Finance and accounting Books

Book SynopsisAgricultural, energy or mineral commodities are traded internationally in two market categories: physical markets and financial markets. More specifically, on the financial markets, contracts are negotiated, the price of which depends on the price of a commodity. These contracts are called derivatives (futures, options contracts, swaps). This book presents, on the one hand, the characteristics of these derivatives and the markets on which they are traded and, on the other hand, those transactions that typically combine an action on the physical market and a transaction on the corresponding financial market. The understanding of commodity financial markets mainly relies on the resources of economic analysis, especially the financial economy, because the use of this discipline is essential to understanding the major operations that are conducted daily by the operators of these markets: traders, producers, processors, financiers. Table of ContentsPreface xiJoël PRIOLON Introduction xiiiJoël PRIOLON Chapter 1 General Observations on the Physical Trading of Commodities 1Joël PRIOLON 1.1 The standardization of commodities and commercial contracts 1 1.2 Price volatility of commodities 3 1.2.1 Elasticity 5 1.2.2 King’s law 6 1.3 Important actors in the trading of agricultural commodities 8 1.3.1 Enterprises trading in agricultural commodities 8 1.3.2 Business banks 10 1.3.3 States and the trading of agricultural commodities 10 1.4 Physical markets and financial markets 11 Chapter 2 The Financial Commodity Markets 13Joël PRIOLON 2.1 A financial instrument is a security or a contract that generates a series of financial flows 13 2.2 Physical markets and derivative financial markets 15 2.2.1 Physical commodity markets 15 2.2.2 Organized financial markets of commodities 16 2.3 Large financial operations 19 2.3.1 Arbitrage 19 2.3.2 Speculation on price increases 20 2.3.3 Hedging 22 2.3.4 Physical transactions and financial transactions 23 Chapter 3 Futures Contracts and Forward Contracts 25Joël PRIOLON 3.1 Futures markets in 2013 and 2014 26 3.2 Derivative markets in 2016 27 3.3 An overview of futures contracts 27 3.3.1 Notations 27 3.3.2 Gains and losses at the maturity of an elementary operation 29 3.3.3 Closing a position before maturity 32 3.4 Arbitrage operations and conditions for no arbitrage 32 3.4.1 An elementary example of arbitrage through replication 33 3.4.2 A formal definition of NA 34 3.5 Hedging operations 35 3.5.1 An elementary example of hedging 36 3.5.2 A model for an optimal hedge 40 3.6 Speculation 42 3.6.1 Speculation and hedging, a model for the optimal position 42 3.7 Forward contracts 45 3.8 The pricing of futures and forwards 46 3.8.1 The bases of the Black model 46 3.8.2 The dynamic of futures prices 50 3.9 Commodity swaps 52 3.9.1 Definition and example 52 3.9.2 Pricing a swap 54 Chapter 4 The Storage and Term Structure of Commodity Futures Prices 55Christophe GOUEL 4.1 Essential concepts 56 4.1.1 Uncertainty, spreads and future markets 56 4.2 Normal backwardation 58 4.2.1 The diversity of hedgers on futures markets 59 4.2.2 The empirical scope of the normal backwardation theory 62 4.3 The theory of storage 62 4.3.1 Some fundamental concepts 62 4.3.2 The theory of storage with occasional stockouts 63 4.3.3 Spread and storage 65 4.3.4 The concept of convenience yield 69 4.4 Futures markets and price volatility 70 4.4.1 Hedging and volatility 71 4.4.2 Futures markets and information 71 4.5 Conclusion 72 Chapter 5 Options Markets 73Christophe DOURSAT and Joël PRIOLON 5.1 The fundamental concepts 73 5.1.1 Characteristics of options and a glossary 74 5.1.2 The life of an options contract on an exchange 75 5.1.3 The risk of gain and the risk of loss on elementary strategies 78 5.2 The determinants of the value of an option, the pricing of options 81 5.2.1 The general principle behind the pricing of options 82 5.2.2 Pricing options and choosing a model 83 5.3 Models for estimating the value of an option 84 5.3.1 The one-period CRR pricing model 84 5.3.2 The BS model 87 5.3.3 The origin of the BS model, the Arrow–Debreu model and the concept of the complete market 88 5.3.4 Four propositions 89 5.4 An example of a commodity option traded on an exchange 91 5.5 Conclusion 92 Chapter 6 A Selective Review of Classic Literature in Economics 95Joël PRIOLON 6.1 Holbrook Working 96 6.1.1 Definitions 96 6.1.2 Hedging possibilities in Kansas city in 1951–1952 97 6.1.3 Reinterpreting hedging 100 6.1.4 Price fluctuations 100 6.1.5 Other work related to Working’s model 101 6.2 Leland L Johnson 104 6.2.1 The model 104 6.2.2 A graphical interpretation of the model 106 6.3 Jerome L Stein: cash price and future price 109 6.3.1 The choice of hedging or not hedging stocks 109 6.3.2 The supply of and demand for stocks and balance on the physical market 111 6.3.3 Supply and demand of futures contracts and equilibrium on the financial market 113 6.3.4 Simultaneous equilibrium on the spot and futures markets 114 6.4 Conclusion 115 Chapter 7 A Very Selective Review of Modern Literature in Economics 117Joël PRIOLON 7.1 The price dynamics for cash prices and future prices – a theoretical approach 117 7.1.1 The first case: there is no futures market 118 7.1.2 Second case: a futures market is opened 124 7.2 Market failure: the basis does not always cancel itself out at maturity 125 7.2.1 The model 125 7.3 An example of the destabilizing effect of optional hedging 129 7.3.1 Delta-hedging 129 7.3.2 An elementary example 130 7.3.3 Intuition 131 7.3.4 Graphical analysis of delta-hedging 131 7.4 Conclusion 133 Chapter 8 Questions Surrounding Regulation 135Joël PRIOLON 8.1 Dilemmas surrounding regulation 135 8.1.1 Organized financial markets are governed by strict regulations on the judicial level 136 8.1.2 Physical markets have very little regulation 136 8.2 A broad overview of the evolution of regulation 136 8.2.1 Regulation within the framework of the European Union 137 8.2.2 Regulation in the United States 138 8.2.3 The role of the IOSCO 139 8.3 High-frequency trading: a burning question 140 8.3.1 Algorithmic trading 140 8.3.2 High-frequency trading 141 8.3.3 HFT and the risk of manipulation of the market 143 8.4 Conclusion 144 Appendix 145 References 157 List of Authors 159 Index 161

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Book SynopsisEquity crowdfunding is a new way for seed stage start-ups to generate initial capital and, as such, raises questions around the choices made by investors within this area. Understanding it is important for investor protection, as investors are generally unaware of the factors that can influence their decisions. However, investing in equity crowdfunding places the investor in a unique decision-making framework, in which resources such as images, videos and storytelling are all mobilized by entrepreneurs and platforms as tools of persuasion. This context thus seems to favor more holistic and emotional decision-making, rather than a process that is rational and analytical. This first volume centers on the emotional and axiological determinants of choice. A transdisciplinary theoretical analysis is carried out, combining different fields within the social sciences, primarily finance, marketing and psychology. This state of the art leads to the emergence of an original theoretical framework for understanding investment choices in equity crowdfunding.Table of ContentsAcknowledgments vii Introduction ix Chapter 1. Equity Crowdfunding, a New Form of Financing that Raises a Number of Questions 1 1.1. Equity crowdfunding, a new way of financing companies 1 1.1.1. Definition, emergence and state of play on crowdfunding 1 1.1.2. Equity crowdfunding within the crowdfunding family 10 1.1.3. The regulatory framework for equity crowdfunding 16 1.1.4. The crowd of investors 22 1.1.5. The risks of equity crowdfunding for the individual investor 26 1.1.6. In conclusion 29 1.2. A success that raises questions about the rationality of investors 29 1.2.1. Elements of explanation for a surprising success 30 1.2.2. An emotional dimension not very present in the explanations of the investor’s choice 41 1.2.3. In conclusion 50 1.3. What role for values and the affect? 51 1.3.1. Issue 51 1.3.2. To summarize 61 1.4. Conclusion 62 Chapter 2. Transdisciplinary Approach to the Issue of Investor Choice 63 2.1. Objective and methodology 63 2.1.1. Objective 63 2.1.2. Methodology 64 2.2. Theories that can be used to explain the choice of investors 65 2.2.1. Choice as a rational decision: expected utility theory 66 2.2.2. Emotions, affective reactions and other affective experiences 72 2.2.3. Affect in the models of the judgment and decision-making field 77 2.2.4. Affects in finance 101 2.2.5. Emotional aspects of consumer purchasing behavior 111 2.2.6. Organizational attractiveness and PO-fit: a pull effect 121 2.2.7. Psychology, emotions and values 126 2.3. Toward a concise theoretical framework 143 2.3.1. Theoretical framework 143 2.3.2. Articulation of concepts and theories 145 2.3.3. Disciplinary breakdown of concepts and theories 145 2.3.4. Conclusion 146 References 149 Index 181

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Book SynopsisAn Open Access edition of this book is available on the Liverpool University Press website (https://www.liverpooluniversitypress.co.uk/pages/essentials-of-financial-management-efm).Essentials of Financial Management is an Open Access e-textbook (paperback edition also available) suitable for students with limited knowledge of finance and financial markets. It answers the main questions of a corporate entity, such as how businesses finance their activities, how they select projects to invest in, the distribution of net cash flow and, of increasing importance, how businesses manage price risk relating to cost of goods sold or a decline in revenue. In providing invaluable guidance to finance, management and business students, Essentials of Financial Management employs two main philosophies: that finance is a real-life subject and that finance is a numerical subject, which is why this brilliant e-textbook contains real world examples as well as numerous Excel spreadsheet solutions for students to download and use.

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

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Book SynopsisEffective Training & Development is essential if you are to continuously get the best from your people and extend the knowledge shelf-life of your company. This module explores the vast array of options available to the HR function including on-the-job learning, formal management education, coaching and mentoring. Cost-effectiveness and measurable payback are also dealt with as cornerstones of any training and development activity.Table of ContentsIntroduction to ExpressExec. Introduction to Training and Development Finance. Training and Development Finance: What does Managing Training and Development Finance Involve? The Evolution of Training and Development Finance. The E-Dimension. The Global Dimension. The State of the Art. Managing Training and Development Finance in Practice. Key Concepts and Thinkers. Resources. Ten Steps to Managing Training and Development Finance. Frequently Asked Questions (FAQs). Index.

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Book SynopsisThis innovative two-volume set reprints 24 of the most influential articles on corporate finance published during the period 1996-2003. Five topics are covered: capital structure, securities issuance, payout policy, corporate governance and diversification and internal capital markets. The articles selected reflect two major evolutionary trends and two rather significant departures from prior work. The two trends are the integration of industrial organization theories into finance and the continued refinement of ideas related to the impact of taxation on corporate decision making. The two departures are the increased focus on law and finance and the increased willingness to adopt behavioral approaches.This important collection offers an overview of present thinking and raises new questions in corporate finance.Trade Review'This book contains an excellent selection of post-1995 contributions to the corporate finance literature. It provides especially thorough coverage of the interface of law and finance, which is probably the most important new line of research in corporate finance in the last ten years. A nice, and particularly useful, touch is the inclusion of a few perhaps under-appreciated articles (most notably, J.B. Heaton's "Managerial Optimism and Corporate Finance") that have significant potential to help shape future research. Any serious student of corporate finance will find this collection to be a useful addition to his or her library.' -- Harry DeAngelo, University of Southern California, US'This carefully chosen selection of articles in corporate finance is essential reading for academics and professionals who wish to keep abreast of research in this rapidly advancing field. Jay Ritter is to be congratulated on his grasp of this burgeoning literature.' -- Michael J. Brennan, University of California, Los Angeles, USTable of ContentsContents: Volume I Acknowledgements Foreword Richard Roll Introduction Jay R. Ritter PART I CAPITAL STRUCTURE 1. Jeremy C. Stein (1996), ‘Rational Capital Budgeting in an Irrational World’ 2. Gregor Andrade and Steven N. Kaplan (1998), ‘How Costly Is Financial (Not Economic) Distress? Evidence from Highly Leveraged Transactions that Became Distressed’ 3. John R. Graham (2000), ‘How Big Are the Tax Benefits of Debt?’ 4. John R. Graham and Campbell R. Harvey (2001), ‘The Theory and Practice of Corporate Finance: Evidence from the Field’ 5. J.B. Heaton (2002), ‘Managerial Optimism and Corporate Finance’ 6. Malcolm Baker and Jeffrey Wurgler (2002), ‘Market Timing and Capital Structure’ PART II SECURITIES ISSUANCE 7. David Mayers (1998), ‘Why Firms Issue Convertible Bonds: The Matching of Financial and Real Investment Options’ 8. Craig G. Dunbar (2000), ‘Factors Affecting Investment Bank Initial Public Offering Market Share’ 9. Laurie Krigman, Wayne H. Shaw and Kent L. Womack (2001), ‘Why Do Firms Switch Underwriters?’ 10. Tim Loughran and Jay R. Ritter (2002), ‘Why Don’t Issuers Get Upset About Leaving Money on the Table in IPOs?’ 11. Alexander P. Ljungqvist, Tim Jenkinson and William J. Wilhelm, Jr. (2003), ‘Global Integration in Primary Equity Markets: The Role of U.S. Banks and U.S. Investors’ Name Index Volume II Acknowledgements An introduction by the editor to both volumes appears in Volume I PART I PAYOUT POLICY 1. Amy K. Dittmar (2000), ‘Why Do Firms Repurchase Stock?’ 2. Murali Jagannathan, Clifford P. Stephens and Michael S. Weisbach (2000), ‘Financial Flexibility and the Choice between Dividends and Stock Repurchases’ 3. Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shleifer and Robert W. Vishny (2000), ‘Agency Problems and Dividend Policies around the World’ 4. Eugene F. Fama and Kenneth R. French (2001), ‘Disappearing Dividends: Changing Firm Characteristics or Lower Propensity to Pay?’ PART II CORPORATE GOVERNANCE 5. Andrei Shleifer and Robert W. Vishny (1997), ‘A Survey of Corporate Governance’ 6. Rafael La Porta, Florencio Lopez-De Silanes and Andrei Shleifer (1999), ‘Corporate Ownership Around the World’ 7. Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shleifer and Robert Vishny (2000), ‘Investor Protection and Corporate Governance’ 8. Stijn Claessens, Simeon Djankov and Larry H.P. Lang (2000), ‘The Separation of Ownership and Control in East Asian Corporations’ 9. J. Carr Bettis, John M. Bizjak and Michael L. Lemmon (2001), ‘Managerial Ownership, Incentive Contracting, and the Use of Zero-Cost Collars and Equity Swaps by Corporate Insiders’ 10. Rafael La Porta, Florencio Lopez-De-Silanes, Andrei Shleifer and Robert Vishny (2002), ‘Investor Protection and Corporate Valuation’ PART III DIVERSIFICATION AND INTERNAL CAPITAL MARKETS 11. Jeremy C. Stein (1997), ‘Internal Capital Markets and the Competition for Corporate Resources’ 12. Raghuram Rajan, Henri Servaes and Luigi Zingales (2000), ‘The Cost of Diversity: The Diversification Discount and Inefficient Investment’ 13. John R. Graham, Michael L. Lemmon and Jack G. Wolf (2002), ‘Does Corporate Diversification Destroy Value?’ Name Index

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Book SynopsisThe stock market crash of 1987 combined with scandals in the world's major financial centres has focused both public and academic attention on the importance of regulation. David Gowland critically appraises the methods of regulating financial markets describing their strengths and limitations. He considers the nature of regulation illustrating the argument with references to financial centres throughout the world. Special emphasis is placed on the impact of financial innovation, internationalisation and Black Monday.Trade Review'Gowland offers an international orientation to this topic, examining regulations not only in the US capital markets but in Europe as well. A worthwhile acquisition for both corporate and academic libraries.' -- Choice

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Book SynopsisExchange Rates and the Monetary System comprises a careful selection of Peter B. Kenen's acclaimed papers on international monetary economics written over the past thirty years. The volume includes Professor Kenen's theoretical and empirical essays on the functioning of the international monetary system, policy co-ordination and exchange rate management, the debt problem, monetary integration in Western Europe and economic reform in Eastern Europe. A detailed introduction places Professor Kenen's papers in context and outlines the development of his thought as well as his experience of international policy making and policy co-ordination, beginning with the Kennedy administration and including recent visits to institutions such as the International Monetary Fund and the Bank of England.Divided into sections which deal specifically with theory, measurement and policy prescription, this volume offers a comprehensive assessment of international monetary economics by a scholar who has made significant contributions to both theory and policy.Trade Review'The contributions to this volume are highly relevant and well worth reading.' -- Kees Koedijk, Economic Journal

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Book SynopsisThis major reference book provides an authoritative analysis and survey of consumer research and economic psychology. It provides an international, in-depth overview of the present state of knowledge and theory which will be indispensable to students, researchers and practitioners.The Companion presents over 100 specially commissioned entries on important topics in consumer research and economic psychology from behaviourism and brand loyalty to trust and the psychology of tourism. Leading scholars in the fields provide stimulating insights into the area as well as summarising existing knowledge. Readers will find entries both on new topics that have rarely been considered in the framework of consumer research or economic psychology and on topics that have long been considered important in these disciplines.The book will ably meet the needs of undergraduate and graduate students in business administration, economics, marketing and psychology, as well as informing researchers and practitioners in those disciplines.Trade Review'. . . a generous selection of essays that many will find useful to refresh a faded memory, to grasp an overview of an unfamiliar subject, or to clarify misunderstood or confusing issues. Earl and Kemp have relied on the expertise of a wide selection of scholars to compile a timely and useful resource that can best be described as a short encyclopedia. . . . a readable, authoritative, and diverse research tool. The index is comprehensive and useful. The articles are clearly written. Each is referenced with a set of essential sources for further study. Marketing needs such resources for students and scholars alike. The Elgar Companion can be a good starting point for a student (or professor) who could start learning about a new topic by consulting one of these articles.'

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Book SynopsisMoney and Macroeconomics is a significant collection of David Laidler's most important papers on the so-called 'monetarist counter-revolution'. This volume contains both published and unpublished examples of his influential contribution, detailing empirical work on the demand for money, the economics of inflation, the foundations of the 'buffer stock' approach to monetary theory, the monetarist critique of new classical economics and issues of economic policy.David Laidler has also prepared a personal memoir to accompany his volume which gives a revealing account of his academic career and influences, and places each essay in its original intellectual context. Money and Macroeconomics presents in one volume David Laidler's most important contributions to monetary economics. It will be invaluable to monetary and financial economists as well as policy makers and historians of economic thought.Table of ContentsContents: Economics as a Way of Life – A Personal Memoir 1. ‘The Rate of Interest and the Demand for Money – Some Empirical Evidence’ 2. ‘The Results and Implications of Recent Empirical Work on the Aggregate Demand Function for Money in the United States’ 3. ‘The Permanent-Income Concept in a Macro-economic Model’ 4. ‘Money, Wealth and Time Preference in a Stationary Economy’ 5. ‘The Phillips Curve, Expectations and Incomes Policy’ 6. ‘The Current Inflation – Explanations and Policies’ 7. ‘Monetarist Models of Inflation in Closed and Open Economies’ 8. ‘Information, Money and the Macroeconomics of Inflation’ 9. ‘Monetarism: An Interpretation and an Assessment’ 10. ‘A Small Macro-model of the Post-War United States’ 11. ‘On the Demand for Money and the Real Balance Effect’ 12. ‘Did Macroeconomics need the Rational Expectations Revolution?’ 13. ‘The “Buffer Stock” Notion in Monetary Economics 14. ‘Taking Money Seriously’ 15. ‘What Remains of the Case for Flexible Exchange Rates?’ 16. ‘The Quantity Theory is Always and Everywhere Controversial – Why?’ 17. ‘Price Stability and the Monetary Order’ 18. ‘Monetarism – the Unfinished Business’ Index

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Book SynopsisThis book critically examines the progress made on macroeconomic stabilization and financial sector reform in the transition economies of Central and Eastern Europe. It relates microeconomic experiences to the broader macroeconomic context of reform, and emphasises that macro reform is underpinned by micro and institutional reform, especially in the financial sphere.Key features include: bank and enterprise restructuring and the progress towards the resolution of banking and bad debt problems implications of bank and enterprise restructuring for corporate governance and company performance an evaluation of bank-enterprise relationships exchange rates and capital flows, with an analysis of the capital inflow problem and the performance of fixed exchange rate regimes in the post-stabilization phase of the transition detailed surveys of individual firm and bank behaviour and performance during the reform process. The book will be welcomed by scholars and practitioners interested in monetary and financial economics, the economics of transition and comparative economic systems.Table of ContentsContents: Foreword: Keynote Speech by Vahur Kraft, President, Bank of Estonia Preface 1. Introductory Overview Part I: Bank and Enterprise Restructuring 2. The Polish Bank and Enterprise Restructuring Programme 3. Enterprise Restructuring and Changes in the Business Environment in Estonia 4. Financial Contracts and Relations in the Small and Medium-Sized Enterprise Sector in Poland 5. Financing Small and Medium-Sized Enterprises in Poland, 1989–1994 6. Entry Conditions, Structure and Performance in Banking Sectors in Central and Eastern Europe 7. Financial Reforms in Poland Part II: Exchange Rate Regimes and Capital Flows 8. Fixed Exchange Rate Regime in the Stages of Transition 9. Macroeconomic Policy and Capital Flows 10. The Magnitude and Determinants of Capital Flight in Eastern Europe 11. Sterilization of Capital Inflows in Transition Economies Part III: Macroeconomic Effects of Financial Reforms and Panel Discussion 12. Simulation Experiments of the Macroeconomic Effects of Financial Reforms in Poland and Estonia 13. The Continuing Debate Index

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Book SynopsisThis timely book examines the effects of financial liberalization in the more advanced economies of Southeast Asia. The book also analyses the degree to which emerging and transitional economies in East and South Asia can benefit from this example. The weakness of the banking sector is examined in order to explain the reasons behind the currency crisis and to prescribe policies to avoid a similar episode in the future.Further, the book documents the individual steps taken to liberalize the economies over a period of about 20-30 years in each country. The analyses reveal that liberalization led to high growth in economies undertaking such reforms while unwillingness to take such reforms appear to have led to poor growth and hence low social development. This finding contradicts the common belief that liberalization led to the financial crisis and then to growth collapse.An efficient and liberalized financial sector is an essential precondition for promoting and accelerating economic growth and welfare. Arguments supporting this policy are based on the experience of Southeast Asian economies, particularly the pioneers such as Malaysia, Singapore, Indonesia and Thailand. This has led some less developed countries in East and South Asia to initiate the process of financial sector reforms and to realize the potential benefits of such reforms. The authors analyse the reform process and the lessons to be drawn from the experiences of these economies in their quest for sustained development in East and South Asia.Trade Review'This is an insightful, important, and good book. . . [the book] is a valuable addition to the debate on policy making and structures in Asia and will, I hope, be an influential one.' -- Gordon de Brouwer, Bulletin of Indonesian Economic Studies'. . . this book provides useful information about the Asian financial crisis.' -- Ying, Zhu, Asia Pacific Business ReviewTable of ContentsContents: Preface Part I: Liberalization and the Asian Financial Crisis Part II: The Early Reformers Part III: Communists Return to Market Forces Part IV: The Hesitant Reformers Part V: The Lessons from Liberalization Bibliography Index

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Book SynopsisTreasury securities represent the largest sector of interest rate markets. This book will provide securities newcomers with the tools they need to get up to speed and seasoned professionals with a valuable reference source. The book covers every aspect of the market, including: the basics, valuation techniques, risk analysis, and utilizing derivatives to control interest rate risk.Table of ContentsAcknowledgements. 1. U.S. Treasury Securities. 2. Valuation of Treasury Securities. 3. Yield and Return Calculations. 4. The Term Structure of Interest Rates. 5. Spot Rates, Forward Rates, and Theories of the Term Structure of Interest Rates. 6. Measuring Level Risk. 7. Measuring Yield Curve Risk. 8. Measuring Historical Yield Volatility and Forecasting Yield Volatility. 9. Repurchase Agreements. 10. Tax Treatment. 11. Cash Market Trading Strategies. 12. Treasury Futures Contracts. 13. Treasury Options. 14. Valuation of Treasury Futures and Options. 15. Controlling Interest Rate Level Risk with Treasury Futures and Options. 16. Basis Trading with Futures and Volatility Trades with Options. Index.

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Book SynopsisIn Bond Portfolio Management, Frank Fabozzi, the leading expert in fixed income securities, explains the latest strategies for maximizing bond portfolio returns. Through in-depth discussions on different types of bonds, valuation principles, and a wide range of strategies, Bond Portfolio Management will prepare you for virtually any bond related event-whether your working on a pension fund or at an insurance company. Key topics include investment objectives of institutional investors, general principles of bond valuation, measuring interest rate risk, and evaluating performance. Bond Portfolio Management is an excellent resource for anyone looking to master one of the world's largest markets, and is a perfect companion to Fabozzi's successful guide-The Handbook of Fixed-Income Securities.Table of Contents1. Introduction. 2. Investment Objectives of Institutional Investors. SECTION I: THE INSTRUMENTS. 3. Bonds. 4. Agency Mortgage-Backed Securities. 5. Credit Sensitive Mortgage- and Asset-Backed Securities. 6. Interest Rate and Credit Derivatives. 7. Financing Positions. SECTION II: VALUATION. 8. General Principles of Bond Valuation. 9. Valuation Methodologies. 10. Valuation of Interest Rate Derivative Instruments. SECTION III: MEASURING POTENTIAL RETURN AND RISK EXPOSURE. 11. Total Return Framework. 12. Measuring Risk. 13. Measuring Interest Rate Risk. 14. Credit Analysis. SECTION IV: PORTFOLIO MANAGEMENT STRATEGIES. 15. Managing Funds Against a Bond Market Index. 16. Managing Funds Against Liabilities. 17. Strategies with Futures and Swaps. 18. Strategies with Options, Caps, and Floors. 19. Managing a Global Bond Portfolio. 20. Measuring and Evaluating Performance. Appendix: Tax Considerations. Index.

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Book SynopsisStable value investments can be a crucial aspect of any financial manager's portfolio decisions-yet few books provide in-depth coverage of issues concerning their management, underwriting, and pricing. In The Handbook of Stable Value Investments, Frank Fabozzi gives you the comprehensive, specialized information on these investments that is available nowhere else.Table of ContentsPreface. Contributing Authors. SECTION I: INTRODUCTION. 1. Introduction to the Stable Value Investment Market (J. Caswell and K. Tourville). 2. GIC Indices and Their Risk/Return Behavior (R. Ryan). SECTION II: STABLE VALUE INVESTMENTS. 3. Traditional GICs (B. Haendiges and E. Keener). 4. Separate Account GICs (K. Smith and S. Koeppel). 5. The Evolving History of Insurance Separate Accounts (P. McWeeney, et al.). 6. Managing Synthetic GIC Portfolios (J. Caswell and K. Tourville). 7. Buy and Hold Synthetics (T. Pearse). 8. Managed Synthetics (I. Rudolph-Shabinsky and C. Psome). 9. The Evolution of Stable Value Pooled Funds (K. Hueler and J. Quarberg). SECTION III: STABLE VALUE PORTFOLIO MANAGEMENT. 10. Stable Value Management (S. LeLaurin and J. Guenther). 11. A Plan Sponsor's Perspective on Managing Stable Value Separate Accounts: The DuPont Approach (D. Brown, et al.). SECTION IV: CREDIT ANALYSIS. 12. Evolution in Evaluating Life Insurance Company Credit Quality (A. Richmond). 13. GICs: A Life Insurance Credit Perspective (P. McWeeney). 14. Evaluating Wrap Provider Credit Risk in Synthetic GICs (J. Griffin). SECTION V: UNDERWRITING AND PRICING STABLE VALUE RISKS. 15. Underwriting Stable Value Risks (V. Gallo). 16. Pricing Stable Value Risks (V. Gallo). SECTION VI: LEGAL/REGULATORY CONSIDERATIONS. 17. Legal, Regulatory, and Accounting Issues (J. Mercier, et al.). SECTION VII: CONCLUSION. 18. The Epilogue: The Future of Stable Value Investing (K. Walker). Index.

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Book SynopsisThe bank loan market has increased dramatically in recent years and is now viewed by some as a distinct asset class. This comprehensive book covers the structure of the market, secondary market in trading practices, and how to manage a bank loan portfolio.Table of ContentsContributing Authors. 1. The Development of the Leveraged Loan Asset Class (S. Miller). 2. The Leveraged Bank Loan Market (S. Oldham). 3. Evolving Role of Credit Ratings for Bank Loans (S. Bavaria). 4. Bank Loan Ratings (J. Rocher, et al.). 5. The Impact of Subordination on Loan Loss (D. Keisman and S. Miller). 6. Market Standards for Loan Trading in the Secondary Market (A. Taylor). 7. Latin American Loan Syndications in the 1990s (M. Coffey). 8. Securitization of Commercial and Industrial Loans (A. Thompson). 9. Collateralized Loan Obligations: Markets and Analysis (R. Thompson and E. Yun). 10. Corporate Loan Portfolio Management (E. Asarnow and M. McAdams). 11. Credit Derivatives in Bank Loan Management (M. Anson). Index.

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Book SynopsisMortgage-backed securities are becoming an increasingly popular tool for constructing a solid portfolio in today's turbulent market. Frank Fabozzi leads more than a dozen experts in examining all the latest trends of this investment strategy, providing in-depth insight and explaining key areas of the commercial mortgage-backed securities landscape. Topics covered include measuring risks in the whole-loan commercial market, multi-family mortgage-backed securities, and B Pieces. Following on the heels of Advances in Mortgage-Backed Securities and The Handbook of Commercial Mortgage-Backed Securities, Trends in Commercial Mortgage-Backed Securities further demonstrates editor Fabozzi's authority in the subject.Table of ContentsContributing Authors. Index of Advertisers. 1. Measuring Risks in the Whole-Loan Commercial Market (W. Barnes and S. Sprouse). 2. Originating and Processing Loans in a Conduit Operation (C. Bull). 3. Master Servicer, Special Servicer, and Trustee (A. Hambly). 4. Surveillance and Collateral Reporting (T. Hall). 5. Default Risk in CMBS Bond Classes (L. Quigg). 6. Relative Value in the CMBS Market (J. Mulligan). 7. Insurance Company Involvement in the CMBS Industry (J. Felleter). 8. Investing in Multifamily MBS (H. Eski and J. Philips). 9. An Investor's Guide to B Pieces (R. Levine and P. Moreo). 10. Relative Value Tools for CMBS IO Analysis (H. Baek). 11. Weighted Average Pass-Through versus Fixed-Rate CMBS (L. Saguil). 12. Comparing FASIT's with REMICs (D. Carden). Index.

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Book SynopsisAdvances in the Valuation and Management of Mortgage-Backed Securities details the latest developments for valuing mortgage-backed securities and measuring and controlling the interest rate risk of these securities. Complete coverage includes: decomposition of mortgage spreads, MBS index replication strategies and market neutral strategies, Monte Carlo/OAS methodology, valuation of inverse floaters and ARMs, relative value analysis, and hedging mortgage instruments against level risk and yield curve risk.Table of ContentsContributing Authors. 1. Decomposition of Mortgage Spreads (A. Bhattacharya and I. Koren). 2. Replicating the MBS Index Risk and Return Characteristics Using Proxy Portfolios (A. Majidi). 3. Market Neutral Trading Strategies (G. Hall). 4. Total Return Analysis in CMO Portfolio Management (D. Canuel and C. Melchreit). 5. Non-Traded Factors in MBS Portfolio Management (A. Levin and D. Daras). 6. Valuation of CMOs (F. Fabozzi, et al.). 7. Valuation and Portfolio Risk Management with Mortgage-Backed Securities (S. Zenios). 8. The Valuation of PAC Bonds Without Complex Models (C. Asness and M. Smirlock). 9. A Portfolio Manager's Perspective of Inverses and Inverse IOs (W. Leach). 10. Forward Rates and CMO Portfolio Management (C. Asness and J. Beinner). 11. A New Approach to Option-Adjusted Valuation of MBS on a Multi-Scenario Grid (A. Levin). 12. Arbitrage-Free MBS Canonical Decomposition (T. Ho and M. Chen). 13. A Practical Guide to Relative Value for Mortgages (W. Phoa). 14. Hedging Mortgage Passthrough Securities (K. Dunn and R. Sella). 15. An Integrated Approach to Mortgage Hedging and Relative Value Analysis (L. Goodman and J. Ho). 16. Yield Curve Risk of CMO Bonds (M. Schumacher, et al.). 17. Valuation and Analysis of ARMs (S. Mansukhani). 18. Understanding and Valuing Callable REMICs (B. Lancaster, et al.). Index.

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Book SynopsisGary Gastineau and Mark Kritzman team up once again for the third edition of this classic reference tool designed for financial analysts and managers. Anyone involved in financial risk management must have a proper understanding of the words, terms, and phrases used in this fast paced field-and Dictionary of Financial Risk Management clearly provides that understanding. Risk management terminology is a part of almost any financial operation, including cash, forwards/futures, swaps, options-and is found in many disciplines: probability and statistics, tax and financial accounting, and law. The vocabulary of the risk manager continues to expand with the creation of new products and new concepts. This volume carefully defines and illustrates all the words and phrases that financial professionals need to know and understand. The Dictionary of Financial Risk Management includes listings of common acronyms, profit/loss diagrams of new financial instruments, and extensive coverage of derivatives and quantitative techniques. This invaluable reference guide provides comprehensive definitions of the key terms and concepts that many financial professionals need to know on a day-to-day basis.Table of ContentsPreface. Acknowledgments. The Essentials of Financial Risk Management. Dictionary Listings. Appendix. Greek Alphabet. Selected Currency Symbols. Debt Ratings.

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Book SynopsisEquity Flex Options is a practical guide showing how E-FLEX options can reduce the market impact of the sale or purchase of a large block of stock, repurchase stock for the account of its corporate issuer, and help manage potential risk.Table of Contents1. Introduction. 2. The Institutional Options Revolution. 3. Applications of Equity FLEX Options. 4. Equity FLEX Options and Corporate Stock Repurchase Programs. 5. The Economics of Synthetic Stock Based on Equity FLEX Options. 6. Equity FLEX Procedures. Appendix A. Terms Used in Equity FLEX Transactions. Appendix B. When Will It Be Possible to Customize Call Strike Prices? Index.

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Book SynopsisFrank Fabozzi and Chuck Ramsey update their treatise on nonagency mortgage backed securities in this third edition of The Handbook of Nonagency Mortgage Backed Securities. Focused on an important investing area that continues to grow, this book provides comprehensive coverage of all aspects of this specialized market sector, including the mortgage-related asset-backed securities market and commercial mortgage-backed securities. There is information on raw products, such as jumbo loans, alternative A mortgages, and 125 LTV mortgages, as well as structured products, analytical techniques, prepayment characteristics, and credit issues. This fast-growing segment also includes nonagency pass through, nonagency collateralized mortgage obligations, home loan equity-backed securities, and manufacture housing loan backed securities.Table of ContentsContributing Authors. SECTION I: RESIDENTIAL REAL ESTATE-BACKED SECURITIES. PART A: PRODUCTS AND THEIR STRUCTURE. 1. The Nonagency Mortgage Market: Background and Overview (E. Bruskin, et al.). 2. Understanding Shifting Interest Subordination (M. Clancy and M. Constantino, III). 3. Understanding Compensating Interest (L. Goodman and T. Zimmerman). 4. RALI Alternative-A Mortgages (S. Banerjee and E. Mustafa). 5. Home Equity Loans (C. Schorin, et al.). 6. Home Equity Loan Transaction Structures (C. Schorin, et al.). 7. Home Equity Line of Credit (HELOC) Securitizations (W. Roever, et al.). 8. Securitization of 125 LTV Mortgages (H. Katz and G. Costello). 9. Manufactured Housing: Overview, Securitization, and Prepayments (S. Abrahams, et al.). 10. Securities Backed by CRA Loans (D. Westhoff and V. Srinivasan). 11. Single Family Mortgage Revenue Bonds (M. Marz and F. Fabozzi). PART B: CREDIT ANALYSIS. 12. The Default and Loss Experience of Nonagency MBS (T. Gillis). 13. The Rating Agencies' Approach (D. Bendt, et al.). 14. The Evaluation of Excess Spread in Sub-Prime Transactions (A. Figueroa). 15. A Credit Intensive Approach to Analyzing Whole Loan CMOs (E. Toy). 16. Risk-Based Pricing Nonagency Mortgages and Securities (F. Raiter). PART C: PREPAYMENT ANALYSIS AND VALUATION MODELING. 17. The Next Generation of Prepayment Models to Value Nonagency MBS (D. Westhoff and V. Srinivasan). 18. Payment Modeling and Valuation of Home Equity Loan Securities (D. Westhoff and M. Feldman). 19. Identifying Relative Value in Home Equity Loan and Manufactured Housing Securities Using OAS Analysis (A. Dickstein). 20. Home Equity Loan Prepayment Model and OAS Implications (C. Schorin, et al.). 21. A Risk-Return Framework for Evaluating Non-Investment-Grade Subordinated MBS (L. Goodman and L. Lowell). 22. Prepayments on Jumbo Loans (L. Goodman). SECTION II: COMMERCIAL MORTGAGE-BACKED SECURITIES. 23. Introduction to Commercial Mortgage-Backed Securities (B. Lancaster). 24. Understanding Prepayment in CMBS Deals (D. Cheng, et al.). 25. Credit-Driven Prepayment and Default Analysis (M. Ervolini, et al.). 26. An Empirical Framework for Estimating CMBS Defaults (D. Westhoff, et al.). 27. Valuing the Prepayment and Credit Risks of Commercial Mortgage Securities (M. Youngblood). 28. An Options Approach to Commercial Mortgages and CMBS Valuation and Risk Analysis (D. Jacob, et al.). Index.

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Book SynopsisDerivatives and credit derivatives have emerged as significant areas of interest in portfolio planning and risk management. In this book, Mark Anson examines the accounting and taxation implications of these instruments, including the new accounting rules for derivative instruments promulgated by the financial Accounting Standards in the United States, the Accounting Standards Board in Great Britain, and the International Accounting Standards Committee. Regulatory requirements for disclosing derivatives and tax considerations for derivative instruments are discussed (including TRA-97.) Additionally, the book reviews the regulatory accounting deadlines introduced by the Securities and Exchange Commission and the Commodity Futures Trading Commission.Table of ContentsAbout the Author. 1. Accounting for Derivatives: An Introduction to the Issues. 2. New Accounting Rules from FASB: SFAS 133. 3. Regulatory Requirements for Derivatives Disclosure. 4. International Accounting Rules for Derivatives: IASC E62. 5. International Accounting Rules for Derivatives: FRS 13. 6. The Tax Treatment of Derivative Instruments. 7. The Taxpayer Relief Act of 1997. Index.

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Book SynopsisAs the Dow continues its bumpy ride, many investors are looking for safe investments that will let them sleep at night. Fixed income portfolios can help investors meet their investment goals and avoid the turbulence of today's markets. Managing a Family Fixed Income Portfolio fills a gap in the world of investment literature by providing a serious, analytical understanding of bonds and the bond markets that is accessible to non-specialists. In this exploration of a much-neglected Goldman Sachs Fixed Income Research Strategist Aaron Gurwitz offers a blueprint for mastering fixed income portfolio management for families. The book begins with the basic concepts of bond math, asset allocation, and bond portfolio construction. Discussions of the workings of the global bond market focus on the sectors of most interest to high net worth families, including the U.S. municipal bond market, the eurodollar corporate market, and the global government markets. The final section of the book covers more advanced topics related to the yield curve, interest rate volatility, and fixed-income derivatives. The material will be of interest both to financial professionals who work with wealthy families and to those individual investors who wish to understand this important component of a balanced portfolio.Table of ContentsAbout the Author. Preface. PART I. 1. Introduction. 2. Fixed-Income Basics. 3. The Big Picture: Portfolios, Return, and the Role of Fixed-Income Assets. 4. The Level of Interest Rates and the Shape of the Yield Curve. 5. Interest Rates, Bond Prices, and Portfolio Performance. 6. Currency Exchange Rates and Interest Rates. 7. Choosing the Best Structure for the Family Bond Portfolio. PART II. 8. Sectors of the Bond Market: a Global Perspective. 9. Sectors of the Bond Market: A Domestic U.S. Perspective. 10. Credit and Credit Analysis. 11. Operation of the Public Bond Markets. 12. Taxes and the Fixed-Income Portfolio. 13. Managing a Cash Bond Portfolio. PART III. 14. Leverage and Short Sales in the Fixed-Income Markets. 15. More About the Yield Curve. 16. Fixed-Income Options. 17. Evaluating Bonds with Embedded Options. 18. Fixed-Income Derivatives. 19. Putting it All Together: Building and Managing a Private Fixed-Income Portfolio. Index.

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Book SynopsisIn 1952, Harry Markowitz published "Portfolio Selection," a paper which revolutionized modern investment theory and practice. The paper proposed that, in selecting investments, the investor should consider both expected return and variability of return on the portfolio as a whole. Portfolios that minimized variance for a given expected return were demonstrated to be the most efficient. Markowitz formulated the full solution of the general mean-variance efficient set problem in 1956 and presented it in the appendix to his 1959 book, Portfolio Selection. Though certain special cases of the general model have become widely known, both in academia and among managers of large institutional portfolios, the characteristics of the general solution were not presented in finance books for students at any level. And although the results of the general solution are used in a few advanced portfolio optimization programs, the solution to the general problem should not be seen merely as a computing procedure. It is a body of propositions and formulas concerning the shapes and properties of mean-variance efficient sets with implications for financial theory and practice beyond those of widely known cases. The purpose of the present book, originally published in 1987, is to present a comprehensive and accessible account of the general mean-variance portfolio analysis, and to illustrate its usefulness in the practice of portfolio management and the theory of capital markets. The portfolio selection program in Part IV of the 1987 edition has been updated and contains exercises and solutions.Table of ContentsForeword. Preface to Revised Reissue. Preface. PART I: THE GENERAL PORTFOLIO SELECTION MODEL. 1. Portfolio Selection Models. 2. The General Mean-Variance Portfolio Selection Model. 3. Capabilities and Assumptions of the General Model. PART II: PRELIMINARY RESULTS. 4. Properties of Feasible Portfolio Sets. 5. Sets Involving Mean, Variance, and Standard Deviation. 6. Portfolio Selection Models with Affine Constraint Sets. PART III: SOLUTION TO THE GENERAL PORTFOLIO SELECTION MODEL. 7. Efficient Sets for Nondegenerate Models. 8. Getting Started. 9. Denegerate Cases. 10. All Feasible Mean-Variance Combinations. PART IV: SPECIAL CASES. 11. Canonical Form on the Two-Dimensional Analysis. 12. Conical Constraint Sets and Efficiency of the Market Portfolio. PART V: A PORFOLIO SELECTION PROGRAM. 13. Program Description (By G. Peter Todd). Appendix: Elements of Matrix Algebra and Vector Spaces. References. Index.

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Book SynopsisInvestors, shareholders, and corporate leaders looking for an edge in today's New Economy are moving beyond traditional accounting yardsticks toward new means of gauging performance and profitability. An increasing number of Wall Street analysts and corporate boards are adopting value-based metrics such as EVA, MVA, and CFROI as a measure of a firm's profitability because these standards adjust for all of the firm's cost of capital - equity as well as debt. James Grant tackled the issue of economic value added in its infancy with Foundations of Economic Value Added - one of the first primers on the topic, endorsed by its creator, G. Bennett Stewart. Now, in Value Based Metrics: Foundations and Practice, he and Frank Fabozzi head a team of some of the leading proponents of value based metrics on both the investment management side and the corporate side. This comprehensive reference outlines how corporations and analysts can use value based metrics to more accurately measure the financial performance of individual companies, industries, and economies, as well as how to get an edge in today's turbulent market.Table of ContentsPreface. About the Editors. Contributing Authors. 1. Value-Based Metrics: Motivation and Practice (F. Fabozzi and J. Grant). 2. Value-Based Metrics in Financial Theory (F. Fabozzi and J. Grant). 3. Closing the GAAP Between Earnings and EVA (A. Ehrbar). 4. Value-Based Measures of Performance (P. Peterson). 5. Does Value-Based Management Discourage Investment in Intangibles? (S. O'Bryne). 6. Integrating EVA? into the Portfolio Management Process (J. Wolin and S. Klopukh). 7. Economic Margin: The Link Between EVA and CFROI (D. Obrycki and R. Resendes). 8. Value-Based Management and Economic Value Added: A Global Perspective (S. Young). 9. EVA and the OECD Principles of Corporate Governance (R. Shaw, et al.). 10. The Implementation of Value-Based Metrics and the Next Steps in Corporate Valuation (R. Gupta and C. MacDonald). 11. Allocating Risk Capital in Banking (R. Kimball). 12. Internal Use of Value-Based Metrics (B. Lorge). Index.

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Book SynopsisThis book positions risk management as a key element in successfully managing a nonprofit organization. Risk management in nonprofits has several unique characteristics that distinguish it from risk management in for-profit organizations. The authors present and explain specifically tailored strategies and tactics for risk management in nonprofits Risk Management for Nonprofit Organizations is a straightforward, yet comprehensive guide that can be used to easily communicate effective risk management ideas among the various stakeholders who comprise a nonprofit organization. This is a book that can be used to educate and inform nonprofit professionals as well as the nonprofessional volunteers who are so critical to the operations of many nonprofits. It is a tool that will enhance both understanding and communication of risk management principles.Written in clear, jargon-free language, it is a resource that can be read by board members, professional nonprofit managers, volunteers, and other stakeholders of the nonprofit organization. As a tool for building a common appreciation and understanding of risk management, this book has the potential to become a valuable asset for the nonprofit organization.

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Book Synopsis

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Book SynopsisInternational Standards on Auditing (ISA) are standards or guidelines that auditors follow when conducting a financial audit of a companys financial statements in those jurisdictions that have adopted ISAs or some version of ISAs. These standards are issued by the International Federation of Accountants (IFAC) through the International Auditing and Assurance Standards Board (IAASB). ISA covers a wide variety of ground. It designates specific responsibilities of an auditor including how to plan an audit; how to evaluate and conclude on the adequacies of internal controls; how to evaluate audit evidence and draw conclusions from it and how to write an audit report. These are just some of the designated responsibilities among a wide range of auditing requirements. The USA, on the other hand, has its own auditing standards: the so-called Generally Accepted Auditing Standards (GAAS) set forth by the American Institute of Certified Public Accountants for use in private company audits; and the Public Company Accounting Oversight Board (PCAOB), standards which apply to the audits of publicly-owned corporations. The problem for both practitioners and students is that the auditing principles of the ISA and the AICPA are not identical, even though they are moving towards convergence, or at least attempting to do so. That said, the standards of the ISA and AICPA still differ; and this problem is compounded because of the significant differences between the standards of ISA and PCAOB. In fact a study commissioned by the European Community found at least five areas where there are substantial differences. The areas of substantive differences relate to: Assessing and reporting on internal control Reference to the work of another auditor in a group audit Documentation requirements Risk assessment and responses to assessed risks. This is probably one of the most significant differences. Going concern reporting. Under the PCAOB the foreseeable future is limited to 12 months but under the ISA the look forward feature has a different definition. Books have been written on both the PCAOB and ISAs standards. In this proposed book we plan to focus on the differences between the PCAOB and ISA standards. We will cover in a clear and concise way the important differences and similarities between them and provide check lists of dos and donts. This should be of importance to upper level undergraduate students of auditing and auditors in the US and internationally.Key features (List any new features) 1. Reaction to Corona Virus (Cov 19); discussion by PCAOB as to proposed changes required in future auditing standards. 2. Editing of existing standards by PCAOB causing divergence with IAASB 3. New standards by PCAOB causing divergence with IAASB

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Book SynopsisAufgrund der Controllingorientierung liegt der Schwerpunkt auf der Grenzplankosten- und Deckungsbeitragsrechnung sowie der Prozesskostenrechnung, die konsistent in den Gesamtaufbau integriert ist. Der Stoff ist in zwölf Lernmodule strukturiert, deren Lernziele und Kontrollfragen das Selbststudium erleichtern. Einführende "Intuitivbeispiele" sowie ein umfangreiches Glossar erleichtern gerade Anfängern das Verständnis. Ein Arbeitsbuch aus demselben Verlag und eine Internetseite ergänzen das Lehrbuch. Table of ContentsGrundlagen einer controllingorientierten Kostenrechnung.- Rechnungswesen, Unternehmungsführung und Controlling.- Kostentheoretische Grundlagen.- Operative Planungs- und Kontrollrechnung.- Grundlagen der Kostenplanung in der Grenzplankostenrechnung.- Planung der Faktormengen in der Grenzplankostenrechnung.- Planung der Kosten von innerbetrieblichen Leistungen in der Grenzplankostenrechnung.- Kostenkontrolle in der Grenzplankostenrechnung.- Erlösplanung und -kontrolle in der Grenzplankostenrechnung.- Kosten- und Erlösrechnung als Informationsversorgungsinstrument für operative Entscheidungen.- Kurzfristige Erfolgsrechnung in der Grenzplankostenrechnung.- Erweiterungen und Ergänzungen der Grenzplankostenrechnung.- Prozesskostenrechnung.- Kosten- und Erlösrechnung als Informationsversorgungsinstrument für strategische Entscheidungen.- Alternative Ausgestaltungsformen der Kosten- und Erlösrechnung.

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Book SynopsisDie Finanzfunktion ist seit Jahren einem starken Wandel unterworfen. Kaum ein großes Unternehmen kann sich dem Veränderungsbedarf entziehen. Dabei sind zwei scheinbar gegenläufige Trends zu verzeichnen. Zum einen entwickeln sich Finanzvorstand und Controller zunehmend zu Partnern und Co-Piloten, die auf Augenhöhe mit dem Vorstandsvorsitzenden bzw. dem jeweiligen Manager agieren. Deren Bedarf an qualifizierter Unterstützung durch einen Counterpart auf Augenhöhe steigt weiter und bietet der Finanzfunktion damit interessante Möglichkeiten, ihren gestaltenden Einfluss im Unternehmen weiter auszubauen. Angesichts dieser Herausforderungen thematisiert das vorliegende Heft die Veränderungen des Rollenprofils von Finanzvorständen und Controllern, Wege zur Effizienzsteigerung durch Shared Service und Outsourcing sowie die Herausforderung großer Transformationsprojekte.Table of ContentsReporting 2.0: Wie Self-Service-Auswertungen das Controlling verändern.- Controlling & IT – Hype oder nachhaltige Entwicklung?.- Die Transformation des Controllings bei der LANXESS AG.- CFO heute – Neue Rollen, neue Strukturen, neue Chancen.- CFO neu – Wandel einer Führungsfunktion.- Eine Frage des Stils – Das Einflusspotenzial des CFOs.- Stärkung des kritischen Counterparts durch Mechanismen des sozialen Einflusses.- Das Glas ist halb voll – Der Controller auf dem Weg zum strategischen Partner.- Der Biltroller im Mittelstand – Controlling und Bilanzierung in einer Hand.- Shared Services – Erfolgsfaktoren bei Aufbau und Betrieb.- Wie anpassungsfähig ist Ihre Finanzfunktion?.- Offshoring statt Outsourcing.

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Book SynopsisDie Dienstleistungswirtschaft ist ein zentraler Baustein unseres Wohlstandes und beschäftigt den Großteil der Erwerbstätigen. Folglich gilt es, gerade hier Potenziale für Produktivitätsgewinne zu identifizieren und auszuschöpfen. Eine Übertragung der Instrumente zur Produktivitätsbewertung und -steigerung aus der Sachgüterproduktion hat sich allerdings als nicht zielführend erwiesen, da beispielsweise die Qualitätsaspekte einer Dienstleistung nicht berücksichtigt werden. Was ist daher bei der produktivitätsorientierten Gestaltung von Dienstleistungen zu beachten? Wie können konkrete Lösungen aussehen? Was sind innovative Ansätze und Methoden? Der vorliegende Sammelband gibt Antworten, indem er den aktuellen Stand des Wissens in Forschung und Praxis zusammenträgt und anwendungsorientiert präsentiert. Dazu werden konkrete Lösungen, innovative Ansätze und Methoden vorgestellt sowie Validierungen und Umsetzungen mit Praxispartnern durchgeführt. Die Beiträge spiegeln die Ergebnisse aus acht praxisorientierten Forschungsprojekten wider, die überwiegend im Rahmen des Förderschwerpunkts „Produktivität von Dienstleistungen“ innerhalb des Förderprogramms „Innovationen mit Dienstleistungen“ des Bundesministeriums für Bildung und Forschung (BMBF) erarbeitet wurden. Mit der Durchführung des Förderschwerpunktes wurde der Projektträger im Deutschen Zentrum für Luft- und Raumfahrt (PT/DLR) betraut.Table of ContentsProduktivitätsmanagement industrieller Dienstleistungen.- Produktivitätsbenchmarking.- Dienstleistungseffizienz im Gesundheitswesen.- Effizienz im Kundenbeziehungsmanagement.- Produktivitätsmanagement in Aus- und Weiterbildung durch Service Engineering.

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Book SynopsisWerner Gladen stellt in seinem Lehrbuch systematisch wichtige Kennzahlensysteme für Analyse- und Steuerungszwecke vor. Konstruktiv und kritisch werden neue Ansätze für eine wertorientierte Unternehmenssteuerung diskutiert und verständlich vermittelt. Der Autor legt einen deutlichen Schwerpunkt auf das moderne Performance Measurement, das neben monetären Ergebniskennzahlen auch nichtmonetäre Vorlaufindikatoren umfasst und vor allem der Verhaltenssteuerung dienen soll. Wie gut die Performancemaße diese Aufgabe tatsächlich erfüllen können, hängt von situativen Faktoren wie Mitarbeitermotivation, Informationsverteilung zwischen Mitarbeitern und Vorgesetzten, Ausgestaltung der Anreizsysteme und Innovationsgehalt der Aufgaben ab. Die Kontextabhängigkeit der Nutzung von Kennzahlen wird auf Basis aktueller Ansätze des Controllings, des strategischen Managements und der Organisationslehre erörtert. In der 6. Auflage wurden verschiedene Aspekte der wertorientierten Steuerung, wie Wertbeitrag des Working Capital Management, Relative Value of Growth sowie Nachhaltigkeit und Wertorientierung, ergänzt bzw. neu aufgenommen.Trade ReviewAus den Rezensionen zur 6. Auflage: “… Dieses Lehrbuch bietet einen umfassenden, systematish struktrierten und professionellen Beitrag zur Integration von Management und Controlling mittels des performance Measurements … Das Werk kann insbesondere den BWL-Studierenden an Hochschulen und weiterbildenden Akademien mit Fachrichtung Management und Controlling sowie den Finanz- und Controllingpraktikern zur Nutzung bestens empfohlen werden.“ (Bernd W. Müller-Hedrich, in: rezensionen.ch, 11.Juni.2014).Table of ContentsInformationssysteme und Unternehmenssteuerung.- Erfolgs-Kennzahlen.- Wertorientierte Kennzahlen.- Steuerungs-Kennzahlen.- Funktionsbereichs-Kennzahlen.- Risiko-Kennzahlen.- Strategische Kennzahlensysteme.

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Book SynopsisDieses Praxisbuch bietet einen schnellen Einstieg in die Regelungen der E-Bilanz und richtet sich als Leitfaden zur Umsetzung insbesondere an kleine und mittlere Unternehmen und deren Steuerberater. Erläutert werden Erstanwendungszeitpunkt, Minimalumfang der Übermittlung, freiwillige Mehrübermittlung mit ihren Wahlmöglichkeiten in der Buchhaltung, Umsetzungstipps für KMU und Steuerberater sowie denkbare Prüfschritte des Finanzamts. Die Umsetzung der E-Bilanz durch Buchhaltungsprogramme wird anhand konkreter Softwarebeispiele dargestellt. Empfehlungen zum Umgang mit den neuen Anforderungen für KMU und Veranschaulichungen anhand von Praxisbeispielen machen das Werk besonders praxisnah. Table of Contents​Schnelleinstieg E-Bilanz: Welche Unternehmen sind betroffen?.- Welche Daten werden offengelegt?.- Umsetzung und Anwendungspraxis.- Datenschutz und Datenkonservierung.- Umsetzung in Buchhaltungssoftware.- Anforderungen an IT-Systeme.- Prüfungshandlungen des Finanzamts.- Entwicklungen im E-Government.- Überblick der Rechtsgrundlagen.

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Book SynopsisDas Handbuch stellt anhand konkreter Unternehmensbilder aus Industrie und Handel ein Instrumentarium für die praktische Tagesarbeit bereit und weist dem Leser durch die Präsentation einer geregelten Ordnung von Prüfungshandlungen, insbesondere vor dem Hintergrund nicht entdeckter Fehler in der Rechnungslegung, den Weg zu einem stabilen Bestätigungsvermerk.Neu in der 4. Auflage: Die Sicherungsfunktion eines Zielsystems Leitgedanken der Prüfungsstandards im Vergleich: IDW PS und ISA Effizienzsteigerung durch Skalierung Meilensteinführende Navigation Reifegrad der Prüfung und Dienstleistungskapazität Trade Review“... eine sehr praxisnahe und didaktisch gut aufbereitete Darstellung und kritische Befassung mit der modernen Prüfungstechnik vorgelegt. ... kommentarhaften Ausführungen in den Fußnoten sind lesenswert und runden das Handbuch gekonnt ab." (Martin Plendl und Thomas M. Orth, in: WPg Die Wirtschaftsprüfung, Heft 15, 2015)“... Das Handbuch stellt anhand konkreter Unternehmensbilder aus Industrie und Handel ein Instrumentarium für die praktische Tagesarbeit bereit und weist dem Leser durch die Präsentation einer geregelten Ordnung von Prüfungshandlungen, insbesondere vor dem Hintergrund nicht entdeckter Fehler in der Rechnungslegung, den Weg zu einem stabilen Bestätigungsvermerk. ... Dieses Standardwerk sei allen im Bereich der Prüfung von Jahresabschlüssen Tätigen wärmstens empfohlen ...“ (in: Versopgungs Wirtschaft, Jg. 67, Heft 4, 2015)Table of ContentsAnalysen auf Unternehmens- und Prozessebene.- Sensibilität für Risiken.- Wechselnde Herausforderungen im Konjunktur- und Krisenverlauf.- Bilanzmanipulation: Art, Umfang, Hintergründe.- Datenbeschaffung: Informationsquellen, Fragestellungen, Gesprächsführung.- Aspekte einer dv-gestützten Prüfung.- Dokumentation und Scheingenauigkeit.- Prüfungsbericht und Berichtskritik.

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Book SynopsisDas Thema ist von höchster Brisanz in Unternehmen, da ein fehlendes oder unzureichendes Anti-Fraud Management längst kein Kavaliersdelikt mehr ist. Das Buch unterstützt sowohl Unternehmer sowie in Unternehmen für die Überwachung Verantwortliche als auch Berater bei der Erkennung von Fraud und demonstriert Reaktionen zur Risikominimierung und Prävention. Die Autoren zeigen den richtigen Umgang mit Bilanzmanipulation, Korruption, Betrug und Untreue auf und beleuchten die damit verbundene strafrechtliche, unternehmensstrafrechtliche und selbstregulatorische Rahmenordnung sowie Besonderheiten für Wirtschaftsprüfer und Steuerberater.Die Neuerungen in der 2. Auflage umfassen im Schwerpunkt weitere Betrachtungen zu den Themen Cross Border Tax Fraud, Tax Fraud-Forschung sowie Missbrauch von Unternehmen für Geldwäschezwecke.„Insbesondere mit dem umfangreich behandelten Thema des ‚Tax Fraud‘ besitzt das Werk - jenseits der sich primär an den Juristen wendenden steuerstrafrechtlichen Literatur - als ‚Praxisleitfaden‘ fast ein Alleinstellungsmerkmal." Betriebs-BeraterTable of ContentsAusgangslage.- Grundlagen zum Phänomen Wirtschaftskriminalität.- Tax Fraud.- Unternehmen im Fokus von Geldwäscheaktivitäten.- Berufliche Anforderungen an den Steuerberater und Wirtschaftsprüfer.- Strafrechtliche Rahmenordnung und Selbstregulierung.- Forensic Accounting.- Anti-Fraud Management als Risikomanagementdisziplin.

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Book SynopsisController machen immer wieder die Erfahrung, dass sie ihr Fachwissen nicht adäquat im Unternehmen einbringen können. Beispielsweise werden aufwändige Berichte angefertigt, die von der Geschäftsleitung jedoch nicht oder nur am Rande in die Entscheidungsfindung einbezogen werden. Neue Kommunikationsstrategien sind die Lösung. Dieses Buch eröffnet daher eine von Coaching-Elementen inspirierte Perspektive: In einem ganzheitlichen Modell werden praxisorientierte Techniken vermittelt, wie Controller ihre kommunikativen Kompetenzen verbessern und nachhaltigen Erfolg für das Unternehmen und für sich selbst erzielen können. Die Autoren geben in anschaulichen Beispielen Einblick in ihre praktische Erfahrung als coachingorientierte Controller. Zahlreiche Tipps erleichtern die Umsetzung im Berufsalltag und sichern den langfristigen Erfolg.Trade Review“… Gerade weil es sich um eine Erweiterung des bestehenden Controlling-Begriffs handelt, ist das Buch v. a. für erfahrene Controller interessant. Auch liefern die einzelnen Kapitel Literaturhinweise mit tiefergehenden Informationen für die solides Grundlagenwissen vorhanden sein sollte.” (in: Controlling – Zeitschrift für Erfolgsorientierte Unternehmenssteuerung, Jg. 28, November 2016)“... Das Buch ist anschaulich und verständlich geschrieben. Die vorteilhafte Textgestaltung unterstützt die gute Lesbarkeit. Die Tiefe der Ausführungen lässt sich umschreiben mit Themenüberblick einschließlich praktischer Einstiegs hilfen. Die Autoren vermitteln dabei viele Impulse und zeigen bemerkenswerte Ansätze zur Optimierung des Controllings.“ (in: Controller, März - April 2016)Table of ContentsVerborgene Schätze - Ein erster Überblick.- Der coachingorientierte Ansatz.- Das CoCo-Modell.- CoCo-Leitlinien für die Umsetzung.- Der Coco-Ansatz in der Praxis.

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Book SynopsisIT-Controlling und IT-Governance sind wesentliche Erfolgsfaktoren, um den ökonomischen Mehrwert der IT zu erhöhen. Das Werk vermittelt die theoretischen Grundlagen in diesem Bereich und zeigt mit zahlreichen Beispielen, wie es in der Praxis umgesetzt wird.Table of ContentsLeit- und Leistungsbild der IT.- Effektives Key Account Management im IT-Bereich.- Demand- und Portfoliomanagement in der Konzern-IT.- Kundenorientierung der IT in mittelständischen Unternehmen .- Ausrichtung der IT-Strategie im Kontext einer Serviceorientierung.- Eine Referenzmethode zur IT-Leistungsverrechnung.- Erfolgsfaktoren von IT-Kennzahlensystemen.- Gestaltung von IT-Kennzahlensystemen.- Zeitgemäßes Kosten- und Leistungsmanagement für IT-Organisationen.- Unterstützungssysteme der Unternehmensführung.- Die innovative IT-Organisation in der digitalen Transformation.- Einflussfaktoren und Ausgestaltungskonzepte von Steuerungsmechanismen bei Captive Shared Service Providern.- Change Management-Aufgaben bei IT-Roll Outs nach dem Go Live.- Alternativen für eine Change Management-Organisation bei IT-Roll Outs nach dem Go Live.- Etablierung effektiver Informationssicherheit.- Steuerung der Informationssicherheit durch Kennzahlen.- Problemlösungen zum sicheren Versand von E-Mails.- Eskalationsmanagement in IT-Projekten.- Einsatz elektronischer Signaturen im Mittelstand.

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Book SynopsisDie Liste der Vorurteile über das Controlling ist so lang wie ungerechtfertigt. Denn: Controlling bedeutet heute weitaus mehr als reine Kennzahlenberechnung. Controller müssen sich heute als Inhouse-Consultants verstehen, um Veränderungsprozesse aktiv begleiten zu können. Autoren aus renommierten Unternehmen und aus der Wissenschaft setzen sich in diesem Werk umfassend mit dem veränderten Rollenverständnis auseinander und zeigen auf, wie sich Controller im Unternehmen strategisch günstig positionieren. Weiterer Schwerpunkt sind die Schnittstellen des Controllings mit anderen Unternehmensbereichen, z.B. zum Prozessmanagement oder im Zusammenhang mit rechtlichen Fragestellungen.Trade Review“... Die Einzelbeiträge sind tief strukturiert, übersichtlich gestaltet und gut lesbar. Sie enthalten viele nützliche und anwendungsnahe Hinweise, oft auch fragende und kritische Anmerkungen.” (Alfred Biel, in: Haufe.de Controlling, Online-Literaturforum, 11. April 2016)

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Book SynopsisDas Lehrbuch zeigt anhand praxisnaher Beispiele, wie Touristik-Unternehmen ihr betriebliches Rechnungswesen gestalten können. Es erklärt alle wichtigen Hintergründe, um das Management-Accounting zu verstehen und in der Praxis optimal umzusetzen.Kernstück der 2. Auflage ist die vollständige Neugestaltung des Kapitels zur Kostenarten- und Abgrenzungsrechnung mitsamt der zugehörigen Aufgaben und Lösungen. In der Praxis ist zu beobachten, dass finanzielles und betriebliches Rechnungswesen immer näher zusammenrücken. So wurde die Überleitungsrechnung vom Unternehmens- zum Betriebserfolg als Ausgangspunkt gewählt und die kalkulatorischen Kostenarten wurden jetzt in diesen Rahmen eingeordnet.Table of ContentsDas betriebliche Rechnungswesen in der Touristik.- Einfache Kalkulationsverfahren.- Break-Even- und Deckungsbeitragsrechnung.- Kalkulatorische Kostenarten.- Abgrenzungsrechnungen.- Kostenstellen- und -trägerrechnung mit dem BAB.- Ein- und mehrstufige Erfolgsrechnungen.- Kostenanalyse.- Planungsrechnung.- Organisation des betrieblichen Rechnungswesens.

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Book SynopsisDie Autorin untersucht in diesem Essential die elektronische Rechnung im Hinblick auf die Chancen und Risiken des praktischen Einsatzes im Büroalltag. Für den Vorsteuerabzug relevante Vorschriften des Umsatzsteuergesetzes sowie die aktuell durch das Bundesfinanzministerium veröffentlichten GoBD (Grundsätze zur ordnungsmäßigen Führung und Aufbewahrung von Büchern, Aufzeichnungen und Unterlagen in elektronischer Form sowie zum Datenzugriff) werden übersichtlich und nachvollziehbar dargestellt. Dies soll dem Leser helfen, diese besser zu verstehen und im Alltag praktisch anzuwenden.Trade Review“... Inhaltlich liefert das Buch aktuelles Wissen in konzentrierter Form. Besprochen werden die Vor- und Nachteile für Arbeitgeber und Arbeitnehmer genauso wie die gesetzlichen Grundlagen im Umsatzsteuerrecht und innerbetrieblichen Kontrollverfahren. Ein weiterer Schwerpunkt Iiegt auf OnIine-Rechnungen. Topaktuell ist es ein Muss für UnternehmerInnen , ExistenzgründerInnen , MitarbeiterInnen im kaufmännischen Bereich, berufliche WiedereinsteigerInnen, aber auch für Studierende der Informatik oder BWL und Auszubildende in kaufmännischen Berufen.” ( in: AWV-Informationen, Heft 2, März-April 2016)Table of ContentsVor- und Nachteile für Arbeitgeber.- Vor- und Nachteile für Arbeitnehmer.- Gesetzliche Grundlagen im Umsatzsteuerrecht.- Innerbetriebliche Kontrollverfahren.- Besonderheiten: Online-Rechnungen.

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Book SynopsisDieses Buch verschafft einen unmittelbaren Einblick in das Ausmaß der weit verbreiteten und typischen Mängel in Geschäftsberichten. Dazu verwendet Hans Jürgen Etterich eine Vielzahl von Beispielen aus der Praxis.Trade Review“Das Buch vermittelt Studierenden und Praktikern in der Energiewirtschaft eine umfassende und systematische Darstellung der notwendigen Schritte für die Analyse und Optimierung von Energieverbundsystemen. ... Das Buch wird abgerundet durch eine zusammenfassende Beschreibung der Anforderungen für die Entwicklung von Energiemanagementsystemen.” (in: Das E-3 Magazin, 2017)Table of ContentsGeschäftsberichte.- Empirische Untersuchungen.- Ursachen der Defizite.

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Book SynopsisDie Neuauflage dieses Werkes hat nicht nur umfangreiche Aktualisierungen erfahren. Vielmehr erlebt es durch zwei neue Beiträge eine wertvolle und interessante Erweiterung. Im zweiten Teil des Buches zum Thema Steuerungsmodelle wird durch einen neuen Beitrag der zunehmenden Bedeutung der Digitalisierung Rechnung getragen. Klassische Geschäftsmodelle sind im Wandel, mit ihnen verändern sich die Anforderungen an die Unternehmenssteuerung und stellen Unternehmer vor neue Herausforderungen. Der Beitrag zum „Controlling von Multichannel Geschäftsmodellen“ greift diese Herausforderungen auf und entwickelt Lösungskonzepte für das Controlling von Geschäftsmodellen, welche einer Multichannel Strategie folgen. Trade Review“… Sie verbinden innovative und bewährte theoretische Konzepte sowie praktische Erfahrungen der Autoren aus deren Beratungspraxis und gewähren einen Überblick über wichtige Ansatzpunkte sowie exemplarische Lösungsansätze bzw. Handlungsempfehlungen für die Bewältigung der Herausforderungen im Handelscontrolling. … Die Stärke dieses Sammelbandes liegt in der Präsentation aktueller Entwicklungen, Probleme und praxisbezogener Lösungsansätze für das Controlling in Handelsunter-nehmen. Fortgeschrittenen Studierenden und vor allem Praktikern, welche sich mit solchen Themen befassen wollen, bietet dieser Sammelband neue und interessante Informationen mit einem beträchtlichen Erkenntnisgewinn.” (Bernd W. Müller-Hedrich, in: rezensionen.ch, 18. Dezember 2016)Table of ContentsEinführung.- Steuerungsmodelle.- Planung & Forecasting.- Reporting.- Category Management.- Change Management.

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