Finance and the finance industry Books
John Wiley & Sons Inc Introduction to Mathematical Finance: Discrete
Book SynopsisThe purpose of this book is to provide a rigorous yet accessible introduction to the modern financial theory of security markets. The main subjects are derivatives and portfolio management. The book is intended to be used as a text by advanced undergraduates and beginning graduate students. It is also likely to be useful to practicing financial engineers, portfolio manager, and actuaries who wish to acquire a fundamental understanding of financial theory. The book makes heavy use of mathematics, but not at an advanced level. Various mathematical concepts are developed as needed, and computational examples are emphasized.Trade Review"I believe that this is an excellent text for undergraduate or MBA classes on Mathematical Finance. The bulk of the book describes a model with finitely many, discrete trading dates, and a finite sample space, thus it avoids the technical difficulties associated with continuous time models. The major strength of this book is its careful balance of mathematical rigor and intuition." Peter Lakner, New York UniversityTable of ContentsPart I: Single Period Securities Markets:. Model Specifications. Arbitrage and Other Economic Consideration. Risk Neutral Probability Measures. Valuation of Contingent Claims. Complete and Incomplete Markets. Risk and Return. Part II: Single Period Consumption and Investment:. Optimal Portfolios and Viability. Risk Neutral Computational Approach. Consumption Investment Problems. Mean-Variance Portfolio Analysis. Portfolio Management with Short Sales Constraints and Similar Restrictions. Optimal Portfolios in Incomplete Markets. Equilibrium Models. Part III: Multiperiod Securities Markets:. Model Specifications, Filtrations, and Stochastic Processes. Information Structures. Stochastic Process Models of Security Prices. Trading Strategies. Value Processes and Gains Processes. Self-Financing Trading Strategies. Discounted Prices. Return and Dividend Processes. Conditional Expectation and Martingales. Economic Considerations. The Binomial Model. Markov Models. Part IV: Options, Futures, and Other Derivatives:. Contingent Claims. European Options Under the Binomial Model. American Options. Complete and Incomplete Markets. Forward Prices and Cash Stream Valuation. Futures. Part V: Optimal Consumption and Investment Problems:. Optimal Portfolios and Dynamic Programming. Optimal Portfolios and Martingals Methods. Consumption-Investment and Dynamic Programming. Consumption-Investment and Martingale Methods. Maximum Utility from Consumption and Terminal Wealth. Optimal Portfolios with Constraints. Optimal Consumption-Investment with Constraints. Portfolio Optimization in Incomplete Markets. Part VI: Bonds and Interest Rate Derivatives:. The Basic Term Structure Model. Lattice, Markov Chain Models. Yield Curve Models. Forward Risk Adjusted Probability Measures. Coupon Bonds and Bond Options. Swaps and Swaptions. Caps and Floors. Part VII: Models with Infinite Sample Spaces. Finite Horizon Models. Infinite Horizon Models.
£44.65
Lincoln Institute of Land Policy Infrastructure Economics and Policy –
Book Synopsis
£42.50
Bloomberg Press When Prime Brokers Fail: The Unheeded Risk to
Book Synopsis
£31.20
Bloomberg Press Getting Started as a Financial Planner
Book Synopsis
£24.79
Business Expert Press A Primer on Corporate Governance: Italy
Book SynopsisThis book will provide a comprehensive insight of the characteristics and development of corporate governance in Italy. Both the external institutional mechanisms, such as the codes of best practices and the mandatory auditor rotation, and the internal corporate governance devices, such as boards' structure and composition and director compensation, will be analyzed. In particular, this book is presented to provide the reader an insight on the ownership structure and the control enhancement mechanisms adopted by the Italian dominant shareholders as well as the typical – and unique – two tier-board structure, with a board of directors and a board of statutory auditors, that is widely adopted among Italian companies. This book reveals that while corporate governance in Italy has – to some extent – converged towards other European and international models, there are certain core features that remain (and are likely to do so in the near future as well) and their knowledge and understanding is relevant to investors and other stakeholders.
£18.00
Wharton Digital Press Financial Literacy for Managers: Finance and
Book SynopsisThe language of business In order to understand how your business is performing right now and to evaluate, assess, and devise new strategies to boost future performance, you need information. Financial statements are a critical source of the information you need. In direct and simple terms, Richard A. Lambert, Miller-Sherrerd Professor of Accounting at the Wharton School of the University of Pennsylvania, demystifies financial statements and concepts and shows you how you can apply this information to make better business decisions for long-term profit. You will learn to use and interpret financial data; find out what we can learn from Pepsi, Krispy Kreme, General Motors, and other companies; learn how to evaluate investment strategies; and apply your financial know-how to develop a coherent business strategy.
£15.29
Wharton Digital Press The Customer-Base Audit: The First Step on the
Book SynopsisAs a leader in your organization, you will be very familiar with your organization’s key financial statements and monthly management reports. You may have spent countless hours discussing budgets and expenditures. But how much time have you spent reflecting on the fact that these revenues are generated by actual customers—the people who pull out their wallets and pay for your products and services? In The Customer-Base Audit: The First Step on the Journey to Customer Centricity, experts Peter Fader, Bruce Hardie, and Michael Ross start you on the path toward really getting to understand your customers’ buying behavior as well as the health of your overall customer base. A customer-base audit is a systematic review of the buying behavior of a firm’s customers using data captured by its transaction systems. It will help you answer questions such as: -- How healthy is your customer base? How realistic are your growth objectives? -- How do your customers differ in terms of their behavior and value? -- How has the quality of your customers changed over time? -- What changes in customer behavior lie behind period-to-period changes in firm performance? -- What is important to your high-value customers? Which products help you acquire and retain your best customers? Fader, Hardie, and Ross present five “lenses” through which an executive can address questions like those above. The answers are often lurking in various parts of the organization, but it is rare to find all the relevant analyses in one place, let alone performed on a regular basis (as an audit should be). Yet without such a basic, systematic understanding of the foundations of the firm’s primary source of cash flow, how can executives make informed decisions? Fader, a Wharton professor, is the author of Customer Centricity and coauthor of The Customer Centricity Playbook, both of which have helped businesses radically rethink how they relate to customers. In this first step of the journey, Fader, Hardie, and Ross assist leaders in gaining a fundamental understanding of their customers’ buying behavior—and thus their company as a whole.Trade Review"The Customer-Base Audit brings a long-overdue customer focused structure and discipline to the practice of business decision-making. Fader, Hardie and Ross take away the mystery and uncertainty associated with customer analytics, replacing it with a comprehensive approach that no company should ignore." * Rob Markey, Partner, Bain & Company, Inc., and coauthor, The Ultimate Question 2.0 *"The Customer-Base Audit brings clarity and rigor to the analysis of what is the most fundamental unit of analysis: the customer. The truth is that most executives don't understand their customers as well as they should, and this book provides them with the frameworks they need to gain insight and to guide their strategic decisions. It also equips investors with the right questions to ask managers. This is essential reading for anyone who wants to understand customers and how they create value." * Michael J. Mauboussin, Head of Consilient Research at Counterpoint Global, Morgan Stanley Investment Management, and Author, The Success Equation *"I once believed that product and brand alone were the answer to business growth, but learnt to appreciate the need to interrogate the business sales line through the lens of the customer. Customer behaviour must be understood at the most granular level to make a company truly customer focused; then combined with data based planning and decision making for the best possible outcomes. I now find myself passionate about the power of adding a data driven customer-centric lens to everything we do." * Sarah Welsh, CEO Retail, N.Brown plc *"The Customer-Base Audit is a masterpiece that challenges companies to measure the differences and dynamics between their customers. A gateway into customer centricity, this important book is one you’ll devour and then proudly evangelize to the rest of your organization, bringing all those who listen to a path toward profitable, sustainable growth backed with conviction born from insurmountable data and an endless buffet of experience." * Neil Hoyne, Chief Measurement Strategist, Google, and Author, Converted *"Understanding the nature (and value) of our customers’ behavior is central to every decision a bank makes, as well as the way those decisions are evaluated. I’ve been a strong advocate of formally assessing customer value for years, and I can’t think of a better way to do that than through a customer-base audit. The frameworks and analysis in The Customer-Base Audit are incredibly useful for any company and should be part of every analytics team’s repertoire. Further, boards and executives should be demanding this type of work from their analytics leaders." * Zachery Anderson, Chief Data and Analytics Officer, NatWest Group *"I would be a rich man if I had been paid a pound every time I had been told in the last 40 years or so that if only we had a reliable, complete view of the behaviour of each customer, we could become a much more successful business. This book shows the reader how to take the steps to achieve this." * David Tyler, Former Chairman, J. Sainsbury plc *"The Customer-Base Audit makes the complex simple. It shows how straightforward analysis can spotlight massive opportunities for change and is a must read for anyone who wants to do more for their customers." * Gill Barr, former Marketing Director, John Lewis *"The Customer-Base Audit, by Fader, Hardie, and Ross, provides a practical and example-rich hands-on guide to their core methods of analyzing customer data. The authors, who are master teachers and practitioners of this field, point out that executives know so much about their products, yet so little about their customers. For most of history, customer specific data was not readily available, so people were not trained to analyze it and there were no good guides to doing so. But with the digital age, it now becomes possible and imperative to view a business through the lens of customer data. This book is a must-read guide that will empower leaders for a generation and spur countless insights within organizations of all kinds." * Barney Pell, Ph.D., AI Pioneer and Thought Leader; Entrepreneur and Investor; Founder of Powerset (Microsoft Bing) *"Fader, Hardie, and Ross’s practical, logical and commonsense approach to data analysis is refreshing when compared with the myriad of confusion that normally reigns in understanding consumer behaviour." * Mark Newton-Jones, Member of the Global Supervisory Board, INGKA *
£41.65
Information Age Publishing Origine Radicale des Crises Économiques: Germán
Book SynopsisThis book is written in the french language. Henri Savall gives his insight on the economic crises in organizations.
£49.95
Business Expert Press Corporate Valuation Using the Free Cash Flow
Book SynopsisThe value of a corporation is the discounted present value of future cash flows provided by the company to the shareholders. The valuation process requires that the corporate financial decision maker determine the future free cash flow to equity, the short-term growth rate, the long-term growth rate, and the required rate of return based on market beta. The book discusses the Black-Scholes option pricing model and the weighted average cost of capital. The objective of this book is to provide a template for demonstrating corporate financial management using a real company - Coca-Cola. The data used in this book comes from the financial statements of Coca-Cola available on EDGAR. Other data are from SBBI, Yahoo! Finance, the U. S. Bureau of Economic Analysis, Stocks, Bonds, Bills, and Inflation, Market Results for 1926 -2010, 2011 Yearbook, Classic Edition, Morningstar, and US Department of the Treasury.
£18.00
Business Expert Press Financial Ratios
Book SynopsisFinancial ratios are an important technique of the financial analysis of a business organization. Effective financial management is the key to running a financially successful business. Ratio analysis is critical for helping you understand financial statements, for identifying trends over time, and for measuring the overall financial health of your business. Lenders and potential investors often rely on ratio analysis for making lending and investing decisions.This book aims to not only develop an understanding of the concepts of financial ratios but also to provide the students a practical insight into the application of financial ratios for decision making and control. It analyzes the financial statements of corporate enterprises in India in diverse sectors with the help of financial ratios in order to facilitate the learning process.
£18.00
Business Expert Press Introduction to Foreign Exchange Rates
Book SynopsisAs managers expand their international business operations, they are confronted by the puzzling and vexing world of foreign exchange (FX) rates. This book is designed as a resource that can help managers quickly understand and navigate the FX market. The text may be used as an introductory module in a course in international finance, whether the course is oriented to international markets, international investments, or international corporate finance. The primary intended audience is an applied MBA course aimed at executives, managers, and would-be managers.After an introduction to FX rates, the author covers the important topic FX rate valuation. It is important for managers to understand when an FX rate may be incorrectly valued, as this situation may have a bearing on corporate decisions on strategy, risk management, capital structure, and overseas investments and operations. He also discusses the mechanics of forward FX contracts and their use in managing the risk of future foreign currency cash flow and includes a case that unifies the ideas. The case company is faced with FX exposure in the revenues from a proposed new foreign customer. The decision maker applies the text material to estimate whether the FX rate is over-, under-, or correctly valued. The final decisions are whether to expand sales to the foreign market and whether to hedge the FX risk.
£18.00
Business Expert Press Numbers that Matter: Learning What to Measure to
Book Synopsis
£18.00
Business Expert Press Corporate Sustainability: Shareholder Primacy
Book SynopsisBusiness organizations have recently been encouraged by investors, regulators, and communities to define their purposes, values, and fiduciary duties of creating shared value for all stakeholders. Public companies have traditionally operated under the corporate model of "shareholder primacy" with the primary purpose of generating returns for shareholders and thus corporate activities are managed toward creating shareholder value. The stakeholder primacy system encourages directors and executives to focus on managing corporate activities toward creating shared value for all stakeholders. The role of the board of directors under stakeholder primacy/capitalism as opposed to shareholder primacy/capitalism is to oversee the managerial function of focusing on the long-term sustainability performance, effectively communicating sustainability performance information to all stakeholders. A shift away from the shareholder primacy model and toward the stakeholder primacy model has been gaining momentum worldwide in recent years as investors demand, regulators require, and companies define the "profit-with-purpose" mission in creating shares value for all stakeholders. This book offers guidance to organizations for considering both shareholder primacy and stakeholder primacy in defining their mission of "profit-with-purpose" and in creating shared value for all stakeholders. It also highlights how people, business and resources collaborate in a business sustainability and the stakeholder primacy model in creating shared value for all stakeholders. Anyone who is involved with business sustainability and corporate governance, the financial reporting process, investment decisions, legal and financial advising, audit functions, and corporate governance education including directors, executives, investors, and auditor will be interested in this book.
£23.70
Business Expert Press Business Sustainability: Profit-With-Purpose Focus
Book SynopsisCorporations are expanding their performance to both financial economic performance (ESP) and non-financial environmental, ethical, social and governance (EESG) sustainability performance to effectively achieve their objective of creating shared value for all stakeholders. Companies are now adopting the mission of profit-with purpose by shifting their goals to create shareholder value while fulfilling their social, environmental and governance responsibilities. Management play an important role in pursuing the mission of profit-with purpose and in integrating business sustainability into corporate culture, business environment and strategic plans and decisions.Corporations can create a right balance between the wealth-maximization for shareholders under the shareholder primacy concept while achieving the welfare-maximization for all stakeholders under the stakeholder primacy concept. The global move toward the adoption of benefit corporations and profit-with-purpose companies is inevitable as sustainability initiatives are being integrated into corporate strategies, supply chain, decisions, actions, and performance.Business Sustainability: Profit-with-Purpose Focus consists of four chapters covering all aspects of business sustainability with a keen focus on the concept of profit-with purpose.Anyone who is involved with business sustainability and corporate governance, the financial reporting process, investment decisions, legal and financial advising, audit functions, and corporate governance education will be interested in this book. Specifically, corporations, their executives and the boards of directors, internal and external auditors, accountants, lawyers, lawmakers, regulators, standard-setters, investors, business schools, and other professionals will benefit from this book.
£21.80
Business Expert Press A Guide to the New Language of Accounting and Finance
Book SynopsisThe disciplines of accounting and finance have been rapidly changing in recent years. The methods and techniques now being used have created a new language for managers, students, practitioners, academics and all those who are connected in some way with business and investment activities. To understand and work within an environment that is in a constant state of flux can be challenging and this book provides a resource of information and guidance.The Guide focuses specifically on the terms used in accounting and finance. Important terms and phrases are identified but with a much longer, in-depth explanation than you would normally find in a dictionary. Not only does each entry gives a thorough explanation of each term, most entries provide two or more references to academic articles that go into much greater depth. Hence, the entries give the reader immediate access to the literature.The Guide also comments on the contribution of the articles which adds to our knowledge. This approach allows the reader to obtain a much deeper level of understanding much more quickly than is available from the usual dictionary. At the end of the book, the full reference to all the articles that have been cited in the text is given including a list of the many acronyms used in the world of accounting and finance.
£21.80
Business Expert Press Transparency in ESG and the Circular Economy: Capturing Opportunities Through Data
Book SynopsisA holistic view of ESG goes beyond environmental issues, which are closely linked to social issues. Both come from the governance of an organization: the integrity with which decisions are made and implemented, ultimately defining corporate culture. ESG affects the daily lives of everyone in today's connected world where organizations, companies, and individuals depend on each other at various levels. Lack of sustainability for any entity threatens its future existence, disrupting the entire ecosystem. The use of data to measure ESG outcomes is a young science that is increasingly critical to upholding our very lifestyle. Data clearly presents impact across the entire ESG spectrum, providing the necessary specificity for informed decision making, and ensuring the transparency and accountability, which uphold sustainability.
£21.80
Business Expert Press Modern Devil's Advocacy: Disrupt Groupthink,
Book SynopsisIn 2018, the celebrated biotechnology startup Theranos collapsed from a market valuation of over $9 billion into bankruptcy and felony charges against its superstar founder, Elizabeth Holmes. This spectacular failure was due in large part to the silencing of dissenting voices who challenged the dubious claims and questionable decisions by Theranos leadership. Similar catastrophic examples can be found in business, the military and other human activities.Modern Devil's Advocacy is a form of challenge analysis that's intended to help overcome our human bias and fallacious reasoning, disrupt groupthink, reduce risk, and achieve better outcomes. By creating a strong counter case to any decision, modern Devil's Advocates can help others see potential weaknesses in their assumptions, beliefs, and judgments.This book will show you how practically anyone from the CEO to the newly minted manager can and should think and act like a modern Devil's Advocate. You will learn the origin of modern Devil's Advocacy, why the practice is desperately needed today, and how to apply modern Devil's Advocacy in any setting. If you want to learn how to constructively challenge the judgments that you and others make and achieve better outcomes, then this book is for you.
£21.80
Business Expert Press Cryptocurrencies and Beyond
£29.45
Business Expert Press Financial Data Science with Python
Book Synopsis
£29.45
Plunkett Research, Ltd Plunkett's Insurance Industry Almanac 2024:
Book SynopsisInsurance and risk management make up an immense, complex global industry, one which is constantly changing. Competition continues to heat up as mergers and acquisitions create international mega-firms. As the insurance industry grows more global, underwriters see huge potential in China, the world's fastest-growing business market, as well as India, Indonesia, Africa and other emerging markets. Specialty insurance is creating high profits. Meanwhile, technology is making back-office tasks easier and more efficient, while direct selling and e-commerce are changing the shape of the insurance industry. This carefully researched book is a complete insurance market research and business intelligence tool - everything you need to know about the business of insurance and risk management. The book includes our analysis of insurance and risk management industry trends; dozens of statistical tables; an industry glossary; a database of industry associations and professional organizations; and our in-depth profiles of more than 300 of the world's leading insurance companies, both in the U.S. and abroad. You'll find a complete overview, industry analysis and market research report in one superb, value-priced package.Table of Contents Introduction 1 How to Use This Book 3 Chapter 1: Major Trends Affecting the Insurance Industry 7 1) Introduction to the Insurance Industry 8 2) Sophisticated Risk Management and Prevention Programs Lead to Lower Losses 9 3) Risk Managers Seek Certification 10 4) Independent Agencies Continue to Dominate Commercial Insurance, but Play a Lesser Role in Personal Lines 10 5) Insurance Direct Selling and E-Commerce Grow 10 6) Insurance Underwriting Uses Artificial Intelligence (AI)/Policy Holders Allow Their Habits to Be Tracked for Lower Insurance Rates 12 7) Artificial Intelligence (AI) Enables Life Insurance Underwriting 14 8) States Pick Up Some Wind and Flood Risk for Homeowners/Underwriters Rely on Sophisticated Risk Analysis Technology to Set Rates 14 9) No End in Sight to the Growth of Specialized Insurance Lines 15 10) Health Sharing Ministries Attract Millions of Members 16 11) Annuity Account Managers Create New Product Strategies 16 12) Major U.S., Japanese and European Insurance Firms See Vast Promise in Chinese, Southeast Asian and Emerging Markets 16 13) Continued Rise in Health Care Costs 18 14) Number of Uninsured Americans Declines But Remains High 19 15) U.S. Affordable Care Act (ACA) of 2010 Rewrote the Rules and Increased Coverage, But Costs Continue to Rise 19 16) Employers Fight Rapidly Growing Health Care Premiums/Require Employees to Pay a Significant Share of Costs 19 17) Insurance Companies Change Strategies Due to Affordable Care Act (ACA) and Rapidly Rising Costs of Care 21 18) Malpractice Suits Are Blamed for Rising Health Care Costs/Tort Reform Is Capping Awards for Damages 21 19) Hedge Funds and Private Equity Play a Major Role in Financial Products Including Derivatives, Lending and Insurance 22 20) Aging Populations, Baby Boomers Create Opportunities/U.S. Pension Accounts Top $36.7 Trillion 23 21) Basel III, Dodd-Frank Act and Volcker Act Increase Regulation/European Solvency II and MiFID 2 Take Effect 24 22) Financial Technology (FinTech) Enables Online Lending, Insurance and Robo Advisors 25 23) Drones Save Time and Money in a Variety of Industries Including Insurance, Real Estate and Construction 27 24) Gig Economy and Self-Driving Cars Pose Insurance Challenges and Underwriting Opportunities 27 25) The Future of the Insurance Industry and Risk Management 28 Chapter 2: Insurance Industry Statistics 29 Insurance Industry Statistics and Market Size Overview 30 Assets & Liabilities of U.S. Property-Casualty Insurance Companies: 2020-2nd Quarter 2023 31 Assets & Liabilities of U.S. Life Insurance Companies: 2020-2nd Quarter 2023 32 Employers' Costs for Total Compensation and Health Insurance, by Selected Characteristics, U.S.: Selected Years, 2019-2023 33 The Nation's Health Dollar: 2023 Where It Came From (Projected) 34 The Nation's Health Dollar: 2023 Where It Went (Estimated) 35 Number & Percent of Persons of All Ages with and without Health Insurance Coverage, U.S.: 2007-2022 36 Number & Percent of Persons without Health Insurance Coverage, by Age Group, U.S.: 2000-2022 37 Medical Care Benefits in the U.S.: Access, Participation and Take-Up Rates, March 2023 38 Retirement Benefits in the U.S.: Access, Participation and Take-Up Rates, March 2023 39 Employment in the Insurance Industry, U.S.: 2017-July 2023 40 Chapter 3: Important Insurance Industry Contacts 41 (Addresses, Phone Numbers and Internet Sites) Chapter 4: THE INSURANCE 350: Who They Are and How They Were Chosen 61 Index of Companies Within Industry Groups 62 Alphabetical Index 71 Index of U.S. Headquarters Location by State 75 Index of Non-U.S. Headquarters Location by Country 78 Individual Data Profiles on Each of THE INSURANCE 350 81 Additional Indexes Index of Hot Spots for Advancement for Women/Minorities 444 Index by Subsidiaries, Brand Names and Selected Affiliations 446 A Short Insurance Industry Glossary 465
£297.00
Information Age Publishing Contemporary Perspectives in Data Mining Volume 4
Book Synopsis
£44.93
Information Age Publishing Contemporary Perspectives in Data Mining Volume 4
Book Synopsis
£80.54
Information Age Publishing A Primer on Business Analytics: Perspectives from
Book SynopsisThis book will provide a comprehensive overview of business analytics, for those who have either a technical background (quantitative methods) or a practitioner business background. Business analytics, in the context of the 4th Industrial Revolution, is the "new normal" for businesses that operate in this digital age. This book provides a comprehensive primer and overview of the field (and related fields such as Business Intelligence and Data Science). It will discuss the field as it applies to financial institutions, with some minor departures to other industries. Readers will gain understanding and insight into the field of data science, including traditional as well as emerging techniques. Further, many chapters are dedicated to the establishment of a data-driven team – from executive buy-in and corporate governance to managing and quantifying the return of data-driven projects.
£44.96
Information Age Publishing A Primer on Business Analytics: Perspectives from
Book SynopsisThis book will provide a comprehensive overview of business analytics, for those who have either a technical background (quantitative methods) or a practitioner business background. Business analytics, in the context of the 4th Industrial Revolution, is the "new normal" for businesses that operate in this digital age. This book provides a comprehensive primer and overview of the field (and related fields such as Business Intelligence and Data Science). It will discuss the field as it applies to financial institutions, with some minor departures to other industries. Readers will gain understanding and insight into the field of data science, including traditional as well as emerging techniques. Further, many chapters are dedicated to the establishment of a data-driven team – from executive buy-in and corporate governance to managing and quantifying the return of data-driven projects.
£82.80
Edward Elgar Publishing Ltd Islamic Finance: Principles and Practice, Second
Book SynopsisThis thoroughly updated and revised second edition analyses the ideas behind Islamic finance, the forms Islamic finance has taken in practice and the tension between the two that may occasionally arise. Along with an expanded section on the history of the ban on interest, this second edition contains a much more extensive discussion of investment and savings accounts, sukuk and tawarruq.Hans Visser aims to answer key topics on Islamic finance, ranging from the principles behind the phenomenon to the interaction of the market place with religious restrictions. How can governments finance their deficits and central banks conduct monetary policy without the interest-rate instrument? What price do the clients of the Islamic financial system pay for the increase in complexity and loss in flexibility compared with conventional finance? How do banking supervisors take account of the associated risks? In answering these questions, Visser's systematic treatment of the belief system and a discussion on the acceptability of disputed instruments of Islamic finance distinguish the book from others in its field.Islamic Finance is essential reading for students of economics, finance and Islamic studies. Moreover, a detailed examination of both financial products and fiscal and monetary policies ensures that it will also appeal to banking staff, financial journalists and politicians alike.Contents: Preface Introduction 1. Why Islamic Finance? 2. Sources of Islamic Law 3. The Islamic Economy 4. Forms of Islamic Finance 5. Islamic Banks 6. Special Sectors 7. Public Finance and the Monetary Authorities 8. Islamic Finance: A Tentative Verdict Appendices A. The Quran on Riba B. The Quran on Maysir C. The Bible on Interest References IndexTrade ReviewProfessor Hans Visser's acclaimed 2009 volume on Islamic finance provided unquestionably one of the best, yet succinct, accounts of the subject. This fully up-to-date and rewritten second edition is set to maintain this standard. Despite growing competition in an ever-expanding field, Professor Visser's well-organized book stands apart by the thoroughness of the research into new developments in Islamic Finance, coupled with the clarity of the writing and clear-headed analysis. --Mervyn Lewis, University of South AustraliaHans Visser's book is a clear, concise and well organised introduction to Islamic finance. This second edition not only updates the original work, but provides a much more detailed treatment of the forms of Islamic finance. The controversies surrounding many Islamic financial contracts are explained in a refreshingly objective manner. The disadvantages as well as the advantages of Islamic finance are candidly addressed. The book is highly recommended for postgraduates taking Islamic finance courses, as well as for financial professionals seeking to broaden their knowledge. --Rodney Wilson, Durham University, UKTable of ContentsContents: Preface Introduction 1. Why Islamic Finance? 2. Sources of Islamic Law 3. The Islamic Economy 4. Forms of Islamic Finance 5. Islamic Banks 6. Special Sectors 7. Public Finance and the Monetary Authorities 8. Islamic Finance: A Tentative Verdict Appendices A. The Quran on Riba B. The Quran on Maysir C. The Bible on Interest References Index
£94.00
Edward Elgar Publishing Ltd Islamic Finance in Europe: Towards a Plural
Book SynopsisA thought provoking and scholarly compendium of essays on various important aspects of Islamic finance. The book is wider ranging than its title suggests; the key chapters do focus on the EU, but there are broader and particularly interesting topics including women and Islam and financial stability and development in the context of Islam. Overall a solid assessment of the progress Islamic finance has made in Europe.'- John Presley, Loughborough University, UKHighlighting the impact of current globalization on financial markets, this topical book challenges the universality of Western property rights and interprets Islamic finance in Europe as part of a plural financial system, where different conceptions of economic justice(s) co-exist and influence each other.The contributing authors analyse key economic development and social integration issues from an Islamic perspective and outline the European approach to accommodating Islamic finance, with particular regard to the peculiarities of individual nation-states. Set in this context, the book presents financial pluralism as a device to enhance a level playing field in the global marketplace, as well as to foster a plural open society.Providing a comprehensive and methodological guide to Islamic finance in Europe, this book will prove an illuminating and informative read for academics, students and policymakers with an interest in the impact on financial regulation of an increasingly globalized world.Contributors: S.S. Ali, M. Asutay, V. Cattelan, I.-Z. Cekici, E. de Rosmorduc, J. Ercanbrack, A. Farhoush, G. Gimigliano, M. Mahlknecht, W. Menski, E.M. Napolitano, C. Porzio, D. Scolart, F. Stainier, M.G. Starita, L.M. Visconti, L. WeillTrade Review‘This book is a useful contribution to the increasing literature on Islamic finance. . . Although the progress of Islamic banking has been painfully slow in Europe, it is worth observing that the experience compares favourably with North America, where Islamic banking is even more limited, or the non-Muslim majority countries of Asia, notably India and China, where Islamic banking is regarded with extreme scepticism. There may be lessons that those in other parts of the world can learn from Europe’s experience of Islamic banking, limited as it is.’ -- Rodney Wilson, Journal of Economics Literature‘A thought provoking and scholarly compendium of essays on various important aspects of Islamic finance. The book is wider ranging than its title suggests; the key chapters do focus on the EU, but there are broader and particularly interesting topics including women and Islam and financial stability and development in the context of Islam. Overall a solid assessment of the progress Islamic finance has made in Europe.’ -- John Presley, Loughborough University, UKTable of ContentsContents: Preface 1. Introduction. Babel, Islamic Finance and Europe: Preliminary Notes on Property Rights Pluralism Valentino Cattelan PART I: PLURALISM AND ISLAMIC FINANCE: CONCEPTUAL TOOLS 2. Law as a Kite: Managing Legal Pluralism in the Context of Islamic Finance Werner Menski 3. A Glimpse through the Veil of Maya: Islamic Finance and its Truths on Property Rights Valentino Cattelan PART II: ISLAMIC FINANCE, ECONOMIC DEVELOPMENT AND SOCIAL INTEGRATION 4. Islamic Moral Economy as the Foundation of Islamic Finance Mehmet Asutay 5. Financial Stability and Economic Development: An Islamic Perspective Salman Syed Ali 6. Islamic Banking Contracts and Risk Profile of Islamic Banks Claudio Porzio and Maria Grazia Starita 7. The Economic Impact of Islamic Finance and the European Union Laurent Weill 8. Migrant Banking in Europe: Approaches, Meanings and Perspectives Luca M. Visconti and Enzo M. Napolitano 9. Women’s Empowerment and Islam: Open Issues from the Arab World to Europe Deborah Scolart PART III: ISLAMIC FINANCE IN EUROPE: ACCOMMODATING PLURALISM IN STATE LEGISLATIONS 10. Islamic Banking in the European Union Legal Framework Gabriella Gimigliano 11. Regulating Islamic Financial Institutions in the UK Jonathan Ercanbrack 12. Luxembourg: A Leading Domicile for Shari‘ah Compliant Investments Eleanor de Rosmorduc and Florence Stainier 13. Managing Islamic Finance vis-à-vis Laïcité: The Case of France Ibrahim-Zeyyad Cekici 14. A Critical View on Islamic Finance in Germany Azadeh Farhoush and Michael Mahlknecht 15. The Development of Islamic Banking in Turkey: Regulation, Performance and Political Economy Mehmet Asutay 16. Conclusions. Towards a Plural Financial System Valentino Cattelan Index
£105.00
Edward Elgar Publishing Ltd Monetary Economies of Production: Banking and
Book SynopsisThe central focus of this book is the relationship between money, the sphere of production, and the State.It explores how best to adapt the fundamental ideas of the circulationist perspective to achieve a better understanding of the financialisation of the production processes within contemporary capitalist economies. Importantly, the expert contributors illustrate that the true challenge ahead is to address how these new emerging forms can be eventually tamed, a challenge that the recent financial crisis has forcefully proven essential.This book will prove an illuminating read for scholars and researchers in the heterodox economics domain.Contributors: R. Bellofiore, H. Bougrine, V. Chick, M. Cingolani, E. Correa, S. Dow, T. Ferguson, M. Forstater, A. Girón, C. Gnos, R. Johnson, M. Lavoie, W.C. Marshall, E. Nell, L.-P. Rochon, M. Seccareccia, J. Smithin, B. Vallageas, G. Vidal, L.R. WrayTable of ContentsContents: Preface Warren Mosler Selected Publications of Alain Parguez 1. Alain Parguez’s Contribution to Political Economy Louis-Philippe Rochon and Mario Seccareccia PART I: MONEY AND THEORY OF THE MONETARY CIRCUIT 2. The State, the Central Bank and the Monetary Circuit Marc Lavoie 3. A Historical Perspective on the Theory of the Monetary Circuit: From Schumpeter to Parguez Claude Gnos 4. Time of Production, Time of Circulation and Turnover Time: Exploring the Guts of Marx’s Circuits of Capital Mathew Forstater 5. Credit Creation, the Monetary Circuit and the Formal Validity of Money John Smithin 6. Is There Room for Bulls, Bears and States in the Circuit? L. Randall Wray PART II: MONEY, BANKS AND FINANCIAL CRISIS 7. When Wolves Cry ‘Wolf’: Systemic Financial Crises and the Myth of the Danaid Jar Thomas Ferguson and Robert Johnson 8. Financial Institutions and the State: A Re-examination Victoria Chick and Sheila Dow 9. Basel III and the Strengthening of Capital Requirement: The Obstinacy in Mistake or Why ‘it’ Will Happen Again Bernard Vallageas 10. Rethinking Banking Institutions in Contemporary Economies: Are There Alternatives to the Status Quo? Hassan Bougrine and Mario Seccareccia 11. Financial Flows and Mexico’s Disintegrated Spaces of Production Gregorio Vidal and Wesley C. Marshall PART III: MONEY, PUBLIC FINANCES AND ROLE OF THE STATE 12. Public Expenditure and Deficits: The Emerging Countries’ Financial Circuits and Crises Eugenia Correa and Alicia Girón 13. The End of the Innocence: The True Nature of the Euro Crisis, and the Alternative Based on Minsky’s Socialization of the Economy and Parguez’s Good Deficits Riccardo Bellofiore 14. The Monetary Conditions for Growth: Parguez’s Debt Stability Condition Massimo Cingolani 15. A Contribution to the Macroeconomics of Public Goods and Externalities Edward Nell Index
£111.00
Edward Elgar Publishing Ltd Handbook of Research Methods and Applications in
Book SynopsisThis impressive Handbook presents the quantitative techniques that are commonly employed in empirical finance research together with real-world, state-of-the-art research examples.Written by international experts in their field, the unique approach describes a question or issue in finance and then demonstrates the methodologies that may be used to solve it. All of the techniques described are used to address real problems rather than being presented for their own sake, and the areas of application have been carefully selected so that a broad range of methodological approaches can be covered.The Handbook is aimed primarily at doctoral researchers and academics who are engaged in conducting original empirical research in finance. In addition, the book will be useful to researchers in the financial markets and also advanced Masters-level students who are writing dissertations.Contributors: E.I. Altman, M. Ammann, K. Anderson, A.R. Bell, C. Brooks, D.A. Carter, G. Cerqueiro, K. Chen, H. Degryse, D. Erdemlioglu, A. Golubov, M. Guidolin, Ó.T. Henry, T. Johann, A. Katsaris, S. Laurent, Y. Lee, W.S. Leung, H. Liu, P. Molyneux, C.J. Neely, D. Oesch, N. Olekalns, S. Ongena, D. Petmezas, S.-H. Poon, M. Prokopczuk, D.A. Rogers, M. Schmid, K.K. Shields, B.J. Simkins, S. Stanescu, L. Stentoft, N. Taylor, E. Theissen, N.G. Travlos, S.D. Treanor, R. Tunaru, J.O.S. Wilson, Y. Wu, W.T. ZiembaTable of ContentsContents: Preface PART I: ASSET PRICING AND INVESTMENTS 1. Markov Switching Models in Asset Pricing Research Massimo Guidolin 2. Portfolio Optimization: Theory and Practical Implementation William T. Ziemba 3. Testing for Speculative Bubbles in Asset Prices Keith Anderson, Chris Brooks and Apostolos Katsaris PART II: DERIVATIVES 4. Estimating Term Structure Models with the Kalman Filter Marcel Prokopczuk and Yingying Wu 5. American Option Pricing Using Simulation with an Application to the GARCH Model Lars Stentoft 6. Derivatives Pricing with Affine Models and Numerical Implementation Ke Chen and Ser-Huang Poon 7. Markov Chain Monte Carlo with Particle Filtering Yongwoong Lee and Ser-Huang Poon PART III: BANKING AND MICROSTRUCTURE 8. Competition in Banking: Measurement and Interpretation Hong Liu, Phil Molyneux and John O.S. Wilson 9. Using Heteroskedastic Models to Analyze the Use of Rules versus Discretion in Lending Decisions Geraldo Cerqueiro, Hans Degryse and Steven Ongena 10. Liquidity Measures Thomas Johann and Erik Theissen 11. Testing for Contagion: The Impact of US Structured Markets on International Financial Markets Woon Sau Leung and Nicholas Taylor PART IV: CORPORATE FINANCE 12. Empirical Mergers and Acquisitions Research: A Review of Methods, Evidence and Managerial Implications Andrey Golubov, Dimitris Petmezas and Nickolaos G. Travlos 13. The Construction and Valuation Effect of Corporate Governance Indices Manuel Ammann, David Oesch and Markus Schmid 14. Does Hedging Reduce Economic Exposure? Hurricanes, Jet Fuel Prices and Airlines David A. Carter, Daniel A. Rogers, Betty J. Simkins and Stephen D. Treanor PART V: RISK MODELLING 15. Quantifying the Uncertainty in VaR and Expected Shortfall Estimates Silvia Stanescu and Radu Tunaru 16. Econometric Modeling of Exchange Rate Volatility and Jumps Deniz Erdemlioglu, Sébastien Laurent and Christopher J. Neely 17. Predicting Financial Distress of Companies: Revisiting the Z-Score and ZETA® Models Edward I. Altman 18. Quantifying Time Variation and Asymmetry in Measures of Covariance Risk: A Simulation Approach Ólan T. Henry, Nilss Olekalns and Kalvinder K. Shields Index
£40.95
Edward Elgar Publishing Ltd What is Wrong with Islamic Economics?: Analysing
Book Synopsis'I read with great interest the current state of Islamic economics and finance as examined by Muhammad Akram Khan, who has given a fresh outlook for the readers to find out its limitations and to search for its solutions. Khan has read widely in the subject matter, and presented his views with reference to literature and thoughtful and logical arguments. While many may not agree with his arguments or will have a better explanation, I find his arguments at least worthy of examination to strengthen the arguments of those who might oppose him. Although Khan is critical of the subject matter, he is very sympathetic to the greater objectives of Islamic economics and provides his own prescriptions to achieve those objectives.'- M. Kabir Hassan, University of New Orleans, USWhat is Wrong with Islamic Economics? takes an objective look at the state of the art in Islamic economics and finance. It analyses reasons for perceived stagnation and also suggests a way forward.As well as probing various myths, the book presents several innovative ideas and a methodology for developing the subject on new foundations. It also highlights weaknesses in the conventional position on prohibition of interest, which has led Islamic banks devise a series of legal tricks. The author notes how the original aim of devising a new brand of banking has become less prominent whilst Islamic banks now position themselves more closely to conventional banks. The book also offers insights into how certain traditional thinking has seemingly ignored the egalitarian spirit of the law of zakah and created a scenario where zakah is not able to help the billions of poor people around the globe.This detailed book will appeal to students, professors, researchers, Islamic banks and finance houses, consulting companies, accounting firms, and regulatory bodies. Professional economists, libraries in research and training organizations, as well as anyone with a general interest in the topic will find much to interest them.Trade Review'This is a very thought provoking book coming at a crucial stage in the development of Islamic economics and finance. Although the reader may not agree with some of the conclusions reached, it is clearly a scholarly and extensively researched piece of work; it should be read by all serious students of the subject area. Amongst other things, it throws light on the reasons why the practical implementation of Islamic economics and finance, particularly in relation to the financial system and financial institutions, has not always conformed to the true theoretical foundations laid down by Islamic scholars.' --John Presley, Loughborough University, UK and recipient of Islamic Development Bank Prize in Islamic Finance, 2001-2002'Islamic economic system is a type of capitalism with a spiritual dimension' is a major conclusion of this book. I applaud this insight of Muhammad Akram Khan. The same can be perhaps said of Islamic finance, which, in its hurry to build viable and efficient financial institutions, has ignored the very same need to start with profits-and-risk-sharing principle and no-riba principles to build pricing models to anchor the new sub-discpline. The good news is that, in the course of time to come, Akram's advocacy may be realised since such serious works have already begun.' --Mohamed Ariff, University Putra Malaysia and Bond University, Australia'Although there are many books on Islamic economics, this critical, but sympathetic, account by Muhammad Akram Khan is worthy of attention. The author has clearly read widely on the subject and appreciates the limitations of much that he has read. Islamic economics is a work in progress and by focusing on its shortcomings, Khan challenges the assumptions of many working in the field. His discussion of methodology is insightful, and even the prohibition of riba, for many the defining characteristic of Islamic finance, is examined from a fresh perspective. While many will not agree with the analysis and the conclusions, even critics should be able to appreciate the strengths of the arguments made. In summary this is a worthwhile, and in many respects an innovative, survey of the state of Islamic economics and finance. It deserves to be widely read.' --Rodney Wilson, Durham University, UKTable of ContentsContents: Preface Part I: Islamic Economics 1. Islamic Economics: State of the Art 2. The ‘Why’ of Islamic Economics 3. What is Islamic Economics? 4. Methodology of Islamic Economics 5. From Islamic Theology to Islamic Economics 6. Expanding the Frontiers of Economics 7. An Islamic Economic System or Spiritual Capitalism? Part II: Prohibition of Riba 8. Elimination of Interest: From Divine Prohibition to Human Interpretation 9. Prohibition of Riba in the Primary Sources of Islam 10. Theory of Riba: The Orthodox Interpretation 11. Assessment of the Orthodox Interpretation 12. Modernist Thinking on Riba 13. Prohibition of Riba: The Continuing Debate 14. Unresolved Issues in the Orthodox Interpretation of Riba 15. Practice of Interest-based Finance Among Muslims 16. Prohibition of Riba: The Way Forward Part III: Islamic Banking and Finance 17. Theoretical Basis of Islamic Banking 18. Problems of Profit–Loss Sharing 19. Practice of Islamic Banking and Finance 20. A Trajectory of Legal Tricks (Hiyal) 21. Islamic Insurance (Takaful) Part IV: Zakah in the Present Age 22. Contemporary Application of the Law of Zakah Bibliography Index
£147.00
Edward Elgar Publishing Ltd What is Wrong with Islamic Economics?: Analysing
Book Synopsis'I read with great interest the current state of Islamic economics and finance as examined by Muhammad Akram Khan, who has given a fresh outlook for the readers to find out its limitations and to search for its solutions. Khan has read widely in the subject matter, and presented his views with reference to literature and thoughtful and logical arguments. While many may not agree with his arguments or will have a better explanation, I find his arguments at least worthy of examination to strengthen the arguments of those who might oppose him. Although Khan is critical of the subject matter, he is very sympathetic to the greater objectives of Islamic economics and provides his own prescriptions to achieve those objectives.'- M. Kabir Hassan, University of New Orleans, USWhat is Wrong with Islamic Economics? takes an objective look at the state of the art in Islamic economics and finance. It analyses reasons for perceived stagnation and also suggests a way forward.As well as probing various myths, the book presents several innovative ideas and a methodology for developing the subject on new foundations. It also highlights weaknesses in the conventional position on prohibition of interest, which has led Islamic banks devise a series of legal tricks. The author notes how the original aim of devising a new brand of banking has become less prominent whilst Islamic banks now position themselves more closely to conventional banks. The book also offers insights into how certain traditional thinking has seemingly ignored the egalitarian spirit of the law of zakah and created a scenario where zakah is not able to help the billions of poor people around the globe.This detailed book will appeal to students, professors, researchers, Islamic banks and finance houses, consulting companies, accounting firms, and regulatory bodies. Professional economists, libraries in research and training organizations, as well as anyone with a general interest in the topic will find much to interest them.Trade Review'This is a very thought provoking book coming at a crucial stage in the development of Islamic economics and finance. Although the reader may not agree with some of the conclusions reached, it is clearly a scholarly and extensively researched piece of work; it should be read by all serious students of the subject area. Amongst other things, it throws light on the reasons why the practical implementation of Islamic economics and finance, particularly in relation to the financial system and financial institutions, has not always conformed to the true theoretical foundations laid down by Islamic scholars.' --John Presley, Loughborough University, UK and recipient of Islamic Development Bank Prize in Islamic Finance, 2001-2002'Islamic economic system is a type of capitalism with a spiritual dimension' is a major conclusion of this book. I applaud this insight of Muhammad Akram Khan. The same can be perhaps said of Islamic finance, which, in its hurry to build viable and efficient financial institutions, has ignored the very same need to start with profits-and-risk-sharing principle and no-riba principles to build pricing models to anchor the new sub-discpline. The good news is that, in the course of time to come, Akram's advocacy may be realised since such serious works have already begun.' --Mohamed Ariff, University Putra Malaysia and Bond University, Australia'Although there are many books on Islamic economics, this critical, but sympathetic, account by Muhammad Akram Khan is worthy of attention. The author has clearly read widely on the subject and appreciates the limitations of much that he has read. Islamic economics is a work in progress and by focusing on its shortcomings, Khan challenges the assumptions of many working in the field. His discussion of methodology is insightful, and even the prohibition of riba, for many the defining characteristic of Islamic finance, is examined from a fresh perspective. While many will not agree with the analysis and the conclusions, even critics should be able to appreciate the strengths of the arguments made. In summary this is a worthwhile, and in many respects an innovative, survey of the state of Islamic economics and finance. It deserves to be widely read.' --Rodney Wilson, Durham University, UKTable of ContentsContents: Preface Part I: Islamic Economics 1. Islamic Economics: State of the Art 2. The ‘Why’ of Islamic Economics 3. What is Islamic Economics? 4. Methodology of Islamic Economics 5. From Islamic Theology to Islamic Economics 6. Expanding the Frontiers of Economics 7. An Islamic Economic System or Spiritual Capitalism? Part II: Prohibition of Riba 8. Elimination of Interest: From Divine Prohibition to Human Interpretation 9. Prohibition of Riba in the Primary Sources of Islam 10. Theory of Riba: The Orthodox Interpretation 11. Assessment of the Orthodox Interpretation 12. Modernist Thinking on Riba 13. Prohibition of Riba: The Continuing Debate 14. Unresolved Issues in the Orthodox Interpretation of Riba 15. Practice of Interest-based Finance Among Muslims 16. Prohibition of Riba: The Way Forward Part III: Islamic Banking and Finance 17. Theoretical Basis of Islamic Banking 18. Problems of Profit–Loss Sharing 19. Practice of Islamic Banking and Finance 20. A Trajectory of Legal Tricks (Hiyal) 21. Islamic Insurance (Takaful) Part IV: Zakah in the Present Age 22. Contemporary Application of the Law of Zakah Bibliography Index
£46.50
Edward Elgar Publishing Ltd Financial Instability and Economic Security after
Book Synopsis'A failing orthodoxy calls out for powerful alternatives. Neoclassical economics is that failed orthodoxy; Whalen and his contributors are the critical alternative. In this finely orchestrated edited volume, the contributors take turns wielding a sledgehammer to demolish the weakened edifice of neoclassical theory. Then, each adds a brick to a new theoretical foundation as they work together to expand upon the Post-Keynesian Institutionalist approach, especially the ideas laid down by Hyman Minsky. Their critique is clear and the alternative theory and policies they present are critical for anyone trying to understand the nature and operation of market-based economies.' - Dorene Isenberg, University of Redlands 'A convergence of Post Keynesian and Institutional economics, which have much in common, offers a sound and practical way forward after the Great Recession. By drawing inspiration from Hyman Minsky and tracing similarities in the economics of Veblen, Commons and Keynes, this book pursues such a convergence in an original and thought-provoking manner. The result is a new way of thinking about economics, one based on serious economic theory and rooted firmly in economic reality.' - Philip Arestis, University of Cambridge, UK This timely book rethinks economic theory and policy by addressing the problem of economic instability and the need to secure broadly shared prosperity. It stresses that advancing economics in the wake of the Great Recession requires an evolutionary standpoint, greater attention to uncertainty and expectations, and the integration of finance into macroeconomics. The result is a broader array of policy options - and challenges - than conventional economics presents. Building on the pioneering work of Thorstein Veblen, John R. Commons and John Maynard Keynes, the authors synthesize key insights from Institutional and Post Keynesian economics into Post-Keynesian Institutionalism. Then they use that framework to explore an array of economic problems confronting the United States and the world. Inspired by the work of Hyman Minsky, the authors place financial relations at the center of their analysis of how economies operate and change over time. Students and scholars of macroeconomics and public policy will find this book of interest, as will a wider audience of financial analysts, policy makers and citizens interested in understanding economic booms and downturns.Trade ReviewIn the 1930s, economic theory and policy underwent dramatic change; such a shift occurs rarely and only in times of great calamity. We are in a similar period today, and this book enlightens economic policy and contributes to change that is ongoing in the mainstream of economic thinking. Economists and policymakers alike will benefit from this book. --Ronnie J. Phillips, Colorado State University, USFor those who take the work of Hyman Minsky seriously, this collection of essays provides a most welcome and refreshing examination of modern economic reality. It also demonstrates just how fruitful a conjoining of Post Keynesian and Institutionalist theory can be. Whalen has chosen his authors wisely, and, taken as a whole, their contributions provide an illuminating inquiry into what Minsky called ''money-manager capitalism''. The authors continue in the Minsky tradition, complementing his theoretical work and driving it forward. I highly recommend this book to not only economists who consider themselves Post Keynesian or Institutionalist, but to all who are looking for a way out of the theoretical impasse posed by conventional economics. --John Henry, University of Missouri-Kansas CityFinancial Instability and Economic Security after the Great Recession explores the close relationship between Institutional and Post Keynesian economics, thereby contributing greatly to our understanding of the recent - indeed, still ongoing - crisis in the U.S. economy and global financial markets. Together these two schools of thought provide coherent diagnoses and prescriptions that are wholly lacking in orthodox neoclassical theory. We are reminded that institutions matter, unregulated financial markets are not self-correcting, economies stall at equilibriums far below potential, and activist government is the only path to rebuilding a stable and balanced economy. This book will help greatly in the important task of rethinking economics and pointing us in the direction of reform and recovery. --Timothy A. Canova, Chapman University School of LawTable of ContentsContents: Preface Introduction: Instability, Prosperity and Economics After the Great Recession Charles J. Whalen PART I: FOUNDATIONS 1. Subverting Say’s Law: Harlan McCracken and the Commons-Keynes Connection Steven Kates 2. Towards a Synthesis of Institutional and Post Keynesian Economics W. Robert Brazelton and Charles J. Whalen 3. Futurity: Cornerstone of Post-Keynesian Institutionalism Glen Atkinson and Charles J. Whalen PART II: THE AMERICAN ECONOMY 4. Understanding and Preventing Financial Instability: Post-Keynesian Institutionalism and Government as Employer of Last Resort Fadhel Kaboub 5. Towards a More Rapid Recovery: Incorporating Subsidiarity into Macroeconomic Policy David A. Zalewski and Charles J. Whalen 6. Financial Stability, Regulatory Buffers and Economic Growth After the Great Recession: Some Regulatory Implications Éric Tymoigne PART III: THE GLOBAL ECONOMY 7. Regulating for Stability: Bank Capitalization and the Emergence of an International Lender of Last Resort Jan Toporowski 8. Evolution Without Fundamental Change: The Washington Consensus on Economic Development and its Significance for Post-Keynesian Institutionalism John Marangos and Charles J. Whalen 9. Money-manager Capitalism, Capital Flows and Development in Emerging Market Economies: A Post-Keynesian Institutionalist Analysis Yan Liang PART IV: CONCLUSION 10. The Future of Post-Keynesian Institutionalism Charles J. Whalen Index
£31.95
Edward Elgar Publishing Ltd Stability of the Financial System: Illusion or
Book SynopsisThere was a world BC (Before Crisis) and there will be a world AD (After Deleveraging) - the challenge is to create an effective, efficient yet stable and sustainable financial system for this 'new world'. This book provides the most comprehensive and thought-provoking basis for action I have seen so far.'- Paul Achleitner, Chair of Supervisory Board Deutsche Bank AG'The financial crisis demonstrated conclusively that for central bankers and other policymakers financial stability must always be of paramount concern, for without it the macroeconomy will perform badly and monetary policy will lose its effectiveness. This book underscores the importance of financial stability, laying out the key issues and what must be done to avoid such disasters in the future.'- William C. Dudley, President of the Federal Reserve Bank of New York, US'Since 2008, financial stability has moved to the center of the policy stage. This volume, combining contributions from leading policy makers and academics, is the essential introduction to the issues. Must reading.'- Barry Eichengreen, George C. Pardee and Helen N. Pardee Professor of Economics and Political Science, University of California, Berkeley, US'Financial stability is an overarching goal. In open and democratic societies, ensuring financial stability is a matter of interest not only to central bankers, academics and financial market players, but also to all well-informed citizens. This book provides an excellent basis for a wide-ranging and rewarding debate.'- Thomas J. Jordan, Chairman of the Governing Board of the Swiss National Bank'Financial stability is necessary. To achieve this common target an on-going dialogue is required between industry, policymakers, academia and other relevant stakeholders. This book provides a welcome and refreshing perspective from different standpoints on the issues at stake, and reminds us of the remaining work ahead.'- Axel Weber, Chair of Supervisory Board, UBSIn the aftermath of the financial crisis, new financial market regulation is being implemented, and increasing numbers of countries are establishing new legislation for macroprudential oversight. Against this backdrop, this thought provoking book provides a platform for the leading international experts to discuss and encourage future debate on financial stability.The breadth and scope of the issues addressed reflect the challenge of developing and consistently implementing a coherent set of financial reforms to promote financial stability. The book advocates the development of financial reforms that are effective in striking the optimal balance between realizing the enormous benefits of efficient financial intermediation, capital allocation and risk management on the one hand, and controlling systemic risks and maintaining financial stability on the other.Making an important contribution to deepening our understanding of the many facets of financial stability, this book will prove a challenging read for policy makers, regulators and central bankers as well as for researchers and scholars in the fields of economics, money, finance and banking.Contributors include: P. Angelini, S.N. Altimari, L. Bini Smaghi, M. Blessing, C.M. Buch, M.C. Burda, J.M. Campa Fernandez, M. Carney, J. Caruana, A. Dombret, W.P. Gaglianone, P. Hildebrand, V. Hofstätter, A. Ittner, K.H.W. Knot, U. Körner, C. Lagarde, J.-P. Landau, S. Lautenschläger, D.T. Llewellyn, O. Lucius, Y. Mersch, H. Nakaso, E. Nowotny, L.A. Pereira da Silva, W. Rothensteiner, A. Soares Sales, N. Sheets, P. Tucker, G. Tumpel-Gugerell, H. van Voorden, I. ViscoTrade Review‘[the book] addresses the stability of the entire financial system and does so exceptionally well. It is a critical analysis and a treasure trove of specialist information and analytical viewpoints for the subject matter expert.’ -- Banking & Finance Law Review‘With its comprehensive list of topics addressed by an eminent line-up of authors on an impressive 550 pages (including introductory pages and a brief index), this book indeed goes a long way towards shedding light on the difficult question to what extent, and how, stability of the financial system can realistically be achieved.’ -- Ernest Gnan, SUERF‘There was a world BC (Before Crisis) and there will be a world AD (After Deleveraging) – the challenge is to create an effective, efficient yet stable and sustainable financial system for this “new world”. This book provides the most comprehensive and thought-provoking basis for action I have seen so far.’ -- Paul Achleitner, Chair of Supervisory Board Deutsche Bank AG‘The financial crisis demonstrated conclusively that for central bankers and other policymakers financial stability must always be of paramount concern, for without it the macroeconomy will perform badly and monetary policy will lose its effectiveness. This book underscores the importance of financial stability, laying out the key issues and what must be done to avoid such disasters in the future.’ -- William C. Dudley, President of the Federal Reserve Bank of New York, US‘Since 2008, financial stability has moved to the center of the policy stage. This volume, combining contributions from leading policy makers and academics, is the essential introduction to the issues. Must reading.’ -- Barry Eichengreen, George C. Pardee and Helen N. Pardee Professor of Economics and Political Science, University of California, Berkeley, US‘Financial stability is an overarching goal. In open and democratic societies, ensuring financial stability is a matter of interest not only to central bankers, academics and financial market players, but also to all well-informed citizens. This book provides an excellent basis for a wide-ranging and rewarding debate.’ -- Thomas J. Jordan, Chairman of the Governing Board of the Swiss National Bank‘Financial stability is necessary. To achieve this common target an on-going dialogue is required between industry, policymakers, academia and other relevant stakeholders. This book provides a welcome and refreshing perspective from different standpoints on the issues at stake, and reminds us of the remaining work ahead.’ -- Axel Weber, Chair of Supervisory Board, UBSTable of ContentsContents: Preface Stability of the Financial System – An Introduction Mark Carney PART I: ABOUT FINANCIAL STABILITY 1. Financial and Fiscal Stability Beyond the Crisis Years: Two Paradigm Shifts and their Consequences Martin Blessing 2. Criteria for Financial Stability – The European View Andreas Dombret 3. Criteria for Financial Stability – A US View Nathan Sheets 4. Financial Stability in Brazil Luiz Awazu Pereira da Silva, Adriana Soares Sales and Wagner Piazza Gaglianone 5. From the Stability Pact to ESM – What Next? Claudia M. Buch 6. Economic Convergence – The Need for Economic Cooperation and Coordination Walter Rothensteiner and Valentin Hofstätter 7. Banking System and Financial Stability Andreas Ittner 8. Competition, the Pressure for Returns, and Stability Paul Tucker 9. Measuring Systemic Risk Jaime Caruana PART II: THE CONSEQUENCES OF FINANCIAL INSTABILITY 10. Sovereign Risk Lorenzo Bini Smaghi 11. Default of Systemically Important Financial Intermediaries: Short-Term Stability vs. Incentive Compatibility Yves Mersch 12. Systemically Important Banks – Possible Options for Policy Makers Klaas H.W. Knot and Hanne van Voorden 13. A Paradigm Shift: Resolution of Banks Jean-Pierre Landau 14. Consequences of Financial Shocks for the Real Economy Hiroshi Nakaso PART III: PREVENTION OF FINANCIAL INSTABILITY 15. The Economics of Financial Regulation Ewald Nowotny 16. A Strategic Approach to Post Crisis Regulation – The Need for Pillar 4 David T. Llewellyn 17. Regulation of Banks and the ‘Level Playing Field’ – The Case of Shadow Banking Otto Lucius 18. Enhancing Financial Stability – A Global Bank’s Perspective Ulrich Körner 19. Stable Liquidity and Funding Flows José Manuel Campa Fernández 20. How to Avoid Contagion and Spillover Effects in the Euro Zone? Michael C. Burda 21. The New European Supervisory System – Harmonisation and Macroprudential Oversight Sabine Lautenschläger 22. Macroprudential, Microprudential and Monetary Policies: Conflicts, Complementarities and Trade-Offs Paolo Angelini, Sergio Nicoletti-Altimari and Ignazio Visco 23. Why Central Banks need a Macroeconomic Toolkit Philipp M. Hildebrand 24. Lender of Last Resort – Which Institution Could Best Fulfil this Function? Gertrude Tumpel-Gugerell Stability of the Financial System: Illusion or Feasible Concept? An Epilogue Christine Lagarde Index
£163.00
Edward Elgar Publishing Ltd Islamic Finance: Principles and Practice, Second
Book SynopsisThis thoroughly updated and revised second edition analyses the ideas behind Islamic finance, the forms Islamic finance has taken in practice and the tension between the two that may occasionally arise. Along with an expanded section on the history of the ban on interest, this second edition contains a much more extensive discussion of investment and savings accounts, sukuk and tawarruq.Hans Visser aims to answer key topics on Islamic finance, ranging from the principles behind the phenomenon to the interaction of the market place with religious restrictions. How can governments finance their deficits and central banks conduct monetary policy without the interest-rate instrument? What price do the clients of the Islamic financial system pay for the increase in complexity and loss in flexibility compared with conventional finance? How do banking supervisors take account of the associated risks? In answering these questions, Visser's systematic treatment of the belief system and a discussion on the acceptability of disputed instruments of Islamic finance distinguish the book from others in its field.Islamic Finance is essential reading for students of economics, finance and Islamic studies. Moreover, a detailed examination of both financial products and fiscal and monetary policies ensures that it will also appeal to banking staff, financial journalists and politicians alike.Contents: Preface Introduction 1. Why Islamic Finance? 2. Sources of Islamic Law 3. The Islamic Economy 4. Forms of Islamic Finance 5. Islamic Banks 6. Special Sectors 7. Public Finance and the Monetary Authorities 8. Islamic Finance: A Tentative Verdict Appendices A. The Quran on Riba B. The Quran on Maysir C. The Bible on Interest References IndexTrade ReviewProfessor Hans Visser's acclaimed 2009 volume on Islamic finance provided unquestionably one of the best, yet succinct, accounts of the subject. This fully up-to-date and rewritten second edition is set to maintain this standard. Despite growing competition in an ever-expanding field, Professor Visser's well-organized book stands apart by the thoroughness of the research into new developments in Islamic Finance, coupled with the clarity of the writing and clear-headed analysis. --Mervyn Lewis, University of South AustraliaHans Visser's book is a clear, concise and well organised introduction to Islamic finance. This second edition not only updates the original work, but provides a much more detailed treatment of the forms of Islamic finance. The controversies surrounding many Islamic financial contracts are explained in a refreshingly objective manner. The disadvantages as well as the advantages of Islamic finance are candidly addressed. The book is highly recommended for postgraduates taking Islamic finance courses, as well as for financial professionals seeking to broaden their knowledge. --Rodney Wilson, Durham University, UKTable of ContentsContents: Preface Introduction 1. Why Islamic Finance? 2. Sources of Islamic Law 3. The Islamic Economy 4. Forms of Islamic Finance 5. Islamic Banks 6. Special Sectors 7. Public Finance and the Monetary Authorities 8. Islamic Finance: A Tentative Verdict Appendices A. The Quran on Riba B. The Quran on Maysir C. The Bible on Interest References Index
£29.95
Edward Elgar Publishing Ltd Morality and Justice in Islamic Economics and
Book SynopsisMankind is faced with a number of serious problems that demand an effective solution. The prevalence of injustice and the frequency of financial crises are two of the most serious of these problems. Consisting of an in-depth introduction along with a selection of eight of Muhammad Umer Chapra's essays - four on Islamic economics and four on Islamic finance - this timely book raises the question of what can be done to not only minimize the frequency and severity of the financial crises, but also make the financial system more equitable.The author considers the origins of Islamic economics and outlines its development and underlying principles. He compares the approach taken to ethics and economics in Islam with that taken in the West, considering whether lessons can be applied to the global financial architecture in order to mitigate against financial crises. The book also examines the case against interest and looks at both innovation in Islamic finance, as well as challenges facing the industry.Written by a leading authority in the field, this book will be a stimulating resource for students and researchers in Islamic economics and finance, as well as providing valuable insight to all of those with an interest in financial systems and their interaction with society.Contents: Preface Introduction Part I Islamic Economics 1. Is it Necessary to Have Islamic Economics? 2. Islamic Economics: What it is and How it Developed 3. Ethics and Economics: The Islamic Imperative 4. Ibn Khaldun's Theory of Development: Does it Help Explain the Low Performance of the Present Day Muslim World? Part II Islamic Finance 5. The Case Against Interest: Is it Compelling? 6. Innovation and Authenticity in Islamic Finance 7. Challenges Facing the Islamic Financial Industry 8. The Global Financial Crisis: Some Suggestions for Reform of the Global Financial System in the Light of Islamic Finance IndexTable of ContentsContents: Preface Introduction Part I Islamic Economics 1. Is it Necessary to Have Islamic Economics? 2. Islamic Economics: What it is and How it Developed 3. Ethics and Economics: The Islamic Imperative 4. Ibn Khaldun’s Theory of Development: Does it Help Explain the Low Performance of the Present Day Muslim World? Part II Islamic Finance 5. The Case Against Interest: Is it Compelling? 6. Innovation and Authenticity in Islamic Finance 7. Challenges Facing the Islamic Financial Industry 8. The Global Financial Crisis: Some Suggestions for Reform of the Global Financial System in the Light of Islamic Finance Index
£100.00
Edward Elgar Publishing Ltd Household Finance
Book SynopsisSince its emergence in the 1980s, the subject of Household Finance has rapidly grown into a critical area of economic focus. Research, policy and practitioner interest has increased as household portfolios have become more complicated in response to financial innovation and new challenges in retirement financing. Whilst the earliest research was initially focussed on the limited tendency to hold stocks and diversify risk, recent work has developed into a broader exploration of the challenges posed by limited financial literacy, cognition, behavioural biases and cultural predispositions, and the ways to overcome them through financial education, advice, institutional reform and regulation.Including an original introduction by the editor, Household Finance brings together the most essential papers on the subject together in a comprehensive three-volume collection, and will be an invaluable resource for researchers - including practitioners with an interest in research - and students alike.Trade Review‘It is an invaluable reference for researchers, economists, students of behavioral finance, private wealth managers, product managers, and public policymakers.’ -- Marc L. Ross, Financial Analysts JournalTable of ContentsContents: Introduction Michael Haliassos PART I HOUSEHOLD PORTFOLIOS: INTERNATIONAL COMPARISONS 1. Luigi Guiso, Michael Haliassos and Tullio Jappelli (2003), ‘Household Stockholding in Europe: Where Do We Stand and Where Do We Go?’, Economic Policy, 18 (36), April, 125–70 2. Dimitris Christelis, Dimitris Georgarakos and Michael Haliassos (2013), ‘Differences in Portfolios Across Countries: Economic Environment Versus Household Characteristics’, Review of Economics and Statistics, 95 (1), March, 220–36 3. European Central Bank (2013), ‘The Eurosystem Household Finance and Consumption Survey: Results from the First Wave’, Statistics Paper Series, 2, April, i, 1–111 PART II PORTFOLIO MODELS AND THE STOCK MARKET PARTICIPATION PUZZLE 4. Irwin Friend and Marshall E. Blume (1975), ‘The Demand for Risky Assets’, American Economic Review, 65 (5), December, 900–922 5. N. Gregory Mankiw and Stephen P. Zeldes (1991), ‘The Consumption of Stockholders and Nonstockholders’, Journal of Financial Economics, 29 (1), March, 97–112, 6. Zvi Bodie, Robert C. Merton and William F. Samuelson (1992), ‘Labor Supply Flexibility and Portfolio Choice in a Life Cycle Model’, Journal of Economic Dynamics and Control, 16 (3–4), July–October, 427–49 7. Michael Haliassos and Carol C. Bertaut (1995), ‘Why Do So Few Hold Stocks?’, Economic Journal, 105 (432), September, 1110–29 8. Luigi Guiso, Tullio Jappelli and Daniele Terlizzese (1996), ‘Income Risk, Borrowing Constraints, and Portfolio Choice’, American Economic Review, 86 (1), March, 158–72 9. William R.M. Perraudin and Bent E. Sørensen (2000), ‘The Demand for Risky Assets: Sample Selection and Household Portfolios’, Journal of Econometrics, 97 (1), July, 117–44 10. John Heaton and Deborah Lucas (2000), ‘Portfolio Choice and Asset Prices: The Importance of Entrepreneurial Risk’, Journal of Finance, LV (3), June, 1163–98 11. Luis M. Viceira (2001), ‘Optimal Portfolio Choice for Long-Horizon Investors with Nontradable Labor Income’, Journal of Finance, LVI (2), April, 433–70 12. Michael Haliassos and Alexander Michaelides (2003), ‘Portfolio Choice and Liquidity Constraints’, International Economic Review, 44 (1), February, 143–77 13. Annette Vissing-Jorgensen (2003), ‘Perspectives on Behavioral Finance: Does “Irrationality” Disappear with Wealth? Evidence from Expectations and Actions’, NBER Macroeconomics Annual 2003, 18, 139–94 14. Harvey S. Rosen and Stephen Wu (2004), ‘Portfolio Choice and Health Status’, Journal of Financial Economics, 72 (3), June, 457–84 15. João F. Cocco, Francisco J. Gomes and Pascal J. Maenhout (2005), ‘Consumption and Portfolio Choice Over the Life Cycle’, Review of Financial Studies, 18 (2), Summer, 491–533 16. Francisco Gomes and Alexander Michaelides (2005), ‘Optimal Life-Cycle Asset Allocation: Understanding the Empirical Evidence’, Journal of Finance, LX (2), April, 869–904 17. John Y. Campbell (2006), ‘Household Finance’, Journal of Finance, LXI (4), August, 1553–604 18. Steven J. Davis, Felix Kubler and Paul Willen (2006), ‘Borrowing Costs and the Demand for Equity Over the Life Cycle’, Review of Economics and Statistics, 88 (2), May, 348–62 19. Nicholas Barberis, Ming Huang and Richard H. Thaler (2006), ‘Individual Preferences, Monetary Gambles, and Stock Market Participation: A Case for Narrow Framing’, American Economic Review, 96 (4), September, 1069–90 PART III PORTFOLIOS OF THE RICH 20. Karen E. Dynan, Jonathan Skinner and Stephen P. Zeldes (2004), ‘Do the Rich Save More?’, Journal of Political Economy, 112 (2), 397–444 21. Nikolai Roussanov (2010), ‘Diversification and Its Discontents: Idiosyncratic and Entrepreneurial Risk in the Quest for Social Status’, Journal of Finance, LVX (5), October, 1755–88 22. Jessica A. Wachter and Motohiro Yogo (2010), ‘Why Do Household Portfolio Shares Rise in Wealth?’, Review of Financial Studies, 23 (11), November, 3929–65 PART IV ASSET ALLOCATION AND ASSET LOCATION 23. Daniel Bergstresser and James Poterba (2004), ‘Asset Allocation and Asset Location: Household Evidence from the Survey of Consumer Finances’, Journal of Public Economics, 88 (9–10), August, 1893–915 24. John Y. Campbell, Yeung Lewis Chan and Luis M. Viceira (2003), ‘A Multivariate Model of Strategic Asset Allocation’, Journal of Financial Economics, 67 (1), January, 41–80 25. Robert M. Dammon, Chester S. Spatt and Harold H. Zhang (2004), ‘Optimal Asset Location and Allocation with Taxable and Tax-Deferred Investing’, Journal of Finance, LIX (3), June, 999–1037 26. Francisco Gomes, Alexander Michaelides and Valery Polkovnichenko (2009), ‘Optimal Savings with Taxable and Tax-Deferred Accounts’, Review of Economic Dynamics, 12 (4), October, 718–35 Volume II An introduction to all three volumes by the editor appears in Volume I PART I STOCK TRADING BEHAVIOR AND AGE EFFECTS 1. Brad M. Barber and Terrance Odean (2000), ‘Trading Is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors’, Journal of Finance, LV (2), April, 773–806 2. Brad M. Barber and Terrance Odean (2001), ‘Boys Will Be Boys: Gender, Overconfidence, and Common Stock Investment’, Quarterly Journal of Economics, 116 (1), February, 261–92 3. Brigitte C. Madrian and Dennis F. Shea (2001), ‘The Power of Suggestion: Inertia in 401(k) Participation and Savings Behavior’, Quarterly Journal of Economics, LXVI (4), November, 1149–87 4. Mark Grinblatt and Matti Keloharju (2001), ‘What Makes Investors Trade?’, Journal of Finance, LVI (2), April, 589–616 5. Christian Gollier and Richard J. Zeckhauser (2002), ‘Horizon Length and Portfolio Risk’, Journal of Risk and Uncertainty, 24 (3), May, 195–212 6. Julie Agnew, Pierluigi Balduzzi and Annika Sundén (2003), ‘Portfolio Choice and Trading in a Large 401(k) Plan’, American Economic Review, 93 (1), March, 193–215 7. Rob Alessie, Stefan Hochguertel and Arthur van Soest (2004), ‘Ownership of Stocks and Mutual Funds: A Panel Data Analysis’, Review of Economics and Statistics, 86 (3), August, 783–96 8. Markus K. Brunnermeier and Stefan Nagel (2008), ‘Do Wealth Fluctuations Generate Time-Varying Risk Aversion? Micro-Evidence on Individuals’ Asset Allocation’, American Economic Review, 98 (3), June, 713–36 9. Laurent E. Calvet, John Y. Campbell and Paolo Sodini (2009), ‘Fight or Flight? Portfolio Rebalancing by Individual Investors’, Quarterly Journal of Economics, 124 (1), February, 301–48 10. Mark Grinblatt and Matti Keloharju (2009), ‘Sensation Seeking, Overconfidence, and Trading Activity’, Journal of Finance, LXIV (2), April, 549–78 11. Yannis Bilias, Dimitris Georgarakos and Michael Haliassos (2010), ‘Portfolio Inertia and Stock Market Fluctuations’, Journal of Money, Credit and Banking, 42 (4), June, 715–42 12. George M. Korniotis and Alok Kumar (2011), ‘Do Older Investors Make Better Investment Decisions?’, Review of Economics and Statistics, 93 (1), February, 244–65 13. Mark Grinblatt, Matti Keloharju and Juhani T. Linnainmaa (2012), ‘IQ, Trading Behavior, and Performance’, Journal of Financial Economics, 104 (2), May, 339–62 14. Andrew B. Abel, Janice C. Eberly and Stavros Panageas (2013), ‘Optimal Inattention to the Stock Market with Information Costs and Transactions Costs’, Econometrica, 81 (4), July, 1455–81 PART II RISK AVERSION 15. Robert B. Barsky, F. Thomas Juster, Miles S. Kimball and Matthew D. Shapiro (1997), ‘Preference Parameters and Behavioral Heterogeneity: An Experimental Approach in the Health and Retirement Study’, Quarterly Journal of Economics, 112 (2), May, 537¬–79 16. Luigi Guiso and Monica Paiella (2008), ‘Risk Aversion, Wealth, and Background Risk’, Journal of the European Economic Association, 6 (6), December, 1109–50 17. Thomas Dohmen, Armin Falk, David Huffman and Uwe Sunde (2010), ‘Are Risk Aversion and Impatience Related to Cognitive Ability?’, American Economic Review, 100 (3), June, 1238–60 PART III UNDER-DIVERSIFICATION 18. Morgan Kelly (1995), ‘All Their Eggs in One Basket: Portfolio Diversification of US Households’, Journal of Economic Behavior and Organization, 27 (1), June, 87–96 19. Shlomo Benartzi and Richard H. Thaler (2001), ‘Naive Diversification Strategies in Defined Contribution Saving Plans’, American Economic Review, 91 (1), March, 79–98 20. Valery Polkovnichenko (2005), ‘Household Portfolio Diversification: A Case for Rank-Dependent Preferences’, Review of Financial Studies, 18 (4), Winter, 1467–502 21. Stijn van Nieuwerburgh and Laura Veldkamp (2010), ‘Information Acquisition and Under-Diversification’, Review of Economic Studies, 77 (2), April, 779–805 PART IV FAMILIARITY, AWARENESS, FINANCIAL LITERACY, COGNITION 22. Joshua D. Coval and Tobias J. Moskowitz (1999), ‘Home Bias at Home: Local Equity Preference in Domestic Portfolios’, Journal of Finance, LIV (6), December, 2045–73 23. Gur Huberman (2001), ‘Familiarity Breeds Investment’, Review of Financial Studies, 14 (3), Fall, 659–80 24. Luigi Guiso and Tullio Jappelli (2005), ‘Awareness and Stock Market Participation’, Review of Finance, 9 (4), December, 537–67 25. Annamaria Lusardi and Olivia S. Mitchell (2007), ‘Baby Boomer Retirement Security: The Roles of Planning, Financial Literacy, and Housing Wealth’, Journal of Monetary Economics, 54 (1), January, 205–24 26. Laurent E. Calvet, John Y. Campbell and Paolo Sodini (2007), ‘Down or Out: Assessing the Welfare Costs of Household Investment Mistakes’, Journal of Political Economy, 115 (5), October, 707–47 27. Laurent E. Calvet, John Y. Campbell and Paolo Sodini (2009), ‘Measuring the Financial Sophistication of Households’, American Economic Review: Papers and Proceedings, 99 (2), May, 393–8 28. Dimitris Christelis, Tullio Jappelli and Mario Padula (2010), ‘Cognitive Abilities and Portfolio Choice’, European Economic Review, 54 (1), January, 18–38 29. James J. Choi, David Laibson and Brigitte C. Madrian (2011), ‘$100 Bills on the Sidewalk: Suboptimal Investment in 401(k) Plans’, Review of Economics and Statistics, 93 (3), August, 748–63 30. Maarten van Rooij, Annamaria Lusardi and Rob Alessie (2011), ‘Financial Literacy and Stock Market Participation’, Journal of Financial Economics, 101 (2), August, 449–72 31. Mark Grinblatt, Matti Keloharju and Juhani Linnainmaa (2011), ‘IQ and Stock Market Participation’, Journal of Finance, LXVI (6), December, 2121–64 32. Lauren E. Willis (2011), ‘The Financial Education Fallacy’, American Economic Review: Papers and Proceedings, 101 (3), May, 429–34 PART V SOCIAL INTERACTIONS 33. Esther Duflo and Emmanuel Saez (2002), ‘Participation and Investment Decisions in a Retirement Plan: The Influence of Colleagues’ Choices’, Journal of Public Economics, 85 (1), July, 121–48 34. Harrison Hong, Jeffrey D. Kubik and Jeremy C. Stein (2004), ‘Social Interaction and Stock-Market Participation’, Journal of Finance, LIX (1), February, 137–63 35. Markku Kaustia and Samuli Knüpfer (2012), ‘Peer Performance and Stock Market Entry’, Journal of Financial Economics, 104 (2), May, 321–38 36. Dimitris Georgarakos, Michael Haliassos and Giacomo Pasini (2014), ‘Household Debt and Social Interactions’, Review of Financial Studies, 27 (5), May, 1404–33 Volume III An introduction to all three volumes by the editor appears in Volume I PART I FINANCIAL ADVICE 1. Roman Inderst and Marco Ottaviani (2009), ‘Misselling through Agents’, American Economic Review, 99 (3), June, 883–908 2. Daniel Bergstresser, John M.R. Chalmers and Peter Tufano (2009), ‘Assessing the Costs and Benefits of Brokers in the Mutual Fund Industry’, Review of Financial Studies, 22 (10), October, 4129–56 3. John Y. Campbell, Howell E. Jackson, Brigitte C. Madrian and Peter Tufano (2011), ‘Consumer Financial Protection’, Journal of Economic Perspectives, 25 (1), Winter, 91–114 4. Andreas Hackethal, Michael Haliassos and Tullio Jappelli (2012), ‘Financial Advisors: A Case of Babysitters?’, Journal of Banking & Finance, 36 (2), February, 509–24 5. Roman Inderst and Marco Ottaviani (2012), ‘Financial Advice’, Journal of Economic Literature, 50 (2), June, 494–512 6. Utpal Bhattacharya, Andreas Hackethal, Simon Kaesler, Benjamin Loos and Steffen Meyer (2012), ‘Is Unbiased Financial Advice to Retail Investors Sufficient? Answers from a Large Field Study’, Review of Financial Studies, 25 (4), April, 975–1032 PART II CULTURAL AND HEREDITARY INFLUENCES ON FINANCIAL BEHAVIOR 7. Luigi Guiso, Paola Sapienza and Luigi Zingales (2006), ‘Does Culture Affect Economic Outcomes?’, Journal of Economic Perspectives, 20 (2), Spring, 23–48 8. Luigi Guiso, Paola Sapienza and Luigi Zingales (2008), ‘Trusting the Stock Market’, Journal of Finance, LXIII (6), December, 2557–600 9. Una Okonkwo Osili and Anna L. Paulson (2008), ‘Institutions and Financial Development: Evidence from International Migrants in the United States’, Review of Economics and Statistics, 90 (3), August, 498–517 10. Amir Barnea, Henrik Cronqvist and Stephan Siegel (2010), ‘Nature or Nurture: What Determines Investor Behavior?’, Journal of Financial Economics, 98 (3), December, 583–604 11. Laurent E. Calvet and Paolo Sodini (2014), ‘Twin Picks: Disentangling the Determinants of Risk-Taking in Household Portfolios’, Journal of Finance, LXIX (2), April, 867–906 PART III HOUSING, PORTFOLIO CHOICE AND DEFAULT 12. Sanford J. Grossman and Guy Laroque (1990), ‘Asset Pricing and Optimal Portfolio Choice in the Presence of Illiquid Durable Consumption Goods’, Econometrica, 58 (1), January, 25–51 13. Michael C. Fratantoni (2001), ‘Homeownership, Committed Expenditure Risk, and the Stockholding Puzzle’, Oxford Economic Papers, 53 (2), April, 241–59 14. Marjorie Flavin and Takashi Yamashita (2002), ‘Owner-Occupied Housing and the Composition of the Household Portfolio’, American Economic Review, 92 (1), March, 345–62 15. Maria Concetta Chiuri and Tullio Jappelli (2003), ‘Financial Market Imperfections and Home Ownership: A Comparative Study’, European Economic Review, 47 (5), October, 857–75 16. John Y. Campbell and João F. Cocco (2003), ‘Household Risk Management and Optimal Mortgage Choice’, Quarterly Journal of Economics, 118 (4), November, 1449–94 17. João F. Cocco (2004), ‘Portfolio Choice in the Presence of Housing’, Review of Financial Studies, 18 (2), Summer, 535–67 18. Rui Yao and Harold H. Zhang (2005), ‘Optimal Consumption and Portfolio Choices with Risky Housing and Borrowing Constraints’, Review of Financial Studies, 18 (1), Spring, 197–239 19. Todd Sinai and Nicholas S. Souleles (2005), ‘Owner-Occupied Housing as a Hedge Against Rent Risk’, Quarterly Journal of Economics, 120 (2), May, 763–89 20. Raj Chetty and Adam Szeidl (2007), ‘Consumption Commitments and Risk Preferences’, Quarterly Journal of Economics, 122 (2), May, 831–77 21. Atif Mian and Amir Sufi (2009), ‘The Consequences of Mortgage Credit Expansion: Evidence from the U.S. Mortgage Default Crisis’, Quarterly Journal of Economics, 124 (4), November, 1449–96 22. Ronel Elul, Nicholas S. Souleles, Souphala Chomsisengphet, Dennis Glennon and Robert Hunt (2010), ‘What Triggers Mortgage Defaults’, American Economic Review: Papers and Proceedings, 100 (2), May, 490–94 23. Luigi Guiso, Paola Sapienza and Luigi Zingales (2013), ‘The Determinants of Attitudes Toward Strategic Default on Mortgages’, Journal of Finance, LXVIII (4), August, 1473–515 24. Atif Mian and Amir Sufi (2011), ‘House Prices, Home Equity-Based Borrowing and the US Household Leverage Crisis’, American Economic Review, 101 (5), August, 2132–56 PART IV CREDIT CARD BEHAVIOR 25. David B. Gross and Nicholas S. Souleles (2002), ‘Do Liquidity Constraints and Interest Rates Matter for Consumer Behavior? Evidence from Credit Card Data’, Quarterly Journal of Economics, 117 (1), February, 149–85 26. David B. Gross and Nicholas S. Souleles (2002), ‘An Empirical Analysis of Personal Bankruptcy and Delinquency’, Review of Financial Studies, 15 (1), Spring, 319–47 27. Scott Fay, Erik Hurst and Michelle J. White (2002), ‘The Household Bankruptcy Decision’, American Economic Review, 92 (3), June, 706–18 28. David Laibson, Andrea Repetto and Jeremy Tobacman (2001), ‘A Debt Puzzle’, Adapted from NBER Working Paper No. 7879, 1–39, tables and figures 29. Carol C. Bertaut, Michael Haliassos and Michael Reiter (2008), ‘Credit Card Debt Puzzles and Debt Revolvers for Self-Control’, Review of Finance, 13 (4), October, 657–92 30. Stephan Meier and Charles Sprenger (2010), ‘Present-Biased Preferences and Credit Card Borrowing’, American Economic Journal: Applied Economics, 2 (1), January, 193–210 31. Irina A. Telyukova (2013), ‘Household Need for Liquidity and the Credit Card Debt Puzzle’, Review of Economic Studies, 80 (3), July, 1148–77 Index
£1,271.00
Edward Elgar Publishing Ltd Global Shock, Risks, and Asian Financial Reform
Book SynopsisThe growth of financial markets has clearly outpaced the development of financial market regulations. With growing complexity in the world of finance, and the resultant higher frequency of financial crises, all eyes have shifted toward the current inadequacy of financial regulation.This book expertly examines what this episode means for Asia's financial sector and its stability, and what the implications will be for the region's financial regulation. By focusing on legal and institutional frameworks, the book also elaborates on various issues and challenges in terms of how financial liberalization can maximize the benefits and minimize the risks of crisis.The book will appeal to academics, students, and policymakers across a diverse range of fields including: international finance and trade, economics, Asian studies, development, and development economics.Trade Review‘Policymakers and academics, especially those interested in understanding the complexity of Asian economies, may ?nd this book very useful as a starting point in their studies.’ -- Asian-Pacific Economic LiteratureTable of ContentsContents: PART I INTRODUCTION 1. Overview and Summary Iwan J. Azis and Hyun Song Shin PART II MACRO PRUDENTIAL SUPERVISORY SYSTEM AND DEVELOPMENT IMPACT 2. Monetary Aggregates and Procyclicality of the Financial System: An Asian Perspective Joon-Ho Hahm, Hyun Song Shin and Kwanho Shin 3. Non-Core Bank Liabilities and Vulnerability to Crisis: Implications for Asia Joon-Ho Hahm, Hyun Song Shin and Kwanho Shin 4. Monetary Aggregates and Global Liquidity: Evidence from Individual Firm Data from Asia Hyun Song Shin and Laura Yi Zhao 5. Economy-Wide Vulnerability in Asia: Flow-of-Fund Analysis Iwan J. Azis and Damaris Yarcia PART III ISSUES AND CHALLENGES ON LEGAL AND INSTITUTIONAL FRAMEWORK FOR EMERGING ASIA 6. Addressing Systemic Risk in East Asia: Financial Regulatory Design Rolf H. Weber, Douglas W. Arner, Evan C. Gibson and Simone Baumann 7. Financial Innovation and Development in East Asia: Balancing Risks and Opportunities Ross P. Buckley, Douglas W. Arner and Michael Panton 8. Implications of Global Financial and Regulatory Policies on Systemic Risk in Asia Fariborz Moshirian PART IV FINANCIAL INTEGRATION AND COOPERATION TO SUPPORT FINANCIAL STABILITY 9. Equity Home Bias, Financial Integration, and Regulatory Reforms: Implications for Emerging Asia Cyn-Young Park and Rogelio V. Mercado, Jr. 10. Regional Financial Arrangements: Lessons from the Eurozone Crisis for East Asia Emilios Avgouleas, Douglas W. Arner and Uzma Ashraf 11. The Role of Deposit Insurance in Financial Stability: Issues and Options in ASEAN + 3 A. Michael Andrews 12. Effective Resolution Regimes for Financial Institutions in ASEAN + 3 A. Michael Andrews 13. Capital Structure and the Issuance of Corporate Bonds in Emerging Asia Paul Mizen, Frank Packer, Eli Remolona and Serafeim Tsoukas PART V FINANCIAL SUPERVISION AND DEVELOPMENT CHALLENGES IN ASIA 14. Financial Monitoring in the New ASEAN-5 Countries Se Hee Lim and Noel Reyes 15. Financial Inclusion and Regulatory Implications Qifeng Zhang and Josephine Valle-Sison 16. Innovative Financing Modalities for SMEs and the Regulatory Implications Shigehiro Shinozaki 17. Global Financial Regulatory Trends and Challenges for the Development of the Insurance and Pensions Sector in the Asia-Pacific Region Arup Chatterjee 18. Impact of the Global Financial Crisis on Trade Finance in Asia and Cooperation that Reduced the Impact Steven Beck Index
£174.00
Edward Elgar Publishing Ltd The Financialization of the Firm: Managerial and
Book SynopsisThe term 'financialization' denotes the general tendency in the advanced Western economies to allow a substantial proportion of taxable profits to accumulate in the finance industry. Alexander Styhre discusses the financialization of the firm in the period after 1980 and stresses how key managerial activities have been redefined on the basis of finance theory and free-market ideologies. This book critically examines the literature and the implications of financialization for organizations and the economy as a whole.In seven chapters, Styhre covers topics such as the causes and consequences of financialization, corporate governance and financialization, managerial control, auditing, and accountability. He aims to broaden our concept of financialization to encapsulate socio economic and cultural changes since the early 1980s and, in doing so, expand its meaning to encompass more than a technical shift in policy.Academic researchers, graduate students in management programs and organization theory courses, practicing managers and management consultants will find this to be an engaging read.Trade Review'Any reader looking for a short, yet broad, introduction to the critical discourse on contemporary capitalism with a focus on the management of economic organizations is well served by The Financialization of the Firm. The book brings up many hotly debated economic, social, political, scientific, and moral questions concerning the role of the finance market particularly in the economic systems of the US and Great Britain: Is economic inequality on the rise and what is its impact on the legitimacy of democratic regimes? What were been the most important causes of the Great Recession? Is shareholder value maximization leading directly to short-termism and how detrimental could this be in the long term, for instance to R&D expenditure? How did neoclassical economists push the rise of the finance market?' --Science & Public Policy'With usual intellectual wit and creativity, Alexander Styhre proposes a serious and detailed analysis of an important phenomenon in today s business world and society: the financialization of the firm. He does so by drawing on a number of relevant ideas and concept central to social science, and discusses it in light of contemporary trends in management and social life at large. Not only is this a very timely and relevant book, it also help us better understand the conditions under which modern organizations operate.' --Mikael Holmqvist, Stockholm University, SwedenTable of ContentsContents: Preface 1. Introduction: From the Managerial Capitalism of the Society of Organizations to the Investor Capitalism of the Ownership Society PART I THE GREAT FINANCIALIZATION 2. What is Financialization? 3. Finance Industry Prominence: Causes and Consequences PART II ANALYZING THE MEDIATING DISCOURSES 4. Corporate Governance and Financialization 5. Managerial Control, Auditing, and Accountability 6. The Financialization of Working Life 7. Concluding Remarks: The Financialized Firm and its Implication Bibliography Index
£100.00
Edward Elgar Publishing Ltd Islam and the Challenges of Western Capitalism
Book SynopsisThis unique book brings together some of the finest minds in comparative economic / financial history and modern Islamic finance to discuss the rise, the decline and the contemporary efforts to regenerate Islamic capitalism. The collection features articles on the contribution of classical Muslim scholars to the history of economic thought, the institutions that translated these ideas into everyday life and whether these thoughts and institutions constitute a clash or a symbiosis of civilizations. The efforts of contemporary Muslim thinkers to design a modern Islamic economy are also carefully scrutinized.These collected works are expertly summarised by the editor in an original introduction and will be welcomed by all those with an historical or contemporary interest in Islamic studies.Trade Review‘This impressive volume is long overdue. Its starting point is that historically the West met the challenge of Islamic civilization by developing its own form of capitalism and Islamic societies need to do likewise today, and the book provides a comparative analysis of the growth of modern Islamic institutions, assesses their achievements and outlines a blueprint for their future structure. The editor is a noted expert in these topics and, led by his own contributions, the collection of articles offers a well-organized and fascinating account.’Table of ContentsContents: Acknowledgements Introduction Murat Çizakça PART I HISTORICAL BACKGROUND A Not Clash, But Symbiosis of Civilizations 1. Abbas Mirakhor (1987), ‘Muslim Contribution to Economics’ 2. Murat Çizakça (2013), How Civilizations Borrow Institutions From Each Other B Why Islamic Capitalism Fell Behind 3. Murat Çizakça (2012), ‘Long Term Causes of Decline of the Ottoman / Islamic Economies’ 4. Şevket Pamuk (2004), ‘Institutional Change and the Longevity of the Ottoman Empire, 1500–1800’ C The Way to Recovery: Why the Existing Systems Developed in the West Would Not Suffice 5. M. Umer Chapra (1991), ‘The Need for a New Economic System’ 6. Syed Othman Alhabshi (1987), ‘The Role of Ethics in Economics and Business' D From Theory to Application: Pre-Conditions for the Success of the New System 7. Saïd Amir Arjomand (2009), ‘The Constitution of Medina: A Sociolegal Interpretation of Muhammad’s Acts of Foundation of the Umma’ 8. Murat Çizakça (2007), ‘Democracy, Economic Development and Maqasid al-Shari’ah’, Review of Islamic Economics, 11 (1), 101–18 [18] PART II THE ACHIEVEMENTS SO FAR A Ungku Aziz and Tabung Haji: Reorganization of the Pilgrimage 9. Murat Çizakça (2011), ‘The lembaga urusan dan Tabung Haji: financing the Modern Pilgrimage’ B The Birth and Evolution of Islamic Banks 10. Ann Elizabeth Mayer (1985), ‘Islamic Banking and Credit Policies in the Sadat Era: The Social Origins of Islamic Banking in Egypt’ 11. Volker Nienhaus (2011), ‘Islamic Finance Ethics and Shari'ah Law in the Aftermath of the Crisis: Concept and Practice of Shari'ah Compliant Finance' 12. Zubair Hasan (2010), ‘Islamic Finance: The Structure-Objective Mismatch and its Consequences' 13. Zeti Akhtar Aziz (2013), ‘Financial Stability, Economic Growth and Development’ PART III THE WAY FORWARD A Do We Still Need Islamic Banks? 14. Mufti Muhammad Taqi Usmani (2008), ‘Looking for New Steps in Islamic Finance’ 15. Obiyatulla Ismath Bacha (1997), 'Adapting Mudarabah Financing to Contemporary Realities: A Proposed Financing Structure' B Non-Bank Financial Institutions: Venture Capital 16. Murat Çizakça (2000), ‘Achievements of Venture Capital and its Potential in Emerging Markets With Specific Reference to Turkey’ 17. AbulKhair Jalaluddin (2007), ‘Motivations of Australian Small Business Firms to Apply Profit-Loss Sharing Method of Finance' C Cash Waqfs or the Waqf of Stocks 18. Murat Çizakça (1998), ‘Awqaf in History and its Implications for Modern Islamic Economies’ 19. Tunku Alina Alias (2012), 'Venture Capital Strategies in Waqf Fund Investment and Spending' 20. Magda Ismail A. Mohsin (2012), ‘Waqf-shares: New Product to Finance Old Waqf Properties' D Takaful 21. Syed Othman Alhabshi and Shaikh Hamzah Shaikh Abdul Razak (2009), ‘Takaful: Concept, History, Development, and Future Challenges of its Industry' 22. Ashraf bin Md. Hashim (2007), ‘The Collection of Waqf through Insurance Companies: A Critical Analysis of the Malaysian Experience' E Public Borrowing in an Islamic Context 23. Muhammad Nejatullah Siddiqi (1993), ‘An Overview of Public Borrowing in Early Islamic History' 24. Yasemin Zöngür (2009), ‘Comparison between Islamic and Conventional Securitization: A Survey' F Esham: A Proposal for Islamic Public Borrowing or Sharing Revenue with the State 25. Murat Çizakça (2013), ‘Proposal for Innovation in the Capital Markets: Esham’ Index
£250.00
Edward Elgar Publishing Ltd Financial Models and Society: Villains or
Book SynopsisThis innovative book employs the social studies of finance approach, which aims to enhance the dialogue between finance and sociology by addressing the blind spots of economic and financial theories. In so doing, it challenges the accusations made towards financial models in the aftermath of the last economic crisis and argues that they cannot be condemned indiscriminately. Their influence on markets and society is not straightforward, but determined by the many ways in which models are created and then used. Ekaterina Svetlova analyses the various patterns of the application of models in asset management, risk management and financial engineering to demonstrate that their power is far more fragile than widespread criticism would indicate.This unique and stimulating book furthers our understanding of the influence of financial models on markets and society more broadly. It will be of value to academics in the social studies of finance, economic sociology, philosophy of economics and political economy. It will also useful to practitioners who design and apply models within financial markets, regulators and policy-makers involved in the stability of financial markets, as well as any readers with a general interest in these areas.Trade ReviewFew issues are more important, and more often misunderstood, than the role of quantitative models in financial markets. Svetlova's calm, balanced, and -- above all -- well-informed analysis of this issue will be highly influential.'--Donald MacKenzie, The University of Edinburgh, UK'This book addresses the topical, but relatively untouched issue of the cultures in which financial models are used. Following a thorough analysis of empirical cases of the use of models in financial institutions, the author offers an important innovation by enriching the meanings assigned to the notion of ignorance. Readers in diverse disciplines, from finance, through sociology, social psychology and regulation studies will find this book relevant and illuminating.'--Yuval Millo, University of Warwick, UK'This is a wonderfully stimulating book that delivers a brilliant, extremely lucid account of how formal models are used in financial decision-making, an issue rather neglected so far. This multi-faceted body of work shows in a fascinating way how everyday practices of model use produce heterogeneous behavior of market participants. Theoretical models are demonstrated to be creative resources of financial markets. The book represents a successful - and provocative - interplay of modelling accounts developed in philosophy, science and technology studies, economics and social studies of finance. The book will certainly spark a lively debate. Key reading for those who are interested in profound insights of how financial markets work.'--Birger P. Priddat, Witten/Herdecke University, Germany'Svetlova's book is essential reading for anyone - scholars and practitioners alike - who truly want to understand how financial models shape modern financial markets. Her brilliant starting point - that markets function remarkably well despite widespread adoption of models that are necessarily limited - sets the stage for her key insight: that models are not followed blindly but wielded judiciously by savvy practitioners who collectively create a "culture of model use" that makes the otherwise incalculable "investable."'--Ezra Zuckerman Sivan, Massachusetts Institute of Technology, Sloan School of Management, US'Financial Models and Society is rich with original insights about the way investment practitioners use--and do not use--models. Many of the observations will ring true to those of us who work with financial models daily and are intimately familiar with their inevitable limitations.'--Financial Analysts JournalTable of ContentsContents: 1. Introduction 2. Models in finance: General considerations 3. From representation to performativity and beyond 4. Financial models in decision-making 5. Models in “decision-selling” 6. Conclusions and discussion References Index
£86.00
Edward Elgar Publishing Ltd Handbook of Finance and Development
Book SynopsisThe Handbook of Finance and Development provides a thorough assessment of the existing research on the relationship between the financial system and economic growth. Containing chapters on theory, empirical work and historic accounts, this is the first Handbook to provide a comprehensive overview of the fields of finance and development. As leading researchers in the field the contributors analyse the emergence of, and innovations in, financial instruments, markets, and intermediaries, providing commentary on how these components of financial systems shape resource allocation, poverty, income inequality and aggregate economic growth. They also explore the causes and consequences of financial fragility, the historic development of financial systems and the regulatory and supervisory underpinnings of financial sector development. Further chapters examine financial development at both the aggregate and country levels and assess the degree to which individuals and firms can access financial services. Recent literature on the financial inclusion of households and enterprises is also analysed.The Handbook will be of great value to scholars and researchers who are interested in the fields of finance, development and financial inclusion. Throughout the chapters the contributors highlight how insights drawn from research inform policy debates on the topics at hand making this work a useful resource for policy makers and regulators.Contributors include: F. Abraham, P. Aghion, F. Allen, M. Ayyagari, J. Barth, T. Beck, A. Berger, H. Bodenhorn, C. Burhop, J. Caprio, R. Cull, A. Demirguc-Kunt, S. Frame, X. Gu, T. Guinnane, P. Honohan, P. Howitt, L. Klapper, O. Kowalewski, T. Lambert, R. Levine, N. Loayza, V. Maksimovic, R. Morck, J. Morduch, A. Ouazad, A. Popov, R. Ranciere, R. Roman, S. Schmukler, D. Singer, M. Soledad Martinez Peria, W. Summerhill, R. Tilly, J. Verrier, P. Volpin, H.-J. Voth, B. YeungTable of ContentsContents: Introduction Thorsten Beck and Ross Levine PART I THEORY AND EVIDENCE ON FINANCE AND GROWTH 1. Financial Development and Innovation-Led Growth Philippe Aghion, Peter Howitt and Ross Levine 2. Financial Structure, Economic Growth and Development Franklin Allen, Xian Gu and Oskar Kowalewski 3. Evidence on Finance and Economic Growth Alexander Popov PART II HISTORIC ACCOUNTS 4. Two centuries of finance and growth in the United States, 1790-1980 Howard Bodenhorn 5. The financial system in Germany, 1800-1914 Carsten Burhop, Timothy W. Guinnane and Richard Tilly 6. Finance and Growth in the United Kingdom Hans-Joachim Voth 7. East Asian Financial and Economic Development Randall Morck and Bernard Yeung 8. Sovereign Commitment and Financial Underdevelopment in Nineteenth-Century Brazil William Summerhill PART III FINANCE, GROWTH AND STABILITY 9. Finance and the Real Economy: Evidence from the US Allen N. Berger and Raluca A. Roman 10. Financial Development, Growth, and Crisis: Is there a trade-off? Norman Loayza, Amine Ouazad and Romain Rancière 11. The Management and Prevention of Banking Crises: Lessons from Recent Experience Patrick Honohan 12. Financial Globalization: A Glass Half Empty? Facundo Abraham and Sergio L. Schmukler 13. Technological Change, Financial Innovation, and Economic Development Thorsten Beck and W. Scott Frame PART IV POLICIES AND INSTITUTIONS 14. Regulation and Supervision in financial development James R. Barth and Gerard Caprio Jr. 15. Bank ownership and economic development Robert Cull, Maria Soledad Martinez Peria and Jeanne Verrier 16. What drives financial sector development? Policies, politics and history Thorsten Beck 17. Endogenous Political Institutions and Financial Development Thomas Lambert and Paolo Volpin PART V ACCESS TO FINANCE 18. Financing SMEs and Economic Development Meghana Ayyagari, Asli Demirgüç-Kunt and Vojislav Maksimovic 19. Household Finance and Economic Development Asli Demirgüç-Kunt, Leora Klapper and Dorothe Singer 20. Microfinance and Economic Development Robert Cull and Jonathan Morduch Index
£222.00
Edward Elgar Publishing Ltd Finance and Growth
Book SynopsisThis two-volume collection brings together major contributions to the study of finance and growth. It includes conceptual and empirical papers that use a range of methodologies to discover the connections between financial systems - including financial contracts, markets, and intermediaries - and the functioning of the economy - including economic growth, entrepreneurship, technological innovation, poverty alleviation, the distribution of income, and the structure and volatility of economies. It also discusses contributions to the study of the legal, political, institutional, social capital and policy determinants of financial development.With an original introduction by the editors, this collection is an important resource for students, academics and practitioners.48 articles, dating from 1979 to 2013 Contributors include: D. Acemoglu, P. Aghion, T. Beck, S. Haber, R. King, R. La Porta, V. Maksimovic, R. Rajan, A. Shleifer, P. Strahan, R. Townsend, L. ZingalesTable of ContentsContents: Introduction Asli Demirgüç-Kunt and Ross Levine PART I FINANCE AND GROWTH: THEORY 1. Jeremy Greenwood and Boyan Jovanovic (1990), ‘Financial Development, Growth, and the Distribution of Income’, Journal of Political Economy, 98 (5), October, 1076–107 2. Valerie R. Bencivenga and Bruce D. Smith (1991), ‘Financial Intermediation and Endogenous Growth’, Review of Economic Studies, 58 (2), April, 195–209 3. Robert G. King and Ross Levine (1993), ‘Finance, Entrepreneurship and Growth’, Journal of Monetary Economics, 32 (3), December, 513–42 4. Oded Galor and Joseph Zeira (1993), ‘Income Distribution and Macroeconomics’, Review of Economic Studies, 60 (1), January, 35–52 5. Philippe Aghion, Peter Howitt and David Mayer-Foulkes (2005), ‘The Effect of Financial Development on Convergence: Theory and Evidence’, Quarterly Journal of Economics, 120 (1), February, 173–222 6. Daron Acemoglu and Fabrizio Zilibotti (1997), ‘Was Prometheus Unbound By Chance? Risk, Diversification, and Growth’, Journal of Political Economy, 105 (4), August, 709–51 7. Robert M. Townsend and Kenichi Ueda (2006), ‘Financial Deepening, Inequality and Growth: A Model-Based Quantitative Evaluation’, Review of Economic Studies, 73 (1), January, 251–93 8. Francisco J. Buera, Joseph P. Kaboski and Yonseok Shin (2011), ‘Finance and Development: A Tale of Two Sectors’, American Economic Review, 101 (5), August, 1964–2002 9. Francisco J. Buera and Yonseok Shin (2013), ‘Financial Frictions and the Persistence of History: A Quantitative Exploration’, Journal of Political Economy, 121 (2), April, 221–72 PART II FINANCE AND GROWTH: EVIDENCE 10. Robert G. King and Ross Levine (1993), ‘Finance and Growth: Schumpeter Might Be Right’, Quarterly Journal of Economics, 108 (3), August, 717–37 11. Ross Levine and Sara Zervos (1998), ‘Stock Markets, Banks, and Economic Growth’, American Economic Review, 88 (3), June, 537–58 12. Raghuram G. Rajan and Luigi Zingales (1998), ‘Financial Dependence and Growth’, American Economic Review, 88 (3), June, 559–86 13. Asli Demirgüç-Kunt and Vojislav Maksimovic (1998), ‘Law, Finance, and Firm Growth’, Journal of Finance, 53 (6), December, 2107–37 14. Jith Jayaratne and Philip E. Strahan (1996), ‘The Finance-Growth Nexus: Evidence from Bank Branch Deregulation’, Quarterly Journal of Economics, 111 (3), August, 639–70 15. Jeffrey Wurgler (2000), ‘Financial Markets and the Allocation of Capital’, Journal of Financial Economics, Special Issue on International Corporate Governance, 58 (1–2), 187–214 16. Thorsten Beck, Ross Levine and Norman Loayza (2000), ‘Finance and the Sources of Growth’, Journal of Financial Economics, Special Issue on International Corporate Governance, 58 (1–2), 261–300 17. Stijn Claessens and Luc Laeven (2003), ‘Financial Development, Property Rights, and Growth’, Journal of Finance, 58 (6), December, 2401–36 18. Sandra E. Black and Phillip E. Strahan (2002), ‘Entrepreneurship and Bank Credit Availability’, Journal of Finance, LVII (6), December, 2807–833 19. Philip Arestis, Panicos O. Demetriades and Kul B. Luintel (2001), ‘Financial Development and Economic Growth: The Role of Stock Markets’, Journal of Money, Credit and Banking, 33 (1), February, 16–41 20. Felix Rioja and Neven Valev (2004), ‘Does One Size Fit All?: A Reexamination of the Finance and Growth Relationship’, Journal of Development Economics, 74 (2), August, 429–47 21. Stephen H. Haber (1991), ‘Industrial Concentration and the Capital Markets: A Comparative Study of Brazil, Mexico, and the United States, 1830–1930’, Journal of Economic History, 51 (3), September, 559–80 22. Hanan G. Jacoby and Emmanuel Skoufias (1997), ‘Risk, Financial Markets and Human Capital in a Developing Country’, Review of Economic Studies, 64 (3), July, 311–35 23. Peter L. Rousseau and Paul Wachtel (1998), ‘Financial Intermediation and Economic Performance: Historical Evidence from Five Industrialized Countries’, Journal of Money, Credit and Banking, 30 (4), November, 657–78 24. Suresh De Mel, David McKenzie and Christopher Woodruff (2008), ‘Returns to Capital in Microenterprises: Evidence from a Field Experiment’, Quarterly Journal of Economics, CXXIII (4), November, 1329–72 25. Virgiliu Midrigan and Daniel Yi Xu (2014), ‘Finance and Misallocation: Evidence from Plant-Level Data’, American Economic Review, 104 (2), February, 422–58 26. James R. Brown, Steven M. Fazzari and Bruce C. Petersen (2009), ‘Financing Innovation and Growth: Cash Flow, External Equity, and the 1990s R&D Boom’, Journal of Finance, 64 (1), February, 151–85 Index Volume II Introduction An introduction to both volumes by the editors appears in volume I PART I DETERMINANTS OF FINANCIAL DEVELOPMENTS 1. Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shleifer and Robert W. Vishny (1998), ‘Law and Finance’, Journal of Political Economy, 106 (6), December, 1113–55 2. Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Schleifer and Robert W. Vishny (1997), ‘Legal Determinants of External Finance’, Journal of Finance, LII (3), July, 1131–50 3. Thorsten Beck, Asli Demirgüç-Kunt and Ross Levine (2003), ‘Law, Endowments, and Finance’, Journal of Financial Economics, 70 (2), November, 137–81 4. Thorsten Beck, Asli Demirgüç-Kunt and V. Maksimovic (2005), ‘Financial and Legal Constraints to Firm Growth: Does Size Matter?’, Journal of Finance, 60 (1), February, 137–77 5. James R. Brown, Gustav Martinsson and Bruce C. Petersen (2013), ‘Law, Stock Markets, and Innovation’, Journal of Finance, 68 (4), August, 1517–49 6. Raghuram G. Rajan and Luigi Zingales (2003), ‘The Great Reversals: The Politics of Financial Development in the Twentieth Century’, Journal of Financial Economics, 69 (1), July, 5–50 7. Rafael La Porta, Florencio Lopez-de-Silanes and Andrei Shleifer (2002), ‘Government Ownership of Banks’, Journal of Finance, 57 (1), February, 265–301 8. Noel Maurer and Stephen Haber (2007), ‘Related Lending and Economic Performance: Evidence from Mexico’, Journal of Economic History, 67 (3), September, 551–81 9. Luigi Guiso, Paola Sapienza and Luigi Zingales (2004), ‘The Role of Social Capital in Financial Development’, American Economic Review, 94 (3), June, 526–56 10. James R. Barth, Gerard Caprio and Ross Levine (2004), ‘Bank Regulation and Supervision: What Works Best?’, Journal of Financial Intermediation, 13 (2), April, 205–48 PART II FINANCE, EQUALITY AND OPPORTUNITY 11. Thorsten Beck, Asli Demirgüç-Kunt and Ross Levine (2007), ‘Finance, Inequality and the Poor’, Journal of Economic Growth, 12 (1), March, 27–49 12. Thorsten Beck, Ross Levine and Alexey Levkov (2010), ‘Big Bad Banks: The Winners and Losers from Bank Deregulation in the United States’, Journal of Finance, 65 (5), October, 1637–67 13. William R. Kerr and Ramana Nanda (2009), ‘Democratizing Entry: Banking Deregulations, Financing Constraints, and Entrepreneurship’, Journal of Financial Economics, 94 (1), October, 124–49 14. Thorsten Beck, Asli Demirgüç-Kunt and Maria Soledad Martinez Peria (2007), ‘Reaching Out: Access to and Use of Banking Services across Countries’, Journal of Financial Economics, 85 (1), July, 234–66 PART III FINANCE, ECONOMIC STRUCTURE AND INTERNATIONAL ECONOMICS 15. Luigi Guiso, Paola Sapienza, Luigi Zingales (2004), ‘Does Local Financial Development Matter?’, Quarterly Journal of Economics, 119 (3), August, 929–69 16. Laura Alfaro, Areendam Chanda, Sebnem Kalemli-Ozcan and Selin Sayek (2004), ‘FDI and Economic Growth: The Role of Local Financial Markets’, Journal of International Economics, 64 (1), October, 89–112 17. Kalina Manova (2013), ‘Credit Constraints, Heterogeneous Firms and International Trade’, Review of Economic Studies, 80 (2), April, 711–44 18. Raymond Fisman and Inessa Love (2003), ‘Trade Credit, Financial Intermediary Development and Industry Growth’, Journal of Finance, 58 (1), February, 353–74 19. Geert Bekaert, Campbell R. Harvey and Christian Lundblad (2005), ‘Does Financial Liberalization Spur Growth?’, Journal of Financial Economics, 77 (1), July, 3–55 20. Philippe Aghion, Philippe Bacchetta, Romain Ranciere and Kenneth Rogoff (2009), ‘Exchange Rate Volatility and Productivity Growth: The Role of Financial Development’, Journal of Monetary Economics, 56 (4), May, 494–513 21. Nicola Cetorelli and Michele Gambera (2001), ‘Banking Market Structure, Financial Dependence and Growth: International Evidence from Industry Data’, Journal of Finance, 56 (2), April, 617–48 22. Marianne Bertrand, Antoinette Schoar and David Thesmar (2007), ‘Banking Deregulation and Industry Structure: Evidence from the French Banking Reforms of 1985’, Journal of Finance, 62 (2), April, 597–628 Index
£625.00
Edward Elgar Publishing Ltd How Capitalism Destroyed Itself: Technology
Book Synopsis'It is a serious piece of scholarship. Integrating economic history, economic thought, patent-hoarding, venture capital and the changing global economy, Kingston asks if modern capitalism might be an internally inconsistent system. Like Schumpeter, he is concerned that creative innovation might be stagnating into institutional ossification. It is an interesting argument, well presented, cross-disciplinary and thought-provoking.'- David Reisman, University of Surrey, UK and Nanyang Technological University, Singapore Capitalism has been sustained by inherited moral values that are now all but exhausted. A unique combination of a new belief in individualism and a long tradition of property rights had traditionally ensured that self-interested action also produced public benefit. However, these rights, including the laws underwriting economic and financial innovation and parliamentary democracy, were gradually captured and shaped by those who could benefit most from them. This fascinating book shows that the outcome is a reduced ability to generate real wealth combined with exceptional inequality, as well as a worldwide breach of the vital trust between voters and their representatives. Capitalism's injuries are both self-inflicted and fatal. William Kingston uniquely deals with capitalism from a property rights standpoint, providing the first convincing explanation of economic cycles in terms of changes to these rights. The lucid exploration of the historical evolution of property includes a remarkable precursor of modern capitalism in medieval culture and pays particular attention to intellectual property. The book also calls attention to the harm that inaccurate measurement of economic activity can cause, both at the micro-level (auditing of corporations) and macro-level (the Kuznets GDP/GNP system). In conclusion, it argues that the exceptional levels of inequality today have been caused primarily by allowing financiers to escape from the laws that traditionally prevented them from 'generating money from nothing'. Challenging the orthodox thinking, this is an essential book for economists and political scientists in academia, the public sector and industry. It offers an imperative warning that capitalism's next crash is coming sooner rather than later.Trade Review'William Kingston is a prolific and thoughtful economic historian who has relied on such longstanding giants as Marx and Schumpeter, and new ones such as Minsky, to show how financial innovation has replaced technological innovation, and how this process is destroying the economic fabric of society. Kingston's deep understanding of the 'free-market economy' makes this book a must-read.' --(Jorge Niosi, Universite du Quebec a Montreal, Canada)'Kingston's history of the evolution of property rights, and on how property rights regimes influence and reflect the kind of economic activity people engage in, and how they regard economic activity, is interesting and provocative in its own right. Others have argued that capitalism seems to have lost much of the power to increase the productivity of economic activity that it once had, and the workings of modern financial systems are a good part of the problem. But no one else has tied these propositions closely to the evolution of property rights.' --(Richard R. Nelson, Columbia University)'This sweeping account of the rise and projected fall of capitalism is as original as it is gripping. Kingston locates the hinge that moves capitalism as the institutions governing property rights, and argues persuasively that the system is now undermining itself as innovation shifts from the technological to the financial domain.' --(John A. Mathews, Macquarie Graduate School of Management, Sydney)Table of ContentsContents: Preface 1. What Capitalism Was 2. Where Capitalism Came From 3. The Capture of Market Power 4. The Fatal Capture of Money 5. Could Anything Have Saved it? Epilogue: The Centre Could Not Hold Index
£83.00
Edward Elgar Publishing Ltd Macroprudential Regulation of International
Book SynopsisRecent events, such as capital flow reversals and banking sector crises, have shaken faith in the widely held belief in the benefits of greater financial integration and financial deepening, which are typical in advanced economies. This book shows that emerging economies have occasionally weathered the storm best, despite the supposed burden of 'weak institutions'. Written by leading scholars and practitioners, the authors demonstrate that a better policy framework requires reliable indicators of vulnerability to financial instability. Using empirical evidence and case studies, the twelve chapters stress the necessity of improved policy tools and automatic stabilizers that anticipate and limit the vulnerabilities to financial crises. Cross-border capital flows, international reserves and foreign exchange markets are covered in depth.This timely book offers an insightful overview and policy solutions to the issues surrounding macroprudential regulation of economies in a globalized world. It is required reading for students and scholars of international finance and regulation.Contributors include: S. Cho, R. Cifuentes, S. Claessens, S.R. Ghosh, M.S. Gochoco-Bautista, J.-H. Hahm, A. Jara, D. Jeong, K.-C. Jung, D. Kang, J. Lee, J.-E. Lee, A. Mason, A. Munro, C. Nam, M. Reddell, C. Rhee, H.S. Shin, S. SuhTable of ContentsContents: 1. Introduction and Overview Dongsoo Kang and Andrew Mason 2. Macroprudential Policies: Indicators and Tools Hyun Song Shin 3. Business and Financial Cycles in Emerging Markets: Lessons for Macroprudential Policies Stijn Claessens and Swati R. Ghosh 4. Capital Controls: A Pragmatic Proposal Maria Socorro Gochoco-Bautista and Changyong Rhee 5. Irrational Expectations, Financial Amplification and Prudential Capital Controls Sangwon Suh and Jinsoo Lee 6. The Optimal International Reserves with Sudden Stop Risks Kyu-Chul Jung 7. International Reserves for Emerging Economies Jong-Eun Lee 8. Foreign Currency Liquidity Risk and Prudential Regulation of Banks Sungbin Cho and Joon-Ho Hahm 9. Investment Patterns of Foreign Bank Branches in Korea and Their Role in the Foreign Exchange Market Dongsoo Kang and Daehee Jeong 10. The Role of Reserves in a Small Open Economy: The Case of New Zealand Anella Munro and Michael Reddell 11. Facing Volatile Capital Flows: The Role of Exchange Rate Flexibility and Foreign Assets Rodrigo Cifuentes and Alejandro Jara 12. Risk Hedging in Korea’s Financial Markets: The Impacts of Foreign Investment Changwoo Nam Index
£116.00
ISTE Ltd and John Wiley & Sons Inc Machine Learning for Asset Management: New
Book SynopsisThis new edited volume consists of a collection of original articles written by leading financial economists and industry experts in the area of machine learning for asset management. The chapters introduce the reader to some of the latest research developments in the area of equity, multi-asset and factor investing. Each chapter deals with new methods for return and risk forecasting, stock selection, portfolio construction, performance attribution and transaction costs modeling. This volume will be of great help to portfolio managers, asset owners and consultants, as well as academics and students who want to improve their knowledge of machine learning in asset management.Table of ContentsForeword xiii Acknowledgments xv Chapter 1. Time-series and Cross-sectional Stock Return Forecasting: New Machine Learning Methods 1David E. RAPACH and Guofu ZHOU 1.1. Introduction 1 1.2. Time-series return forecasts 3 1.2.1. Predictive regression 3 1.2.2. Forecast combination 5 1.2.3. Elastic net 6 1.2.4. Combination elastic net 8 1.3. Empirical application 10 1.3.1. Data 10 1.3.2. Forecasts 12 1.3.3. Statistical gains 17 1.3.4. Economic gains 23 1.4. Cross-sectional return forecasts 26 1.5. Conclusion 29 1.6. Acknowledgements 30 1.7. References 30 Chapter 2. In Search of Return Predictability: Application of Machine Learning Algorithms in Tactical Allocation 35Kris BOUDT, Muzafer CELA and Majeed SIMAAN 2.1. Introduction 35 2.2. Empirical investigation 38 2.2.1. The data 38 2.2.2. Tactical asset allocation strategy 40 2.2.3. Implementation 41 2.2.4. Benchmarks 42 2.3. A review of machine learning algorithms for prediction of market direction 42 2.3.1. K-nearest neighbors 43 2.3.2. Generalized linear model 44 2.3.3. Elastic net regression 44 2.3.4. Linear discriminant analysis 45 2.3.5. Support vector machines with radial kernel 45 2.3.6. C5.0 47 2.3.7. Random forests 48 2.3.8. Multilayer perceptron 48 2.3.9. Model averaging 49 2.3.10. Repeated k-fold cross validation 50 2.4. Evaluation criteria 51 2.4.1. Statistical performance 51 2.4.2. Financial performance 53 2.4.3. Significant features 54 2.5. Results and findings 54 2.5.1. Descriptive statistics of the data 55 2.5.2. Statistical performance 56 2.5.3. Financial performance 58 2.5.4. The best performer, benchmark and model average 67 2.5.5. LIME 68 2.6. Conclusion 70 2.7. Acknowledgments 70 2.8. References 70 Chapter 3. Sparse Predictive Regressions: Statistical Performance and Economic Significance 75Daniele BIANCHI and Andrea TAMONI 3.1. Introduction 75 3.2. Related literature 78 3.3. Data: portfolios and predictors 80 3.4. Econometric framework 84 3.4.1. Shrinkage priors 86 3.4.2. Forecast evaluations 92 3.5. Predicting asset returns: empirical results 93 3.5.1. Statistical performance 93 3.5.2. Economic significance 96 3.6. Discussion on the dynamics of sparsity 100 3.7. Conclusion 102 3.8. Appendix 103 3.9. Posterior simulation 103 3.9.1. Ridge regression 103 3.9.2. Lasso and group-lasso 103 3.9.3. Elastic net 105 3.9.4. Horseshoe and the group horseshoe 105 3.10. References 106 Chapter 4. The Artificial Intelligence Approach to Picking Stocks 115Riccardo BORGHI and Giuliano DE ROSSI 4.1. Introduction 115 4.2. Literature review 120 4.3. Data 123 4.3.1. Equity factors 123 4.3.2. Data cleaning 125 4.3.3. Features used for training and prediction 125 4.4. Model specification and calibration 126 4.4.1. Models 126 4.4.2. Model calibration 133 4.5. Predicting US stock returns 135 4.5.1. Information coefficients 136 4.5.2. Long–short strategy 138 4.5.3. Returns correlation with Alpha model 140 4.5.4. Active returns by basket 141 4.5.5. Calibrated hyperparameters and model complexity 142 4.5.6. Variable importance 144 4.6. Predicting European stock returns 146 4.6.1. Information coefficients 146 4.6.2. Long–short strategy 147 4.6.3. Returns correlation with Alpha model 150 4.6.4. Active returns by basket 150 4.6.5. Calibrated hyperparameters and model complexity 151 4.6.6. Variable importance 152 4.7. The impact of transaction costs 154 4.7.1. Optimized strategies for European stocks 154 4.7.2. Optimized strategies for US stocks 158 4.8. Conclusion 161 4.9. References 163 Chapter 5. Enhancing Alpha Signals from Trade Ideas Data Using Supervised Learning 167Georgios V. PAPAIOANNOU and Daniel GIAMOURIDIS 5.1. Introduction 167 5.2. Data 169 5.3. Model and empirical design 174 5.4. Estimation and robustness 179 5.5. Economic significance 186 5.6. Conclusion 188 5.7. References 189 Chapter 6. Natural Language Process and Machine Learning in Global Stock Selection 191Yin LUO 6.1. Introduction 191 6.1.1. The performance of traditional stock selection factors continues to shrink 191 6.1.2. Textual data, natural language processing and machine learning 195 6.2. Natural language analysis of company management presentations 197 6.2.1. Coverage 198 6.2.2. Readability index and language complexity 201 6.2.3. Quantifying executive personalities 206 6.2.4. Syntactic parser and part-of-speech (POS) tagging 207 6.3. Extracting long-term signal from news sentiment data 211 6.3.1. Introducing RavenPack data 211 6.3.2. The challenges of using news sentiment signals in stock selection 215 6.3.3. How do investors react to news? 216 6.3.4. The interaction of news, corporate events and investor behavior 217 6.3.5. A machine learning approach to extract event-based sentiment 221 6.3.6. Welcome to NICE (News with Insightful Categorical Events) 225 6.4. References 228 Chapter 7. Forecasting Beta Using Machine Learning and Equity Sentiment Variables 231Alexei JOUROVSKI, Vladyslav DUBIKOVSKYY, Pere ADELL, Ravi RAMAKRISHNAN and Robert KOSOWSKI 7.1. Introduction 231 7.2. Data 234 7.2.1. Data construction process 234 7.3. Methodology 240 7.3.1. Historical beta 241 7.3.2. Bloomberg’s adjusted beta 241 7.3.3. OLS regression 241 7.3.4. Post-LASSO OLS regression 241 7.3.5. Random forest model 242 7.3.6. XGBoost model 242 7.4. Empirical results 242 7.4.1. Variable selection 242 7.4.2. Forecasting models 244 7.4.3. Variable importance 246 7.4.4. SHAP values. 247 7.4.5. Overall level of feature importance 248 7.4.6. Cross-sectional analysis of feature importance 250 7.4.7. Time-series analysis of feature importance 253 7.5. Constructing market neutral long–short portfolios 257 7.6. Concluding remarks 258 7.7. References 259 Chapter 8. Machine Learning Optimization Algorithms & Portfolio Allocation 261Sarah PERRIN and Thierry RONCALLI 8.1. Introduction 262 8.2. The quadratic programming world of portfolio optimization 264 8.2.1. Quadratic programming 264 8.2.2. Mean-variance optimized portfolios 265 8.2.3. Issues with QP optimization 270 8.3. Machine learning optimization algorithms 271 8.3.1. Coordinate descent 274 8.3.2. Alternating direction method of multipliers 279 8.3.3. Proximal operators 283 8.3.4. Dykstra’s algorithm 289 8.4. Applications to portfolio optimization 293 8.4.1. Minimum variance optimization 295 8.4.2. Smart beta portfolios 301 8.4.3. Robo-advisory optimization307 8.4.4. Tips and tricks 312 8.5. Conclusion 315 8.6. Acknowledgements 317 8.7. Appendix 317 8.7.1. Mathematical results 317 8.7.2. Data 323 8.8. References 324 Chapter 9. Hierarchical Risk Parity: Accounting for Tail Dependencies in Multi-asset Multi-factor Allocations 329Harald LOHRE, Carsten ROTHER and Kilian Axel SCHÄFER 9.1. Hierarchical risk parity strategies 332 9.1.1. The multi-asset multi-factor universe 333 9.1.2. The hierarchical multi-asset multi-factor structure 334 9.1.3. Hierarchical clustering 338 9.1.4. Portfolio allocation based on hierarchical clustering 342 9.2. Tail dependency and hierarchical clustering 343 9.2.1. Tail dependence coefficients 344 9.2.2. Estimating tail dependence coefficients 345 9.3. Risk-based allocation strategies 347 9.3.1. Classic risk-based allocation techniques 347 9.3.2. Diversified risk parity 348 9.4. Hierarchical risk parity for multi-asset multi-factor allocations 352 9.4.1. Strategy universe 352 9.4.2. A statistical horse race of risk-based allocation strategies 354 9.5. Conclusion 360 9.6. Acknowledgements 362 9.7. Appendix 1: Definition of style factors 362 9.7.1. Foreign exchange (FX) style factors 362 9.7.2. Commodity style factors 363 9.7.3. Rates style factors 364 9.7.4. Equity style factors 364 9.8. Appendix 2: CSR estimator 365 9.9. References 367 Chapter 10. Portfolio Performance Attribution: A Machine Learning-Based Approach 369Ryan BROWN, Harindra DE SILVA and Patrick D. NEAL 10.1. Introduction 369 10.2. Methodology 371 10.2.1. Matrix algebra representation of selection and allocation effects 372 10.2.2. Creating categorical variables from continuous variables 374 10.2.3. Optimizing continuous variable breakpoints to maximize systematic attribution 375 10.3. Data description 377 10.4. Results 378 10.5. Conclusion 385 10.6. References 386 Chapter 11. Modeling Transaction Costs When Trades May Be Crowded: A Bayesian Network Using Partially Observable Orders Imbalance 387Marie BRIÈRE, Charles-Albert LEHALLE, Tamara NEFEDOVA and Amine RABOUN 11.1. Introduction 388 11.2. Related literature 391 11.2.1. Transaction costs and market impact 391 11.2.2. Bayesian networks 392 11.3. ANcerno database 394 11.4. Transaction cost modeling 396 11.4.1. Order size 396 11.4.2. Order flow imbalance 398 11.4.3. Joint effect of order size and order flow imbalance 400 11.5. Bayesian network modeling with net order flow imbalance as latent variable 403 11.5.1. Bayesian inference 404 11.5.2. Bayesian network modeling 406 11.5.3. Net order flow imbalance dependencies 409 11.5.4. Implementation shortfall dependencies 413 11.6. Forecasting implementation shortfall 415 11.6.1. Inference of investors’ order flow imbalance given post-trade cost and market conditions 420 11.7. Conclusion 421 11.8. Appendix A: Garman-Klass volatility definition 423 11.9. Appendix B: bid-ask spread and volatility distribution dependencies 423 11.10. Appendix C: beta distribution properties 424 11.11. Appendix D: net order flow imbalance properties 425 11.12. Appendix E: implementation shortfall distribution 425 11.13. Appendix F: Hastings-Metropolis algorithm 426 11.14. References 427 List of Authors 431 Index 435 Commendations 434
£125.06
Edward Elgar Publishing Ltd The Most Important Concepts in Finance
Book SynopsisAnyone trying to understand finance has to contend with the evolving and dynamic nature of the topic. Changes in economic conditions, regulations, technology, competition, globalization, and other factors regularly impact the development of the field, but certain essential concepts remain key to a good understanding. This book provides insights about the most important concepts in finance. Drawing from a broad background in finance, Benton Gup has brought together sixteen chapters written by leading academics and professionals to deal with topics including Bitcoin, cyber security, banking, corporate governance, state vs. private ownership, pension plans, interest rates, multi-asset investing, real estate, US and Islamic banking, and other issues that have a direct impact on the field, its practitioners and scholars trying to make sense of it. This book covers timely issues in a way that academics, regulators, investors, and bankers will find relevant and useable.Contributors include: P. Agrrawal, S. Aliyu, J.R. Barth, J. Brodmann, R.P. DeGennaro, G.P. Dwyer, B. Faulk, W. Faulk, M.J. Flannery, M.B. Frye, T.J. Gallagher, S.B. Guernsey, B.E. Gup, M.K. Hassan, M.A. Hines, J.S. Jahera, Jr., K.N. Johnson, S. Joo, T. Lutton, M.B. McDonald, W.L. Megginson, S.L. SchwarczTable of ContentsContents: Preface 1. What is Money? From Commodities to Virtual Currencies/Bitcoin Benton E. Gup 2. Blockchain: A Primer Gerald P. Dwyer 3. Innovating To New Heists: Regulating Cyber Threats in the Financial Services Industry Kristin N. Johnson 4. An Overview of Corporate Governance Melissa B. Frye 5. Regulating Corporate Governance in the Public Interest: The Case of Systemic Risk Steven L. Schwarcz 6. Who’s Winning the Big Match? Surveying State Versus Private Ownerships Effect on Corporate Value and Policy Scott B. Guernsey and William L. Megginson 7. Interest Rates Tim Gallager 8. Insights From Corporate Life Cycles Benton E. Gup 9. Multi-Asset Investing: Beyond the 60-40 Ball Park Pankaj Agrrawal 10. Risk And The Probability of Insolvency: A Regulatory Perspective Betsy Faulk, Walter H. Faulk, and Thomas Lutton 11. An Economic Perspective of Big Banks Benton E. Gup 12. International Real Estate Investment Mary Alice Hines 13. The State of Pension Plans: Challenges Ahead James R. Barth, John S. Jahera Jr. and Sunghoon Joo 14. An Introduction to Islamic Banking and Finance M. Kabir Hassan, Sirajo Aliyu and Jennifer Brodmann 15. Stabilizing Large Financial Institutions with Contingent Capital Certificates. Mark J. Flannery 16. The State of Research and the Economic Environment in Small-Firm Finance Ramon P. DeGennaro and Michael B. McDonald IV Index
£116.00
Edward Elgar Publishing Ltd The Economics of Risk and Uncertainty
Book SynopsisThis research review assesses the ground-breaking contributions to the evolution of knowledge in the economics of risk and time, from its early twentieth-century explorations to its current diversity of approaches. The analysis focuses first on the basic decisions under uncertainty, and then on asset pricing. It further discusses both classical expected utility approach and its non-expected utility generalizations, with applications to dynamic portfolio choices, insurance, risk sharing, and risk prevention. This review will be valuable for scholars in finance and macroeconomics, particularly those with an interest in the modeling foundations of consumer and investor decisions under uncertainty. Table of ContentsContents: PART I EXPECTED UTILITY 1. Daniel Bernoulli (1954), ‘Exposition of a New Theory on the Measurement of Risk’, trans. by Louise Sommer, Econometrica, 22 (1), January, 23–36 2. Milton Friedman and L.J. Savage (1948), ‘The Utility Analysis of Choices Involving Risk’, Journal of Political Economy, 56 (4), August, 279–304 3. John W. Pratt (1964), ‘Risk Aversion in the Small and in the Large’, Econometrica, 32 (1–2), January-April, 122–36 4. Michael Rothschild and Joseph Stiglitz (1970), ‘Increasing Risk: I. A Definition’, Journal of Economic Theory, 2 (3), September, 225–43 5. Paul A. Samuelson (1963), ‘Risk and Uncertainty: The Fallacy of the Law of Large Numbers’, Scientia, 57 (6), 1–6 6. Larry G. Epstein and Stephen M. Tanny (1980), ‘Increasing Generalized Correlation: A Definition and Some Economic Consequences’, Canadian Journal of Economics, 13 (1), 16–34 7. Louis Eeckhoudt and Harris Schlesinger (2006), ‘Putting Risk in its Proper Place’, American Economic Review, 96 (1), March, 280–8 8. Christian Gollier and John W. Pratt (1996), ‘Risk Vulnerability and the Tempering Effect of Background Risk’, Econometrica, 64 (5), September, 1109–23 PART II STATIC CHOICES UNDER UNCERTAINTY 9. Charles A. Holt and Susan K. Laury (2002), ‘Risk Aversion and Incentive Effects’, American Economic Review, 92 (5), December, 1644–55 10. Kenneth J. Arrow (1963), ‘Uncertainty and the Welfare Economics of Medical Care’, American Economic Review, 53 (5), December, 941–73 11. Artur Raviv (1979), ‘The Design of an Optimal Insurance Policy’, American Economic Review, 69 (1), March, 84–96 12. Jan Mossin (1968), ‘Aspects of Rational Insurance Purchasing’, Journal of Political Economy, 76 (4), July-August, 533–68 13. Isaac Ehrlich and Gary S. Becker (1972), ‘Market Insurance, Self-Insurance, and Self-Protection’, Journal of Political Economy, 80 (4), July-August, 623–48 14. Robert Wilson (1968), ‘The Theory of Syndicates’, Econometrica, 36 (1), January, 119–32 15. Robert M. Townsend (1994), ‘Risk and Insurance in Village India’, Econometrica, 62 (3), May, 539–91 16. Agnar Sandmo (1971), ‘On the Theory of the Competitive Firm under Price Uncertainty’, American Economic Review, 61 (1), March, 65–73 PART III RISK AND TIME 17. Jacques H. Drèze and Franco Modigliani (1972), ‘Consumption Decisions Under Uncertainty’, Journal of Economic Theory, 5 (3), December, 307–35 18. Kenneth J. Arrow and Anthony C. Fisher (1974), ‘Environmental Preservation, Uncertainty and Irreversibility’, Quarterly Journal of Economics, 88 (2), May, 312–19 19. Robert Pindyck (1991), ‘Irreversibility, Uncertainty and Investment’, Journal of Economic Literature, 29 (3), September, 1110–48 20. Jan Mossin (1968), ‘Optimal Multiperiod Portfolio Policies’, Journal of Business, 41 (2), April, 215–29 21. Paul A. Samuelson (1969), ‘Lifetime Portfolio Selection by Dynamic Stochastic Programming’, Review of Economics and Statistics, 51 (3), August, 239–46 PART IV ASSET PRICING 22. Karl H. Borch (1962), ‘Equilibrium in a Reinsurance Market’, Econometrica, 30 (3), July, 424–44 23. Robert E. Lucas, Jr. (1978), ‘Asset Prices in an Exchange Economy’, Econometrica, 46 (6), November, 1429–46 24. Mark Rubinstein (1974), ‘An Aggregation Theorem for Securities Markets’, Journal of Financial Economics, 1 (3), September, 225–44 25. Rajnish Mehra and Edward Prescott (1985), ‘The Equity Premium: A Puzzle’, Journal of Monetary Economics, 15 (2), March, 145–61 26. Narayana R. Kocherlakota (1996), ‘The Equity Premium: It’s Still a Puzzle’, Journal of Economic Literature, 34 (1), March, 42–71 27. Ian Martin (2012), ‘On the Valuation of Long-Dated Assets’, Journal of Political Economy, 120 (2), April, 346–58 28 Robert J. Barro (1989), ‘Rare Disasters and Asset Markets in the Twentieth Century’, Quarterly Journal of Economics, 121 (3), August, 823–66 29. Martin L. Weitzman (2007), ‘Subjective Expectations and Asset-Return Puzzle’, American Economic Review, 97 (4), September, 1102–30 PART V NON-EXPECTED UTILITY 30. Uzi Segal and Avia Spivak (1990), ‘First Order Versus Second Order Risk Aversion’, Journal of Economic Theory, 51 (1), June, 111–25 31. Matthew Rabin (2000), ‘Risk Aversion and Expected-Utility Theory, A Calibration Theorem’ Econometrica, 68 (5), September, 1281–92 32. Menahem E. Yaari (1987), ‘The Dual Theory of Choice Under Risk’, Econometrica, 55 (1), January, 95–115 33. John Quiggin (1982), ‘A Theory of Anticipated Utility’, Journal of Economic Behavior and Organization, 3 (4), December, 323–43 34. Amos Tyversky and Daniel Kahneman (1992), ‘Advances in Prospect Theory – Cumulative Representation of Uncertainty’, Journal of Risk and Uncertainty, 5 (4), October, 297–323 35. Mark J. Machina (1987), ‘Choice Under Uncertainty: Problems Solved and Unsolved’, Journal of Economic Perspectives, 1 (1), Summer, 121–54 36. Faruk Gul (1991), ‘A Theory of Disappointment Aversion’, Econometrica, 59 (3), May, 667–86 37. Larry G. Epstein and Stanley Zin (1991), ‘Substitution, Risk Aversion and the Temporal Behavior of Consumption and Asset Returns: An Empirical Analysis’, Journal of Political Economy, 99 (2), April, 263–86 38. Philippe Weil (1989), ‘The Equity Premium Puzzle and the Risk-Free Rate Puzzle’, Journal of Monetary Economics, 24 (3), November, 401–21 39. Ravi Bansal and Amir Yaron (2004), ‘Risks for the Long Run: A Potential Resolution of Asset Pricing Puzzles’, Journal of Finance, 59 (4), August, 1481–509 40. Yoram Halevy and Vincent Feltkamp (2005), ‘A Bayesian Approach to Uncertainty Aversion’, Review of Economic Studies, 72 (2), April, 449–66 41. Fabio Maccheroni, Massimo Marinacci and Doriana Ruffino (2013), ‘Alpha as Ambiguity: Robust Mean-Variance Portfolio Analysis’, Econometrica, 81 (3), May, 1075–113 Index
£333.00
Edward Elgar Publishing Ltd Research Handbook on Secured Financing in
Book SynopsisNo single-volume publication brings together as many diverse and stimulating perspectives on secured financing law as does this EE Research Handbook. Its great strengths are asking hard questions and recognizing how difficult reform is. Contributors report on what works (and what doesn't), drawing on evidence from legal systems less often studied in this context (e.g., Brazil, Morocco). I cannot imagine a researcher in the field who would not be intrigued by analysis of such issues as access of women to secured financing, constraints Shari ah places on use of security devices, and reasons for Russia's meandering path to modernization.'- Peter Winship, SMU Dedman School of Law, USThis cutting-edge Handbook presents an overview of research and thinking in the field of secured financing, examining international standards and best practices of secured transactions law reform and its economic impact. Expert contributors explore the breadth and depth of the subject matter across diverse sectors, and illustrate the choices and trade-offs that policy makers face via a number of illuminating case studies.The book explores groundbreaking research across a comprehensive range of sectors and countries, including new, original analysis of Shari'ah compliant collateral regimes and improved access to finance for women. A diverse group of experts offer cutting-edge points of view as well as case studies from England and Wales, Morocco, Russia and Romania.The result is a unique and wide-ranging examination of secured transactions reform across the world and a valuable resource for researchers, government and development agencies, banks, and law firms.Contributors: J. Armour, S. Bazinas, N. Budd, A. Burtoiu, R. Calnan, F. Dahan, M. Dubovec, L. Gullifer, I. Istuk, T. Johnson, O. Lemseffer, C. de Lima Ramos, J. Lymar, C. Manuel, M.J.T. McMillen, A.P. Menezes, M. Mourahib, E. Murray, N. Nikitina, V. Padurari, J.-H. Röver, M. Uttamchandani, K. van Zwieten, P.R. WoodTrade Review‘No single-volume publication brings together as many diverse and stimulating perspectives on secured financing law as does this Research Handbook. Its great strengths are asking hard questions and recognizing how difficult reform is. Contributors report on what works (and what doesn’t), drawing on evidence from legal systems less often studied in this context (e.g., Brazil, Morocco). I cannot imagine a researcher in the field who would not be intrigued by analysis of such issues as access of women to secured financing, constraints Shari’ah places on use of security devices, and reasons for Russia’s meandering path to modernization.’ -- Peter Winship, Southern Methodist University, Dedman School of Law, USTable of ContentsContents: Foreword Philip R. Wood PART I SECURED TRANSACTIONS LAW, ECONOMIC IMPACT AND REFORM 1. How do Creditor Rights Matter for Debt Finance? A Review of Empirical Evidence John Armour, Antonia Menezes, Mahesh Uttamchandani And Kristin Van Zwieten 2. The Influence of the UNCITRAL Legislative Guide On Secured Transactions Spyridon V. Bazinas 3. A Single Framework Governing Secured Transactions? Comparative Reflections Frederique Dahan 4. Implementing Shari’ah-Compliant Collateral Security Regimes: Select Issues Michael J.T. Mcmillen 5. Levelling the Legal Playing Field: What the Law Can and Can’t do to Improve Women’s Access to Secured Finance Clare Manuel PART II SECURED FINANCING: MANY FACETS AND CONTEXTS 6. Untying the Gordian Knot: Farmers, Banks, Insurers, Warehouse Receipts, Commodity Exchanges, Collateral Managers and Access to Credit Nicholas Budd 7. Sowing the Good Seeds: The Brazilian Experience of Agriculture Financing Christian de Lima Ramos 8. The Potential of Factoring for Improving SME Access to Finance Ivor Istuk 9. Security in Project Finance and PPP and the Implications for Secured Transactions Law: “Security is a Shield, Not a Sword” Jan-Hendrik Röver 10. Keeping it Real: SME Financing, Secured Transactions and Risk Appetite Tom Johnson 11. Financial Collateral Arrangements and the Financial Markets Edward Murray 12. Fundamentals of Taking Security Interests in Bank Accounts Marek Dubovec PART III TRENDS AND PERSPECTIVES FOR REFORM 13. Secured Transactions Law Reform in Russia: A Tortuous but Ultimately Successful Journey Natalia Nikitina and Julia Lymar 14. Reforming an Established Secured Transactions Legal System: Why and How Morocco is Approaching the Challenge Mustapha Mourahib, Bertrand Fournier-Montgieux and Ouns Lemseffer 15. Taking Stock of Romanian Secured Transactions After 15 Years of Reform: A Mapping of Past, Present and Future Milestones Victor Pădurari and Andreea Simona Burtoiu 16. Piecemeal Reform: Is it The Answer? Louise Gullifer 17. What Makes a Good Law of Security? Richard Calnan Index
£52.20
Edward Elgar Publishing Ltd Islamic Wealth Management: Theory and Practice
Book SynopsisFrom an Islamic perspective, although the ownership of wealth is with God, humans are gifted with wealth to manage it with the objective of benefiting the human society. Such guidance means that wealth management is a process involving the accumulation, generation, purification, preservation and distribution of wealth, to be conducted carefully in permissible ways. This book is the first to lay out a coherent framework on how wealth management should be conducted in compliance with guiding principles from edicts of a major world religion. The book begins by defining wealth from both a secular perspective, and an Islamic perspective, before describing how wealth needs to be earned in lawful ways, preserved and used to benefit the needs of community, with a small part of the wealth given away to charity, and the remainder managed in accordance with laws and common practices, as established by a majority consensus of scholars of the religion in historical times. Each section of the book has relevant chapters that discuss the theory, as well as the application and the challenges in Islamic wealth management in real and financial markets. This book will appeal to students and researchers of Islamic wealth management, certainly Islamic economics and finance in general; policy makers; and a range of industry practitioners, such as investment managers, financial planners, accountants and lawyers.Contributors include: S.O. Alhabshi, M. Ariff, G.Ç. Dolgun, M.H. Dolgun, M. El Khatib, J. Farrar, F. Habib, A. Lahsasna, Z. Mahomed, A. Mirakhor, S. Mohamad, M.I.A. Mohsin, E.S. Rasid, S.H.A. Razak, S.A. Rosly, Z.M. Sori, J.A. Thahir, A. ZuleikaTrade Review'It is a timely book on a much neglected area of the Islamic finance discipline. It contains 21 chapters ranging from wealth management, to governance, to Islamic social finance, strewn together under 5 sub-themes. The book chapters combine both concepts and operational aspects of Islamic wealth management. The authors have done an excellent job in exploring each idea and concept thoroughly, and I highly recommend this book for academicians, scholars, practitioners and policymakers.' --M. Kabir Hassan, University of New Orleans, US'This book is a welcome contribution to Islamic finance literature. As the global Islamic market continues to grow, strengthening capacity-building has become crucial to consolidate a comprehensive ecosystem for shari`ah-compliant operations. The volume successfully addresses this need by shedding light on the rationales and tools of Islamic wealth management, where not only are the creation, enhancement, protection and distribution of wealth functional to market efficiency, but primarily conceived in the light of ultimate objectives of fairness, equality and economic justice.' --Valentino Cattelan, IE Business School, Madrid, SpainTable of ContentsContents: Preface Part I: Definition and Concepts 1. Wealth as Understood in Economics and Finance Mohamed Ariff and Shamsher Mohamad 2. Wealth from the Shariah Perspective Mohamed A. Gadhoum 3. Wealth Management, its Definition, Purpose, Structure and Practices Mohamed Ariff Part II: Governance of Institutions and Markets 4. Governance Framework in Islamic Financial Institutions Zulkarnain M. Sori, Shamsher Mohamad and M. Eskandar Shah Rasid 5. Shariah Boards: Practical Challenges for Islamic Financial Institutions Shamsher Mohamad, Zulkarnain M. Sori and M. Eskandar Shah Rasid 6. Property Rights and Shariah Non-Compliance Risk Saiful A. Rosly Part III: Wealth Creating Institutions and Markets 7. Sovereign Wealth Funds and Foreign Exchange Reserves as State Wealth John Farrar and Mohamed Ariff 8. Sovereign Wealth Funds in OIC Group Faruk Habib and Abbas Mirakhor 9. Application of Conventional Benchmark in Islamic Wealth Management Mohamed A. Gadhoum and Shamsher Mohamad 10. Benchmarks for Islamic Asset Pricing Abbas Mirakhor 11. Sukuk as the Islamic Debt Market Securities within Islamic Finance Mohamed Ariff 12. The Sukük Market in Malaysia: Issues and Challenges Gülsüm C. Dolgun and Muhammed H. Dolgun 13. Wealth Effect of Sukuk Issuance Announcement in Two Markets Ziyaad Mahomed, Mohamed Ariff and Shamsher Mohamad Part IV: Preserving and Protecting Wealth 14. Challenges for the Takaful Industry Syed O. Alhabshi 15. Wealth Purification Ahcene Lahsasna Part V: Wealth Distribution 16. Faraid as Islamic Inheritance Laws: Socio-Economic Impact on Investments Adelina Zuleikha and Shamsher Mohamad 17. Waqf in Shariah: Basic Rules and Applications Mazen El Khatib 18. Framework for International Waqf Foundation Jamaliah Abdul Thahir 19. Potential for Wealth Creation from Waqf Assets Magda I.A. Mohsin and Shaikh H.A. Razak 20. Zakat in Islamic Wealth Management Ziyaad Mahomed 21. Issues in Waqf and Zakat Management Mohamed Ariff and Shamsher Mohamad Index
£129.00
