Finance and the finance industry Books

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Book Synopsis

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Book Synopsis

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Book SynopsisReal world investors differ in their tastes and attitudes and they do not have, in general, perfect information about the future prospects of the economy. Most theoretical models, however, assume to the contrary that investors are homogeneous and perfectly informed about the market. In this book, an attempt is made to overcome these shortcomings. In three different case studies, the effect of heterogeneous time preferences, heterogeneous beliefs and imperfect information about the economy's growth on the term structure of interest rates are studied. The initial chapter gives an introduction to the theory of financial markets in continuous time under imperfect information and establishes the existence of an equilibrium with complete markets.Table of ContentsInformation.- Equilibrium with Imperfect Information and Complete Asset Markets in Continuous Time: Introduction; A Competitive Financial Market with Imperfect Information; Martingale Representation Theorem for the Innovation Process; The Existence of an Arrow-Debreu Equilibrium, Pareter Efficiency and the Representation Agent; Completeness of the Market and Existence of a Financial Equilibrium; Pricing Redundant Securities and the Term Structure of Interest Rates.- Heterogeneous Time Preferences - Preferred Habitat Theory Revisited: Modeling Preferred Habitat Time Preferences; A Model with Heterogeneous Time Preferences; Equilibrium; Analysis of the Term Structure; The Demand for Long-Term Bonds.- Imperfect Information: The Term Structure when the Growth Rate is Unknown: The Model; Estimating the Drift; Equilibrium with Perfect and Imperfect Information; The Yield Curve with Normal and Bernoulli Prior Beliefs; General Prior Beliefs.- Bulls and Bears: Heterogeneous Expectations: Setup; Equilibrium; Two Examples.

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Book SynopsisSebastian Werner examines aggregate short sales and convertible bond arbitrage, which is a typical hedge fund strategy that involves a significant short position in the underlying stock of a long convertible bond position for hedging purposes. He provides insightful and new observations of the significant difference in the trading pattern, information content and resulting impact on stock returns of arbitrage- versus valuation-based short selling activities.Table of ContentsMotives and Determinants of Short Selling; Role of Convertible Bond Arbitrage in Abnormal Short Selling Activity; Capturing Differences in Aggregate Short Sales of Arbitrage- versus Valuation-Based Short Selling Activities

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Book SynopsisDie Bilanzierung von Unternehmenszusammenschlüssen nach IFRS 3 stellt ein besonders anspruchsvolles und beratungsintensives Gebiet im Bereich der Internationalen Rechnungslegung dar. In Anlehnung an den IFRS-Kommentar (Buschhüter/Striegel) führt das Werk zunächst den englischen Originaltext an und ermöglicht damit einen ganzheitlichen Blick auf die aktuelle Gesetzeslage. Die deutschsprachige, präzise und zugleich praxisnahe Heranführung an die Materie des IFRS 3 Business Combinations bietet dem Praktiker einen übersichtlichen Leitfaden bei der Bilanzierung von Unternehmenszusammenschlüssen. Dabei finden aktuelle wissenschaftliche Aspekte und praktische Belange Berücksichtigung.Table of ContentsNormzweck und Anwendungsbereich. - Identifizierung eines Unternehmenszusammenschlusses. - Bewertungszeitraum. - Folgebilanzierung. - Ausweis und Angaben​.

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Book SynopsisWer sich als Vermittler selbständig macht, muss gerade am Anfang einige ungewohnte Hürden überwinden. Doch wem ein guter Start gelingt, wird schnell die ersten Erfolge verbuchen können. Dieses Buch macht fit für eine erfolgreiche Agenturführung. Es zeigt Schritt für Schritt, wie selbständige Vermittler oder Agenturinhaber in der Assekuranz ihr eigenes Unternehmen optimal entwickeln können. Der Themenkomplex "Mini- und Midi-Jobs in der Agentur" wurde komplett aktualisiert. Außerdem enthält die Betrachtung der Gewinngestaltung einer Agentur alle wichtigen Änderungen, die sich aus der Unternehmensteuerreform ergeben haben. Die Neuauflage enthält zudem Tipps, wie Agenturinhaber Social Media wirkungsvoll in ihre Arbeit integrieren können. Ein provokanter und impulsgebender Ratgeber, der durch die praxisorientierte Darstellung eine unmittelbare Umsetzung ermöglicht. Mit zahlreichen Beispielen und Checklisten.Table of ContentsStart ins Unternehmertum.- Unternehmensziel Gewinn.- Chancen der Gestaltung.- Investitionen, Personal und Wachstum.- Von der Betriebswirtschaft zum Vertrieb.- Die Zukunft Ihrer Agentur.

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Book Synopsis

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Book Synopsis

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Book Synopsis

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Book SynopsisFinance Capital Today is shortlisted for the The Isaac and Tamara Deutscher Memorial Prize 2017. Finance Capital Today presents a rich new analysis of the specific features of contemporary capitalism, notably its truly global nature and its financialisation, calling on Marxist analyses of the concentration, centralisation and globalisation of capital and Marx’s theory of interest-bearing and fictitious capital. Chesnais shows how financial globalisation and the exponential growth of financial assets have developed alongside the globalisation of productive capital, paying special attention to the contemporary operations of transnational corporations and global oligopoly. He argues that the macroeconomic perspective is one in which large amounts of capital are looking for profitable investment in a setting of underlying overproduction and low profits. The outcome will be low global growth, repeated financial shocks and the growing interconnection between the environmental and economic crises.Table of ContentsAcknowledgements Introduction No end to crisis in view Finance capital and financial capital The world economy as an analytical aim From the theory of the internationalisation of industrial capital to the theory of financial globalisation Financialisation as discussed in this book No ‘diversion of profits’ but the accumulation of fictitious capital The ‘crisis in the sphere of credit and money’ in 2008 1. The Historical Setting of the Crisis and Its Original Traits 1. The Crisis in a Long-Term Trajectory 1.1 In the advanced capitalist countries, slowing accumulation before the deep break in 2008 1.2 The bourgeoisie’s fight against the immanent barriers of capitalist production 1.3 The fall in the rate of profit and the play of the counteracting factors 2. A Crisis Which Has Not Been Allowed to Run Its Course 2.1 A mountain of fictitious capital alongside over-accumulation and overproduction 2.2 Global over-accumulation and overproduction with China as a central locus 2.3 The globalisation of the labour force, the cornerstone of capital’s strength 2. Financial Liberalisation and Globalisation from the 1960s onwards and the Return of Financial Crises 1. Industrial Profits and the Eurodollar Market in the Resurgence of Concentrated Interest-bearing Capital 2. The End of the Bretton Woods Monetary System and the Advent of Floating Exchange Rates 3. The Recycling of Petrodollars and the Third World Debt Trap 4. The Growth of Government Debt at the Heart of the System 5. The Political Implications of Market-Based Retirement Schemes 6. World Money Since the Demise of Bretton Woods 7. The ‘Semi-Completion’ of Financial Globalisation and the Financial Crises of the 1990s Appendix 2: The ‘Club of Paris’ and Brady bonds 3. The Notion of Interest-Bearing Capital in the Setting of Present Centralisation and Concentration of Capital 1. Steps in Approaching the Analysis of Financial Profits 1.1 ‘Money-dealing’ capital, interest-bearing capital and ‘financial accumulation’ 1.2 Credit and debt as creating different relationships 1.3 The nature of financial profits 2. Interest-bearing Capital: Exteriority to Production and the Blurring of Lines between Profit and Interest 2.1 ‘Capital-as-property’ and ‘capital-as-function’ 2.2 The blurring of lines between profit and interest 3. The Theory of Fictitious Capital 3.1 Fictitious capital: Bonds and shares 3.2. Bank created fictitious capital in its classical form 3.3 The onset and hardening of money fetishism Appendix 3: The centralisation and concentration of capital in Marxist theory 4. The Organisational Embodiments of Finance Capital and the Intra-Corporate Division of Surplus Value 1 A Brief Historical Perspective on the Bank-Industry Relationship 1.1 Germany: The ‘unification of capital’ and a strong bank influence in industry 1.2 Money trusts as the US form of finance capital 1.3 The prevalence of imperial financing priorities in Britain 1.4 France: State support to industry and large foreign government loans 2 Contemporary Issues Regarding Corporate Governance and Interlocking Boards of Directors 2.1 Control under contemporary US corporate governance 2.2 Cross-country interlocking boards of directors and ‘transnational capitalist class formation’ in Europe 3 Banks as Merchants and TNCs as Money Capitalists 3.1 The operations of financial conglomerates in commodities trading and production 3.2 The financial operations of TNCs 4 Concentrated Commodity or Merchant Capital and the Sharing Out of Total Surplus Value 4.1 The notion of ‘profits in circulation’ 4.2 Large commodities traders 4.3 Large retailers 5 Natural Resource-based Monopoly Profit and Oil Rent Appendix 4.1: Control in the ETH Zurich studies Appendix 4.2: The three major New York investment banks’ activities in commodities Appendix 4.3: Three examples of industrial corporation ownership of financial corporations 5. The Internationalisation of Productive Capital and the Formation of Global Oligopolies 1 The Internationalisation of Productive Capital: Theory and History 1.1 Foreign production of surplus value in the classical theory of imperialism 1.2 The internationalisation of productive capital in contemporary theory 1.3 Stages in the internationalisation of productive capital 1.4 From horizontal to vertical integration and the intra-corporate division of labour 1.5 The ownership-location-internalisation theoretical paradigm 2 The Collective Global Monopoly Power of Industrial Capital 2.1 Mergers and acquisitions and the international concentration of capital 2.2 Scant data on domestic concentration and little to none on global concentration 2.3 Non-price and price competition in global oligopolies 3 The Place of Emerging Countries’ Corporations in the Global Oligopoly 3.1 Sovereign wealth funds 3.2 FDI by developing-country TNCs and modes of foreign entry by China, India and Brazil Appendix 5: Recent Developments Affecting the Statistical Data on FDI 6. The Operational Modes of TNCs in the 2000s 1 Industrial Capital: From Internationalisation to Globalisation 2 Value Chains in Business Management Theory 3 Buyer-Driven Global Commodity Chains 4 Outsourcing and Offshoring and Global Value Chains in Manufacturing 5 ‘Non-Equity Modes Of International Production’ 6 TNCs and the Present Configuration of World Trade 7 Overexploitation and the ‘Global Law of Value’ 7. The Accelerated Growth and Further Globalisation of Financial Assets and Markets 1 Factors Underlying the Growth of Global Financial Transactions 1.1 On the driving forces of financial accumulation again 1.2 Capital flows in and out of the United States 1.3 Intra-Eurozone interbank lending 1.4 The growth and present organisation of foreign exchange trading 2 The Growth of Global Transactions in Derivatives 2.1 A new form of fictitious capital 2.3 The theory of derivatives as the ‘contemporary form of world money’ 3 Financial Globalisation and Developing Countries in the 2000s 3.1 The diminution of external debt and the renewed attractiveness of developing countries 3.2 The ‘internalisation’ of government debt: The case of Brazil 3.3 The audit and cancellation of illegitimate debt by Ecuador 3.4 The 2002 Argentinian default 8. Financialisation and the Transformation of Banking and Credit 1 The Transformation of Banking in the United States 1.1 ‘Traditional’ banking and credit intermediation 1.2 The start of deregulation and the transition to a market-intermediated credit system 1.3 US bank concentration in the 1990s 2 Financial Liberalisation in Europe and European ‘universal banks’ 2.1 The course of financial liberalisation in Continental Europe 2.2 Three types of banks in the EU 2.3 The full restoration of the European ‘universal bank’ 3 Securitisation, the Originate-to-distribute Model and the Shadow Banking System 3.1 The ‘originate-to-distribute’ banking model 3.2 The large-scale build-up of fictitious capital on household mortgage 3.3 The shadow banking system 3.4 Global Systemically Important Financial Institutions and the global banking oligopoly 9. Global Contagion and Systemic Crisis in 2008 1 Investment Banks and Hedge Funds 1.1 High-risk leverage driven by low profitability 1.2 Investment banks 1.3 Hedge funds: The absence of regulation as a key enabling feature 1.4 Highly leveraged speculative investments alongside ‘vulture’ hedge fund operations 1.5 Investment banks’ proprietary trading and prime brokerage for hedge funds 2 The Channels of International Financial Contagion 2.1 The channels of international financial contagion in the 1990s 2.2 Contagion through the transatlantic shadow banking system 3 Specific Systemic Vulnerability in the European Banking System 3.1 The Maastricht Treaty construction 3.2 Asymmetric intra-European relationships and the effects of shadow banking 3.3 From imported to self-generated financial crisis in the EU 3.4 Greece as an in vivo political and social experiment 10. Global Endemic Financial Instability 1 The Effects and Potential Backlashes of Quantitative Easing 2 The Very Long Continuous Fall in Interest Rates and the Growth of Debt 3 Non-Bank Financial Corporations and Systemic Contagion Risks Today 4 The Potential for Financial Turmoil in Emerging Countries Conclusion The institutional difficulties of doing Marxist economic research Persistent very low global growth coupled with endemic financial instability How could slow growth be brought to an end and a new long upswing start? The convergence of global economic and ecological crisis Non-ecological approaches to the notion of capitalism’s possible absolute limits The advent of a new more formidable immanent barrier and its implications References Glossary Index

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