Violation: Pricing Practices: Predatory pricing and related practices under Section 2 of the Sherman Act, Phillip Areeda and Donald F. Turner; Exclusionary pricing and price discrimination abuses under Article 82 - an economic analysis, Derek Ridyard; Excessive prices within EU competition law, Liyang Hou; Refusal to Supply: The essential facilities doctrine under US antitrust law, Robert Pitofsky, Donna Patterson and Jonathan Hooks; Harmonizing essential facilities, Spencer Weber Waller and William Tasch; The rise and fall of the essential facility doctrine, Ulf Müller and Anselm Rodenhausen; Margin Squeeze: Margin squeeze abuse, Liam Colley and Sebastian Burnside. Part III Dominance/Monopolization and Intellectual Property Rights: Unilateral refusals to deal in intellectual and other property, Howard A. Shelanski; Challenges of the new economy: issues at the intersection of antitrust and intellectual property, Robert Pitofsky; Antitrust in the new economy, Robert A. Posner; Limiting the scope of Article 82 EC: what can the EU learn from the US Supreme Court's judgment in Trinko in the wake of Microsoft, IMS and Deutsche Telekom?, Damien Geradin; Name index.

Read more less

Book SynopsisIncludes papers that focus upon corporate governance, defined as the system of controls that helps the corporation effectively manage, administer and direct economic resources. This work describes the design and control of effective organizations structure by the vertical and horizontal relationships among the firm, its customers and suppliers.Trade Review...Eight papers present recent research on corporate governance and finance. Journal of Economic LiteratureTable of ContentsList of contributors. Bank monitoring, firm performance and top management turnover in Japan (C.W. Anderson et al.). Corporate governance in Singapore: The impact of directors' equity ownership (G.S. Bhabra, et al.). Method of payment choice for international targets (K.P. Fuller, M.B. Glatzer). Organization structure and corporate governance: A survey (M. Hirschey). Ownership structure and shareholder voting on board structure changes (T.A. John, G.K. Vasudevan). Did earnings management contribute to the overvaluation of Enron's stock? (J.D Martin, A. Sayrak). Operational risk in financial service providers and the proposed Basel capital accord: An overview (J.M. Netter, A.B. Poulsen). Auditor resignations, litigation risk and litigation experience (S. Scholz).

Read more less

Book SynopsisFocuses on corporate governance, defined as the system of controls that helps corporations and other organizations effectively manage, administer, and direct economic resources. This title includes papers that deal with the role played by boards of directors, impact of ownership, executive compensation, and investor protection.Table of ContentsManagerial Power in the Design of Executive Compensation: Evidence from Japan. Market-Value-Maximizing Ownership Structure when Investor Protection is Weak. Corporate Governance and Performance of Banking Firms: Evidence from Asian Emerging Markets. On the Duty of Care of Institutional Investors: Evidence on Participation of Mutual Fund Managers in Shareholder Meetings in Israel. Good Managers Invest More and Pay Less Dividends: A Model Of Dividend Policy. Corporate Downsizing and CEO Compensation. The External Monitoring Bodies’ View of the Board Independence in the New Public Family Firms. Ownership Structure, Financial Rent and Performance: Evidence from the Malaysian Manufacturing Sector. Board of Director Configurations in Mutual Fund Sponsors: Early Evidence of Board-Level Performance. Expropriation, Weak Corporate Governance and Post-IPO Performance: Chinese Evidence. Black–Scholes–Merton, Liquidity, and the Valuation of Executive Stock Options. Unobserved Heterogeneity and the Term-Structure of Default. Financial Sector Development and Sustainable Economic Growth in Regionally Co-Integrated Emerging Markets. The Long-Term Risk Effects of the Gramm-Leach-Bliley Act (GLBA) on the Financial Services Industry. How do Small Firms in Developing Countries Raise Capital? Evidence from a Large-Scale Survey of Kenyan Micro and Small-Scale Enterprises. United States Venture Capital Financial Contracting: Foreign Securities. Operational Hedges and Foreign-Exchange Exposure: The Experience of U.S. MNCs During the Asian Financial Crisis. Share Repurchases in New Zealand. List of Contributors.

Read more less

Book SynopsisSurprise is rarely a good thing in business. Unexpected developments range in their effects from inconvenient to disastrous. To avoid being blindsided, companies must develop a Competitive Early Warning system, or CEW, which combines strategic planning, competitive intelligence, and management action.\

Read more less

Book SynopsisOffers a positive reappraisal of the giant corporation. Hessen presents an uncompromising defense of the right of corporation to exist and function freely and outlines and examines the arguments and proposals of Ralph Nader, the most vocal critic of the corporation, in addition to addressing various other issues regarding the corporation.

Read more less

Book SynopsisExplores the changing face of savers with interest in and knowledge of financial markets.

Read more less

Book SynopsisThis book serves as a toolkit on risk-based audits and brings together country experiences for implementing risk-based audit systems. Risk management is an important element of effective and efficient compliance management in revenue administration.

Read more less