Finance and the finance industry Books
John Wiley & Sons Inc Mezzanine Financing
Book SynopsisAn in-depth explanation of mezzanine finance Mezzanine finance products, which have grown increasingly popular in recent years, involve a unique and complex form of analysis because of their hybrid nature.Table of ContentsPreface xiii 1 Introduction 1 1.1 The Bi-polar World of Finance 1 1.2 Demarcation of the Product Group 5 1.3 Positioning and Use of Mezzanine Finance 7 1.4 The Risk–Return Conundrum 10 1.5 Providers of Mezzanine Finance 18 1.6 The Market for Mezzanine Products 18 2 The Mezzanine Product Group 25 2.1 Categorization of the Mezzanine Product Group 25 2.1.1 Subordinated debt with step-up rates 26 2.1.2 Subordinated debt with PIK interest 29 2.1.3 Subordinated debt with profit participation 33 2.1.4 Subordinated debt with warrants 40 2.1.5 Convertible loans 51 2.1.6 Preferred shares 58 2.1.7 The wider space of hybrid instruments 64 2.2 Case Study: The Kratos Company – Merger Finance 67 2.2.1 Kratos Inc. – A closer look 69 2.2.2 Case guidance 72 2.2.3 Datasets 73 3 The Implicit Cost of Mezzanine Products 77 3.1 Measuring Risk 77 3.1.1 Risk and return expectations 77 3.1.2 How do you measure risk? 78 3.1.3 What risks do we compensate for? 79 3.2 Types of Risk 80 3.2.1 Diversification as a rule reduces or eliminates firm-typical risk 81 3.2.2 Modern financial theory is eyeing a certain type of investor 81 3.2.3 Measuring market risk: the CAPM (capital asset pricing model) theory 82 3.2.4 The capital asset pricing model 82 3.3 Equity Risk Versus the Risk of Borrowing: Default Risk and the Cost of Debt 87 3.3.1 What are the drivers behind default risk? 87 3.3.2 The risk-free rate 88 3.4 Putting It All Together 90 3.5 How Much Risk is There in a Mezzanine Product? 92 3.6 Cost Versus Return Dynamics for Mezzanine Products 94 4 The ‘Pricing’ Question and Further Financial Dynamics of Convertible Loans and Preferred Convertible Shares 97 4.1 Pricing Grid for Mezzanine Products 97 4.2 Financial Dynamics of Convertibility in Convertible Loans and Preferred Convertible Shares 99 4.2.1 Convertible bonds 99 4.2.2 Convertible preferred stock (CPS) 107 4.2.3 Valuation and pricing of (embedded) options 110 4.3 Case Study: JJ Bars & Restaurants – Mezzanine for Expansion 121 4.3.1 Europewide Capital Partners 122 4.3.2 The Dutch and European restaurant industry 122 4.3.3 Industry segments 123 4.3.4 JJ Bars & Restaurants 123 4.3.5 Datasets 128 4.3.6 Questions: JJ Bars & Restaurants 138 5 The Mezzanine Product Group and the Financial Industry 139 5.1 The Basel Committee and Framework 140 5.2 The Evolution of the Basel Rules (Basel I and II) 140 5.2.1 The first pillar 141 5.2.2 The second pillar 142 5.2.3 The third pillar 142 5.2.4 Capital definitions under Basel II 142 5.3 Objectives of Basel III and the Central Themes 144 5.3.1 Capital definitions under Basel III 145 5.4 Impact on the Use of Mezzanine Products in the Financial Sector 163 5.5 Regulation in the Insurance Sector Impacting the Use of Mezzanine Products 163 5.5.1 Solvency II 164 5.5.2 Regulated capital under Solvency II 165 5.6 CoCo Bonds – Contingent Convertible Bonds 171 5.6.1 Outlook for the product 176 5.7 Annex I – Summary Basel III 177 5.8 Annex II – Basel III – Specific Features 178 5.9 Case Study Positions: Mezzanine Financing for Financial Institutions 182 5.10 Case Study 1: Financing the Future of Bank Alhanbra 182 5.10.1 Case guidance 183 5.11 Case Study 2: Growing the Brazilian Market 184 5.11.1 Case guidance 186 5.12 Case Study 3: Financing a South African FI which is Part of a Larger Conglomerate Prior to an IPO 186 5.12.1 Case guidance 187 6 Mezzanine and Project Finance 189 6.1 Types of Projects 192 6.2 Financing Aspects 193 6.3 Securitizing Project Loans 195 6.4 Case Study 1: Developing a Toll Road in Poland (A2) 196 6.4.1 Other fi nancial peculiarities 202 6.4.2 Case guidance 203 6.5 Case Study 2: Building and Operating a Wind Park 203 6.5.1 Security 209 7 Real Estate Projects and Mezzanine Finance 211 7.1 Wider Application 212 7.2 Other Applications and Return Issues 214 7.3 Case Study: Financing a Real Estate Company in the CEE Region 220 7.3.1 Projections 223 7.3.2 Points for consideration 223 8 Mezzanine and the Private Equity Space 225 8.1 Drivers of Return 228 8.2 LBO Structure 232 8.2.1 Senior debt 234 8.2.2 Second lien 235 8.2.3 Mezzanine/HY loans 236 8.2.4 PIK notes 246 8.2.5 Equity 246 8.3 Tax Implications 247 8.4 Alternative Transactions Using Similar Financing Structures 247 8.5 Summary of Different Compartments in the LBO Structure 249 8.6 Summary of Types of Securities in the Leverage Structure of an LBO 251 8.7 Case Study: Buying Orangina – a Typical LBO with Some Interesting Questions Ahead! 251 8.7.1 Getting the deal done! 253 8.7.2 Valuation, pricing and deal mechanics 255 8.7.3 Case guidance 255 8.7.4 Datasets 256 8.7.5 How did it all end? 259 9 Mezzanine Products and the World of the Rating Agencies and Accountancy Boards 261 9.1 Rating Agencies and the Debt–Equity Continuum 261 9.1.1 Permanence and deferral characteristics 271 9.1.2 Simplified continuum for banks’ (FIs’) and insurers’ hybrid capital security 272 9.2 Case Study: Fitch’s Approach to Rating Hybrid for Corporates 272 9.2.1 At initiation and thereafter when fundamentals are acceptable; coupon payments are occurring as expected 273 9.2.2 As fundamentals decline and the probability of some form of loss absorption increases 275 9.2.3 When loss absorption features are activated 275 9.2.4 When normal payments are resumed (and the instrument resumes debt‐like performance) 276 9.3 Mezzanine Debt, Rating Agencies, the Regulator and Financial Institutions After 2008 284 9.3.1 The impact of Basel III 285 9.3.2 Phasing out of hybrid capital due to regulatory changes 286 9.3.3 Notching down and structuring 287 9.3.4 Capacity limits in the balance sheets of financial institutions and insurers 289 9.3.5 Basel III and Solvency II 289 9.4 Appendix 1: Equity–Content Maximization and Structuring Criteria at Moody’s 293 9.5 Appendix 2: S&P’s and Moody’s Key Structuring Considerations 294 9.6 The Intricacies of the Accounting World 295 9.6.1 Classification and measurement 296 9.6.2 Impairment methodology 297 9.6.3 Hedge accounting 297 9.6.4 Substance over form 299 9.6.5 Examples of equity instruments 301 9.6.6 IFRS 9 requirements in relation to hybrid instruments 307 9.6.7 Hybrid financial liabilities 308 9.6.8 Preferred shares 309 9.7 Demarcation Lines and Product Modeling 309 9.7.1 Contractual obligation to deliver cash or other financial assets 309 10 Term Sheets, Inter-creditor Agreements and Debt Restructuring 313 10.1 Groups of Covenants 313 10.2 Review of Key Covenants for Mezzanine Products 316 10.3 Other Covenants 318 10.4 Case Studies: The Good, the Bad and the Ugly 319 10.4.1 Good covenants 319 10.4.2 Bad covenants 320 10.4.3 Ugly covenants 320 10.5 A Comparison of Debt Asset Classes 321 10.5.1 Covenants which relate specifically to liquidity events in private market transactions 321 10.5.2 Mezzanine providers and inter-creditor agreements 323 10.5.3 Lien subordination and inter-creditor agreements 326 10.5.4 A quick reminder of the distinction between lien and payment subordination 326 10.6 Case Study: LyondellBasell and Lyondell Chemical Company 339 10.6.1 Specifics of the Lyondell DIP facility 344 10.6.2 Resistance against the proposed DIP facility 345 10.6.3 The outcome 346 10.6.4 Datasets 347 10.6.5 Case guidance 352 11 Outlook 353 11.1 Introduction 353 11.2 The Not-Too-Distant Past 354 11.3 New Kids on the Block 355 11.4 The Unitranche Product 356 11.5 Reorganization of Insolvency Laws in Europe 359 11.6 Islamic Finance: Sukuks and Non-Risk-Free Bond Look-Alikes 360 11.7 Origination Sources for Mezzanine 361 11.8 The Role of Governmental Organizations 362 11.9 The Refinancing Wall: Opportunities and Challenges 363 11.10 Performance of Mezzanine Products 363 Appendix 1 Overview of Term Sheets and/or Model Contracts for the Mezzanine Product Group 367 Appendix 2 First Lien/Second Lien Inter-creditor Agreement 415 Glossary 479 Case Guidance/Solutions 489 Index 505
£52.25
John Wiley & Sons Inc Problems and Solutions in Mathematical Finance
Book SynopsisDetailed guidance on the mathematics behind equity derivatives Problems and Solutions in Mathematical Finance Volume II is an innovative reference for quantitative practitioners and students, providing guidance through a range of mathematical problems encountered in the finance industry.Table of ContentsPreface ix About the Authors xi 1 Basic Equity Derivatives Theory 1 1.1 Introduction 1 1.2 Problems and Solutions 8 1.2.1 Forward and Futures Contracts 8 1.2.2 Options Theory 15 1.2.3 Hedging Strategies 27 2 European Options 63 2.1 Introduction 63 2.2 Problems and Solutions 74 2.2.1 Basic Properties 74 2.2.2 Black–Scholes Model 89 2.2.3 Tree-Based Methods 190 2.2.4 The Greeks 218 3 American Options 267 3.1 Introduction 267 3.2 Problems and Solutions 271 3.2.1 Basic Properties 271 3.2.2 Time-Independent Options 292 3.2.3 Time-Dependent Options 305 4 Barrier Options 351 4.1 Introduction 351 4.2 Problems and Solutions 357 4.2.1 Probabilistic Approach 357 4.2.2 Reflection Principle Approach 386 4.2.3 Further Barrier-Style Options 408 5 Asian Options 439 5.1 Introduction 439 5.2 Problems and Solutions 443 5.2.1 Discrete Sampling 443 5.2.2 Continuous Sampling 480 6 Exotic Options 531 6.1 Introduction 531 6.2 Problems and Solutions 532 6.2.1 Path-Independent Options 532 6.2.2 Path-Dependent Options 586 7 Volatility Models 647 7.1 Introduction 647 7.2 Problems and Solutions 652 7.2.1 Historical and Implied Volatility 652 7.2.2 Local Volatility 685 7.2.3 Stochastic Volatility 710 7.2.4 Volatility Derivatives 769 A Mathematics Formulae 787 B Probability Theory Formulae 797 C Differential Equations Formulae 813 Bibliography 821 Notation 825 Index 829
£59.85
Palgrave Macmillan Equity Derivatives and Hybrids Markets Models and
Book Synopsisthis book provides an up-to-date account of equity and equity-hybrid (equity-rates, equity-credit, equity-foreign exchange) derivatives modeling from a practitioner's perspective. Trade Review'This deep, on-the-money account of equity derivatives and hybrids will appeal to finance professionals and finance professors alike.' -Peter Carr, PhD, Managing Director, Market Modeling, Morgan Stanley; Executive Director, Masters in Math Finance, NYU Courant Institute "Oliver Brockhaus is to be commended for his thoughtfully curated compendium of key results for equity and hybrid quants. The choice of topics bears the mark of the author's experience as a professional quant, including for example a sophisticated treatment of dividend modeling techniques and clear explanations of CVA, DVA, and FVA. Both students and practitioners will find this book invaluable.' -Jim Gatheral, Presidential Professor, Baruch College, CUNY; author of The Volatility Surface 'Oliver Brockhaus is a long established and recognized authority on financial mathematics and derivatives pricing models, and his expertise is abundantly visible in this book. The presentation is clear, the subject matter highly relevant, and the coverage is comprehensive yet focused. In summary: an excellent addition to any practitioner's library for both graduates at entry level as well as senior professionals more interested in advanced aspects of financial engineering.' -Peter Jäckel, PhD, Deputy Head of Quantitative Research, VTB Capital; Managing Director, OTC AnalyticsTable of Contents1 Empirical Evidence 1.1 Distribution 1.2 Drift 1.3 Autocorrelation 1.4 Jumps 2 Equity Derivatives Market 2.1 Underlyings 2.2 Dividends 2.3 Repo Rate 2.4 Delta One Products 2.5 Vanilla Options 3 Exotic Equity Derivatives 3.1 Barriers 3.2 Cliquets 3.3 Asians 3.4 Compound 3.5 Lookback 3.6 Autocallable 3.7 Volatility Products 3.8 Multi Asset Products 3.9 Dynamic Strategies 3.10 Dividend Products 4 Implied Volatility 4.1 Skew Parameterization 4.2 Tail Behaviour 4.3 Time Dependence 5 Dividends 5.1 Forward 5.2 Proportional Dividends 5.3 Deterministic Dividends 5.4 Affine Models 5.5 Dividend Discount Models 5.6 Stochastic Dividend Yield 5.7 Stochastic Hazard And Interest Rates 5.8 Variance Swap 6 Short Volatility Models 6.1 Local Volatility 6.2 Stochastic Volatility 6.3 Local Stochastic Volatility 6.4 Jump Diffusion 6.5 Non-Markovian Models 6.6 Calibration And Hedging Stochastic Volatility 7 Implied Volatility Dynamics 7.1 Implied Volatility Delta 7.2 Forward Volatility 7.3 Modelling Implied Volatility 7.4 Discrete Time Models 8 Correlation 8.1 Implied Correlation 8.2 Correlation Term Structure 8.3 Decorrelation 8.4 Langnau's Local Correlation 8.5 Stochastic Correlation 9 Copulas 9.1 Definition 9.2 Dependence Measures 9.3 Archimedean Copulas 9.4 Marshall-Olkin Copula 9.5 T-Copula 9.6 Factor Copula 9.7 Convex Combination 9.8 Model Independent Arbitrage Bounds 9.9 Gauss Copula Model 10 Fixed Income 10.1 Market 10.2 Short Rate 10.3 Heath-Jarrow-Morton 10.4 Hull-White 10.5 Cox-Ingersoll-Ross 10.6 Markov Functional 11 Equity-Interest Rate Hybrids 11.1 Constant Equity Volatility 11.2 Gauss Copula 11.3 Local Equity Volatility 11.4 Stochastic Equity Volatility 11.5 Dynamic Hedging Of Variance Swaps 12 Credit 12.1 Market 12.2 Reduced Form Models 12.3 Structural Models 12.4 Portfolio Credit Derivatives 13 Defaultable Equity 13.1 Reduced Form Models 13.2 Structural Models 14 Counterparty Credit Risk 14.1 Sources Of Credit Risk 14.2 Credit Valuation Adjustment 14.3 Wrong Way Risk 14.4 Structural Models 14.5 Reduced Form Models 14.6 Funding Valuation Adjustment 15 Foreign Exchange 15.1 Cross Currency Basis Swap 15.2 Market Smile 15.3 Vanna-Volga Approach 15.4 Models 15.5 Quanto Options 15.6 Government Intervention 16 Affine Processes 16.1 General Framework 16.2 European Options And Fourier Transform 17 Monte Carlo 17.1 Method 17.2 Random Numbers 17.3 Path Construction For Brownian Motion 17.4 Discretization 17.5 Greeks 17.6 Variance Reduction 18 Gauss 18.1 Brownian Motion 18.2 Black-Scholes 18.3 Barrier 18.4 Outside Barrier 18.5 Useful Integrals Notation References
£999.99
Palgrave MacMillan Us Quantitative Trading with R Understanding Mathematical and Computational Tools from a Quants Perspective
Book SynopsisQuantitative Finance with R offers a winning strategy for devising expertly-crafted and workable trading models using the R open source programming language, providing readers with a step-by-step approach to understanding complex quantitative finance problems and building functional computer code.Trade Review"Through the lens of an expert practitioner, Harry provides a treatise on how to develop a robust quantitative trading strategy using 'R'. This is the first book written that has covered the ability of 'R' software to provide the infrastructure for an algorithmic trading system. Harry has written an instant classic that the professional and novice will find inherently useful. There is an inordinate amount of working 'R' code that the reader can deploy instantly or lever to develop more exotic functions and scripts. With this book, there is no need for expensive software development or a MATLAB license. Download the R software and you can begin building profitable strategies immediately. Harry has spawned an entire new generation of hedge fund managers with this seminal work." - Ed Zarek, Quantitative Options Trader, Chicago Volatility Group "This is a superb text for aspiring quantitative traders. Financial math and computing concepts are introduced and developed simultaneously. The text guides readers through a set of R programming exercises that culminate in several data-based trading strategies. The conversational writing style and practitioner perspective will resonate with many readers." - Steven Todd, Associate Dean for Faculty and Research, Former Finance Department Chairperson, and Associate Professor Finance, Quinlan School of Business, Loyola University Chicago "Quantitative Trading with R translates complicated topics into straightforward concepts. I'm using it as a reference and Belvedere has already incorporated some of the material into our classes." - Thomas Hutchinson, Managing Partner, Belvedere Trading, LLCTable of Contents1 An Overview 2 Tools of the Trade 3 Working with Data 4 Basic Statistics and Probability 5 Intermediate Statistics and Probability 6 Spreads, Betas and Risk 7 Backtesting with Quantstrat 8 High-Frequency Data 9 Options 10 Optimization
£63.74
Palgrave Macmillan An Option Greeks Primer Building Intuition with
Book SynopsisThis book provides a hands-on, practical guide to understanding derivatives pricing. Aimed at the less quantitative practitioner, it provides a balanced account of options, Greeks and hedging techniques avoiding the complicated mathematics inherent to many texts, and with a focus on modelling, market practice and intuition.Table of ContentsPART I: REFRESHER 0. Notation and Terminology 1. Delta and Gamma PART II: DELTA HEDGING 2. A Simulation Model for Delta Hedging – European Call Options 3. Delta Hedging European Put Options 4. Calculating Cash P&L for a Call Option 5. Calculating Cash P&L for a Put Option PART III: BUILDING SURFACES IN EXCEL 6. Understanding Volatility 7. Building Volatility Surfaces 8. Forward Implied Volatilities PART IV: HEDGING HIGHER ORDER GREEKS 9. Vega, Volga & Vanna 10. Hedging Higher Order Greeks 11. Reviewing the Solver Solution PART V: APPLICATIONS 12. Rebalancing, Implied Vol & Rho 13. Understanding Theta 14. Option Prices and Time to Expiry
£66.49
Palgrave Macmillan Making Sense of Markets
Book SynopsisSince the financial crisis, there have been numerous reports, articles and books highlighting the gloomy future ahead. Making Sense of Markets makes the case that received wisdom is still far too pessimistic, and that the future may be brighter than feared. A plain-speaking guide to keeping an open mind (and how to profit from it).Trade Review'There has never been a time in history when it wouldn't have been easy to find excuses not to invest. At last, an honest antidote, grounded on solid economic thinking, to combat our costly human tendency to pervasive pessimism when it comes to investing. This book punctures the too-easy consensus that the glass is half empty and provides a guide to how investors should really think about the world.' Greg B Davies, PhD: Head of Behavioural-Quantitative Finance, Barclays Wealth and Investment Management "A refreshingly clear, practical and provocative guide to investing that should appeal to individual savers and finance professionals alike. Gardiner combines a deep understanding of macroeconomic and finance theory (and its limits) with a wealth of investment experience. His conclusion: be humble, keep it simple, be optimistic!" Joachim Fels, Global Economic Advisor, PIMCO "Too many financial journalists and practitioners try to make the investment process more exciting than it should be and more esoteric than it needs to be. Kevin Gardiner, a credentialed, experienced practitioner and engaging writer, eschews over-dramatization and self-aggrandizement to offer a common sense approach to investing. Take his advice." Aaron Gurwitz PhD, Former Chief Investment Officer at Barclays Wealth and Investment Management, and Adjunct Instructor in Economics, New York University 'A book full of common sense and wisdom which punctures several myths about economic performance, financial markets and the links between the two, Making Sense of Markets is a refreshing and insightful counter to the view that economic outcomes for decades to come will be weaker than in the past' Professor David Miles, The Monetary Policy Committee, The Bank of EnglandTable of ContentsIntroduction: What We Talk About When We Talk About Markets PART I: THE GLASS IS HALF-FULL 1: Why Is Everybody So Gloomy? The Conventional Account Of What's Gone Wrong2: An Alternative Account – A Richness Of Embarrassments Money Didn't Make The World Go Round3: Five Big Things To Worry Less About – Or Why It Still Pays To Invest In The West 3.I: Debt – There Is Life After It 3.II: Demography – The Timebomb Defused 3.III. Decadence – The West Can Compete 3.IV: Depletion – The Sustainability Challenge 3.V: Danger – Geopolitical Tensions In Context 4: Sources Of Perspective – And A Tiger's Tale Taking A Wider View Raising The Signal-To-Noise Ratio Avoid Clichés Like The Plague Anchoring Downwards: Why Gloom Gets A Grip PART II: WHAT TO DO ABOUT IT5: Know The Game, Know Yourself Be Satisficed: What Investment Is Not About, And The Importance Of Showing Up Know Your Pundits; The Only Theme Worth Investing In A Personal Investment Policy6: Back To Basics: What You Need To Own – It's About Time Here For The Duration: The Key Investment Characteristics The Usual Suspects: The Main Asset Classes And The 'Must Haves' 7: Putting It All Together – Weighting In Vain? Reasonable Expectations And Fair Values Weighting In Vain 8: Conclusion – Postmodern Portfolio Theory
£26.99
Palgrave Macmillan Applied Financial Macroeconomics and Investment
Book SynopsisThe absolute and relative performance of various asset classes is systematically related to macroeconomic trends. In this new book, Robert McGee provides a thorough guide to each stage of the business cycle and analyzes the investment implications using real-world examples linking economic dynamics to investment results.Trade ReviewPRAISE FOR Applied Financial Macroeconomics and Investment Strategy 'A valuable resource for investment professionals trying to separate the economic wheat from the chaff. Underneath the noise and day-to-day market volatility there are systematic forces shaping the trends in asset values. This book explains the role macroeconomic factors play in this process.' - Nouriel Roubini, Professor of Economics and International Business, Stern School of Business, New York University, USA and bestselling author of Crisis Economic 'Six years after the crisis and it is time to ask what it all means. McGee puts the crisis into perspective for investors with a clear road map to macroeconomics. He makes the complicated post-crisis world less frightening by showing how it relates to macroeconomic and financial principles.' - Paul Wachtel, Professor of Economics, Stern School of Business New York University, USA 'Finally a book that connects the academic insights of macroeconomics with the real world performance of financial markets. This book should be read by anyone with a stake in understanding the economy and financial markets from students to new financial professionals and veteran investment managers. Few people read the economic tea leaves better than McGee. This book shows how he does it.' - Ed Hyman, Chairman of Evercore ISI, Founder of ISI and Head of Economic Research Team 'This bold and lucid book provides a welcome antidote to fashionable cynicism claiming that stock market movements have become irrational, and economic policies incomprehensible. McGee offers a clear and practical explanation of the fundamental forces driving financial markets and cuts through the cacophony of talking heads who cannot distinguish the random noise of market hysteria from the valuable investment signals provided by serious analysis of business cycles, monetary policies and structural change in the economy. For anyone with substantial assets invested in financial markets, this book could be literally worth its weight in gold.' - Anatole Kaletsky, Chief Economist and Co-Chairman of Gavekal Dragonomics and Chairman of the Institute for New Economic ThinkingTable of Contents1. Cycles and Trends 2. Business Cycles and Trends 3. Monetary Policy Cycles and Trends 4. Credit Cycles and Trends 5. Equity Market Cycles and Trends 6. Commodity Market Cycles and Trends 7. Other Major Trend Drivers: Technological Change and Globalization 8. Case Study: The 2007-2008 Financial Crisis
£44.99
John Wiley & Sons Inc Fundraising Principles and Practice
Book Synopsis
£58.50
John Wiley & Sons Inc Measuring ESG Effects in Systematic Investing
Book SynopsisA unique perspective on the implications of incorporating ESG considerations in systematic investing InMeasuring ESG in Systematic Investing, a team of authors from Barclays' top-ranked Quantitative Portfolio Strategy group (ranked #1 by Institutional Investor in its 2022 Global Fixed Income Research Survey in both the US and Europe) delivers an insightful and practical discussion of how to reflect ESG considerations in systematic investing. The authors offer a cross-asset class perspectiveincorporating both credit and equity markets in the United States, Europe, and Chinaa unique coverage scope amongst books on this subject. They discuss the interaction between ESG ratings and various other security characteristics, suggest a methodology for isolating the ESG-specific risk premia, analyse the impact of an ESG tilt on systematic strategies and risk factors, and identify several ESG-based signals that are predictive of future performance. You'll also disc
£71.25
John Wiley & Sons Inc Zero to Rich
Book SynopsisAn invigorating and fresh take on building a bright financial future In Zero to Rich: Secrets to Becoming a Millionaire by 30, celebrated personal finance blogger Fiona Smith delivers an energizing new approach to achieving financial security and independence without living like a monk. You''ll discover how to improve your emotional, social, intellectual, andmost importantlyfinancial wellbeing as you implement the straightforward lessons taught by the author. From clarifying your money goals to paying off high-interest debt, you''ll get step-by-step guidance on how to achieve your most critical money milestones. The book provides personal anecdotes, illuminating stories from real people, informational graphics, and engaging end-of-chapter challenges and exercises to help you get started on your new path to financial freedom. You''ll also find: Easy-to-follow advice on how to start investing, including the use of tax-advantaged accounts and 401k plans
£20.39
Kogan Page Ltd Understanding Decentralized Finance
Book SynopsisRhian Lewis is a consultant software engineer and former digital journalist at The Times who is a regular international conference speaker and panellist on all things blockchain and cryptocurrency. She launched the altcoin portfolio tracker countmycrypto.com, co-founded the London Women in Bitcoin meetup group in 2014 and has acted as an advisor and strategist on various blockchain projects for the last seven years. She blogs on cryptocurrency and is the author of The Cryptocurrency Revolution (Kogan Page). She is based near Plymouth, the UK.Trade Review"Understanding Decentralized Finance is a comprehensive guide to the world of DeFi. In a space that is fast moving and hard to navigate, Rhian takes the reader by the hand and describes the promise, the evolution and the current state of this emerging technology. A great read for newcomers and degens alike." * Jonas Seiferth, RetroPGF Lead, Optimism Foundation *"Rhian Lewis presents a balanced and informative view that expertly intertwines the evolution of money and markets with these novel, and potentially game changing, set of technologies whilst unravelling and demystifying the lexicon of arcane terminology and acronyms that have followed the hype into the public psyche in recent years." * Paul Gordon, Founder, Coinscrum *"If you think about the factors stopping DeFi to fulfil its potential, many cite regulation (or lack of regulation) and lack of understanding/knowledge of this space. As it is difficult to control the regulatory part, we can build a deep understanding of what DeFi represents, its components, and the exciting new opportunities it offers - as well as the considerable challenges that occur when the old system collides head-on with the new. I found it exciting that you can boost your knowledge by learning cool concepts such as DeFi mullet, social trading, finfluencer, crypto meme culture and more." * Mirela Ciobanu, Lead Editor, Banking and Fintech, The Paypers *"Weaving together concepts, definitions and real-world examples, Rhian Lewis covers the basics of decentralized finance, the realities of today, the hopes of tomorrow, and the potential blocks to the realization of truly decentralized finances. A must-read for those interested in moving from online hype posts to broader comprehension of the space." * Lloyd Evans, Product Manager - Ventures, 11:FS *"Understanding Decentralized Finance not only gives you a good input into the world of decentralized Finance, but also enables you to deep-dive into topics around this phenomenon." * Christian Steiner, Head of Regulatory, Bitpanda *"Understanding Decentralized Finance is a comprehensive and thought-provoking look at the future of finance, including the intersection of gaming and finance. It offers insights on the challenges of creating a universal system that captures the economic activity of games. A must-read for anyone in the DeFi industry, as well as gamers and enthusiasts." * Julien Paredes, Head of Partnerships, Tropee *"The world of decentralized finance (DeFi) is one of the most exciting, fast evolving areas of money, operating at the intersection of technology and finance. Many jobs will be created and good opportunities. This book will give you a good way to imagine the future of DeFi. I highly recommend this book." * Tram Anh Nguyen, Co-founder, Centre for Finance, Technology and Entrepreneurship (CFTE) *"This book is a comprehensive guide for beginners or experienced professionals seeking to expand their knowledge and understanding of Decentralized Finance (DeFi). The author, Rhian Lewis, possesses extensive knowledge and expertise and has effectively simplified and communicated complex DeFi concepts clearly and captivatingly." * Enrico Mariotti, CEO, Skytale Finance *Table of Contents Chapter - 01: Introduction; Chapter - 02: The current state of financial markets and how they work; Chapter - 03: Overview of DeFi; Chapter - 04: Decentralized Exchanges; Chapter - 05: Decentralized Lending and other financial instruments; Chapter - 06: Risks and challenges; Chapter - 07: What is a DAO?; Chapter - 08: NFTs and DeFi; Chapter - 09: The regulatory environment; Chapter - 10: What the future holds
£85.50
Kogan Page Open Banking and Financial Inclusion
Book SynopsisEllie Duncan is a financial journalist and Head of Content at Open Banking Expo, based in London, UK. She hosts the Open Banking Expo Unplugged podcast and Open Banking Expo TV. She is a former features editor at the Financial Times and has written for titles including Investment Week, Net Zero Investor, Ignites Europe and Portfolio Adviser. She is an experienced broadcast journalist who has moderated webcasts for a number of FT titles, including FundFire and Ignites US.
£112.50
Kogan Page Future Money
Book SynopsisRonit Ghose, based in Dubai, the UAE, runs the Future of Finance team at Citi. Previously, he was Citi's Global Head of Banks Research and Co-Head of Fintech Research. He is the lead author of Citi's cutting-edge GPS Fintech report series. He is also an Advisory Board member at the Centre for Financial Technology at Imperial College Business School and sits on the advisory board of various technology startups and venture capital firms in the UK, Middle East and Africa.
£58.50
Kogan Page Ltd Why DeFi Matters
Book SynopsisIan Horne is the European Head of Content at Money 20/20, the organizer of the largest global events for the fintech industry where he works towards setting the fintech agenda for investors, technologists, banks and payments organizations. Prior to this, he was Head of UK Audience Development at Citywire. Ian Horne has been shortlisted for HeadlineMoney's UK Fintech Journalist of the Year award and is based in London, UK.Trade Review"Why DeFi Matters is a must-read for anyone interested in a holistic understanding of the nuanced conversation around decentralized finance. From addressing the polarizing political climate to financial inclusion, Ian seamlessly blends financial insights, technological trends and philosophical musings, creating a captivating narrative that leaves you feeling inspired and hopeful about the potential of DeFi." * Nicole Casperson, Founder and Author, Fintech is Femme *"This brilliantly informative book serves as a digestible and engagingly written guide, offering clear insights into the past, present and potential future of not just decentralized finance but also digital assets overall." * Erica Stanford, Author of Crypto Wars *"Why DeFi Matters provides a comprehensive, global and inclusive look at decentralized finance. Ian Horne expands the narrative beyond the narrow, store-of-value lens that often limits a real understanding of the depth and breadth of DeFi. The book skillfully captures the story of DeFi, leaving readers with a clear understanding of why money and commerce matters to the global innovation economy." * Cleve Mesidor, Executive Director, Blockchain Foundation & former Obama Presidential Appointee *"If decentralized finance is one of those crypto buzz words that annoy or scare you, fear not, because Ian Horne's new book will guide you through the history that brought us DeFi, breaking down jargon and uncovering details that even the OGs might have missed." * Mauricio Magaldi, Head of Product, Midnight, Input Output & host of the Blockdrops podcast *Table of Contents Chapter - 01: Crypto and DeFi: Why now, and what exactly is it?; Chapter - 02: Ethereum and DeFi: The creation of crypto’s Financial ecosystem; Chapter - 03: Key DeFi terms; Chapter - 04: What does DeFi do?; Chapter - 05: DAOs: The organizational framework for DeFi; Chapter - 06: NFTs: Beyond the hype; Chapter - 07: Virtually financial: The Metaverse, Web3 and the gamification of DeFi; Chapter - 08: TradFi enters the market: Game over for the decentralized dream?; Chapter - 09: CBDCs: The central bank’s answer to crypto; Chapter - 10: The long road ahead: Can DeFi fulfil its promise?; Chapter - 11: Why does DeFi matter?: Concluding thoughts;
£87.30
Kogan Page CustomerCentric Innovation in Finance
Book SynopsisErin B Taylor is the Managing Director of Finthropology based in The Hague, the Netherlands. She specializes in how people's financial behaviour is changing along with innovation in financial services. Anette Broløs is the Director of Finthropology based near Odense, Denmark. She is an experienced fintech leader working on strategic innovation, partnerships, open banking and digital transformation and has held roles as the CEO of Copenhagen FinTech Innovation and Research and the CFO and Head of Development at Fionia Bank.
£112.50
Palgrave USA Theories of New Regionalism A Palgrave Reader
Book SynopsisTheories of New Regionalism represents the first systematic attempt to bring together leading theories of new regionalism.Table of ContentsPreface Notes on the Contributors List of Abbreviations Introduction: Theories of New Regionalism; F.Söderbaum The New Regionalism Revisited; B.Hettne The World Order Approach; A.Gamble & A.Payne Regionalism and World Order: The Changing Global Setting; R.Falk The Regional Project in Global Governance; H.Hveem Regionalism: Providing a Substance to Multilateralism?; D.Tussie New Regionalism and Economic Development; P.S.Mistry Regional Security Complex Theory in the Post-Cold War World; B.Buzan A Region-Building Approach; I.B.Neumann The Political Economy of Scale and the Construction of Cross-Border Micro-Regions; B.Jessop The Weave-World: The Regional Interweaving of Economies, Ideas and Identities; M.Bøås, M.H.Marchand & T.M.Shaw Conclusion: What Futures for New Regionalism?; F.Söderbaum & T.M.Shaw Bibliography Internet Resources A Guide to Further Reading on New Regionalism Index
£104.49
John Wiley and Sons Ltd Contributions to Financial Econometrics
Book Synopsis* Presents five state--of--the--art survey papers on time series econometrics. * Presents a modern financial econometrics software package. * Surveys recent developments in the field. * Discusses the theoretical properties of the GARCH family of models.Table of Contents1. The Econometrics of Financial Time Series: Michael McAleer and Les Oxley. 2. Recent Theoretical Results for Time Series Models with GARCH Errors: W. K. Li, Shiqing Ling and Michael McAleer. 3. Bootstrapping Financial Time Series: Esther Ruiz and Lorenzo Pascual. 4. Measures of Fit for Rational Expectations Models: Tom Engsted. 5. Some Recent Developments in Futures Hedging: Donald Lien and Y. K. Tse. 6. Asset Pricing with Observable Stochastic Discount Factors: Peter Smith and Michael Wickens. 7. G@RCH 2.2: An Ox Package for Estimating and Forecasting Various ARCH Models: Sébastien Laurent and Jean-Philippe Peters.
£21.61
John Wiley and Sons Ltd The Blackwell Encyclopedia of Management Finance
Book SynopsisFully updated, the second edition of The Blackwell Encyclopedia of Management: Finance presents new contributions to reflect the emergence of behavioral finance (loss aversion, the housemoney effect, and momentum, for example), advances in asset pricing and methods in finance such as the role of Threshold Autoregressive and Markov Switching models.Trade Review"One strand running through all the volumes of the Blackwell Encyclopedia is that, while the entries may develop and explain the theoretical concepts of the field, there is also an emphasis on their practical application. This makes this set a good place to start for an overview and quick understanding of a topic – not just for students and researchers but also for practitioners." (Reference Reviews) "Blackwell second edition of this work is every bit as impressive as the first. Bottom Line: Extensively revised, with 30 percent new material throughout, this comprehensive resource remains one of the most authoritative general business encyclopedias available. Highly recommended for academic and special library business collections." (Library Journal) "This is a critical resource for anyone who wants to explore questions on topics such as knowledge management, globalization, change management, business ethical issues, total quality management, or benchmarking and manufacturing strategies. Summing Up: Highly recommended. Academic libraries supporting business/management programs at all academic levels and libraries building a business collection." (Choice)Table of ContentsPreface to the First Edition. Preface to the Second Edition. About the Editors. List of Contributors. Dictionary Entries A-Z. Index.
£100.80
John Wiley and Sons Ltd Risk Management and Insurance
Book SynopsisSkipper & Kwon''s Risk Management & Insurance: Perspectives in a Global Economy provides an in-depth understanding of international risk management and insurance, their dynamics, and the economic, social, political, and regulatory environments surrounding global risk and insurance markets. Incorporates an international perspective from the outset, filling the need to address risk issues on a global scale Follows theory with practice, analyzing real-world case studies, and exploring sound risk management and insurance operations in the future Includes discussion questions and exercise modules to help students understand the issues and apply their learning PowerPoint slides and updates are available online at http://facpub.stjohns.edu/~kwonw Trade Review"'Balanced' is a good word for describing this text. In addition to striking a nice balance between accessibility and thoroughness, it also maintains good balances between breadth and depth, and between the areas of risk management and insurance. I found the writing clear and the within-chapter organization of topics very logical. The text would be useful to both MBA students and insurance industry professionals." Professor Michael R. Powers, Temple UniversityTable of ContentsPreface. Part I: Introduction. 1. Introduction to Risk Management and Insurance. Introduction. The Importance of an International Perspective. Risk Management and Economic Growth. The Language of Risk and Insurance Internationally. The Environment for Risk and Insurance Internationally. The Structure of this Book. Discussion Questions. Notes. References. 2. Risk Perceptions and Reactions. Introduction. Individual Decision-Making Under Uncertainty. Business Decision-Making Under Uncertainty. Societal Decision-Making Under Uncertainty. Conclusion. Discussion Questions. Notes. References. 3. The Economics of International Trade. The Economic Theory of Trade. Fair Trade Concepts. International Trade in Insurance: Economics and Policy. Conclusion. Discussion Questions. Notes. References. Part II: Factors Shaping the Risk Environment Internationally. 4. Societal Risk Assessment and Control: Theory and Practice. Introduction. The Role of Government in Societal Risk Management. Alternative Approaches to Societal Risk Management. Understanding Societal Risk Perceptions and Decision-Making. Conclusion: The Ultimate Risk Bearer. Discussion Questions. Notes. References. 5. Catastrophe Risk Assessment: Natural Hazards. Introduction. Catastrophic Events: Definition and Trends. Types of Natural Disasters. Conclusion. Discussion Questions. Notes. References. 6. Catastrophe Risk Assessment: Human Factors. Introduction. Terrorism. Critical Infrastructure Risks. Environmental Risks. The Role of the Precautionary Principle. Conclusion. Discussion Questions. Notes. References. 7. Societal Risk Management and Changing Demographics. Introduction. The Demographic Transformation. Implications for Fiscal Balance. Economic Growth and Labor Market Challenges. The Challenges to Financial Markets. Implications for International Relations and Stability. Conclusion. Discussion Questions. Notes. References. 8. Regulation of Private-Sector Financial Services. Introduction. Private-Sector Financial Services. Government’s Role in Regulating Private-Sector Financial Services. Overview of Financial Services Regulation. Structure of Regulatory Authorities. Governmental Actions Affecting Financial Services Regulation. Conclusion and Future Prospects:. Discussion Questions. Notes. References. 9. Public-Sector Economic Security. Introduction. Why Private Markets Fail to Provide Some Financial Services. Selected Public-Based Economic Security Services. The Future of Social Insurance. Discussion Questions. Notes. References. 10. The Legal Environment. Introduction. Major Legal Systems of the World. Substantive and Procedural Law. Tort Law Variations Internationally. International Variations in Contract Law. Choice of Law and Free Trade. Discussion Questions. Notes. References. 11. Sociocultural Effects on Risk Management. The Intersection of Culture and Risk Management. Culture and Informal Risk Management Arrangements. Microfinance. Risk Perception Theories and Formal Insurance. Conclusion. Discussion Questions. Notes. References. Part III: Enterprise Risk Management in a Global Economy. 12. Enterprise Risk Management. Introduction. The Evolution of Enterprise Risk Management. Risk Management Fundamentals. The ERM Framework. The Risk Management Process. Conclusions. Discussion Questions. Notes. References 23 PM. 13. Internal Loss Financing Arrangements. Introduction. Motivations for Internal Loss Financing. Self-Insurance. Captive Insurance Companies. Other ART Techniques. Conclusion. Discussion Questions. Notes. References. 14. External Loss Financing Arrangements. Introduction. Risk Financing Through Derivatives. Risk Financing Through Insurance. Integrated Loss Financing Arrangements. Conclusion. Discussion Questions. Notes. Appendix 14A: Proof of Currency Relations. Appendix 14B: Pricing Currency Options. References. 15. Risk Management for Catastrophes. Introduction. Risk Analysis. Risk Control. Risk Financing. Conclusion. Discussion Questions. Notes. References. 16. Personnel Risk Management. Employee Benefits. Risk Management for International Employees. Conclusion. Discussion Questions. Notes. References. 17. Political Risk Management. Introduction. Modes of Foreign Market Entry. Nature of Political Risk. Risk Analysis. Risk Control. Financing the Political Risk Exposure PM. The Importance of Monitoring. Political Considerations in Emerging Markets. Conclusion. Discussion Questions. Notes. References. 18. Intellectual Property and Technology Risk Management. Introduction. Intellectual Property Risk. Information Technology Risk. Biotechnology Risk: The Human Genome Project. Nanotechnology Risk. Technology and the Environment. Conclusion. Discussion Questions. Notes. References. Part IV: Insurance in a Global Economy. 19. The Economic Foundations of Insurance. Expected Utility and the Demand for Insurance. Insurance Supply: Characteristics of Ideal Insurable Exposures. Conclusion. Discussion Questions. Notes. References. 20. The Nature and Importance of Insurance. The Insurance Production Process. Overview of Insurance Worldwide. The International Dimensions of Insurance Supply. The Role of Insurance in Economic Growth. Determinants of Insurance Market Structure. Conclusion. Discussion Questions. Notes. References. 21. Life Insurance. Introduction. Policies Sold by Life Insurance Companies. Selected Life Insurance Markets Internationally. Conclusion. Discussion Questions. Notes. References 7:49:24 PM. 22. Nonlife Insurance. Introduction. Policies Sold by Nonlife Insurance Companies. Selected Nonlife Insurance Markets Internationally. Nonlife Insurance Issues. Discussion Questions. Notes. References. 23. Reinsurance. Introduction. Worldwide Risk Sharing. Reinsurance Demand. Reinsurance Fundamentals and Operations. Reinsurance Markets. Reinsurance Regulation. Conclusions. Discussion Questions. Notes. References. 24. Regulation and Taxation in Insurance Markets. Introduction. Insurance Regulation. Taxation in Insurance. Conclusion. Discussion Questions. Notes. References. 25. Financial Services Integration. Introduction. Meanings and Forms of Integration. The Economics of Integration. Management Issues in Integration. Public Policy Concerns in Integration. The Future of Financial Services Integration. Discussion Questions. Notes. References. Part V: Conclusions. 26. Risk Management and Insurance in a Global Economy: A Future Perspective. Introduction. Environments of the Future24 PM. Risk Management in a Future Global Setting. Insurance in a Future Global Setting. Closing Observations. Discussion Questions. Notes. References. Glossary of Key Terms and Acronyms. Index
£40.38
John Wiley and Sons Ltd Practical Financial Optimization
Book SynopsisThis book gives a comprehensive account of financial optimization models used to support decision-making for financial engineers. It starts with the classical static mean-variance analysis and portfolio immunization, moves on to scenario-based models, and builds towards multi-period dynamic portfolio optimization.Trade Review“This volume is both a comprehensive guide to optimization techniques useful in financial decision making and a well-illustrated essay on the relationship between theory and practice. While the real problem may always be more complex than any model of it we build, that does not necessarily imply that the largest, most complex model will serve us best. Zenios supplies the reader with a spectrum of optimization models, from simple to complex, and sage advice on how to use them.” From the Foreword by Harry M. Markowitz, Nobel Laureate in Economics “Most books on portfolio optimization focus on continuous time stochastic control models. By contrast, Zenios’s decision to focus on mathematical programming models in financial engineering is an auspicious one. The book is well organized and clearly written, and uses a minimum of technical prerequisites (both mathematical and financial). It should therefore be accessible and of interest to a broad audience: industry practitioners interested in the potential application of optimization to the problems they face, students curious about how optimization is applied in finance, and professional researchers who would like a comprehensive overview of the uses of mathematical programming in financial engineering.” David Saunders, University of WaterlooTable of ContentsForeword: Harry M. Markowitz. Preface. Acknowledgments. Notation. List of Models. I. Introduction. 1. An Optimization View of Financial Engineering. 2. Basics of Risk Management. II. Portfolio Optimization Models. 3. Mean-Variance Analysis. 4. Portfolio Models for Fixed Income. 5. Scenario Optimization. 6. Dynamic Portfolio Optimization with Stochastic Programming. 7. Index Funds. 8. Designing Financial Products. 9. Scenario Generation. III. Applications. 10. International Asset Allocation. 11. Corporate Bond Portfolios. 12. Insurance Policies with Guarantees. 13. Personal Financial Planning. IV. Library of Financial Optimization Models. 14. FINLIB: A Library of Financial Optimization Models. Bibliography. Index
£52.50
John Wiley and Sons Ltd Practical Financial Optimization
Book SynopsisThis book gives a comprehensive account of financial optimization models used to support decision-making for financial engineers. It starts with the classical static mean-variance analysis and portfolio immunization, moves on to scenario-based models, and builds towards multi-period dynamic portfolio optimization.Trade Review"This volume is both a comprehensive guide to optimization techniques useful in financial decision making and a well-illustrated essay on the relationship between theory and practice. While the real problem may always be more complex than any model of it we build, that does not necessarily imply that the largest, most complex model will serve us best. Zenios supplies the reader with a spectrum of optimization models, from simple to complex, and sage advice on how to use them."From the Foreword by Harry M. Markowitz, Nobel Laureate in Economics "Most books on portfolio optimization focus on continuous time stochastic control models. By contrast, Zenios's decision to focus on mathematical programming models in financial engineering is an auspicious one. The book is well organized and clearly written, and uses a minimum of technical prerequisites (both mathematical and financial). It should therefore be accessible and of interest to a broad audience: industry practitioners interested in the potential application of optimization to the problems they face, students curious about how optimization is applied in finance, and professional researchers who would like a comprehensive overview of the uses of mathematical programming in financial engineering."David Saunders, University of WaterlooTable of ContentsForeword. Preface. Acknowledgements. List of Models. Notation. I. Introduction. 1. An Optimization View of Financial Engineering. 2. Basics of Risk Management. II. Portfolio Optimization Models. 3. Mean-Variance Analysis. 4. Portfolio Models for Fixed Income. 5. Scenario Optimization. 6. Dynamic Portfolio Optimization with Stochastic Programming. 7. Index Funds. 8. Designing Financial Products. 9. Scenario Generation. III. Applications. 10. Application I: International Asset Allocation. 11. Application II: Corporate Bond Portfolios. 12. Application III: Insurance Policies with Guarantees. 13. Application IV: Personal Financial Planning. IV. Library of Financial Optimization Models. 14. FINLIB: A Library of Financial Optimization Models A. Basics of Optimization. B. Basics of Probability Theory. C. Stochastic Processes. Bibliography. Index.
£34.67
John Wiley and Sons Ltd Policy Management and Finance of PublicPrivate
Book SynopsisPolicy, Management and Finance of Public-Private Partnerships Innovation in the Built Environment This book examines some of the key policy, financial and managerial aspects of public-private partnerships within the context of the global spread of this form of procurement. The chapters investigate political and institutional issues surrounding PPPs, together with the financial and managerial strategies employed by the private sector. Adopting a cross-disciplinary perspective, the book highlights the often politically sensitive nature of these projects and identifies a need for the private sector to investigate a broad set of parameters which relate to the particular political economy of individual partnerships. Policy, Finance & Management for Public-Private Partnerships covers a range of specific issues, including: partnerships in developing countries; innovation in partnership-based procurement; government and business interaction; institutional and Trade Review"The editors draw upon a considerable amount of contributions from affiliated academic and practical experts with experience across a vast geographical spread.... Readers will find it invaluable in expanding their academic and practical knowledge of the subject." (Building Engineer, March 2009)Table of ContentsForeword xi Contributors xiii Acknowledgements xxiii Introduction xxv Part One PPP Policy 1 Chapter 1 Private Finance Initiative in Use 3Ezekiel Chinyio and Rod Gameson 1.1 Introduction 3 1.2 The Private Finance Initiative 4 1.3 UK Government’s Influence on the Use of PFI 5 1.4 Private Sector Tasks in PFI 6 1.5 Establishing PFI Contracts 6 1.6 Forms of Finance Used in PFI 8 1.7 Performance of PFI Schemes – A Theoretical Perspective 10 1.8 Improving the Performance of PFI 14 1.9 Performance of PFI Schemes – An Empirical Review 14 1.10 A Generic Overview of PFI Schemes 19 1.11 Comparative Studies 20 1.12 Conclusion 20 Chapter 2 Using the Private Sector to Finance Capital Expenditure: The Financial Realities 27Jean Shaoul 2.1 Introduction 27 2.2 The Control of PFI 30 2.3 Post-implementation Evaluation of PFI 34 2.4 Conclusion 42 Chapter 3 Obstacles to Accountability in PFI Projects 47Darinka Asenova and Matthias Beck 3.1 Introduction 47 3.2 Finance Capital and Institutional Decision Making 51 3.3 Conclusion 61 Chapter 4 Refinancingand Profitability of UK PFI Projects 64Steven Toms, Darinka Asenova and Matthias Beck 4.1 Introduction 64 4.2 PFI Finance and Value for Money 65 4.3 Mechanisms and Policies of Refinancing 69 4.4 PFI Profits and Refinancing 72 4.5 Conclusion 77 Chapter 5 The Dedicated PPP Unit of the South African National Treasury 82Philippe Burger 5.1 Introduction 82 5.2 The Rationale for PPPs 83 5.3 The Rationale for a Dedicated PPP Unit 84 5.4 A Brief History of PPPs and the PPP Unit in South Africa 86 5.5 The Role of the South African Dedicated PPP Unit 90 5.6 Future Challenges 93 5.7 Conclusion 95 Chapter 6 PPP in Greenfield Airport Development: A Case Study of Cochin International Airport Limited 97Thillai A. Rajan, Sheetal Sharad and Sidharth Sinha 6.1 Introduction 97 6.2 Private Participation in New Airport Development 99 6.3 Indian Aviation Sector 103 6.4 The Cochin International Airport Project 105 6.5 Performance of CIAL 112 6.6 Summary and Lessons 117 Chapter 7 PPPs for Physical Infrastructure in DevelopingCountries 123Akintola Akintoye 7.1 Introduction 123 7.2 An Overview of Public-Private Partnerships 124 7.3 PPP: Developed Economies 125 7.4 PPP: Developing Economies 127 7.5 PPP: Analysis of Private Sector Participation 129 7.6 Discussion 138 7.7 Conclusions 141 Chapter 8 Team Buildingfor PPPs 145Mohan M. Kumaraswamy, Florence Y.Y. Ling and Aaron M. Anvuur 8.1 Introduction 145 8.2 Integrating and Sustaining PPP Teams 147 BLBK049-Akintoye July 30, 2008 13:38 8.3 Hong Kong Perspectives of PPP Teams 149 8.4 Singapore Perspectives of PPP Teams 153 8.5 Integrating PPP Project Teams 156 8.6 Selecting Project Consortium Teams 156 8.7 Concluding Observations 160 Part Two PPP Finance 163 Chapter 9 PPP Infrastructure Investments: Critical Aspects and Prospects 165Demos C. Angelides and Yiannis Xenidis 9.1 Introduction 165 9.2 Critical Issues in Financing PPP Projects 167 9.3 Prospects for PPP Infrastructure Development 171 9.4 Conclusion 178 Chapter 10 Patterns of Financing PPP Projects 181Sudong Ye 10.1 Introduction 181 10.2 General Patterns of Financing PPP Projects 186 10.3 Choice of Financing Patterns 195 10.4 Summary 196 Chapter 11 PPP Financingin the USA 198Arthur L. Smith 11.1 Introduction 198 11.2 PPP Financing Models in the US 200 11.3 Case Studies 206 11.4 Conclusions 210 Chapter 12 Financial Modelling of PPP Projects 212Ammar Kaka and Faisal Alsharif 12.1 Introduction 212 12.2 Research in PPP Financial Modelling 213 12.3 Cost Models 214 12.4 Occupancy Cost 215 12.5 Cash Flow Models 217 12.6 PFI Financial Modelling in Practice 217 12.7 An Example of a PFI Financial Model for Schools 224 12.8 Conclusion 226 Chapter 13 Application of Real Options in PPP Infrastructure Projects: Opportunities and Challenges 229Charles Y.J. Cheah and Michael J. Garvin 13.1 Introduction 229 13.2 Infrastructure Project Flexibility as Real Options 231 13.3 Real Options Literature Related to Architecture, Engineering, Construction and Infrastructure Projects 234 13.4 Modelling Issues and Concerns 237 13.5 An Integrated Real Options–Risk Management Process for PPP Infrastructure Projects 244 13.6 Summary 245 Chapter 14 Financial Implications of Power Purchase Agreement Clauses in Revenue Stream of Independent Power Producers in Nepal 250Raju B. Shrestha and Stephen Ogunlana 14.1 Introduction 250 14.2 Financial Analysis 252 14.3 Analyses of Clauses 255 14.4 Summary 263 Chapter 15 Government Policy on PPP Financial Issues: Bid Compensation and Financial Renegotiation 267S. Ping Ho 15.1 Introduction 267 15.2 Game Theory 268 15.3 Is Bid Compensation Effective in PPP Tendering? 271 15.4 Financial Renegotiation and its Associated Problems 280 15.5 Financial Renegotiation Game and its Equilibrium 281 15.6 Propositions and Rules 289 15.7 Governing Principles and Policy Implications for Project Procurement and Management 292 15.8 Conclusion 299 Part Three PPP Management 301 Chapter 16 Innovation in PPP 303David Eaton and Rıfat Akbiyikli 16.1 Introduction 303 16.2 Innovation and Competitive Advantage in PPP 304 16.3 Stimulants and Impediments to Innovation in PFI/PPP Projects 314 16.4 Innovation and Financial Issues in PFI/PPP Projects 319 16.5 Conclusion 324 Chapter 17 Combining Finance and Design Innovation to Develop Winning Proposals 327Colin F. Duffield and Chris J. Clifton 17.1 Introduction 327 17.2 The Drivers of PFI/PPP Projects in Different Jurisdictions 327 17.3 Design Innovation: The Issues 329 17.4 Financing Arrangements for PFI/PPP Projects 333 17.5 The Theory and Practice of Winning Proposals 342 Chapter 18 The Application of a Whole-Life Value Methodology to PPP/PFI Projects 346John Kelly 18.1 Introduction 346 18.2 Projects 346 18.3 Client Value System 349 18.4 Whole-Life Costing 351 18.5 The Application of Whole-Life Value to the PPP/PFI Process 356 18.6 Discussion 360 Chapter 19 Best Value Procurement in Build Operate Transfer Projects: The Turkish Experience 363Irem Dikmen, M. Talat Birgonul and Guzide Atasoy 19.1 Introduction 363 19.2 Bid Evaluation in BOT Projects 365 19.3 Case Studies 367 19.4 Best Value Procurement in BOT Projects 370 19.5 An Application of the Proposed Methodology 372 19.6 Concluding Remarks 376 Chapter 20 Application of Risk Analysis in Privately Financed Projects: The Value For Money Assessment through the Public Sector Comparator and Private Finance Alternative 379Tony Merna and Douglas Lamb 20.1 Introduction 379 20.2 The PSC and the PFA 381 20.3 Conclusion 395 Chapter 21 Developing a Framework for Procurement Options Analysis 398Darrin Grimsey and Mervyn K. Lewis 21.1 Introduction 398 21.2 What do PPPs Bring to Procurement? 398 21.3 Developing a Methodology 399 21.4 Conclusion 412 Chapter 22 The Payment Mechanism in Operational PFI Projects 414Jon Scott and Herbert Robinson 22.1 Introduction 414 22.2 The Key Principles 414 22.3 Value for Money Arguments 415 22.4 Key Components of the Payment Mechanism 416 22.5 The Output Specification 419 22.6 Performance Measurement System 421 22.7 Case Studies 424 22.8 Analysis and Discussion of Findings 429 22.9 Concluding Remarks 433 Chapter 23 Concession Period Determination for PPP Infrastructure Projects in HongKong 436Xueqing Zhang 23.1 Introduction 436 23.2 PPP Projects in Hong Kong 437 23.3 Build, Operate, Transfer Scheme 440 23.4 Concession Period 441 23.5 Concession Period Determination Methods 443 23.6 Simulation-Based Concession Period Determination Methodology 444 23.7 Simulation-Based Concession Period Determination Framework 446 23.8 Conclusions 454 Index 457
£100.76
Johns Hopkins University Press Reading the Market
Book SynopsisFrom the rise of ticker-tape technology to the development of conspiracy theories, Reading the Market argues that commentary on the Stock Exchange between 1870 and 1915 changed how Americans understood finance-and explains what our pervasive interest in Wall Street says about us now.Trade ReviewHe offers a vivid picture and unique insight and perspective on the significance of the emerging new financial genre and the impact that it was having and would continue to have on the extraordinary American emotional and financial interest in Wall Street and the stock markets. Highly recommended. Choice Reading the Market offers many evidentiary and analytical gems... A provocative and well-written study, this book also adds new dimension to our understanding of the literatures and popular culture of American finance. Knight's model literary analysis should provide ample material for students of American studies and cultural history, and could easily be incorporated into advanced undergraduate and graduate-level coursework. H-Net ReviewsTable of ContentsIntroduction: Mind the Gap—Why Reputational Risk MattersChapter 1: A Reputational Risk FrameworkChapter 2: A Reputational Risk FrameworkChapter 3: Effective Crisis Management Part 1: Getting Ahead of a CrisisChapter 4: Effective Crisis Management Part 2: Defining Roles And ResponsibilitiesChapter 5: Effective Crisis Management Part 3: From Chaos to Managed ProcessChapter 6: Crisis CommunicationsChapter 7: Redefining Issues ManagementChapter 8: The Role of Leadership In CrisisChapter 9: Frameworks and Models to Manage Reputational Risk
£38.70
Johns Hopkins University Press Reading the Market
Book SynopsisAmerica's fascination with the stock market dates back to the Gilded Age. Winner of the BAAS Book Prize of the British Association of American StudiesAmericans pay famously close attention to the market, obsessively watching trends, patterns, and swings and looking for clues in every fluctuation. In Reading the Market, Peter Knight explores the Gilded Age origins and development of this peculiar interest. He tracks the historic shift in market operations from local to national while examining how present-day ideas about the nature of markets are tied to past genres of financial representation. Drawing on the late nineteenth-century explosion of art, literature, and media, which sought to dramatize the workings of the stock market for a wide audience, Knight shows how ordinary Americans became both emotionally and financially invested in the market. He analyzes popular investment manuals, brokers' newsletters, newspaper columns, magazine articles, illustrations, and cartoons. He alsTrade ReviewOffers a vivid picture and unique insight and perspective on the significance of the emerging new financial genre and the impact that it was having and would continue to have on the extraordinary American emotional and financial interest in Wall Street and the stock markets. Highly recommended.—ChoiceReading the Market offers many evidentiary and analytical gems . . . A provocative and well-written study, this book also adds new dimension to our understanding of the literatures and popular culture of American finance. Knight’s model literary analysis should provide ample material for students of American studies and cultural history, and could easily be incorporated into advanced undergraduate and graduate-level coursework.—H-Net ReviewsThis intriguing book illuminates much about markets and, particularly, about the 'culture of the market' as financial capitalism began its will to power in America.—Civil War Book ReviewKnight’s contribution in Reading the Market to the discussion of America’s financial past is powerful and persuasive. His larger work of personalizing its academic genealogy will have a lasting effect on the future scholarly reading of the market’s past.—Journal of the Gilded Age and Progressive EraExcellently researched and intricately orchestrated. Reading the Market offers a fresh and original contribution to the history of capitalism, and also to Gilded Age history generally.—American Historical ReviewCurating a rich assemblage of commercial, political, historical, and literary materials, Knight offers a welcome interdisciplinary study that contributes to the social studies of finance, the new history of capitalism, financial print culture, and visual studies in the Gilded Age and Progressive Era.—Business History ReviewKnight . . . ably blend[s] close readings of literary texts with careful examinations of bank records, bond circulars, and other financial arcana, persuasively suggesting that the history of finance cannot be ceded to the conventional realms of economic, social, or cultural analysis . . . Contribute[s] not only to the field of financial history but also to conversations that have long engaged rural and urban historians; scholars of work, labor organizing, and the corporation; and women's and gender historians . . . Lively analysis of an esoteric archive will be of value to students, specialists, and generalists alike.—Daniel Platt, Brown University, Journal of the Gilded Age and Progressive EraTable of ContentsIntroduction: Mind the Gap—Why Reputational Risk MattersChapter 1: A Reputational Risk FrameworkChapter 2: A Reputational Risk FrameworkChapter 3: Effective Crisis Management Part 1: Getting Ahead of a CrisisChapter 4: Effective Crisis Management Part 2: Defining Roles And ResponsibilitiesChapter 5: Effective Crisis Management Part 3: From Chaos to Managed ProcessChapter 6: Crisis CommunicationsChapter 7: Redefining Issues ManagementChapter 8: The Role of Leadership In CrisisChapter 9: Frameworks and Models to Manage Reputational Risk
£21.38
University of Toronto Press Stumbling Giants
Book SynopsisIn Stumbling Giants, Patricia Meredith and James L. Darroch embark on an audacious and startling examination of Canada's big banks. Meredith and Darroch's new vision for the Canadian banking industry is a call to action for all interested stakeholders to work together in creating a banking system for the twenty-first century.Table of Contents1. The Banks Lose Their Way 2. From Branches to Smartphones 3. Innovation in the Mortgage Market 4. Small and Mid-Sized Business Blues 5. Where are the Customer's Yachts 6. Canada Trails the Third World 7. Long Live the Branch A Banking System for the 21st Century
£26.99
Bristol University Press The Sociology of Debt
Book SynopsisKey thinkers with a range of perspectives provide a sociological analysis of debt focused upon its social, political, economic, and cultural meanings. Contributors consider the lived experience of debt and financialisation taking place globally with accounts that span sociological, cultural, and economic forms of analysis.Trade Review"A sociological study of debt is long overdue, and this volume brilliantly builds on and surpasses earlier work in economic sociology, philosophy and political economy. Each contribution will appeal to readers with academic, political, or personal interests in the macro- and micro-political reframing of indebtedness." Thomas Kemple, University of British ColumbiaTable of ContentsIntroduction: towards a sociology of debt ~ Mark Featherstone Debt, complexity and the sociological imagination ~ Lisa Adkins Debt drive and the imperative of growth ~ Ole Bjerg Memory, counter-memory and resistance: notes on the ‘Greek Debt Truth Commission’ ~ Joshua Bowsher ‘Deferred lives’: money, debt and the financialised futures of young temporary workers ~ Mark Davis and Laura Cartwright ‘Choose your moments’: discipline and speculation in the indebted everyday ~ Samuel Kirwan, Leila Dawney and Rosie Walker Digital subprime: tracking the credit trackers ~ Joe Deville Debt, usury and the ongoing crises of capitalism ~ Nicholas Gane The art of unpayable debts ~ Max Haiven Ecologies of indebtedness ~ Mark Featherstone
£75.99
O'Reilly Media PayPal APIs Up and Running
Book SynopsisIf your web application's success depends on how quickly and easily users can make transactions, PayPal APIs provide effective solutions you can't afford to overlook.
£19.19
MP-WBK World Bank Group Publ Preventing Money Laundering and Terrorist Financ
Book Synopsis
£34.15
John Wiley & Sons Managing County Assets and Liabilities in Kenya
Book SynopsisHelps readers understand the basic concept of asset management; explains systems, tools, and procedures; and provides models and guidance for strategically managing assets, establishing systems and asset registers, and applying life-cycle-based asset operation and maintenance.
£39.56
APress The Handbook of Financial Modeling
Book SynopsisFinancial modeling is a crucial concept for business leaders to understand and execute effectively, but few have the tools necessary to do so. While many professionals are familiar with financial statements and accounting reports, not many are truly proficient at building an accurate and practical financial model from the ground up. The Handbook of Financial Modeling provides these skills and so much more. Now in its second edition, The Handbook of Financial Modeling takes into account the new tech released since its successful initial release. Author Jack Avon uses his expertise to analyze the changes and improvements in industry-wide financial modeling through the past five years, in addition to instilling core concepts for readers of all experience levels. Approaching your company''s financial issues with a modeler''s perspective will transform and improve the rest of your business career''s trajectory.Table of ContentsChapter 1: The Role of Financial Modelers today Sub1: Examples of Real day modelling roles Sub2: Where financial modelers have been used Sub3: The modelling roles for the future (New) Chapter 2: Types of Financial Models (New) Sub1: Quantitive models Sub2: Stochastic models Sub3: Time-based models Sub4: Scenario models Sub5: Valuation models Sub6: Other Models Chapter 3: Review of Best Practices for Modeling Sub1: Accepted rules Sub2: Avoid these Sub:3 Reason behind Best practices (New) Chapter 4: The Modeling Lifecyle explained (New) Sub1: The Seven Modeling components explained. Chapter 5: Planning and designing models Sub1: Methods of Planning Sub2: Completing the Plan Sub3: How to know which model type Sub4: Methods of designing all models Sub5: Completing the design Chapter 6: Its all about the model outputs (New) Sub1: Explore the types of outputs Sub2: Creating Dashboards with Excel Chapter 7: Model Build Sub1: Building the Outputs Sub2: Developing the Inputs and Scenarios Sub3: Connecting the Outputs with the Inputs Sub4: Building Error Checks Sub5: User interaction with the model Chapter 8: Financial Modeling and Accountancy (New) Sub1: Are Financial modelers Accountants? Sub2: Accounting concepts for every modeler Sub3: Where Models and Accounting concepts crossChapter 9: The Implications and Rules of Accounting for Modelers Sub1: Implications of IFRS for Modeling (New) Sub2: Accounting Professional Ethics for Modelers (new) Chapter 10: Calculation methods for modelersChapter 11: Modeling Scenarios Explored (New)Chapter 12: The Importance of DocumentationChapter 13: Model Stress Testing (New)Chapter 14: Model Auditing & Review (New)Chapter 15: The Role of VBA in Financial Models Chapter 16: Financial modelling, where next (New)Appendix A: Modelling Glossary and terminologiesAppendix B: Ready-Made Functions Appendix C: References
£49.49
APress Event and DataCentric Enterprise RiskAdjusted
Book SynopsisTake a holistic view of enterprise risk-adjusted return management in banking. This book recommends that a bank transform its siloed operating model into an agile enterprise model. It offers an event-driven, process-based, data-centric approach to help banks plan and implement an enterprise risk-adjusted return model (ERRM), keeping the focus on business events, processes, and a loosely coupled enterprise service architecture.Most banks suffer from a lack of good quality data for risk-adjusted return management. This book provides an enterprise data management methodology that improves data quality by defining and using data ontology and taxonomy. It extends the data narrative with an explanation of the characteristics of risk data, the usage of machine learning, and provides an enterprise knowledge management methodology for risk-return optimization. The book provides numerous examples for process automation, data analytics, event management, knowledge management, and improvemeTable of ContentsChapter-1 Commercial Banks, Banking Systems & Basel Recommendations1.1 Introduction 1.2 Financial markets 1.3 Commercial Bank - Lines of Business and Products 1.4 Source Systems 1.5 Evolution of Basel Risk Management Recommendations Chapter-2 Siloed Risk Management Systems 2.1 Introduction 2.2 Treasury’s Market Risk and Credit Risk Management 2.3 Credit Risk in the Loan Book 2.4 Asset Liability Management (ALM) 2.5 Anti-Money Laundering and Countering the Financing of Terrorism (AML-CFT). 2.6 Operational Risk Management (ORM) Chapter-3 Enterprise Risk adjusted Return (ERRM) Model, Gap Analysis & Identification 3.1 Introduction 3.2 What caused the Siloed Architecture? What is the impact? 3.2.4 Integrated Risk Management & ERRM 3.3 Gap Identification 3.3.1 Document New Business Requirements 3.3.2 Review of ERRM Requirements 3.3.3 Define ERRM Conceptual Model 3.3.4 Review As-Is Operating Model 3.3.5 The Gap–What needs to be done? 3.4 Summary-Build & Improve Capabilities Chapter-4 ERRM Methodology, High level Implementation Plan 4.1 Introduction 4.2 ERRM Methodology Chapter-5 Enterprise Architecture 5.1 Introduction 5.2 Ontology-Driven Information Systems 5.3 Service-Orientated Architecture (SOA) 5.4 Microservices Architecture (MSA) 5.5 Introduction to Cloud, Data Virtualisation 5.6 Enterprise Event Driven Architecture 5.7 Enterprise Process Automation 5.8 Robotic Process Automation (RPA) 5.9 SOA-BPMS Convergence 5.10 Cost Management (CM) 5.11 Gap Resolutions – Enterprise Architecture category Chapter-6 Enterprise Data Management 6.1 Introduction 6.2 Data Management Frameworks 6.3 Enterprise Data Management 6.4 Single View of the Truth Chapter-7 Enterprise Risk Data Management 7.1 Introduction 7.2 Enterprise Risk Data Ontology 7.3 Ontology based ERRM System 7.4 Enterprise Risk_Return Data Strategy 7.5 Enterprise Risk Data Discovery 7.6 Event Driven, Data Centric Enterprise Risk Management 7.7 Risk Data Management Technology 7.8 Multidimensional Enterprise Risk Data Model Chapter-8 Data Science and Enterprise Risk Return Management 8.1 Introduction 8.2 Maths & Stats in Risk Data Calculations 8.3 Theory and Concepts 8.4 Risk Management Models 8.5 Enterprise Risk-Return Model Governance Chapter 9 Advanced Analytics and Knowledge Management 9.1 Introduction 9.2 Advanced Analytics 9.3 Knowledge Management, KM 9.5 Analytics Maturity Evaluation Chapter-10 ERRM Capabilities & Improvements 10.1 Introduction 10.2 Enterprise Liquidity Management (ELM) 10.3 Dynamic ALM 10.4 Improved Risk Measures.
£49.49
APress Reinforcement Learning for Finance
Book SynopsisThis book introduces reinforcement learning with mathematical theory and practical examples from quantitative finance using the TensorFlow library. Reinforcement Learning for Finance begins by describing methods for training neural networks. Next, it discusses CNN and RNN two kinds of neural networks used as deep learning networks in reinforcement learning. Further, the book dives into reinforcement learning theory, explaining the Markov decision process, value function, policy, and policy gradients, with their mathematical formulations and learning algorithms. It covers recent reinforcement learning algorithms from double deep-Q networks to twin-delayed deep deterministic policy gradients and generative adversarial networks with examples using the TensorFlow Python library. It also serves as a quick hands-on guide to TensorFlow programming, covering concepts ranging from variables and graphs to automatic differentiation, layers, models, andloss functions. After completing this boTable of ContentsChapter 1 Overview 1.1 Methods for Training Neural NetworksChapter 2 Convolutional Neural Networks 2.1 A Simple CNN 2.2 Identifying Technical Patterns in Security PricesChapter 3 Recurrent Neural Networks 3.1 LSTM Network 3.2 LSTM Application: Correlation in Asset Returns Chapter 4 Reinforcement Learning 4.1 Basics 4.2 Methods For Estimating MDP 4.3 Value Estimation Methods 4.4 Policy Learning 4.5 Actor-Critic Algorithms 4.6; Implementation of algorithms to quantitative finance using TensorFlow - 1Chapter 5 Recent Advances in Reinforcement Learning Algorithms 5.1 Double Deep Q-Network: DDQN 5.2 Dueling Double Deep Q-Network 5.3 Noisy Networks 5.4 Deterministic Policy Gradient
£25.19
University of Toronto Press Social Service Private Gain
Book SynopsisThis book examines Social Impact Bonds as a means to finance social services, and how mainstream and heterodox economic theory can help understand their existence and emergence.Table of ContentsPreface Acknowledgements List of Tables List of Figures INTRODUCTION Part A: The Characteristics and Emergence of the Social Impact Bond Model Chapter 1: The Structure of Social Impact Bonds Introduction I. Defining SIBs II. Public versus Private Dimensions in Social Service Provision III. Defining Features of SIBs IV. Conclusion Chapter 2: The Short History of SIBs and the Development of the Enabling Field Introduction I. The Scale of Impact Bonds by Sector II. The Distribution of SIBs by Country III. SIBs Delivering results IV. Investor returns V. Conclusion Part B: Efficiency-Based Explanations of SIB Emergence Chapter 3: The Rationale of SIBs Introduction I. Claim 1: SIBs Allow More Social Programs to be Delivered II. Claim 2: Better programs: Higher quality and greater effectiveness III. Claim 3: Better system: IV. Conclusion Chapter 4: Social Impact Bonds as Public Private Partnerships Introduction I. Review of the Public Private Partnership (PPP) Infrastructure Delivery Model II. SIBs as Public Private Partnerships III. Economic Theory and Modeling of PPPs and SIBs IV. A Comparative Framework for Evaluating SIBs versus conventional procurement V. Conclusion Part C: The Political Economy of SIBS Chapter 5: Private Institutional Participants in SIBs Introduction I. The Institutional Participants in SIBs II. Service Providers: The Significance of the Non-Profit Form III. Altruism, Intrinsic Motivation and Reciprocity IV. Implications for SIB Implementation and Design V. Conclusion Chapter 6: Government Introduction I. Motivations of Government II. Relative Cost Critique III. Theories of the State IV. Implications for SIB Design and Regulation V. Conclusion Chapter 7: The Political Economic Context of SIB Emergence Introduction I. Defining neoliberalism II. Financialization III. Comparative Analysis of SIB Leaders and Followers IV. Side note: The UK Versus the US V. Conclusion Chapter 8: Development Impact Bonds Introduction I. Expanding Enabling Fields II. Examples of DIBs III. Other Observations on Existing DIBs IV. A Closer Look at the Claimed Rationale of Results-Based Aid and its Challenges V. Are DIBs the Future for Foreign Aid? VI. DIBs and the Need for Foreign Aid Chapter 9: Policy Recommendations, Reforms and Alternatives Introduction I. Recap of Policy Recommendations II. The Micro Alternative: Conventional delivery through (re)building state capacity III. The Macro Alternative: Universalism vs. Individualized Approaches IV. Conclusion References Appendix A Review of Meta-analytical Studies on Common SIB Policy Sectors Appendix B: Sector Proportion of SIBs, by Country Appendix C: Reported and Estimated SIB Maximum and Expected Investor Returns Appendix D: Description of Value for Money Analysis in Applied Public Finance Appendix E: Social Investment and Entrepreneurship Concepts Appendix F: Development Impact Bonds
£49.30
University of Toronto Press Social Service Private Gain
Book SynopsisThe 2008 financial crisis and its subsequent economic impacts generated a challenge for national and regional governments across the world. From this economic ruin, the Social Impact Bond (SIB) was born as an alternative mechanism for government procurement and delivery of social public services. Social Service, Private Gain examines the evolution of SIBs, how they work, their theoretical motivation, and their global proliferation. The book critically assesses the potential of SIBs to constructively contribute to solving the multifaceted social challenges emerging from a context of entrenched and growing inequality. Claiming to bring incremental resources to the rescue, SIBs have taken up disproportionate space with new legislation, policy, subsidies, institutional supports, lobbyists, and intermediaries facilitating SIBs and thriving on their associated transaction costs. Drawing on mainstream and heterodox economic theory, practical case studies, and empirical data,Table of ContentsPreface Acknowledgements List of Tables List of Figures INTRODUCTION Part A: The Characteristics and Emergence of the Social Impact Bond Model Chapter 1: The Structure of Social Impact Bonds Introduction I. Defining SIBs II. Public versus Private Dimensions in Social Service Provision III. Defining Features of SIBs IV. Conclusion Chapter 2: The Short History of SIBs and the Development of the Enabling Field Introduction I. The Scale of Impact Bonds by Sector II. The Distribution of SIBs by Country III. SIBs Delivering results IV. Investor returns V. Conclusion Part B: Efficiency-Based Explanations of SIB Emergence Chapter 3: The Rationale of SIBs Introduction I. Claim 1: SIBs Allow More Social Programs to be Delivered II. Claim 2: Better programs: Higher quality and greater effectiveness III. Claim 3: Better system: IV. Conclusion Chapter 4: Social Impact Bonds as Public Private Partnerships Introduction I. Review of the Public Private Partnership (PPP) Infrastructure Delivery Model II. SIBs as Public Private Partnerships III. Economic Theory and Modeling of PPPs and SIBs IV. A Comparative Framework for Evaluating SIBs versus conventional procurement V. Conclusion Part C: The Political Economy of SIBS Chapter 5: Private Institutional Participants in SIBs Introduction I. The Institutional Participants in SIBs II. Service Providers: The Significance of the Non-Profit Form III. Altruism, Intrinsic Motivation and Reciprocity IV. Implications for SIB Implementation and Design V. Conclusion Chapter 6: Government Introduction I. Motivations of Government II. Relative Cost Critique III. Theories of the State IV. Implications for SIB Design and Regulation V. Conclusion Chapter 7: The Political Economic Context of SIB Emergence Introduction I. Defining neoliberalism II. Financialization III. Comparative Analysis of SIB Leaders and Followers IV. Side note: The UK Versus the US V. Conclusion Chapter 8: Development Impact Bonds Introduction I. Expanding Enabling Fields II. Examples of DIBs III. Other Observations on Existing DIBs IV. A Closer Look at the Claimed Rationale of Results-Based Aid and its Challenges V. Are DIBs the Future for Foreign Aid? VI. DIBs and the Need for Foreign Aid Chapter 9: Policy Recommendations, Reforms and Alternatives Introduction I. Recap of Policy Recommendations II. The Micro Alternative: Conventional delivery through (re)building state capacity III. The Macro Alternative: Universalism vs. Individualized Approaches IV. Conclusion References Appendix A Review of Meta-analytical Studies on Common SIB Policy Sectors Appendix B: Sector Proportion of SIBs, by Country Appendix C: Reported and Estimated SIB Maximum and Expected Investor Returns Appendix D: Description of Value for Money Analysis in Applied Public Finance Appendix E: Social Investment and Entrepreneurship Concepts Appendix F: Development Impact Bonds
£25.19
Cornell University Press Developmental Mindset
Book SynopsisThe Asian financial crisis of 19971998 was supposed to be the death knell for the developmental state. The International Monetary Fund supplied emergency funds for shattered economies but demanded that states liberalize financial markets and withdraw from direct involvement in the economy. Financial liberalization was meant to spell the end of strategic industry policy and the state-directed policy lending it involved. Yet, largely unremarked by analysts, South Korea has since seen a striking revival of financial activism. Policy lending by state-owned development banks has returned the state to the core of the financial system. Korean development banks now account for one quarter of all loans and take the lead in providing low-cost finance to local manufacturing firms in strategic industries.Elizabeth Thurbon argues that an ideational analysis can help explain this renewed financial activism. She demonstrates the presence of a developmental mindset on the part of political leaders Trade ReviewThurbon’s new book is a welcome revitalization of the important discussion on the developmental state and improves our understanding of a distinct and path-dependent model of state-led capitalism that is emerging in East Asia. Her focus on the developmental mindset of the political elite is an important contribution to this understanding while at the same time raising many new questions for future debates... [I] strongly recommend this book for all scholars and students of development as well as those curious about Asian capitalism and its spirit. -- Thomas Kalinowski, Ewha Womans University, Seoul, South Korea * Pacific Affairs Book Reviews *Table of Contents1. Rebirth of the Developmental State 2. Developmental States: Bringing Ideas Back In 3. Makings of a Developmental Mindset and Emergence of Strategy Mark I 4. Rise of Financial Activism 5. Fracturing Consensus and the Abandonment of Financial Activism 6. Return of the State 7. Emergence of Strategy Mark II 8. Return of Development Bankers 9. Full Flowering of Financial Activism 10. What Future for Financial Activism in Korea and Beyond?
£97.20
Cornell University Press Developmental Mindset
Book SynopsisThe Asian financial crisis of 19971998 was supposed to be the death knell for the developmental state. The International Monetary Fund supplied emergency funds for shattered economies but demanded that states liberalize financial markets and withdraw from direct involvement in the economy. Financial liberalization was meant to spell the end of strategic industry policy and the state-directed policy lending it involved. Yet, largely unremarked by analysts, South Korea has since seen a striking revival of financial activism. Policy lending by state-owned development banks has returned the state to the core of the financial system. Korean development banks now account for one quarter of all loans and take the lead in providing low-cost finance to local manufacturing firms in strategic industries.Elizabeth Thurbon argues that an ideational analysis can help explain this renewed financial activism. She demonstrates the presence of a developmental mindset on the part of political leaders Trade ReviewThurbon’s new book is a welcome revitalization of the important discussion on the developmental state and improves our understanding of a distinct and path-dependent model of state-led capitalism that is emerging in East Asia. Her focus on the developmental mindset of the political elite is an important contribution to this understanding while at the same time raising many new questions for future debates... [I] strongly recommend this book for all scholars and students of development as well as those curious about Asian capitalism and its spirit. -- Thomas Kalinowski, Ewha Womans University, Seoul, South Korea * Pacific Affairs Book Reviews *Table of Contents1. Rebirth of the Developmental State 2. Developmental States: Bringing Ideas Back In 3. Makings of a Developmental Mindset and Emergence of Strategy Mark I 4. Rise of Financial Activism 5. Fracturing Consensus and the Abandonment of Financial Activism 6. Return of the State 7. Emergence of Strategy Mark II 8. Return of Development Bankers 9. Full Flowering of Financial Activism 10. What Future for Financial Activism in Korea and Beyond?
£24.69
Cornell University Press Fields of Gold
Book SynopsisFields of Gold critically examines the history, ideas, and political struggles surrounding the financialization of farmland. In particular, Madeleine Fairbairn focuses on developments in two of the most popular investment locations, the US and Brazil, looking at the implications of financiers'' acquisition of land and control over resources for rural livelihoods and economic justice. At the heart of Fields of Gold is a tension between efforts to transform farmland into a new financial asset class, and land''s physical and social properties, which frequently obstruct that transformation. But what makes the book unique among the growing body of work on the global land grab is Fairbairn''s interest in those acquiring land, rather than those affected by land acquisitions. Fairbairn''s work sheds ethnographic light on the actors and relationshipsfrom Iowa to Manhattan to São Paulothat have helped to turn land into an attractive financial asset class.Thanks to Trade ReviewFairbairn has written a superb and field-defining monograph. Fields of Gold is now the gold standard for scholarship on the financial drivers of transnational farmland investment. To cap off the achievement, Fairbairn writes in a clear and down-to-earth style that demystifies finance jargon and clearly conveys the significance of difficult theory for the lay reader. * Antipode *In Fields of Gold, Madeleine Fairbairn presents a thoughtful, nuanced, and empirically rich account of the transformation of farmland into an increasingly sought-after investment opportunity. This is a very fine book and should be required reading for anyone who wants to better understand the farmland investment phenomenon. * The Journal of Peasant Studies *As federal land policy specialists, we found this book incredibly insightful. The author concisely and clearly explains complicated financial concepts, deftly connecting the machinations of financial actors with their concrete, alarming consequences on the land and within our food system. She connects all this to policy, making the point that public policy is inextricably tied to the financialization of farmland and must be part of addressing this issue moving forward. * Food, Culture & Society *Fields of Gold is now the gold standard for scholarship on the financial drivers of transnational farmland investment. To cap off the achievement, Fairbairn writes in a clear and down-to-earth style that demystifies finance jargon and clearly conveys the significance of difficult theory for the lay reader. * Antipode *Fields of Gold is a richly textured portrait of the globalization of land commodification and those agents intimately involved in its speculation. * New Global Studies *Madeleine Fairbairn's Fields of Gold offers careful and important insight into the history, motivations, and impacts of financial capital's recent investments in farmland around the world. Fields of Gold makes important and engaging contributions to debates inside and outside the field of geography. * AAG Review *Fields of Gold makes important and engaging contributions to debates inside and outside the field of geography.As federal land policy specialists, we found this book incredibly insightful. The author concisely and clearly explains complicated financial concepts, deftly connecting the machinations of financial actors with their concrete, alarming consequences on the land and within our food system. * An International Journal of Multidisciplinary Research *Table of ContentsIntroduction 1. Farmland Investment Comes of Age 2. Farmland Values 3. Material Difficulties 4. Foreign Politics Conclusion
£18.99
Cornell University Press The Ascent of Market Efficiency
Book SynopsisTable of Contents1. Introduction: The Data- Method- Theory Triad, Or Why Finance Cannot Be Proven 2. The Rhe toric of Market Efficiency: How Data Analysis Became Legitimate 4. Winners and Losers in Financial Economics, or Fama versus Black: How Markets Became Efficient and Equilibrium Was Defeated 5. How Financial Economics Got Its Science 6. Conclusion: A Network Sociology of Scholarly Affects
£32.30
Stanford University Press The Next Wave
Book SynopsisThe Next Wave codifies how growth-oriented, women-owned business are overcoming their unique challenges as they scale up. Rooted in research, this book offers practical suggestions for entrepreneurs, investors, and policymakers to take these businesses to the next level.Trade Review"In A Rising Tide and now The Next Wave, Coleman and Robb plot a course for women entrepreneurs to follow. These business leaders are increasingly oriented toward growth, and more equity investors are recognizing that fact. This book provides navigational 'lines of position' and first-person insights that will inspire many."—Julie R. Weeks, President and CEO, Womenable"Women are the world's greatest under-tapped force for economic expansion. To ensure that women entrepreneurs achieve their potential, we need to change attitudes and policies. We need data, real life examples, and action items to make it happen. Susan Coleman and Alicia Robb provide all three."—Geri Stengel, Founder and President, VentureneerTable of Contents1. Introduction: Why Growth? 2. A Status Report on Growth-Oriented Women Entrepreneurs 3. What We Know About the Challenges for Growth-Oriented Women 4. A Star is Born! Financing Strategies for Nascent Entrepreneurs 5. First Things First: Financing Strategies for Early Stage Firms 6. The White Knuckle Flight: Survival Stage Strategies for Growth-Oriented Firms, Part I 7. Brave New World: Survival Stage Strategies for Growth-Oriented Firms, Part II 8. Crowdfunding: The New Kid on the Block 9. Liftoff! Financing Strategies for Scaling Up and Managing Rapid Growth 10. Going for Gold: Harvesting Value 11. No Rest: Life After Harvesting Value 12. Let the Circle Be Unbroken: Women Investors
£26.99
Stanford University Press Reframing Finance: New Models of Long-Term
Book SynopsisSince the 2008 financial crisis, beneficiary organizations—like pension funds, sovereign wealth funds, endowments, and foundations—have been seeking ways to mitigate the risk of their investments and make better financial decisions. For them, Reframing Finance offers a path forward. This book argues that institutional investors would better serve their long-term goals by putting money into large-scale, future-facing projects such as infrastructure, green energy, innovation in agriculture, and real estate development. At the same time, redirecting long-term investments would close significant financial gaps that government cannot. Drawing on key contributions in economic sociology, social network theory, and economics, the book conceptualizes a collaborative model of investment that is already becoming increasingly common: Large investors contribute more directly to private market assets, while financial intermediaries seek to foster co-investment partnerships, better aligning incentives for all. A combination of rich case studies and rigorous theory enables asset owners to move toward more efficient, private-market investing, while also laying groundwork for research at the frontier of finance.Trade Review"Beyond reporting the latest thinking on institutional investment, this book guides asset managers and owners through an increasingly complex environment. Skillfully blending theoretical insights with practical guidance and case studies, it is essential reading for owners and managers seeking to maximize the impact of their long-term investments."—Paul Rose, Ohio State University, Moritz College of Law"What gets measured gets managed. This book outlines the things that truly make the long-term difference to investment effectiveness and returns, namely: comparing global best practices, collaborating on issues of joint interest, and ultimately co-investing. These '3Cs' rely purely on trusted relationships, which need to be identified, built, and nurtured. I congratulate the authors on identifying this need, and providing the theoretical, empirical, and practical framework to guide us."—Adrian Orr, CEO of the Guardians of New Zealand Superannuation and Chairman of the International Forum of Sovereign Wealth Funds"Many of the most serious problems in our society—from crumbling infrastructure to environmental degradation—can only be addressed through long-run investments. Meanwhile, large pension funds are seeking higher returns than those traditional stocks and bonds can offer. Reframing Finance explores this critically important territory, deftly documenting both the barriers to long-run investing and how they can be overcome."—Josh Lerner, Harvard Business School"The authors shed light on the misalignment between long term investors and intermediaries when it comes to lower risk, long term real assets in private markets. They suggest solutions, many of which CPPIB employs—that enable investors to effectively utilize the advantages of long horizon and scale."—Mark Machin, President and CEO, CPPIB"Finally, a manifesto for the future of finance that is informed, has vision, and takes seriously what can be accomplished in the long-term. The authors have produced a roadmap that should be heeded by the financial services industry, government, and academia. With breadth to match its depth, this book is pathbreaking!"—Gordon L. Clark, Oxford University"This book raises provocative questions about our current capitalist system and suggests how long-term capital can be better allocated to address the world's toughest problems. The book's thoughtful analysis and comprehensive solutions are relevant for investors, CEOs, and policy-makers alike."—Dominic Barton, Global Managing Partner, McKinsey & Company"In this clearly written volume, Monk and Sharma (Stanford Univ.) and Sinclair (Deloitte) make a strong case for mobilizing the vast sums held in the institutional finance universe (endowments, sovereign funds, foundations, pension funds, insurance companies) to finance long-term investments (infrastructure, clean energy, toll roads, pollution control)...Recommended."—C. J. Siegman, Choice"Reframing Finance is one of few academic volumes that rigorously explore the potential and viability of alternative investment models, amidst critical literature on infrastructure finance that gives limited attention to possible alternatives."––Jenny McArthur, Journal of Economic GeographyTable of Contents1. A Collaborative Model for Long-Term Investing 2. Building an Institutional Investor's Collaborative Network and Social Capital 3. Re-intermediating Investment Management 4. New Vehicles to Drive the Collaborative Model 5. The Future of Long-Term Institutional Investment
£100.00
Stanford University Press Entrepreneurial Finance: Venture Capital, Deal
Book SynopsisEntrepreneurial Finance: Venture Capital, Deal Structure & Valuation, Second Edition illustrates how the theory and methods of finance and economics can be used to guide strategic decision-making. This text prepares readers for a variety of situations that confront stakeholders in the rapidly evolving fields of entrepreneurial finance and venture capital, outlining ways to think from the investor's and entrepreneur's perspectives. Readers will find a unique and direct focus on value creation as the objective of each strategic and financial choice. The authors specifically address the influences of risk and uncertainty on new venture success and investment performance, devoting substantial attention to methods of financial modeling and contract design. Finally, they provide a comprehensive survey of approaches to new venture valuation, with an emphasis on applications. The second edition is thoroughly revised to reflect new data, research, and changes in practice in this fast-moving field. It has an increased focus on venture capital, while maintaining its hallmark coverage of the financial aspects of entrepreneurship. Updates throughout address technological changes that have the potential to dramatically change the landscape for finance, such as recent innovations in contracting for early-stage ventures, artificial intelligence and machine learning, and Internet connectivity. Lastly, the book offers a companion website with a useful suite of resources for students and instructors alike, including spreadsheets, templates, simulation applications, and interactive cases and tutorials.Trade Review"Watching undergraduate students struggle with the various nuances of entrepreneurial finance, I needed a comprehensive and well-planned textbook that covers all aspects of the topic. This is that textbook. The clarity with which concepts are discussed make it a requirement in your classroom."—Thomas Tallerico, Stony Brook University"This book is an invaluable source to teach (and learn) from. The authors provide a much-needed guide to navigating the increasingly complex landscape of modern entrepreneurship and its financing, with a scope, rigor, and lucidity unmatched by any other book currently on the market."—Cenk C. Karahan, Boğaziçi University, Turkey"Well-structured financing and well-designed incentive systems are key to entrepreneurial success and for the contribution of entrepreneurship to society. The authors provide a comprehensive examination of the methods and tools of entrepreneurial finance and venture capital, including even the newest techniques such as initial coin offerings and equity crowdfunding. It is a perfect textbook for both entrepreneurs and investors."—Oki Matsumoto, Founder and CEO, Monex GroupTable of Contents1. Introduction 2. New Venture Financing: Considerations and Choices 3. Venture Capital and Angel Investing 4. Venture Deals 5. New Venture Strategy and Real Options 6. Developing Venture Strategy Using Simulation 7. Revenue Forecasting 8. Financial Modeling 9. Assessing Cash Needs 10. Foundations of New Venture Valuation 11. New Venture Valuation in Practice 12. Designing and Valuing Staged Investment with Real Options 13. Harvesting 14. The Future of Entrepreneurial Finance
£75.20
Stanford University Press Capital and Time: For a New Critique of
Book SynopsisCritics of capitalist finance tend to focus on its speculative character. Our financial markets, they lament, encourage irresponsible bets on the future that reflect no real underlying value. Why is it, then, that opportunities for speculative investment continue to proliferate in the wake of major economic crises? To make sense of this, Capital and Time advances an understanding of economy as a process whereby patterns of order emerge out of the interaction of speculative investments. Progressive critics have assumed that the state occupies a neutral, external position from which it can step in to constrain speculative behaviors. On the contrary, Martijn Konings argues, the state has always been deeply implicated in the speculative dynamics of economic life. Through these insights, he offers a new interpretation of both the economic problems that emerged during the 1970s and the way that neoliberalism responded to them. Neoliberalism's strength derives from its intuition that there is no position that transcends the secular logic of risk, and from its insistence that individuals actively engage that logic. Not only is the critique of speculation misleading as a general approach; it is also incapable of recognizing how American capitalism has come to embrace speculation and has thus been able to generate new kinds of order and governance.Trade Review"Critiquing the critique of neoliberalism, Konings argues forcefully that Minsky, not Habermas, provides the needed foundations for a possible social theory of the present world, a "non-essentialist economism" that engages the neoliberal project at its very core."—Perry Mehrling, Barnard College"This remarkable book offers a new perspective on speculation, neo-liberalism, and contemporary finance. Erudite, beautifully written, and original in its arguments about money, value, and risk, it will be of great interests to economists, sociologists, and philosophers concerned with markets and uncertainty."—Arjun Appadurai, New York University"A smart, erudite contribution to the emerging critical literature on speculative value and the complex imbrication of financialization with neoliberalism."—Wendy Brown, University of California, Berkeley"A must-read for anyone interested in the operation of neoliberal reason following the recent financial crisis, Martijn Konings's timely book develops new ways of thinking about money, finance, and the speculative basis of contemporary capitalism."—Nicholas Gane, University of Warwick"In this profound and sharp-witted study, Martijn Konings leads us through the dead ends of the modern and postmodern critique of capitalism towards a new critical theory that looks our financial economy in the eye."—Joseph Vogl, The Humboldt University"Martijn Konings has given us an elegant, erudite book that points to the centrality of speculation—and a speculative logic of time—in modern political economy." —Jacqueline Best, Finance and Society"Ten years after the apex of the financial crisis, Konings...opens a much-needed debate in critical political economy, the social studies of finance, and related fields of scholarship, exposing a variety of weaknesses in what now appear as ad-hoc accounts developed in the wake of the crash." —Leon Wansleben, Finance and Society"Konings' consideration of the state of the field [is] both enlightening and convincing.....His argument is specific, energetic and organized, and, as in his trenchant The Emotional Logic of Capitalism (2015), he demonstrates a wonderful ability to deconstruct the tautologies and false dichotomies on which so much of what passes for criticism are based." —Leigh Clair La Berge, Finance and Society"Written in the form of a short through perceptive intellectual commentary on a series of contemporary and classical works, Capital and Time indeed begins with a warning about the impasses of a fundamentalist theory of value opens for the critique of finance."—Fabian Muniesa, European Journal of Sociology"Written in the form of a short through perceptive intellectual commentary on a series of contemporary and classical works, Capital and Time indeed begins with a warning about the impasses a fundamentalist theory of value opens for the critique of finance."—Fabian Muniesa, European Journal of Sociology"Finally, a book that refuses to confine finance to the domain of fictitious capital....Konings advances the critique of neoliberalism in ways accounting for its reinvigoration in the wake of the 2007/8 economic crisis."––Brett Nielson, Journal of Australian Political Economy"In this new and fascinating book, Martijin Konings pulls together an impressive range of sociological and philosophical traditions into an original theory of capital (but, more broadly, money) and time under neoliberalism."––Simone Polillo, Contemporary SociologyTable of ContentsIntroduction: Beyond the Critique of Speculation 1. Foundationalism and Self-Referentiality 2. Constructions and Performances 3. Luhmannian Considerations 4. System, Economy, and Governance 5. Foucault beyond the Critique of Economism 6. Time, Investment, and Decision 7. Minsky beyond the Critique of Speculation 8. Practices of (Central) Banking, Imaginaries of Neutrality 9. Lineages of US Financial Governance 10. Hayek and Neoliberal Reason 11. Neoliberal Financial Governance 12. The Critique of Capital in Neoliberal Times
£72.00
Stanford University Press Capital and Time: For a New Critique of
Book SynopsisCritics of capitalist finance tend to focus on its speculative character. Our financial markets, they lament, encourage irresponsible bets on the future that reflect no real underlying value. Why is it, then, that opportunities for speculative investment continue to proliferate in the wake of major economic crises? To make sense of this, Capital and Time advances an understanding of economy as a process whereby patterns of order emerge out of the interaction of speculative investments. Progressive critics have assumed that the state occupies a neutral, external position from which it can step in to constrain speculative behaviors. On the contrary, Martijn Konings argues, the state has always been deeply implicated in the speculative dynamics of economic life. Through these insights, he offers a new interpretation of both the economic problems that emerged during the 1970s and the way that neoliberalism responded to them. Neoliberalism's strength derives from its intuition that there is no position that transcends the secular logic of risk, and from its insistence that individuals actively engage that logic. Not only is the critique of speculation misleading as a general approach; it is also incapable of recognizing how American capitalism has come to embrace speculation and has thus been able to generate new kinds of order and governance.Trade Review"Critiquing the critique of neoliberalism, Konings argues forcefully that Minsky, not Habermas, provides the needed foundations for a possible social theory of the present world, a "non-essentialist economism" that engages the neoliberal project at its very core."—Perry Mehrling, Barnard College"This remarkable book offers a new perspective on speculation, neo-liberalism, and contemporary finance. Erudite, beautifully written, and original in its arguments about money, value, and risk, it will be of great interests to economists, sociologists, and philosophers concerned with markets and uncertainty."—Arjun Appadurai, New York University"A smart, erudite contribution to the emerging critical literature on speculative value and the complex imbrication of financialization with neoliberalism."—Wendy Brown, University of California, Berkeley"A must-read for anyone interested in the operation of neoliberal reason following the recent financial crisis, Martijn Konings's timely book develops new ways of thinking about money, finance, and the speculative basis of contemporary capitalism."—Nicholas Gane, University of Warwick"In this profound and sharp-witted study, Martijn Konings leads us through the dead ends of the modern and postmodern critique of capitalism towards a new critical theory that looks our financial economy in the eye."—Joseph Vogl, The Humboldt University"Martijn Konings has given us an elegant, erudite book that points to the centrality of speculation—and a speculative logic of time—in modern political economy." —Jacqueline Best, Finance and Society"Ten years after the apex of the financial crisis, Konings...opens a much-needed debate in critical political economy, the social studies of finance, and related fields of scholarship, exposing a variety of weaknesses in what now appear as ad-hoc accounts developed in the wake of the crash." —Leon Wansleben, Finance and Society"Konings' consideration of the state of the field [is] both enlightening and convincing.....His argument is specific, energetic and organized, and, as in his trenchant The Emotional Logic of Capitalism (2015), he demonstrates a wonderful ability to deconstruct the tautologies and false dichotomies on which so much of what passes for criticism are based." —Leigh Clair La Berge, Finance and Society"Written in the form of a short through perceptive intellectual commentary on a series of contemporary and classical works, Capital and Time indeed begins with a warning about the impasses of a fundamentalist theory of value opens for the critique of finance."—Fabian Muniesa, European Journal of Sociology"Written in the form of a short through perceptive intellectual commentary on a series of contemporary and classical works, Capital and Time indeed begins with a warning about the impasses a fundamentalist theory of value opens for the critique of finance."—Fabian Muniesa, European Journal of Sociology"Finally, a book that refuses to confine finance to the domain of fictitious capital....Konings advances the critique of neoliberalism in ways accounting for its reinvigoration in the wake of the 2007/8 economic crisis."––Brett Nielson, Journal of Australian Political Economy"In this new and fascinating book, Martijin Konings pulls together an impressive range of sociological and philosophical traditions into an original theory of capital (but, more broadly, money) and time under neoliberalism."––Simone Polillo, Contemporary SociologyTable of ContentsIntroduction: Beyond the Critique of Speculation 1. Foundationalism and Self-Referentiality 2. Constructions and Performances 3. Luhmannian Considerations 4. System, Economy, and Governance 5. Foucault beyond the Critique of Economism 6. Time, Investment, and Decision 7. Minsky beyond the Critique of Speculation 8. Practices of (Central) Banking, Imaginaries of Neutrality 9. Lineages of US Financial Governance 10. Hayek and Neoliberal Reason 11. Neoliberal Financial Governance 12. The Critique of Capital in Neoliberal Times
£19.79
University of Minnesota Press How Noise Matters to Finance
Book SynopsisAs scores of crises over the past century have shown, the stock market is manipulable and manipulated. The market is composed of human-made machines, which are affected by a lack of predictability more fundamental than the human: the noise of the material world. N. Adriana Knouf draws on historical and contemporary documents to show how noise—sonic, informatic, or otherwise—affects the ways in which financial markets function. How Noise Matters to Finance draws on different forms of financial noise, paying attention to how materiality and the interference of humans and machines causes the meanings of noise to shift over space and time.Forerunners is a thought-in-process series of breakthrough digital works. Written between fresh ideas and finished books, Forerunners draws on scholarly work initiated in notable blogs, social media, conference plenaries, journal articles, and the synergy of academic exchange. This is gray literature publishing: where intense thinking, change, and speculation take place in scholarship.
£9.00
Bristol University Press Good Finance: Why We Need a New Concept of
Book SynopsisJust as we need good food for good health, so too do we need `good finance’ for social and economic wellness. In this book, Vedat Akgiray presents a timely critique of extreme financialisation, of the economics profession’s flawed modelling approach and the continuing blind faith in the efficient market hypothesis. Outlining the causes of financial crises and their socioeconomic effects, Good Finance puts the issues into perspective. It offers a clear platform upon which our current concept of finance can be revised for the good of society.Trade Review"This is a very powerful critique of the global and more especially the developed world financial system. The book should become a standard work in academic finance and corporate governance." John Plender, Financial Times''Instead of treating finance as a homogenous entity with a universally applicable set of tools, 'Good Finance' explains its social nature, and the anti-social consequences of ignoring that fact.'' Michael Keaney, Metropolia Business School"Good Finance is a provocative book filled with facts and ideas. The author brings unique insights from his academic and regulatory background. Anyone who cares about the role of finance in society should read this book.'' Umit Gurun, University of Texas at DallasTable of ContentsA Short Story of Finance Problems with Finance Good Finance Final Words
£12.99
Bristol University Press How to Build a Stock Exchange: The Past, Present
Book SynopsisWhy is finance so important? How do stock markets work and what do they really do? Most importantly, what might finance be and what could we expect from it? Exploring contemporary finance via the development of stock exchanges, markets and the links with states, Roscoe mingles historical and technical detail with humorous anecdotes and lively portraits of market participants. Deftly combining research and autobiographical vignettes, he offers a cautionary tale about the drive of financial markets towards expropriation, capture and exclusion. Positioning financial markets as central devices in the organization of the global economy, he includes contemporary concerns over inequality, climate emergency and (de)colonialism and concludes by wondering, in the market’s own angst-filled voice, what the future for finance might be, and how we might get there.Table of ContentsPrologue: A Bad Kind of Magic? 1. Why We Should Care about Finance Part 1: How the Markets Became 2. From Future Pigs to Present Prices, a Chicago Story 3. King William’s Overdraft 4. Mind Your Eye! 5. God Bless Margaret Thatcher Part 2: The Spectacular Science of Money 6. Finding Prices, Making Prices 7. Where Real Men Make Real Money 8. Wires! Shocks! Sausages! Part 3: Opportunity Lost 9. Other People’s Money 10. Fear and Loathing on Wall Street 11. The Burden of Empire 12. Extractive Industries Part 4: Financial Futures 13: Finance Takes Flight 14. The Temples of Capitalism Epilogue: The Market Replies
£77.39
Bristol University Press How to Build a Stock Exchange: The Past, Present
Book SynopsisWhy is finance so important? How do stock markets work and what do they really do? Most importantly, what might finance be and what could we expect from it? Exploring contemporary finance via the development of stock exchanges, markets and the links with states, Roscoe mingles historical and technical detail with humorous anecdotes and lively portraits of market participants. Deftly combining research and autobiographical vignettes, he offers a cautionary tale about the drive of financial markets towards expropriation, capture and exclusion. Positioning financial markets as central devices in the organization of the global economy, he includes contemporary concerns over inequality, climate emergency and (de)colonialism and concludes by wondering, in the market’s own angst-filled voice, what the future for finance might be, and how we might get there.Trade Review"Far from a dull manual on the technical aspects of stock exchange building, Philip Roscoe’s How to Build a Stock Exchange presents a delightfully readable and engaging collection of vignettes on the history of the stock exchange." LSETable of ContentsPrologue: A Bad Kind of Magic? 1. Why We Should Care about Finance Part 1: How the Markets Became 2. From Future Pigs to Present Prices, a Chicago Story 3. King William’s Overdraft 4. Mind Your Eye! 5. God Bless Margaret Thatcher Part 2: The Spectacular Science of Money 6. Finding Prices, Making Prices 7. Where Real Men Make Real Money 8. Wires! Shocks! Sausages! Part 3: Opportunity Lost 9. Other People’s Money 10. Fear and Loathing on Wall Street 11. The Burden of Empire 12. Extractive Industries Part 4: Financial Futures 13: Finance Takes Flight 14. The Temples of Capitalism Epilogue: The Market Replies
£18.99
John Wiley & Sons Inc Financial Markets
Book SynopsisFinancial Markets> provides a concise, yet comprehensive introduction to financial markets for undergraduate or MBA students studying finance or money and banking. The text employs an analytical approach to the role of financial markets in a modern economy, debt and equality markets, and derivatives markets and risk management. In each case, the discussions explore the financial economics of the area of study and focus on the application of finance concepts to practical business management problems. The material covering financial derivatives offers an extensive treatment of the topic, placing particular emphasis on how derivatives are used in risk management. * The text includes STUDY!, a computerized study guide that includes a bank of multiple choice questions covering all of the essential conceptual issues in the text.Table of ContentsPart I: Financial Markets and the Economy:. 1. The Role of Financial Markets. Part II: The Debt Market:. 2. The Money Market. 3. The Bond Market. 4. The Level and Structure of Interest Rates. Part III: The Equity Market:. 5. The Stock Market. 6. Equity Valuation. 7. Investment Banking. 8. Risk and Return in Securities Markets. Part IV: Financial Derivative Markets and Risk Management:. 9. The Futures Market. 10. The Options Market. 11. The Swaps Market. 12. Financial Engineering. Appendix. Index.
£28.49
