Finance and the finance industry Books

Book SynopsisGMAC is a diversified financial services firm that derives its revenues from automotive finance, where it holds a dominant position, as well as mortgage operations, insurance operations, and commercial finance. The U.S. government has spent a total of $17.2 billion to support GMAC under the TARP. GMAC received funds on three separate occasions, spanning both the Bush and Obama Administrations. As part of the government bail-out effort, GMAC has received special treatment apart from the funds in order to meet the capital buffers established under the bank "stress tests" because it could not raise funds from private sources. This book examines the unique treatment given GMAC under the TARP.

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Book SynopsisThis book assesses the financial literacy of retail investors in the United States. Literacy involves the "ability and confidence to effectively apply or use knowledge related to personal finance concepts and products." Investor knowledge is particularly important in an age in which retirement programs in the United States have moved from defined-benefit plans, in which the employer bears investment responsibility, to defined-contribution plans, in which the responsibility has shifted to employees. If employees do not have the requisite knowledge, they will not be prepared to make informed decisions regarding the management of their financial affairs, including investing for a secure retirement. Studies have found that American investors repeatedly do not understand the most basic financial concepts, such as compound interest and inflation; the meaning of stocks and bonds; the role of interest rates in the pricing of securities; the function of the stock market; and the value of portfolio diversification, among others.

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Book SynopsisAre you a high net worth individual? Then the wealth management rules are different for you. Mark Tepper rightly assures us that we should all consider ourselves wealthy if we have the resources to live the lives we want to live without compromise. However, if you fall into one of his higher-net-worth categories, you will find that Exceptional Wealth is speaking directly to you. Tepper, author of the acclaimed Walk Away Wealthy , stresses that if you are someone with a high net worth, you have to realize that managing your wealth is complex. He clearly outlines key steps and sophisticated strategies that experienced professional financial advisors should be implementing for you. Each high net worth individual has unique and different forms of wealth, investments, and objectives. Consequently, individual and special family needs demand specifically tailored financial plans and approaches. Good investment management might have made you wealthy, but Tepper solidly brings home the point that only proper wealth management will keep you wealthy. Those whose wealth exceeds $1,000,000 will likely benefit most from the keys and myths that Tepper outlines, but this book is relevant for anyone looking to take the next step in wealth accumulation and preservation. The bottom line, as Tepper advises, is the following: Prosperous individuals require a higher level of sophistication when it comes to optimizing their financial affairs.Trade Review"Exceptional Wealth does an exceptional job outlining the keys to successful wealth management. Read it." --Wesley R. Gray, PhD, CEO of Alpha Architect, and coauthor of Quantitative Momentum "Exceptional Wealth provides practical steps and game-changing strategies tailored to the unique needs of higher-net-worth individuals. Mark Tepper's insightful way of looking at and planning for wealth preservation is sure to help you stay ahead of the game." --Gino Wickman, author of Traction and Creator of EOS

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Book SynopsisAre you ready to discover the secret to thriving in today's fee-based financial services environment? The old transactional, sales-based approach is fast becoming defunct. The real key to outstanding success as a financial adviser is helping your clients get more of what they really want from life. John Dashfield shares a revolutionary new paradigm in psychology that clearly demonstrates that your state of mind is the most significant factor in creating a growing, prosperous and sustainable 'Client-centred' practice. This book will help you build exceptionally strong, high-trust and mutually profitable client relationships; conduct powerful client conversations; become comfortable and effective when discussing fees; effectively engage new clients and re-engage existing ones; eliminate stress and increase your everyday enjoyment and fulfilment.Trade Review'John's book articulates, in a highly accessible way, what is right at the heart of being a "client-centred" adviser. He takes you beyond techniques and into a deeper understanding of why our way of being is the most important factor in creating high trust relationships. If you want to make a bigger impact with your clients then absorb what this book reveals to you and enjoy the results.' -- Simon Booth, Managing Director, Chartered Financial Planner, Foresight Independent Financial PlanningTable of ContentsIntroduction How to get the most from this book Section 1 The state-of-mind factorChapter 1 Making the invisible visibleChapter 2 The science behind state of mind Chapter 3 Being is the new doingSection 2 Building client-centred relationshipsChapter 4 The three levels of relationshipChapter 5 A new way of listeningChapter 6 Effortless rapportChapter 7 The three levels of client conversationChapter 8 The art of client-centred questioningChapter 9 Perfect delivery - every timeChapter 10 The adviser as a coachChapter 11 What could stop you?Section 3 Masters at work: five successful client-centred advisers share their philosophyChapter 12 How my father's paperwork inspired me to build a company, Dominic BaldwinChapter 13 They won't remember what you said; they will remember how you made them feel, Andy Jervis, Chesterton House Financial Planning LtdChapter 14 How to deliver great value for the fees you want to charge, Nik Proctor, Lodgeport Associates LtdChapter 15 How much value are you adding? Dominic ThomasChapter 16 Why a client-centric approach is the only way to operate our financial practice, Paul Tracey, Provest Financial SolutionsSection 4 New client engagement Chapter 17 Stop pushing and start connectingChapter 18 The source of all opportunityChapter 19 The very best marketing you can doChapter 20 Five steps to your next clientChapter 21 Too much informationChapter 22 The fee conversationChapter 23 Ditch the pitchChapter 24 Being client-centred is not something you do: it is a state of mind

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Book SynopsisThe FinTech community is steeped in change and has the potential to pave the way for equal opportunities in the workplace, considering the positive actions that have taken place. There is so much more that can be done but what has been achieved so far needs to be replicated. This book showcases the successes in the industry alongside that which could act as a barrier or escalator. Being the first of its kind, FinTech Women Walk the Talk draws upon the author’s podcasts that feature the insights of more than 150 FinTech experts; more than 100 of which are women. It is a call to action for diversity in the workplace, showcasing the successes and presenting how to overcome the challenges. By demystifying FinTech, and highlighting its potential to drive change, this book explores how to achieve gender parity in the workplace. The FinTech industry is used as acase study and hence of interest to practitioners in finance, technology, FinTech and beyond.Table of ContentsChapter 1: Purpose: Walk the Talk.- Chapter 2: Mission: What is FinTech?.- Chapter 3: Mindset: Innovation and Transformation.- Chapter 4: The Past: Traditional FS and Technology Culture.- Chapter 5: Change: Technology, Transformation and Communication.- Chapter 6: Reality: The issues we must acknowledge Chapter 7: Movement: Sharing the steps forward.- Chapter 8: Chasing the tipping point: Static for Too Long.- Chapter 9: Moving the Needle: Action.- Chapter 10: Help or Hindrance: External factors.- Chapter 11: Be powerful.

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Book SynopsisThere is no doubt that the proliferation of entrepreneurial activity is a current trend. Start-ups enable an effective transformation of knowledge, generating high added value to society. The objective of this book is to address the financing of the entrepreneurial process as a necessary element to articulate a solid business fabric, based on taking advantage of new opportunities. The book is structured in two parts. The first part takes as a reference the lack of financing in the entrepreneurship process and analyses different sources of financing available to entrepreneurs depending on the phase in which the project is located. The second part of the book analyses innovation and its links to the financing of start-ups, addressing the impact of emerging technologies and fintech services and the support of artificial intelligence. Finally, the book concludes with an examination of decentralized finance (DeFi), as an idea that is changing the financial world, giving rise to new financial paradigms.Table of ContentsPart I. Investment Cycles.- Chapter 1. Financing Rounds with Private Capital.- Chapter 2. Angel Investing Startups.- Chapter 3. Crowdfunding: Another Way of Financing My Business.- Chapter 4. A Prospective Analysis of the Advantages of Crowdlending to Startups.- Chapter 5. The Financing of Minority Entrepreneurial Efforts in the U.S..- Chapter 6. Bank Credit in Europe Between Two Crises: From the Great Recession to the COVID 19 Pandemic.- Part II. Startup Innovation.- Chapter 7. Emerging Technologies in Financing Startups.- Chapter 8. ICOs, IEOs and STOs: Token Sales as Innovative Formulas for Financing Start-ups.- Chapter 9. Financing Start-ups Through Artificial Intelligence.- Chapter 10. DeFi & Startups: Revolution in Finance.

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Book Synopsis Risk-sharing investment is currently the buzz word in Islamic finance. However, there is an incongruence in applying multilayered and opaque Tijarah contracts for investment purposes. This has contributed to the divergence between Shariah and Common Law and caused tremendous problems and systemic legal risks to Islamic finance. The authors of Shariah Investment Agreement introduce a legal tool in the form of a Shariah Investment Agreement carefully drafted to ensure that it is Shariah-compliant and can be applied in Common Law jurisdictions as well, so as to allow for the execution of risk-sharing investment in Islamic finance. It details the building blocks and key considerations that must be noted when drafting such agreements so the investor and investee will know what to expect when entering into such a contract. Proper implementation of the Shariah Investment Agreement will pave a clear route to a harmonious convergence between Shariah and Common Law and lead to Islamic finance developing further to become a stronger, unstoppable force in the finance industry.

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Book SynopsisThis handbook will provide a comprehensive treatment of the gamut of issues and challenges that exist through the development of both cryptocurrencies and blockchain technology. This will not be confined to simply the investment potential within these new technological areas. We will examine the challenges in the regulatory, legal, taxation, accounting, modelling, ethical, macroeconomic impact and internationalization issues. Research on cryptocurrencies and blockchain technology has identified issues such as pricing abnormalities and bubble-like behavior, indicating that these new assets are highly speculative in nature, contain a growing number of legal abnormalities (such as the hacking of exchanges and broad theft of investor assets) and a growing number of significant regulatory issues. It is paramount that we investigate each of these issues in great detail to help to determine whether cryptocurrencies and blockchain technology merits consideration as a sustainable alternative investment asset. The handbook will be useful for specialist technical audiences such as legal, accounting and financial practices. It will also be beneficial for upper level masters and research students in economics, law, accounting, taxation, investment and portfolio management.

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Book SynopsisWe need a new theory of money. The still-dominant theory of money as taught in intro textbooks is 100+ years old, and for almost that long we have known that it’s totally wrong. The best alternative are "heterodox" accounts developed in the 90s and 00s. These are indeed better overall descriptions of money, but they remain incomplete and inadequate: they rely too much on why the orthodoxy is wrong, thereby incorrectly assuming there is only one alternative (so-called heterodoxy). Money has no value develops a new (more subtle, more sophisticated) theory of money. It takes more seriously than any other work to date, the depth and seriousness of the fundamental claim that all money is credit. Money is not a thing, but a marker of a social relation of credit and debt between two parties. Money is not value itself; no form of money (as money) ever possesses any positive, intrinsic value. Second, the book shows that not only is all money credit, but that in an important theoretical sense, all credit is money to the extent any credit/debt between two parties has the potential to be transferred to another party (thereby functioning as money). Finally, the book links this radical credit theory of money to today’s concrete money practices: this includes global capital flows, national and international monetary policy, and most of all the daily turnover in the money markets. The book therefore develops the needed conceptual framework to ask questions like: what is going on with Bitcoin (much less GameStop) in 2021. Table of ContentsPreface Introduces readers to the biggest questions about money and articulates the essential argument of the book: money has no value, because money is nothing more or less than a relation of credit/debt between at least two parties. The preface also gives readers a brief overview of the entirety of the book, indicating the importance of exploring: the history of money, the history of theories of money, and contemporary accounts and debates over money. Shows clearly why theories of money cannot be adequately divided into "orthodox versus heterodox" and gives the reader the outlines of my alternative theory of money which rejects orthodoxy while moving well beyond the so-called heterodox account. Chapter One: How to Do the History of Money This crucial framing chapter opens with an important note on methodology, where I engage in some crucial epistemological and historiographical questions. Money cannot be determined and understood simply by its empirical history, nor can it be explained without reference to that history, and this is because history cannot stand in for theory, while at the same time, theory cannot itself explain history. This book responds to this fundamental epistemological and ontological issue by addressing the theories of money that history has itself produced. This means that in this first chapter it is necessary to provide an overview of the history of theories of money. Most heterodox accounts of money attempt this, but they fail to give a rigorous, subtle, or deep sense of that history because they lump everything into the categories of orthodox or not orthodox. Instead, I set out here to create a "matrix" of money theories based on answers to three basic questions that any theory of money most address: 1) real or monetary analysis, 2) commodity or claim, and 3) quantity theorem, yes or no. Working through these choices I produce a matrix of 8 different money theories, giving the reader a more fine-grained accounting of the history of theories of money than has heretofore been available. Chapter Two: Money is Credit This chapter is the cornerstone of the book, as it makes the primary case for the basic credit theory of money. It does this by returning to Mitchell Innes’s crucial work from the early twentieth century, a source that has already been identified by the leading lights of money theory today (see chapter three), but which I argue has never been fully appreciated for the depth of its insights and the radicality of its overall implications. Starting with Innes, I argue for a fundamental rethinking of the very idea of economic exchange. Both classical political economy and the neoclassical paradigm of economics conceptual "exchange" – the fundamental economic activity – as the swapping of one commodity for another. I argue instead that in a capitalist social order we must grasp economic exchange as something utterly different: the swapping of a commodity (with intrinsic use-value) for a credit (a relation of debt that has no intrinsic value). This redefinition of exchange, based on a far-reaching interpretation of Innes will serve as the foundation for all the arguments to come in the book Chapter Three: Money Theories Today The first of these arguments takes the form of a sympathetic but still biting critique of the two dominant theories of money today: Randall Wray’s post-Keynesian "modern money theory" and Geoffrey Ingham’s heterodox account. Both authors are to be repeatedly praised for moving the debate on money forward, and for uncovering so many of the pervasive myths and falsehoods of the commodity theory of money that has undergirded the neoclassical paradigm for almost 150 years. But I show here that both theories come up against significant limits and that neither can serve as an adequate guide to understanding money rigorously in twenty-first-century capitalist social orders. In Wray’s case, the correct instinct that the orthodoxy is wrong leads often to a false logic by which anything not orthodox must be right. In some ways Wray simply fails to develop a robust theory of money because he skips that step, rushing from the false orthodox theory to a set of policy proposals (particular around government debt). Ingham’s work is much more rigorous, significant, and imposing, and I affirm that to date his has been the best theory of money available. But in addition to oversimplifying the history of money, Ingham fails to pursues the credit theory to its radical and logical ends. He therefore traps himself in some sociological faults, particularly the idea that money as debt could be a "debt to society." I show that credit and debt can only be a relation between identifiable parties, and that "debt to society" not only proves conceptually incoherent but also leads us astray in trying to make sense out of today’s money practices (see Chapters Five and Six). Chapter Four: All Credit is Money Here I push beyond Ingham and all other extant theories of money by taking the credit theory to its logical conclusion. Many writers have affirmed Innes’s basic point that all money is credit while trying to hold onto a fundamental (ontological) distinction between credit as a mere promise to pay, and money as the instrument of payment itself. I show here that to take the credit theory of money seriously, we have to admit that in conceptual terms, it is impossible to distinguish strictly between credit and money. The practical distinction proves crucially important (some credits do not function as money, while some do), but this empirical fact cannot substitute for theoretical proof. Accordingly, this chapter makes the case for the following five theses, which could be understood as the book’s fundamental theses on money: Both empirically and ontologically, all money is credit Empirically, money is credit that circulates 
(money that is transferred) Ontologically, all credit is transferable Ontologically, all credit is "money" (or "money" does not exist) Both ontologically and empirically, not all money-credit is the same; there is a hierarchy of money Chapter Five: Money Markets At this juncture my book takes a turn that has truly not been attempted in other efforts to theorize the nature of money: it directly addresses today’s money markets, the site of trillions upon trillions of turnover in denominated money value, and attempts to make sense of them in terms of the theory of money advanced so far. I open the chapter with a brief but important critique of Stephanie Kelton’s very recent (and exploding in popularity) book, The Deficit Myth. This forms an important segue, because Kelton’s conceptualization of money as "points" issued by the government, completely fails to take account of the relations of credit and debt, and their circulation in today’s money markets. The chapter offers a rather straightforward (but not for that reason any less important) introduction to the "balance sheet model" of understanding money, particularly as exemplarily illustrated in Perry Mehrling’s work. Starting with the basic understanding of the way that loans create money through the simultaneous creation of both an asset and a liability on the balance sheet of both the creditor and the debtor, I move on to map out how the $7 trillion dollar (daily) repo market works. This explanation allows me to address derivatives. Derivatives are doubtless a crucial aspect of capitalist society today and essential to the way money works, yet most works on the theory of money are completely silent on them. I explain how the radical credit theory of money can makes sense of derivatives – precisely as money. Finally, but quite importantly, this lets me address the issue of the "price" of money in money markets, the way in which credit/debt, which has no value, can be exchange for other forms of credit/debt, which similarly have no value. This leads me to a theory of financial exchange as the swapping of money-credit for money-credit – a complement to and extension of the theory of economic exchange first developed in chapter two. Chapter Six: Money Today I conclude the book not with theoretical speculation or historical prediction, but with a brief look at some of the most pressing money-questions facing us today. I address, in turn, "world money" (from the gold standard, to the US dollar as the international reserve currency), "cryptocurrency" (including bitcoin and blockchain technology itself), and conclude with a few remarks on the nature of money and capitalism. 　

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Book SynopsisValuation is part art and part science. While there are wrong ways to value a stock, there may be no single correct way to value a stock. Applied Valuation: A Pragmatic Approach helps to bridge theory and how valuations can be implemented in practice. It offers pragmatic solutions that are in line with valuation principles, and explains the implications of certain approaches and rules of thumb that are commonly used in practice, so the reader understands why or when such methods make sense. Valuation is a highly case-specific exercise and slight changes in the conditions at the time of the valuation could change the approach and inputs that an analyst should be using. This book discusses how to develop the intuition and skills that would allow you to determine the appropriate or reasonable approach to take regardless of what situation may arise in the future. Also including in-depth case studies of Walmart and Tesla, this book examines concepts like projections, discount rates, terminal value, and relative valuation to equip students, practitioners, and the general reader with a better understanding of the methods that will help them build their own framework to value businesses and analyze valuation issues.

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Book SynopsisThis ground-breaking book shows how innovative microfinance solutions can help billions to avoid 'poverty traps' and escape atavistic misery. While the success of microfinance has globally exceeded even the wildest expectations, there are still many obstacles, above all the lack of proper business planning on the side of the borrowers. Here Moro Visconti's important book comes to aid, offering bottom-up development strategies for micro-credit-driven startups and beyond. His forceful analysis of poverty traps and the practical guidelines given (including business plan templates as Excel sheets) are designed to help practitioners and analysts alike in understanding and reaching the true potential of microfinance.

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Book SynopsisEven though traditional microfinance has successfully paved the way for offering financial services to low-income populations without traditional collateral, many microfinance institutions (MFIs) are still reluctant to move into rural areas and agricultural finance, due to the perceived high risks and costs. Daniela Rottger's research demonstrates how MFIs can mitigate risks and costs of lending to smallholder farmers by using a combination of proven traditional microfinance mechanisms while adapting specific loan features and lending mechanisms to the particularities of smallholder agriculture. She systematically compares traditional microfinance risk management mechanisms with agricultural microfinance approaches and identifies successful strategies. For this purpose, eight MFIs providing agricultural finance to smallholder farmers in four countries in East and West Africa (Uganda, Kenya, Benin, Cameroon) were interviewed and their loan features and agricultural lending mechanism were analyzed. The study shows that MFIs can successfully serve smallholder farmers in rural areas. However, the extent of adaptations is reason enough not to commit to such an endeavor lightly. A strong commitment combined with sound in-house knowledge of agricultural value chains and the flexibility to adapt loan terms and lending procedures to the particularities of agriculture are needed to successfully develop and sustain agricultural microfinance.Trade Review"This book is a concrete example of how very good practical, field based re-search can help practitioners and the sector in general to better understand some of their key challenges and to open new opportunities for development and innovation." --Philippe Guichandut, Head of Development and Technical Assistance at the Grameen Credit Agricole Microfinance Foundation

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Book SynopsisComprehensive book on Indian financial system covering markets, institutions, and services. Written in simple style for students in BBA, MBA, M.Com. courses. Authors Dr. Naresh Kumar Gupta and Mrs. Monika Chopra bring expertise in finance and taxation, with extensive teaching and research experience.

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Book SynopsisThe strength of the book lies in the fact that it is not based on theory or hypothesis, but on the practical experience of a highly successful wealth manager.

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Book SynopsisWealth is not just about adding zeroes to your net worth but having enough to live an unconstrained life. Money Wise shows you the way. It cuts through the clutter of jargon and technical terms, leading you step by step on the path to prosperity.In it, you will learn:Ways of allocating your income.The only mutual funds hack worth knowing.Why you should be watching not what Warren Buffett says but what he does.

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Book SynopsisThe essays in this volume are written by a distinguished and adventurous set of historians and economists who have been willing, in many cases, to step beyond their typical field of inquiry and explore the historical foundations of financial innovation. The essays are motivated by the need to place our current age of finanical revolution in historical perspective. The continuing process of financial innovation, as sophisticated as it may seem to most of the modern world, is in fact built on surprisingly few basic principles: the inter-temporal transfer of value through time, the ability to contract on future outcomes, and the negotiability of claims. This book traces the evolution of these basic principles of finance through 3,000 years of history - to the dawn of writing. The methodology that is used can be thought of as financial archaeology in the sense that the authors focus on primary survived financial documents to draw their conclusions such as clay tablets, notched sticks, seaTrade Review"An all-embracing historical survey of the financial innovations that have changed the world...this remarkable book gives us an invaluable historical perspective on a terrifying age of financial revolution." THES, December 2005"P0ssibly the first book designed for Wall Street coffee tables." * The Economist *"Beautifully illustrated... Indeed, this is something of a

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Book SynopsisDecision makers in business and economics face a staggering array of problems. Managers of growing firms have to decide which growth options will expand their business. Governments have to decide which infrastructure investments to undertake. Managers of oil firms must decide how rapidly to deplete their reserves. Owners of land must decide when and how to develop. Operators of power plants must decide when to start them up and when to shut them down. While these problems seem quite diverse, they share many important features. In each case, the decision maker must choose when to take a particular action that will be difficult, if not impossible, to reverse. In each case, the consequences of taking (or not taking) that action are uncertain. The timing and nature of these actions directly affect revenue. Real options that often vary radically from one problem to another. The book focuses on building a general approach to solving problems from the ground up to show readers how real optioTable of ContentsPREFACE ; 1 Introduction ; I. Foundations ; 2. The modeling framework ; 3. Valuing single-period cash flows ; 4. Valuing multi-period cash flows ; 5. Combining valuation and decision making ; II Component Real Options ; 6. Options that do not affect the state of a project ; 7. Simple timing options ; 8. Compound timing options ; 9. Uber-compound timing options 200 ; 10. Switching options ; 11. Learning options ; III Calibrating the Model 293 ; 12. Calibration using spot and futures price data 294 ; 13. Calibration using option price data ; 14. Calibrating trees of alternative state variables ; IV Putting the Pieces Together ; 15. Forestry management and valuation ; 16. Developing a gas field ; 17. Mothballing an ethanol plant ; 18. Where to from here?

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Book SynopsisThe efficient markets hypothesis has been the central proposition in finance for nearly thirty years. It states that securities prices in financial markets must equal fundamental values, either because all investors are rational or because arbitrage eliminates pricing anomalies. This book describes an alternative approach to the study of financial markets: behavioral finance. This approach starts with an observation that the assumptions of investor rationality and perfect arbitrage are overwhelmingly contradicted by both psychological and institutional evidence. In actual financial markets, less than fully rational investors trade against arbitrageurs whose resources are limited by risk aversion, short horizons, and agency problems. The book presents and empirically evaluates models of such inefficient markets. Behavioral finance models both explain the available financial data better than does the efficient markets hypothesis and generate new empirical predictions. These models can acTrade ReviewOne of the very first books on behavioural finance ... covers some of the most important ideas in behavioural finance ... a rich source of empirical facts and new ideas, waiting to be further explored in financial economics ... Every financial economist, in particular those being trained in the classical finance school, should read this high-level book on behavioural finance. It is full of provocative and inspiring ideas that will keep your mind busy for many hours. I am sure this excellent book will become a classic in behavioural finance. * Journal of Institutional and Theoretical Economics26/03/2003 *Table of ContentsAre Financial Markets Efficient? ; Noise Trader Risk in Financial Markets ; The Closed-End Fund Puzzle ; Professional Arbitrage ; A Model of Investor Sentiment ; Positive Feedback Investment Strategies ; Open Problems

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Book SynopsisFinancial economics is an exciting new field of study that integrates the theory of finance and financial institutions into the main body of economic theory. In doing so, it draws on insights from general equilibrium analysis, information economics, and the theory of contracts. Financial Economics is a self-contained and comprehensive introduction to the field for advanced undergraduate and postgraduate economists and finance specialists. It develops the main ideas in finance theory, including the CAPM, arbitrage pricing, option pricing, and the Modigliani-Miller theorem within an economic framework. Students of economics are shown how finance theory derives from foundations in economic theory, while students of finance are given a firmer appreciation of the economic logic underlying their favourite results. Financial Economicsprovides all the technical apparatus necessary to read the modern literature in financial economics and the economics of financial institutions. The book is selfTable of ContentsINTRODUCTION ; PART I. SYMMETRIC INFORMATION: FINANCIAL MARKETS ; PART II. ASYMMETRIC INFORMATION: FINANCIAL CONTRACTS ; REFERENCES ; INDEX

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