Investment and securities Books

Book Synopsis'Bainbridge and Henderson have given us one of the most important books on one of the most important contemporary legal issues, the liability of individual and corporate shareholders for corporate debts. There is no issue in corporate law more subject to uncertainty and no issue more likely to be litigated. No single book has ever attempted, much less carried off, the complete historical, international, economic and legal theoretical exegesis of limited liability, which these two authors do with range, depth, confidence and even a bit of panache. This monograph, of crucial interest both to scholars and practitioners, will become an instant classic and an immediate authority.'Stephen B. Presser, Northwestern University and the author of Piercing the Corporate VeilThe modern corporation has become central to our society. The key feature of the corporation that makes it such an attractive form of human collaboration is its limited liability. This book explores how allowing those who form the corporation to limit their downside risk and personal liability to only the amount they invest allows for more risks to be taken at a lower cost.This comprehensive economic analysis of the policy debate surrounding the laws governing limited liability examines limited it not only in an American context, but internationally, as the authors consider issues of limited liability in Britain, Europe and Asia. Stephen Bainbridge and M. Todd Henderson begin with an exploration of the history and theory of limited liability, delve into an extended analysis of corporate veil piercing and related doctrines, and conclude with thoughts on possible future reforms. Limited liability in unincorporated entities, reverse veil piercing and enterprise liability are also addressed. This comprehensive book will be of great interest to students and scholars of corporate law. The book will also be an invaluable resource for judges and practitioners.Trade Review'This book does a wonderful job of bringing sharp and clear analysis to a breathtakingly complex and poorly understood area of law. In particular, the book is distinctive for its careful treatment of the inefficiencies generated by current confusion and apparent subjectivity of the law in many states. Also of interest is the book's thoughtful economic analysis of the various ways that parent companies and other controlling investors react to the confused state of the law.' --Jonathan Macey, Yale University'Professors Bainbridge and Henderson have made an outstanding contribution to the literature on limited liability. There is something valuable for everyone in this book, which provides not only a clear and comprehensive exposition of the doctrine and theory of limited liability, but also with a cogent and clever solution to limited liability's deeply troubled exception, veil-piercing. This is an important book in one of the most important areas of business law, and is a tremendous, versatile resource for attorneys, entrepreneurs, students and scholars alike.' --Peter Oh, University of Pittsburgh'This new text represents scholarship in its finest form. Professors Bainbridge and Henderson provide, in succinct form, a masterly coverage of the central corporate law concept of limited liability. . . This is a ''must have'' component for the personal library of any serious scholar of corporate law in the developed world. Students at all levels will benefit from the insights on offer. It could be read with interest by a range of policymakers. I would recommend it without any qualification.' --International Company and Commercial Law ReviewTable of ContentsContents: 1. Introduction 2. History of Limited Liability 3. Why does the Law Limit Corporate Shareholders’ Liability? 4. Veil Piercing Standards 5. What Law Applies? 6. Veil Piercing in Statutory Contexts 7. Related Doctrines 8. Veil Piercing in Unincorporated Entities 9. Limited Liability in Comparative Perspective 10. Rethinking Veil Piercing 11. Conclusion Index

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Book SynopsisThis up-to-date and revised third edition offers a clear and comprehensive overview of the main principles, institutions and procedures related to foreign direct investment and the resolution of disputes. Suitable for both upper-level undergraduate and postgraduate courses on international investment protection, the book is firmly grounded within the wider public international law context. Key Features of the third edition: Incorporates extracts from and analysis of key recent decisions, including David Aven et al v. Costa Rica, Greentech Energy Systems et al v. Italy and Venezuela v. OI European Group Coverage is brought up to date with new discussion of revised investment treaty texts and new court system proposals Balanced and neutral engagement with both normative standards and critiques of the system encourages students to draw their own conclusions Provides concise descriptions of the legal principles followed by extracts from both classic and contemporary cases to enhance understanding of core concepts Contains detailed discussion notes and all new 'Questions to an Expert' to enable further classroom discussion and facilitate critical reflection on complex topics. The concise nature of the book and accessible writing style make this an ideal text for non-specialists and for single semester courses on international investment protection.Trade Review'In this new edition, Dr. Schefer has pulled off the seemingly impossible: an up-to-date, accessible yet scholarly introduction to international investment law that students and practitioners alike will find useful and informative. My students particularly appreciate the way she organizes the sometimes chaotic world of arbitral decisions into coherent, if competing, lines of doctrine and policy. As a researcher, this volume is my starting point when investigating a new aspect of investment law. She asks all the right questions and lays a solid foundation for future work. A tour de force.' --Frank J. Garcia, Boston College Law School, US'This new edition of Krista Nadakavukaren Schefer's International Investment Law provides a wealth of information for the newcomer to the field. It is refreshingly illustrated not only by case excerpts and other materials, but also by short interviews with new voices in international investment law. Overall, it provides a balanced view on one of the most controversial subfields of international economic law.' --August Reinisch, University of Vienna, AustriaTable of ContentsContents: Preface 1. Introduction to the study of international investment law 2. Sources of international investment law 3. Definitions 4. Expropriation 5. Standards of host state behaviour 6. Dispute settlement 7. Investment guarantees: political risk insurance Index

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Book SynopsisElgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences, business and law, expertly written by the world’s leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas.This Advanced Introduction provides an illustrative guide to private equity, integrating insights from academic research with examples to derive practical recommendations. Paul Gompers and Steven Kaplan begin by reviewing the history of private equity then exploring the evidence on performance of private equity investments at both the portfolio company level and fund level, documenting the creation of economic value. The book then presents a set of actionable frameworks for driving value creation in private equity investments. It concludes by examining how private equity investors raise funds and how they successfully manage their private equity firms. Key Features: Explains what private equity investors do and how they do it Includes a detailed discussion of career paths in private equity Links real world examples that illustrate insights from academic research Provides an overview of the private equity industry from individual investments to fundraising to firm management This Advanced Introduction is an excellent resource for investment bankers and consultants as well as prospective investors who are looking for a comprehensive yet succinct introduction to the topic. Scholars interested in the fields of finance and private equity will find the research and case studies informative and enlightening.Trade Review‘This book is a must read for those interested in how the US private industry was formed, evolved over the years and currently operates. Paul Gompers and Steve Kaplan provide a comprehensive review of the academic research about the industry and provide thoughtful new rigorous analysis. Through the use of statistical evidence and real world examples, they demystify the working of a private equity firm and illustrate how private equity firms create value through operating improvements, leverage, governance, aligned incentives, and strategic direction. They also dispel many rumors about the industry. This book is the definitive work on the private equity industry and should be of interest to students, academicians and practitioners.’ -- Robert F. "Bob" White, Harvard Business School, US‘Private equity has become a traditional and strongly growing asset class – this book provides a great overview and deep dive of the “what is what” of the industry.’ -- Marcel Erni, Co-Founder, Partners Group‘Gompers and Kaplan take some of the “private” out of “private equity” by demystifying how it all works and deftly weaving together both the academic and practitioner perspectives. Finally, a book I can recommend to students, new recruits, and professionals looking for a Private equity primer.’ -- Joe Osnoss, Managing Partner, Silver Lake‘Private Equity is comprehensive, insightful and revelatory. It will quickly become the industry’s definitive tome authored by private equity’s foremost academic authorities – Paul Gompers and Steven Kaplan.’ > -- Gregory Purcell, Co Founder and Chief Executive Officer, Arbor Investments, LLC

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Book SynopsisElgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences, business and law, expertly written by the world’s leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas.This Advanced Introduction provides an illustrative guide to private equity, integrating insights from academic research with examples to derive practical recommendations. Paul Gompers and Steven Kaplan begin by reviewing the history of private equity then exploring the evidence on performance of private equity investments at both the portfolio company level and fund level, documenting the creation of economic value. The book then presents a set of actionable frameworks for driving value creation in private equity investments. It concludes by examining how private equity investors raise funds and how they successfully manage their private equity firms. Key Features: Explains what private equity investors do and how they do it Includes a detailed discussion of career paths in private equity Links real world examples that illustrate insights from academic research Provides an overview of the private equity industry from individual investments to fundraising to firm management This Advanced Introduction is an excellent resource for investment bankers and consultants as well as prospective investors who are looking for a comprehensive yet succinct introduction to the topic. Scholars interested in the fields of finance and private equity will find the research and case studies informative and enlightening.Trade Review‘This book is a must read for those interested in how the US private industry was formed, evolved over the years and currently operates. Paul Gompers and Steve Kaplan provide a comprehensive review of the academic research about the industry and provide thoughtful new rigorous analysis. Through the use of statistical evidence and real world examples, they demystify the working of a private equity firm and illustrate how private equity firms create value through operating improvements, leverage, governance, aligned incentives, and strategic direction. They also dispel many rumors about the industry. This book is the definitive work on the private equity industry and should be of interest to students, academicians and practitioners.’ -- Robert F. "Bob" White, Harvard Business School, US‘Private equity has become a traditional and strongly growing asset class – this book provides a great overview and deep dive of the “what is what” of the industry.’ -- Marcel Erni, Co-Founder, Partners Group‘Gompers and Kaplan take some of the “private” out of “private equity” by demystifying how it all works and deftly weaving together both the academic and practitioner perspectives. Finally, a book I can recommend to students, new recruits, and professionals looking for a Private equity primer.’ -- Joe Osnoss, Managing Partner, Silver Lake‘Private Equity is comprehensive, insightful and revelatory. It will quickly become the industry’s definitive tome authored by private equity’s foremost academic authorities – Paul Gompers and Steven Kaplan.’ > -- Gregory Purcell, Co Founder and Chief Executive Officer, Arbor Investments, LLC

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Book SynopsisIn response to the recent surge in extractive natural resource investments in Africa, this insightful book explores how relations between investors, ruling elites, and local populations develop when large-scale investments in gas, minerals, and agriculture expand.Advancing a multi-level approach that encompasses rigorous theoretical analysis, fieldwork, and literature review, expert contributors examine the implementation of natural resource investments and the extent to which they respect rights of local populations. Chapters draw together bodies of literature on land-grabbing debates, the resource curse controversy and corporate social responsibility (CSR), demonstrating how the chances of large-scale investments in natural resources are at their greatest when characterised by ‘reciprocal exchange deals’ between investors and local populations, ‘compatible interests’ between ruling elites and investors, and ‘mutual recognition’ between local populations and ruling elites. Through a careful examination of case studies in Mozambique, Tanzania, and Uganda, the book ultimately highlights the complexity of the political economy of natural resource investments. Providing valuable theoretical and empirical insights, this book will be an invigorating read for scholars and students of political economy, political geography, sustainability, CSR, and business studies. Its valuable insights on how natural resource investments might accelerate economic growth and consolidate links between local and global economies will also be of interest to development practitioners and investors.Trade Review‘Challenging established approaches to understanding the drivers shaping large-scale investments, state policy-making and social outcomes in contemporary Africa’s extractive resources, this new collection of sectoral studies confronts head-on a critical research gap in the current literature: what role do local communities and interests play in shaping foreign investments and state regulation, and how do the evolving relations among public, private and social actors inflect the trajectory of resource based development strategies? In response, this book provides a fresh, richly-detailed body of evidence and analysis which marks an important contribution to comparative and public policy research in Africa’s key natural resources sector.’ -- Richard G. Saunders, York University, Canada‘Rights to access, control, and profit from Africa’s natural resources are continuously contested and negotiated. While the issues are linked to history, the contexts are ever changing and the challenges remain of the highest relevance for scholars, policy makers, and politicians. This book provides valuable and thought-provoking new knowledge on the interactions between the main stakeholders involved.’ -- Ellen Hillbom, Lund University, SwedenTable of ContentsContents: Introduction to Land, Rights and the Politics of Investments in Africa 1 Lars Buur, José J. Macuane, Faustin Maganga and Rasmus H. Pedersen 1 Community participation in Tanzania’s petroleum sector 37 Opportuna L. Kweka and Rasmus H. Pedersen 2 LNG investments in Mozambique: compensation deals and the dynamics of local state-making 58 Padil Salimo 3 The double role of the state: the state as investor and mediator in the Tanzanian coal sector 77 Thabit Jacob 4 Riding the waves of change: changing relations in the Ugandan sugar sector 99 Malin J. Nystrand, Arthur Sserwanga and Brenda Kyomuhendo 5 The politics of the smallholder–investor relationship in the Tanzanian sugar sector 124 Emmanuel Sulle, Faustin Maganga, Rose Qamara, Evans Boadu, Happiness Malle and Onesmo Minani 6 A failing local exchange deal: rights to land and resources in the WanBao rice investment in Mozambique 146 Lars Buur and Kathrin Beykirch 7 Exchange relations in rice contract farming schemes in Tanzania 173 Eileen Dyer Jarnholt, Faustin Maganga and George Schoneveld 8 Conclusion 194 Lars Buur and Rasmus H. Pedersen Index 205

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Book SynopsisCommodity futures prices exploded in 2007-2008 and concerns about a new type of speculative participant in commodity futures markets began to emerge. The main argument was that unprecedented buying pressure from new "commodity index" investors created massive bubbles that resulted in prices substantially exceeding fundamental value. At the time, it was not uncommon to link concerns about speculation and high prices to world hunger, food crises, and civil unrest. Naturally, this outcry resulted in numerous regulatory proposals to restrict speculation in commodity futures markets.At the core, these assertions raised major economic questions about the efficiency of price discovery in commodity futures markets. Moreover, these so-called remedies did not come without a potential cost. Burdensome regulations would increase compliance and risk sharing costs across the global food system, lowering prices for producers and increasing costs to consumers.This book presents important research on the impact of index investment on commodity futures prices that the authors conducted over the last fifteen years. The eleven articles presented in the book follow the timeline of our involvement in the world-wide debate about index funds as it evolved after 2007. We also include an introductory chapter, new author forewords for each article chapter, and a lessons learned chapter to round out the book. Policy-makers, researchers, and market participants will find the book not only functions as useful documentation of the debate; but, also as a natural starting point when high commodity prices inevitably create the next speculation backlash.

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Book SynopsisThe Achmea judgment revolutionised intra-EU investment protection by declaring intra-EU bilateral investment treaties (intra-EU BITs) incompatible with EU law. This incisive book investigates whether intra-EU foreign investments benefit from this alteration, which discontinued the parallel applicability of intra-EU BITs and EU law in the EU internal market.Analysing the level of protection offered to four identified types of investments, Dominik Moskvan argues that certain investors will find more favourable substantive protection under the framework of EU law as opposed to intra-EU BITs. However, he also highlights the loss of investment safeguards significant to more complex investments when relying exclusively on EU law. Furthermore, since the analysis reveals important differences in the approaches of EU Member States’ judiciaries, the book proposes the creation of a permanent intra-EU foreign investment court to ensure a balanced economic development of the EU internal market.This book’s discussion of the impact of the EU legal framework on investors' decisions will be beneficial for both EU and national policymakers when challenged with forming recommendations aimed at improving intra-EU investment policy. The comparative legal analysis from an investor perspective will also be of interest to scholars in EU and international investment law, as well as to lawyers advising foreign investors.Trade Review‘Dominik Moskvan has written a timely and highly informative book on one of the most fascinating topics of today for anyone interested in multilayered governance and the future of international investment law, in particular ISDS!’ -- Andreas Ziegler, University of Lausanne, Switzerland‘This excellent book offers a comprehensive analysis of the ramifications of intra-EU bilateral investment treaties with EU Law. It makes the case that these regulatory adjustments can give rise to unintended consequences for both investors and Member States. As such, it goes beyond the geographical sphere of the EU and serves as a cautionary tale for other countries in the world that are in the process of reimagining their engagement with international investment law.’ -- Fabio Morosini, Federal University of Rio Grande do Sul School of Law, Brazil‘This book offers a novel lens to look at intra-EU investment treaties, by examining the added value that intra-EU investment treaties bring to EU investors. By reviewing and assessing if, how and why different substantive and procedural protections offered under BITs matter for different types of EU investors, this book reaches balanced and well supported conclusions on the need for intra-EU investment protection, based on a detailed account of the law and policy in the field.’ -- Angelos Dimopoulos, Queen Mary University of London, UKTable of ContentsContents: 1. Introduction: Investment Protection in Intra-EU BITs and EU Law 2. Material and Personal Scope of Protection 3. National Treatment and Most-Favoured-Nation Treatment 4. Free Transfer of Funds 5. Fair and Equitable Treatment 6. Expropriation 7. Dispute Settlement 8. Which Investor Benefits Most from Intra-EU Protection in the Post-Achmea Context? 9. EU Foreign Investment Court: A Normative Proposal 10. Conclusion: Rethinking Intra-EU Investment Policy Beyond Achmea Bibliography Index

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Book SynopsisCommodities are basic goods used in commerce and are most often used as inputs in the production of other semi-finished or finished materials. They are very important products in our lives today and constitute non-negligible sources of income for many countries. This book serves as a guide to the marketing of these goods and provides scholars and commodity market participants with useful concepts, tools and guidelines to better organize and operate commodities exchanges.Issouf Soumaré explains in detail commodities exchanges, from conceptualization of the exchange to its operationalization. He describes the architecture of a typical commodities exchange, looking at its trading and clearing functions, the warehouse receipt system and the regulatory framework. The book also presents practices of commodities exchanges around the world and discusses commodity products and instruments traded on these exchanges, their pricing and usage. This book is very useful and timely, as many emerging countries are setting up commodities exchanges.Academics interested in commodities and their marketing as well as industry professionals such as commodity traders, commodity exporters, risk managers, clearing officers, market makers, commodity producers, agricultural cooperatives, commodity processors, bankers, warehouse operators, and regulators will find this a useful reference.Trade Review‘This is an important and timely book. Many developing countries are establishing commodity exchanges and there are high hopes on using these market structures to improve the efficiency of the agricultural markets. This book provides a very comprehensive view of the question of commodity markets – across the world and across time. It is a valuable addition to the literature and policy makers, academics and students will discover a wealth of knowledge and information in this great book.’ -- Yaw Nyarko, New York University, New York City, USTable of ContentsContents: Preface PART I COMMODITIES MARKETS 1. Commodities: definition, classification and markets 2. Renewable commodities 3. Non-renewable commodities PART II COMMODITIES EXCHANGE: ECOSYSTEM AND ORGANIZATION 4. Commodities exchanges around the world 5. Economic value of commodities exchanges 6. Commodities exchange architecture 7. Warehouse receipt system, commodity storage and product quality control 8. Stakeholders and key participants in a commodities exchange PART III COMMODITIES EXCHANGE: MARKETS, INSTRUMENTS AND FINANCING MECHANISMS 9. Commodity spot and physical markets 10. Commodity forward and futures markets 11. Commodity derivatives markets 12. Financing mechanisms for the agricultural sector and sovereign funds PART IV COMMODITIES EXCHANGE: CLEARING, RISK MANAGEMENT, GOVERNANCE AND REGULATION 13. Clearing house and central counterparty (CCP) 14. Risk management 15. Governance and regulatory issues 16. Useful guidelines for a successful commodities exchange Index

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Book SynopsisDo you want to see your wealth grow? If so, then this easy-to-read guide that focuses on alternative investments - hedge funds, private equity, real estate, commodities, and infrastructure - is just for you. The fourth book in The H. Kent Baker Investments Series attempts to remove some of the mystery surrounding these investments so that you can determine whether any of these are right for you. If you're willing to gain the necessary knowledge, you may be able to build long-term wealth by taking advantage of the benefits that each investment has to offer. The Savvy Investor's Guide to Building Wealth Through Alternative Investments is written for investors familiar with traditional investments but with limited knowledge of alternative assets and strategies.Table of ContentsChapter 1. Hedge Funds: Investing for Shorter-term OpportunitiesChapter 2. Private Equity: Investing for Longer-term Opportunities Chapter 3. Investing in Real Estate: It’s Not Just Your Home Chapter 4. Investing in Commodities: An Inflation Hedge Chapter 5. Investing in Infrastructure: A Road to Economic Growth

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Book SynopsisElgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences, business and law, expertly written by the world’s leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas. Covering all aspects of federal securities law, this Advanced Introduction provides an excellent understanding of how U.S. securities regulation works, particularly as this emerging area of law becomes more prevalent for those working or involved in general corporate and commercial practices. It examines the definition of securities and how modern investment opportunities may be subject to this regulation as well as more traditional forms such as stocks or bonds. Key Features: Providing up to date information on the latest developments in securities law Presenting complex material in a clear and comprehensive format and defining key concepts Thoroughly reviewing significant Supreme Court cases, alongside the noteworthy statues and Securities and Exchange Commission Rules This informative book will be invaluable reading for practitioners and others engaged in the business and securities world looking for a detailed overview of U.S. securities law. It will also be a useful resource for lawyers, scholars, and policy advisors.Trade Review‘The scope, density and mysteries of the American securities laws cannot be overstated. Even to one who deals regularly in advising clients how to raise capital, there are robust fields, e.g., broker-dealer regulation and the securities laws own corporate law that is housed in the Investment Company Act, that are outside the lawyer’s comfort level. Professor Hazen’s book thus fills the need for everyone pondering that first step toward advising a client. He combines understandability with depth of coverage in this very comprehensive, and long overdue, pathway through the American securities laws.’ -- James D. Cox, Duke University, School of Law, US‘Professor Thomas L. Hazen is a leading and much cited scholar on the scope and application of the federal securities laws. His most recent work, Advanced Introduction to U.S. Federal Securities Law, provides an invaluable overview of those statutes. It will be particularly useful and highly recommended for those unfamiliar with their mandates and for practitioners needing a refresher course on securities law issues.’ -- Jerry W. Markham, Florida International University, Miami, USTable of ContentsContents: Preface 1. Introduction and Scope of U.S. Securities Laws 2. Regulating Securities Distributions—Securities Act of 1933 3. 1933 Act Registration Exemptions 4. 1933 Act Liabilities 5. 1934 Act 6. 1934 Act Liabilities 7. Insider Trading 8. Market Regulation 9. The Trust Indenture Act of 1939 10. The Investment Company Act of 1940 11. The Investment Advisers Act of 1940 Index

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Book SynopsisElgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences, business and law, expertly written by the world’s leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas. Covering all aspects of federal securities law, this Advanced Introduction provides an excellent understanding of how U.S. securities regulation works, particularly as this emerging area of law becomes more prevalent for those working or involved in general corporate and commercial practices. It examines the definition of securities and how modern investment opportunities may be subject to this regulation as well as more traditional forms such as stocks or bonds. Key Features: Providing up to date information on the latest developments in securities law Presenting complex material in a clear and comprehensive format and defining key concepts Thoroughly reviewing significant Supreme Court cases, alongside the noteworthy statues and Securities and Exchange Commission Rules This informative book will be invaluable reading for practitioners and others engaged in the business and securities world looking for a detailed overview of U.S. securities law. It will also be a useful resource for lawyers, scholars, and policy advisors.Trade Review‘The scope, density and mysteries of the American securities laws cannot be overstated. Even to one who deals regularly in advising clients how to raise capital, there are robust fields, e.g., broker-dealer regulation and the securities laws own corporate law that is housed in the Investment Company Act, that are outside the lawyer’s comfort level. Professor Hazen’s book thus fills the need for everyone pondering that first step toward advising a client. He combines understandability with depth of coverage in this very comprehensive, and long overdue, pathway through the American securities laws.’ -- James D. Cox, Duke University, School of Law, US‘Professor Thomas L. Hazen is a leading and much cited scholar on the scope and application of the federal securities laws. His most recent work, Advanced Introduction to U.S. Federal Securities Law, provides an invaluable overview of those statutes. It will be particularly useful and highly recommended for those unfamiliar with their mandates and for practitioners needing a refresher course on securities law issues.’ -- Jerry W. Markham, Florida International University, Miami, USTable of ContentsContents: Preface 1. Introduction and Scope of U.S. Securities Laws 2. Regulating Securities Distributions—Securities Act of 1933 3. 1933 Act Registration Exemptions 4. 1933 Act Liabilities 5. 1934 Act 6. 1934 Act Liabilities 7. Insider Trading 8. Market Regulation 9. The Trust Indenture Act of 1939 10. The Investment Company Act of 1940 11. The Investment Advisers Act of 1940 Index

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Book SynopsisThis incisive book presents a critical evaluation of fintech, the use of technology to provide financial services. While fintech has been hailed as a game changer and a disruptor, Imad Moosa illustrates critical similarities between the present popularity of fintech and the dot-com hype of the early 2000s. Presenting a detailed account of the growth of the technology used in the provision of financial services, the book offers an expansive introduction to the fintech industry as it exists and functions in the 21st century. Moosa advances an in-depth assessment of the costs and benefits of financial technologies, debunking popular myths, highlighting the risks that necessitate regulation, and examining fintech-related fraud. In investigating the propaganda used to justify the ‘war on cash’ and glorify cryptocurrencies, the book considers whether fintech is an evolution or a revolution, ultimately characterising fintech as a transitory hype. Utilising empirical data and topical case studies to underpin its analysis of fintech, this timely book will be an invaluable resource for academics interested in financial technology. Its investigation into proliferating regulatory problems brought about by the emergence of small firms will also prove beneficial to politicians and policymakers.Trade Review‘It would be nice to think that in academic circles, where much teaching of the new world of banking and financial services takes place, a book like this becomes de rigueur reading for all on all sides of the teaching and learning fence. Indeed, a wonderful book that superbly treats this fascinating reality of today’s FS world. Very strongly recommended.’ -- John Consiglio, University of Malta, Malta‘Moosa leads the reader through a fresh, insightful investigation of what fintech is and isn’t. For everyone interested in understanding the evolution/revolution of the developments of the use (and potential abuse) of technologies across the breadth of our global financial sectors, Moosa’s in depth, well referenced, and easy-to-read book is the best source available. A “must have” for the bookshelf!’ -- Ronald D. Ripple, Mervin Bovaird Professor of Energy Business and Finance (retired), University of Tulsa, US'Professor Moosa brings his analytic skills and extensive research experience to bear on the evolution and promise of fintech. His lucid writing and analysis explores the rise of fintech with particular reference to the growth of cryptocurrencies and the evolution of the financial economy. He analyses the war on cash and the benefits and costs of the use of computing. The book is replete with real world examples and draws some startling conclusions. I strongly recommend it to practitioners, researchers and scholars.' -- Greg O'Brien, La Trobe University, AustraliaTable of ContentsContents: Preface 1. Fintech: what is in a definition? 2. The evolution and revolution of fintech 3. Functions and market structure 4. The technology 5. The benefits and costs of fintech 6. The war on cash 7. Cryptocurrencies: a revolutionary innovation or a scam? 8. The implications of fintech for financial stability and inclusion 9. The regulation of fintech 10. The fintech hype References Index

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Book SynopsisOptions Markets presents an authoritative collection of the most important articles and papers on derivatives published during the last 35 years. These three volumes offer a unique and convenient resource for the reader to review the most important research at the frontier of this rapidly expanding area of financial economics. Topics include the theory, pricing and empirical evidence on equity derivatives, fixed-income derivatives, exotics, real options, numerical methods and risk management.As a comprehensive and integrated collection of articles, Options Markets is an invaluable companion to intermediate and advanced textbooks on derivatives. The historical perspective provided in this collection and the distinctiveness of its articles will appeal to both the applied and the theoretical researcher seeking fresh insights into derivatives.Table of ContentsContents: Volume I: Acknowledgements Introduction George M. Constantinides and A.G. Malliaris PART I THE CLASSICS 1. Louis Bachelier (1964), ‘Theory of Speculation’ 2. Paul A. Samuelson (1965), ‘Rational Theory of Warrant Pricing’ and ‘Appendix: A Free Boundary Problem for the Heat Equation Arising from a Problem of Mathematical Economics’ 3. Fischer Black and Myron Scholes (1973), ‘The Pricing of Options and Corporate Liabilities’ 4. Robert C. Merton (1973), ‘Theory of Rational Option Pricing’ PART II PEDAGOGIGAL REVIEWS 5. Clifford W. Smith, Jr. (1976), ‘Option Pricing: A Review’ 6. A.G. Malliaris (1983), ‘Itô’s Calculus in Financial Decision Making’ 7. Robert C. Merton (1998), ‘Applications of Option-Pricing Theory: Twenty-Five Years Later’ 8. Myron S. Scholes (1998), ‘Derivatives in a Dynamic Environment’ PART III THEORETICAL FOUNDATIONS AND RISK-NEUTRAL VALUATION 9. John C. Cox and Stephen A. Ross (1976), ‘The Valuation of Options for Alternative Stochastic Processes’ 10. Stephen A. Ross (1976), ‘Options and Efficiency’ 11. George M. Constantinides (1978), ‘Market Risk Adjustment in Project Valuation’ 12. J. Michael Harrison and David M. Kreps (1979), ‘Martingales and Arbitrage in Multiperiod Securities Markets’ 13. J. Michael Harrison and Stanley R. Pliska (1981), ‘Martingales and Stochastic Integrals in the Theory of Continuous Trading’ 14. Freddy Delbaen and Walter Schachermayer (1994), ‘A General Version of the Fundamental Theorem of Asset Pricing’ PART IV THE BINOMIAL TREE APPROACH 15. John C. Cox, Stephen A. Ross and Mark Rubinstein (1979), ‘Option Pricing: A Simplified Approach’ 16. Daniel B. Nelson and Krishna Ramaswamy (1990), ‘Simple Binomial Processes as Diffusion Approximations in Financial Models’ 17. Mark Rubinstein (1994), ‘Implied Binomial Trees’ PART V STOCHASTIC VOLATILITY MODELS 18. James B. Wiggins (1987), ‘Option Values Under Stochastic Volatility: Theory and Empirical Estimates’ 19. Steven L. Heston (1993), ‘A Closed-Form Solution for Options with Stochastic Volatility with Applications to Bond and Currency Options’ 20. Marc Romano and Nizar Touzi (1997), ‘Contingent Claims and Market Completeness in a Stochastic Volatility Model’ Name Index Volume II: Acknowledgements An introduction by the editors to all three volumes appears in volume I PART I OPTIONS ON FUTURES AND CURRENCIES 1. Fischer Black (1976), ‘The Pricing of Commodity Contracts’ 2. Mark B. Garman and Steven W. Kohlhagen (1983), ‘Foreign Currency Option Values’ PART II INTEREST-RATE DERIVATIVES 3. Oldrich Vasicek (1977), ‘An Equilibrium Characterization of the Term Structure’ 4. John C. Cox, Jonathan E. Ingersoll, Jr. and Stephen A. Ross (1985), ‘A Theory of the Term Structure of Interest Rates’ 5. Darrell Duffie and Rui Kan (1996), ‘A Yield-Factor Model of Interest Rates’ 6. George M. Constantinides (1992), ‘A Theory of the Nominal Term Structure of Interest Rates’ 7. Farshid Jamshidian (1989), ‘An Exact Bond Option Formula’ 8. Thomas S.Y. Ho and Sang-Bin Lee (1986), ‘Term Structure Movements and Pricing Interest Rate Contingent Claims’ 9. Fischer Black, Emanuel Derman and William Toy (1990), ‘A One-Factor Model of Interest Rates and Its Application to Treasury Bond Options’ 10. John Hull and Alan White (1990), ‘Pricing Interest-Rate-Derivative Securities’ 11. David Heath, Robert Jarrow and Andrew Morton (1992), ‘Bond Pricing and the Term Structure of Interest Rates: A New Methodology for Contingent Claims Valuation’ 12. Kristian R. Miltersen, Klaus Sandmann and Dieter Sondermann (1997), ‘Closed Form Solutions for Term Structure Derivatives with Log-Normal Interest Rates’ PART III EXOTICS 13. William Margrabe (1978), ‘The Value of an Option to Exchange One Asset for Another’ 14. René M. Stulz (1982), ‘Options on the Minimum or the Maximum of Two Risky Assets: Analysis and Applications’ 15. Robert Geske (1979), ‘The Valuation of Compound Options’ 16. M. Barry Goldman, Howard B. Sosin and Mary Ann Gatto (1979), ‘Path Dependent Options: “Buy at the Low, Sell at the High”’ 17. Antoine Conze and Viswanathan (1991), ‘Path Dependent Options: The Case of Lookback Options’ 18. Hélyette Geman and Marc Yor (1996), ‘Pricing and Hedging Double-Barrier Options: A Probabilistic Approach’ PART IV REAL OPTIONS 19. Michael J. Brennan and Eduardo S. Schwartz (1985), ‘Evaluating Natural Resource Investments’ 20. James L. Paddock, Daniel R. Siegel and James L. Smith (1988), ‘Option Valuation of Claims on Real Assets: The Case of Offshore Petroleum Leases’ 21. Jonathan E. Ingersoll, Jr. and Stephen A. Ross (1992), ‘Waiting to Invest: Investment and Uncertainty’ 22. George M. Constantinides (1984), ‘Optimal Stock Trading with Personal Taxes: Implications for Prices and the Abnormal January Returns’ 23. Joseph T. Williams (1993), ‘Equilibrium and Options on Real Assets’ 24. Steven R. Grenadier (1996), ‘The Strategic Exercise of Options: Development Cascades and Overbuilding in Real Estate Markets’ PART V EMPIRICAL EVIDENCE 25. Mark Rubinstein (1985), ‘Nonparametric Tests of Alternative Option Pricing Models Using All Reported Trades and Quotes on the 30 Most Active CBOE Option Classes from August 23, 1976 through August 31, 1978’ 26. Gurdip Bakshi, Charles Cao and Zhiwu Chen (1997), ‘Empirical Performance of Alternative Option Pricing Models’ 27. Bernard Dumas, Jeff Fleming and Robert E. Whaley (1998), ‘Implied Volatility Functions: Empirical Tests’ 28. Yacine Aït-Sahalia and Andrew W. Lo (1998), ‘Nonparametric Estimation of State-Price Densities Implicit in Financial Asset Prices’ 29. Jeremy Stein (1989), ‘Overreactions in the Options Market’ Name Index Volume III: Acknowledgements An introduction by the editors to all three volumes appears in volume I PART I PRICING AMERICAN OPTIONS 1. Richard Roll (1977), ‘An Analytic Valuation Formula for Unprotected American Call Options on Stocks with Known Dividends’ 2. Robert Geske and H.E. Johnson (1984), ‘The American Put Option Valued Analytically’ 3. Giovanni Barone-Adesi and Robert E. Whaley (1987), ‘Efficient Analytic Approximation of American Option Values’ 4. A. Bensoussan (1984), ‘On the Theory of Option Pricing’ PART II NUMERICAL METHODS 5. Michael J. Brennan and Eduardo S. Schwartz (1978), ‘Finite Difference Methods and Jump Processes Arising in the Pricing of Contingent Claims: A Synthesis’ 6. Sanjiv Ranjan Das (1996), ‘Discrete-Time Bond and Option Pricing for Jump-Diffusion Processes’ 7. Phelim P. Boyle (1977), ‘Options: A Monte Carlo Approach’ 8. Phelim Boyle, Mark Broadie and Paul Glasserman (1997), ‘Monte Carlo Methods for Security Pricing’ 9. Phelim P. Boyle (1988), ‘A Lattice Framework for Option Pricing with Two State Variables’ 10. Mark Broadie and Paul Glasserman (1997), ‘Pricing American-style Securities Using Simulation’ PART III TRADING AND HEDGING WITH TRANSACTION COSTS 11. Phelim P. Boyle and David Emanuel (1980), ‘Discretely Adjusted Option Hedges’ 12. Stephen Figlewski (1989), ‘Options Arbitrage in Imperfect Markets’ 13. Hayne E. Leland (1985), ‘Option Pricing and Replication with Transactions Costs’ 14. Bernard Bensaid, Jean-Philippe Lesne, Henri Pagès and José Scheinkman (1992), ‘Derivative Asset Pricing with Transaction Costs’ 15. Mark H.A. Davis, Vassilios G. Panas and Thaleia Zariphopoulou (1993), ‘European Option Pricing with Transaction Costs’ 16. George M. Constantinides and Thaleia Zariphopoulou (1999), ‘Bounds on Prices of Contingent Claims in an Intertemporal Economy with Proportional Transaction Costs and General Preferences’ 17. Sanford J. Grossman (1988), ‘An Analysis of the Implications for Stock and Futures Price Volatility of Program Trading and Dynamic Hedging Strategies’ PART IV CREDIT RISK 18. Francis A. Longstaff and Eduardo S. Schwartz (1995), ‘A Simple Approach to Valuing Risky Fixed and Floating Rate Debt’ 19. Robert A. Jarrow and Stuart M. Turnbull (1995), ‘Pricing Derivatives on Financial Securities Subject to Credit Risk’ 20. Darrell Duffie and Kenneth J. Singleton (1997), ‘An Econometric Model of the Term Structure of Interest-Rate Swap Yields’ PART V VALUE AT RISK 21. Darrell Duffie and Jun Pan (1997), ‘An Overview of Value at Risk’ 22. Philippe Artzner, Freddy Delbaen, Jean-Marc Eber and David Heath (1999), ‘Coherent Measures of Risk’ Name Index

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Book SynopsisForeign capital has played a fundamental role in China's development and economic reconstruction during the past two decades. China is now the world's second largest host for foreign direct investment, outside the United States. This important new book, by a distinguished group of contributors, offers insights into the impact of foreign investment on China's growth and regional economic development. The book features: an examination of China's investment policy an analysis of the most recent industrial surveys case studies from selected regions applications of modern econometric techniques to data on foreign direct investment in China Foreign Direct Investment and Economic Growth in China will be of interest to those working in the areas of international business, finance and international economics as well as Asian development and Chinese economic studies.Trade Review'Foreign Direct Investment and Economic Growth in China is an edited compilation of nine papers (plus an introduction), most of which were presented in July 1997 at an international conference on the economics of Greater China. The papers will be of interest primarily to academic economists and policymakers. . .' -- Roger Strange, Asia Pacific Business Review'This edited book examines an important area of China's foreign economic relations - namely, the contribution foreign direct investment (FDI) has made to economic growth in China. . . . The book is a valuable addition to the literature on China's science and industry policies.' -- Cong Cao, The China Journal'The hallmark of the book is the analysis of Chinese national data using a variety of techniques . . . the book is attractively produced. Edward Elgar continues to provide a great service in publishing books on transition economies with good empirical work . . . contributing to our knowledge of what is happening in the 30 formerly centrally planned economies.' -- Richard Pomfret, Journal of Comparative EconomicsTable of ContentsContents: Preface 1. FDI and Economic Growth: An Introduction Part I: Foreign Direct Investment in the Chinese Economy 2. Foreign Investment Policy, Contribution and Performance 3. Foreign Capital Stock and its Determinants 4. The Performance of FDI Part II: Foreign Direct Investment, Trade and Economic Growth 5. The Impact of FDI and Trade 6. FDI, Trade and Transfer Pricing 7. Causality Between FDI and Economic Growth Part III: Foreign Direct Investment and Regional Economies 8. Changing Patterns of FDI in Shanghai 9. FDI and Industrial Restructuring in Xiamen 10. FDI and Economic Development in Guangdong Index

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Book SynopsisThe successful macroeconomic stabilization in Central and Eastern European countries has encouraged inflows of foreign capital badly needed to promote economic development. Strikingly, these countries have found capital inflows in their various forms to be a mixed blessing, threatening the macroeconomic balance that they have recently achieved. These countries have learned that it is not easy to continue to attract foreign capital and simultaneously to reduce its adverse effects on inflation, the exchange rate and the current account, and to contain disturbances resulting from reversals of the flows. This book investigates recent experiences in Central and Eastern Europe and contrasts it with that of Latin America and East Asia, and suggests appropriate policies and lessons to be learned. The authors conclude that many features of, and policy dilemmas faced by, formerly centrally planned economies in Europe are similar to those in other emerging economies. However, certain unique characteristics such as data limitations and the fragility of the banking and financial systems, compound the problems faced by policy makers in Central and Eastern Europe.This book will prove invaluable to policymakers and scholars interested in and responsible for international finance in transition economies.Trade Review'. . . an excellent piece of comparative economic policy analysis of individual countries in Asia, Latin America, and Eastern Europe facing similar, but not identical, problems. . . . This book provides a first comparative analysis of financial inflows for transition economies. The problem will be a continuing one and the lessons to be gained from these country studies are important for economists both in the policy making and academic communities. Each study provides a solid foundation for future research on the individual countries or the region as a whole.' -- David M. Kemme, Journal of Comparative EconomicsTable of ContentsContents: Introduction Part I: The Background: Capital Inflow Episodes and Their Lessons in Asia and Latin America 1. Macroeconomic Policy Issues Raised by Capital Inflows 2. Sustainable and Excessive Current Account Deficits 3. Capital Inflows to Asia: The Role of Monetary Policy 4. The Effectiveness of Capital Controls: Theory and Evidence from Chile Part II: Recent Experience in More Advanced Transition Countries 5. Capital Inflows to Hungary and Accompanying Policy Responses, 1995–1996 6. Financial Inflows to Poland, 1990–1996 7. Capital Inflows to the Baltic States, 1992–1996 8. Financial Flows to a Small Open Economy: The Case of Slovenia Summary Index

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Book SynopsisThis book sheds new light on the role of speculative bubbles in the stock market and argues that, provided they are sustainable, bubbles may in fact have a positive effect on the market.In many developed countries, speculative bubbles in stock markets seem to have emerged as a persistent phenomenon. This book offers new perspectives on the role bubbles play in recent economic development. The author refutes the traditional argument that speculative bubbles necessarily increase instability or develop at the expense of real activities. He argues that, when profitable investment projects are scarce, bubbles on the stock market may provide additional investment opportunities with the potential to increase aggregate profits and to improve economic welfare. However, he allows that this potentially positive effect can only occur if bubbles are sustainable and do not burst. Highly sophisticated financial systems are needed in order to allow for positive effects to develop or, as recent experience in Asia has shown, the destabilizing effects will outweigh the potential benefits.The book takes a groundbreaking view on speculative bubbles and will be invaluable to academics and practitioners with an interest in financial economics.Trade Review'. . . Binswanger does a superb job in explaining the relationship between the financial sector and the real economy. The book is excellent reading for advanced courses and researchers in financial and monetary macroeconomics.' -- E. Ahmed, Journal of Economics / Zeitschrift fur Nationalokonomie'The book is impressive by its broad sweep through a large area of the financial economics literature, and the fact that a coherent and extensive model is developed and some of its implications are tested on US data. . . . the book is very worthwhile in that it successfully reviews and integrates a broad swathe of the finance literature, builds a coherent set of models and stories to support it and applies some of the more recent techniques from time-series econometrics to test the model's implications. . . . I would recommend it to readers seeking an accessible review yet particular interpretation of this area of the literature and to students looking for a contemporary example of the process of modelling and related empirics.' -- D.E. Allen, Economic Record'This book integrates economic theory and financial markets, with extensive empirical verification that provides much food for thought. . . . gives a more reasoned economic approach to current markets than can be found in the more popular texts. . .' -- Edmund A. Mennis, Business Economics'A well-crafted book combining strong theoretical analysis with empirical verification, in an attempt to shed light on an important new economic phenomenon.' -- Paul de Grauwe, University of Leuven, Belgium'An interesting and challenging contribution that contrasts the existing literature on the real foundations of financial markets in a refreshing way.' -- Heinz Zimmermann, University of St Gallen, SwitzerlandTable of ContentsContents: Preface Introduction Part I: Important Aspects of Money and Finance in Modern Economies 1. Finance and the Real Economy – The Variety of Keynesian and Non-Keynesian Perspectives in Recent Research 2. Endogenous Money Creation and its Economic Implications 3. The Finance Process on a Macroeconomic Level from a Flow Perspective: A New Interpretation of Hoarding Part II: The Stock Market and Speculative Bubbles: Theoretical Background 4. The Role of Speculation in Economics 5. Do Bubbles Enhance Dynamic Efficiency? 6. Explaining Persistent Deviations from Fundamental Values on the Stock Market: Dynamic Extensions of the Noise Trader Model Part III: The Stock Market and Speculative Bubbles: Empirical Evidence 7. The 1980s Merger Wave, Speculative Bubbles, and the Shift to Debt: Leveraged Restructuring Transactions as Stock Price Boosters 8. Investment Activity, Profits and the Stock Market in the US Economy: Some Lessons from the Flow of Funds Data 9. Stock Returns and Real Activity: Is there Still a Connection? Part IV: Conclusion 10. Towards a Sustainable Bubble Economy? References Index

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Book SynopsisThis book presents an up-to-date overview of the theory as well as the empirics of the relationship between investment, financial imperfections and uncertainty. After reviewing the capital market imperfections literature and the empirical results, the authors discuss both traditional investment models with uncertainty and the more modern option based models. They present an overview of empirical results of the modelling of investment under uncertainty. In these examples, the effects of capital market imperfections on investment are carefully considered. The authors conclude that there is overwhelming empirical support for a negative uncertainty-investment relationship. This innovative book will appeal to academics with an interest in investment theory, professionals in the financial sector and students of macroeconomics and finance. Investment, Capital Market Imperfections, and Uncertainty assumes only a basic knowledge of mathematics and is easily accessible.Table of ContentsContents: 1. Introduction Part I: Capital Market Imperfections 2. Investment and Capital Market Imperfections: Theory 3. Investment and Capital Market Imperfections: Empirics Part II: Investment under Uncertainty 4. Investment under Uncertainty: Orthodox Models 5. The Option Approach to Investment under Uncertainty 6. Empirics of the Investment Uncertainty Relationship Part III: Conclusion 7. Conclusions Part IV: Appendices A. Derivation of the q and Euler Model B. Utility Functions and Assumptions Regarding Risk C. Ito’s Lemma and Dynamic Programming Bibliography Index

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Book SynopsisThis book explores whether foreign direct investment (FDI) can contribute to the competitiveness of industries in Central Europe and to narrowing the gap between these transition economies and countries within the European Union. The Czech Republic, Hungary, Slovakia and Slovenia have attracted substantial FDI since the beginning of their transition to a market economy. Using exhaustive empirical data, the authors demonstrate that foreign investment enterprises in Central Europe have higher allocative efficiency, promote macro- and microeconomic restructuring and foster the restructuring of the manufacturing sector in accordance with the host countries' comparative advantages. The case of Austria is used to demonstrate the possible benefits of FDI. On the other hand, high foreign penetration leads to the concentration of production and exports and makes the economy more vulnerable to external shocks. In addition, there may be unwelcome pressures on economic policy in order to maintain the country's position as a frequented investment target. However, the analysis in this book suggests that, on the whole, economies in transition can become more competitive more rapidly and more profoundly with the help of foreign direct investment.This book will be of interest to students and scholars of international economics, European studies, economies of transition and international business.Trade Review'This book. . . represents a very valuable contribution to the literature on the role of FDI in development in Central and Eastern Europe. It is therefore a must for both scholars and practitioners who are involved in foreign investment in economies in transition.' -- Marjan Svetlicic, Transnational Corporations'The book goes a long way toward understanding a host of key issues related to the emerging pattern of MNC-cum-host collaborative growth in Central and Eastern Europe.' -- From the foreword by Terutomo Ozawa, Colorado State University, USTable of ContentsContents: Foreword Introduction 1. Introduction: Integration Through FDI Making Central European Industries Competitive 2. Central Europe Catching-up Through FDI? 3. FDI, Technology Transfer and Growth in Economic Theory 4. The Role of FDI in Restructuring and Modernization: An Overview of Literature 5. Austria – Catching-up Through Inward FDI? 6. Foreign Penetration in Central European Manufacturing 7. Restructuring and Efficiency Upgrading with FDI 8. Production Specialization in Central European Manufacturing 9. FIEs and Productivity Convergence in Central Europe 10. The Impact of FDI on the Foreign Trade of CECs 11. FDI in the Balance-of-Payments Framework Index

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Book SynopsisThe Foundations of Pension Finance presents in two authoritative volumes a selection of the most important published articles on systems of retirement income provision - an area that is of vital importance for the future of the economy in general and the financial system in particular.The collection makes a very important contribution towards a better understanding of the various factors which influence the outcomes arising from systems of retirement income provision. The fields of pension finance and pension economics are fortunate in having benefited from penetrating contributions from a range of distinguished scholars.The volumes are divided into five sections. The first section features material relevant to the role of pensions in the broad overall development of financing arrangements in the context of the economy as a whole. The second focuses more closely on pension provision in the context of capital markets. The third looks at pensions as they affect the economic behaviour of the personal sector, while the fourth is a companion piece examining the link between pensions and corporate finance. The final section examines important issues in pension reform facing government.This book will be essential reading for economists concerned with pensions and the problems of old age, financial economists as well as practitioners involved in the pension industry.Trade Review'Many of the papers reproduced in these volumes were first published in journals that are relatively inaccessible, so that this is a valuable reference collection for researchers and policymakers.' -- Sandeep Kapur, The Economic Journal'The book will be an essential reference source for students, researchers and policymakers.' -- Aslib Book GuideTable of ContentsContents: Volume I: Acknowledgements • Introduction Part I The Financial System and Retirement Income Provision 1. Paul A. Samuelson (1958), ‘An Exact Consumption-Loan Model of Interest With or Without the Social Contrivance of Money’ 2. Henry Aaron (1966), ‘The Social Insurance Paradox’ 3. P.A. Diamond (1977), ‘A Framework for Social Security Analysis’ 4. Robert C. Merton (1983), ‘On the Role of Social Security as a Means for Efficient Risk Sharing in an Economy Where Human Capital Is Not Tradable’ 5. Robert C. Merton (1983), ‘On Consumption Indexed Public Pension Plans’ 6. James E. Pesando (1992), ‘The Economic Effects of Private Pensions’ 7. Zvi Bodie and Robert C. Merton (1993), ‘Pension Benefit Guarantees in the United States: A Functional Analysis’ 8. Deborah Roseveare, Willi Leibfritz, Douglas Fore and Eckhard Wurzel (1996), ‘Ageing Populations, Pension Systems and Government Budgets: Simulation for 20 OECD Countries’ Part II Pension Investments and the Capital Markets 9. Zvi Bodie (1990), ‘Managing Pension and Retirement Assets: An International Perspective’ 10. Josef Lakonishok, Andrei Shleifer and Robert W. Vishny (1992), ‘The Structure and Performance of the Money Management Industry’ 11. Jean Frijns and Carel Petersen (1992), ‘Financing, Administration and Portfolio Management: How Secure is the Pension Promise?’ 12. T. Daniel Coggin, Frank J. Fabozzi and Shafiqur Rahman (1993), ‘The Investment Performance of U.S. Equity Pension Fund Managers: An Empirical Investigation’ 13. David Blake (1998), ‘Pension Schemes as Options on Pension Fund Assets: Implications for Pension Fund Management’ 14. E. Philip Davis (1996), ‘The Role of Institutional Investors in the Evolution of Financial Structure and Behaviour’ 15. Robert A.G. Monks (1997), ‘Corporate Governance and Pension Plans’ 16. Helmut Reisen and John Williamson (1997), ‘Pension Funds, Capital Controls, and Macroeconomic Stability’ 17. Zvi Bodie (1996), ‘What the Pension Benefit Guaranty Corporation Can Learn from the Federal Savings and Loan Insurance Corporation’ Name Index Volume II: Part I Pensions and the Household Sector 1. Martin Feldstein (1978), ‘Do Private Pensions Increase National Savings?’ 2. Benjamin M. Friedman and Mark Warshawsky (1988), ‘Annuity Prices and Savings Behavior in the United States’ 3. Louis-David L. Dicks-Mireaux and Mervyn A. King (1983), ‘Portfolio Composition and Pension Wealth: An Econometric Study’ 4. Zvi Bodie (1990), ‘Pensions as Retirement Income Insurance’ 5. Alicia H. Munnell and Frederick O. Yohn (1992), ‘What is the Impact of Pensions on Saving?’ 6. Zvi Bodie and Dwight B. Crane (1997), ‘Personal Investing: Advice, Theory, and Evidence’ 7. Eric M. Engen and William G. Gale (1997), ‘Effects of Social Security Reform on Private and National Saving’ 8. Z. Bodie and Dwight B. Crane (1999), ‘The Design and Production of New Retirement Saving Products’ Part II Pensions and Corporate Finance 9. Jack L. Treynor (1977), ‘The Principles of Corporate Pension Finance’ 10. William F. Sharpe (1976), ‘Corporate Pension Funding Policy’ 11. Jeremy I. Bulow (1982), ‘What Are Corporate Pension Liabilities?’ 12. J. Michael Harrison and William F. Sharpe (1983), ‘Optimal Funding and Asset Allocation Rules for Defined-Benefit Pension Plans’ 13. Zvi Bodie, Jay O. Light, Randall Morck and Robert A. Taggart, Jr. (1985), ‘Corporate Pension Policy: An Empirical Investigation’ 14. Zvi Bodie (1990), ‘The ABO, the PBO and Pension Investment Policy’ 15. Ping-Lung Hsin and Olivia S. Mitchell (1997), ‘Public Pension Plan Efficiency’ 16. E. Philip Davis (1998), ‘Regulation of Pension Fund Assets’ 17. E. Philip Davis (1998), ‘Pensions in the Corporate Sector’ Part III Pension Reform Issues 18. Dimitri Vittas (1993), ‘Swiss Chilanpore: The Way Forward for Pension Reform?’ 19. Estelle James and Dimitri Vittas (1996), ‘Mandatory Saving Schemes: Are They an Answer to the Old Age Security Problem?’ 20. Laurence J. Kotlikoff (1997), ‘Privatization of Social Security: How It Works and Why It Matters’ 21. Robert Holzmann (1997), ‘Pension Reform, Financial Market Development, and Growth: Preliminary Evidence from Chile’ 22. Olivia S. Mitchell (1997), ‘Building an Environment for Pension Reform in Developing Countries’ 23. E. Philip Davis (1998), ‘Policy and Implementation Issues in Reforming Pension Systems’ 24. Salvador Valdés-Prieto (1998), ‘The Private Sector in Social Security: Latin American Lessons for APEC’ 25. Zvi Bodie and Robert C. Merton (1992), ‘Pension Reform and Privatization in International Perspective: The Case of Israel’ Name Index

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Book SynopsisJapanese overseas investment in real estate has been little analysed, until now, despite its economic scale and political impact. This unique book explores the political economy of Japanese foreign direct investment in real estate in the United States, Australia and other countries from the mid-1980s onwards.In the period between 1985 and 1994, there was a remarkable rise and decline in Japanese real estate investment abroad. The author explains that this experience was important because real estate investment became a focal point of international tension between Japan and other countries.What this book achieves is an understanding of the speed of the advance and the retreat of Japanese real estate FDI. The author also explains its principal causes as well as its impact on host economies and communities. It will be an important new reference source for political economists and international business scholars as well as for scholars of Japanese studies.Trade Review'After reading this book . . . readers will certainly gain a great amount of knowledge on the subject . . . this book certainly makes a significant contribution to our understanding of Japanese foreign investment in real estate in the 1980s and early 1990s. It is an indispensable source of information and insights for diligent students of the subject.' -- Masahiro Igarashi, Transnational Corporations'Farrell deepens our understanding by presenting well-organized empirical research.' -- Mariko Fujii, Journal of Japanese Studies'This is essential reading for understanding the phenomenon of the "bubble economy". Roger Farrell reveals all about the motivations, strategies and trends in Japanese real estate investment during the investment boom of the late 1980s and early 1990s. He cuts through the hype and gets to the essence of the problem: an absence of strategy and control, and lack of experience on the part of the investors, loose regulatory environments and the openness of the key target markets. It is a cautionary tale, well told.' -- Alan Rix, University of Queensland, Australia'Farrell's is the first comprehensive study. . . . It provides a detailed record of what happened and the costs of what happened. It will be invaluable to those in the business and also to those trying to understand Japan's economic policy problems and challenges today.' -- Peter Drysdale, Australian National University, AustraliaTable of ContentsContents: 1. The Emergence of Japanese Investment in Overseas Real Estate 2. Motivations and Determinants 3. Patterns of Investment 4. Organisation of Investment 5. Investor Motivations 6. Investor Strategies 7. Financial Determinants 8. Locational Determinants 9. The Regulatory Environment 10. Conclusion References Index

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Book SynopsisThis book examines Japanese Foreign Direct Investment (FDI) in the world economy over more than five decades. It provides a unique focus on the internationalisation experience of selected industries, such as forestry, textiles, electronics, motor vehicles, steel and services as well as case studies of individual firms. Roger Farrell considers the theoretical explanations for Japanese FDI and particular motivations which have been an ongoing rationale for FDI, including: energy and resource security the theme of retaining market access the relocation of manufacturing to retain international competitiveness withdrawal after the bubble economy the new phase of investment in the 2000s. Japanese Investment in the World Economy is distinctive in that it examines overseas investment by firms in the primary, manufacturing and services sectors over the period in which the Japanese economy became the second largest in the world. The book provides a succinct overview of Japanese FDI of interest to professionals and students of business, economics, international relations, politics and Japanese culture.Trade Review'As the title suggests, this is an ambitious book. Broad in scope and rich in detail, it examines the rise and fall of Japanese foreign direct investment (FDI) in nearly two dozen industries, from electronics and automobile manufacturing to real estate and construction services, in almost every region of the world over the past half century or more. The result is an encyclopedic volume (459 pages with index). . . useful for East Asian business scholars or those interested in the overseas activities of Japanese firms. Farrell has written. . . a sweeping survey of Japanese FDI.' -- Walter Hatch, Journal of Japanese Studies'Roger Farrell has written a weighty compendium on Japanese direct foreign investment. At over 450 pages it covers the full array of Japan's diverse industries and sectors, from fisheries and lumber to steel and automobiles, and in the service industries from banking to telecommunications. Apart from the breadth of coverage, this work is even more remarkable considering that Japanese multinationals and their overseas investments have been largely "under the radar" of social scientists of late, especially so since the ascent of China in the early years of the present decade.' -- David W. Edgington, Growth and Change'Enhanced with indexes, appendixes, and editorial opinions on the subject, Japanese Investment in the World Economy is a complete and comprehensive scholarly reference, ideal for college and community library economics collections.' -- - Midwest Book Review - The Economics ShelfTable of ContentsContents: Foreword by Peter Drysdale Part I: Overview 1. Japanese Investment in the World Economy 2. Patterns of Japanese Investment Part II: Strategic Themes 3. Strategic Motivations 4. Organisation and Structure 5. Geography and Investment 6. Financing Investment Part III: Supply Security 7. Agriculture and Food Security 8. Fisheries and Resource Security 9. Resources and Energy 10. Forestry, Lumber and Pulp Part IV: Light Manufacturing 11. The Shifting Textiles Industry 12. Defensive Strategies of Beverages and Tobacco 13. Chemicals, Plastics, Glass and Rubber Industries 14. Internationalisation of Pharmaceuticals Part V: Metals and Manufacturing 15. The Non-ferrous Metals Industries 16. Steel Industry Strategies Part VI: Complex Machinery and Equipment 17. General and Precision Machinery 18. Globalisation of the Automotive Industry 19. Internationalisation of Electrical and Electronic Machinery Part VII: Services and Investment 20. Services and Investment 21. Expansion and Withdrawal of Financial Services 22. Transport and Communication Services 23. Construction Services 24. Global Real Estate Investment Part VIII: Conclusion 25. Concluding Comments Index

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Book SynopsisThe world of finance has been revolutionized in the last twenty years by factors such as the liberalization and subsequent integration of global financial markets and the advances in computing and communications technology. These important changes have led to a stream of financial innovations and theoretical breakthroughs in the area of pricing diverse financial instruments. More than ever before, we witness a process where international securities are traded in a global marketplace.This comprehensive collection encompasses the most recent contributions in the area of international securities. It includes the most important articles on current issues and future development in this key area of international finance. It will be an essential source of reference to researchers, students and practitioners alike.Table of ContentsContents: Volume I Acknowledgements Foreword Richard Roll Preface George Philippatos and Gregory Koutmos Introduction George Philippatos and Gregory Koutmos PART I INTERNATIONAL EQUITIES 1. Richard O. Michaud, Gary L. Bergstrom, Ronald D. Frashure and Brian K. Wolahan (1996), ‘Twenty Years of International Equity Investing’ 2. Giorgio De Santis and Bruno Gérard (1997), ‘International Asset Pricing and Portfolio Diversification with Time-Varying Risk’ 3. Gregory Koutmos (1992), ‘Asymmetric Volatility and Risk Return Tradeoff in Foreign Stock Markets’ 4. Richard Roll (1992), ‘Industrial Structure and the Comparative Behavior of International Stock Market Indices’ 5. Cheol S. Eun and S. Janakiramanan (1986), ‘A Model of International Asset Pricing with a Constraint on the Foreign Equity Ownership’ 6. Shinsuke Ikeda (1991), ‘Arbitrage Asset Pricing under Exchange Risk’ 7. Antonios Antoniou, Ian Garrett and Richard Priestley (1998), ‘Macroeconomic Variables as Common Pervasive Risk Factors and the Empirical Content of the Arbitrage Pricing Theory’ PART II INTERNATIONAL DIVERSIFICATION AND PORTFOLIO MANAGEMENT 8. Philippe Jorion and Leonid Roisenberg (1993), ‘Synthetic International Diversification’ 9. Cheol S. Eun, Richard Kolodny and Bruce G. Resnick (1991), ‘U.S.-based International Mutual Funds: A Performance Evaluation’ 10. Hiroshi Konno and Jing Li (1998), ‘Internationally Diversified Investment Using an Integrated Portfolio Model’ 11. Bing Liang (1999), ‘On the Performance of Hedge Funds’ 12. Richard Roll and Stephen A. Ross (1984), ‘The Arbitrage Pricing Theory Approach to Strategic Portfolio Planning’ PART III SECURITY CROSS LISTINGS AND MULTINATIONALS 13. Richard A. DeFusco, George C. Philippatos and Dosoung Choi (1988), ‘Risk, Return and International Investment by US Corporations’ 14. John Doukas and Nickolaos G. Travlos (1988), ‘The Effect of Corporate Multinationalism on Shareholders’ Wealth: Evidence from International Acquisitions’ 15. Anna D. Martin, Jeff Madura and Aigbe Akhigbe (1999), ‘Economic Exchange Rate Exposure of U.S.-Based MNCs Operating in Europe’ 16. Dennis T. Officer and J. Ronald Hoffmeister (1987), ‘ADRs: A Substitute for the Real Thing?’ 17. Leonard Rosenthal (1983), ‘An Empirical Test of the Efficiency of the ADR Market’ 18. Richard A. DeFusco, George C. Philippatos and Dosoung Choi (1990), ‘Differences in Factor Structures between U.S. Multinational and Domestic Corporations: Evidence from Bilinear Paradigm Tests’ 19. John S. Howe and Jeff Madura (1990), ‘The Impact of International Listings on Risk: Implications for Capital Market Integration’ 20. Shelly E. Webb, Dennis T. Officer and Bryan E. Boyd (1995), ‘An Examination of International Equity Markets Using American Depositary Receipts (ADRs)’ PART IV INTERNATIONAL FIXED INCOME SECURITIES 21. Gregory Koutmos (1996), ‘Time Varying Risk Premia in Eurocurrency Rates’ 22. Gikas A. Hardouvelis (1994), ‘The Term Structure Spread and Future Changes in Long and Short Rates in the G7 Countries: Is There a Puzzle?’ 23. Richard W. Kopcke and Ralph C. Kimball (1999), ‘Inflation-Indexed Bonds: The Dog That Didn't Bark’ 24. Charles Pigott (1993–1994), ‘International Interest Rate Convergence: A Survey of the Issues and Evidence’ 25. Peter Kugler (1990), ‘The Term Structure of Euro Interest Rates and Rational Expectations’ PART V FOREIGN EXCHANGE MARKETS 26. Craig S. Hakkio and Anne Sibert (1995), ‘The Foreign Exchange Risk Premium: Is It Real?’ 27. Bernard Dumas and Bruno Solnik (1995), ‘The World Price of Foreign Exchange Risk’ 28. Richard W. Kopcke (1999), ‘Currency Boards: Once and Future Monetary Regimes?’ 29. Christopher J. Neely (1994), ‘Realignments of Target Zone Exchange Rate Systems: What Do We Know?’ 30. Simon Wren-Lewis (1997), ‘The Choice of Exchange Rate Regime’ 31. Gregory Koutmos (1994), ‘Time Dependent Autocorrelation in EMS Exchange Rates’ 32. Jeffrey D. Sachs (1996), ‘Economic Transition and the Exchange-Rate Regime’ PART VI INTERNATIONAL BANKING 33. John D. Wagster (1996), ‘Impact of the 1988 Basle Accord on International Banks’ 34. Gary C. Zimmerman (1995), ‘Implementing the Single Banking Market in Europe’ 35. Fariborz Moshirian (1993), ‘Determinants of International Financial Services’ 36. Anthony Saunders (1999), ‘Consolidation and Universal Banking’ 37. Anjan V. Thakor (1999), ‘Information Technology and Financial Services Consolidation’ Name Index Volume II Acknowledgements A preface by the editors to both volumes appear in Volume I Introduction George Philippatos and Gregory Koutmos PART I GLOBALIZATION OF FINANCIAL MARKETS 1. Peter A. Abken (1991), ‘Globalization of Stock, Futures, and Options Markets’ 2. G.C. Philippatos, A. Christofi and P. Christofi (1983), ‘The Inter-Temporal Stability of International Stock Market Relationships: Another View’ 3. Steven L. Heston, K. Geert Rouwenhorst and Roberto E. Wessels (1995), ‘The Structure of International Stock Returns and the Integration of Capital Markets’ 4. Gregory Koutmos (1996), ‘Modeling the Dynamic Interdependence of Major European Stock Markets’ 5. François Longin and Bruno Solnik (1995), ‘Is the Correlation in International Equity Returns Constant: 1960–1990?’ 6. Bala Arshanapalli and John Doukas (1993), ‘International Stock Market Linkages: Evidence from the Pre- and Post-October 1987 Period’ 7. Philippe Jorion and William N. Goetzmann (1999), ‘Global Stock Markets in the Twentieth Century’ 8. M. Wayne Marr, John L. Trimble and Raj Varma (1991), ‘On the Integration of International Capital Markets: Evidence from Euroequity Offerings’ PART II INTERACTIONS OF FINANCIAL MARKETS AND PRICE DYNAMICS 9. George C. Philippatos, Efi Pilarinu and A.G. Malliaris (1993), ‘Chaotic Behavior in Prices of European Equity Markets: A Comparative Analysis of Major Economic Regions’ 10. Gregory Koutmos and G. Geoffrey Booth (1995), ‘Asymmetric Volatility Transmission in International Stock Markets’ 11. Johan Knif and Seppo Pynnönen (1999), ‘Local and Global Price Memory of International Stock Markets’ 12. Gregory Koutmos (1997), ‘Feedback Trading and the Autocorrelation Pattern of Stock Returns: Further Empirical Evidence’ 13. Robert F. Engle and Raul Susmel (1993), ‘Common Volatility in International Equity Markets’ PART III EMERGING MARKETS 14. John Mullin (1993), ‘Emerging Equity Markets in the Global Economy’ 15. Gregory Koutmos (1997), ‘Do Emerging and Developed Stock Markets Behave Alike? Evidence from Six Pasific Basin Stock Markets’ 16. Gregory Koutmos (1999), ‘Asymmetric Price and Volatility Adjustments in Emerging Asian Stock Markets’ 17. Richard A. DeFusco, John M. Geppert and George P. Tsetsekos (1996), ‘Long-Run Diversification Potential in Emerging Stock Markets’ 18. Claude B. Erb, Campbell R. Harvey and Tadas E. Viskanta (1999), ‘New Perspectives on Emerging Market Bonds’ 19. Geet Bekaert and Michael S. Urias (1999), ‘Is There a Free Lunch in Emerging Market Equities?’ 20. Vihang Errunza, Lemma W. Senbet and Ked Hogan (1998), ‘The Pricing of Country Funds from Emerging Markets: Theory and Evidence’ PART IV INTERNATIONAL DERIVATIVE SECURITIES 21. Tribhuvan N. Puri and George C. Philippatos (1993), ‘Equilibrium Pricing Functions of Foreign Exchange Forward, Futures, and Option Contracts’ 22. Darrell Duffie (1999), ‘Credit Swap Valuation’ 23. Lixin Wu, Yue Kuen Kwok and Hong Yu (1999), ‘Asian Options with the American Early Exercise Feature’ 24. Ajay Dravid, Matthew Richardson and Tong-sheng Sun (1994), ‘The Pricing of Dollar-Denominated Yen/DM Warrants’ 25. Merton H. Miller (1995), ‘Do We Really Need More Regulation of Financial Derivatives?’ PART V EUROPEAN MONETARY UNION AND IMPLICATIONS FOR FINANCIAL MARKETS 26. Stan Beckers (1999), ‘Investment Implications of a Single European Capital Market’ 27. Anil K. Kashyap and Jeremy C. Stein (1997), ‘The Role of Banks in Monetary Policy: A Survey with Implications for the European Monetary Union’ 28. Daniel Gros (1998), ‘EMU and Capital Markets: Big Bang or Glacier?’ PART VI INTERNATIONAL FINANCIAL CRISES 29. George C. Philippatos and K.G. Viswanathan (1991), ‘Brazilian Debt Crisis and Financial Markets: An Analysis of Major Economic Events Leading to the Brazilian Debt Moratorium’ 30. Richard Roll (1988), ‘The International Crash of October 1987’ 31. Merton H. Miller (1998), ‘The Current Southeast Asia Financial Crisis’ 32. Steven B. Kamin (1999), ‘The Current International Financial Crisis: How Much is New?’ 33. Joseph E. Stiglitz (1999), ‘Reforming the Global Economic Architecture: Lessons from Recent Crises’ Name Index

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Book SynopsisThis book is an important addition to the emerging body of new work on capital. Its primary contribution is in analysing capital investment choice as a process. The understanding of this process requires some modification and significant extension to the standard neo-classical economic tools.Capital and Uncertainty is a non-mathematical text, modernizing and adding to the existing thought in this area, with insights from game theory, rational choice under uncertainty and new institutional economics. Dr Runge also draws upon 25 years of business experience in setting out a thorough and immensely practical exposition of the risk/return trade-off and how major capital investment decisions are made within firms.Topics studied include: the nature of capital investment decisions entrepreneurship and the market order capital investment choice processes capital investment models capital decisions: choices between strategies Economists, industrial organisation specialists, business academics and practitioners alike will all find this book of immense interest and use.Table of ContentsContents: Preface 1. Introduction 2. The Nature of Capital Investment Decisions 3. Choice, Risk and Uncertainty 4. Rational Choice 5. Entrepreneurship and the Market Order 6. Intertemporal Valuation 7. Choice under Uncertainty 8. Capital Investment Choice Process 9. Capital Investment Models 10. Model with Capital Heterogeneity 11. Capital Decisions: Choices between Strategies 12. Summary and Conclusions References Index

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Book SynopsisIntangible assets are of growing importance to corporate competitiveness and economic performance. They include R&D, human capital, innovation in products and in organisation, trademarks and patents, networking and software. This path-breaking book provides a theoretical and empirical analysis of intangible investment and its effect on public policy in Europe.The authors find that the growing importance of intangibles is transforming the direction of public policies in Europe, particularly industrial, R&D, competition and trade policies. They conclude that government policies must recognise the fact that intangible investment is becoming the key element in bringing about durable growth and accord at least the same priority to intangible factors as to physical investment.This work should be essential reading for students interested in this new field of economic analysis, national and international policymakers, and industrialists involved in the non-physical economy.Trade Review'The book as a whole is a compelling study that follows a coherent structure and that might be of great help in the design of new European policies that would take into account the assimilation of knowledge and the management of other intangibles as main sources of competitiveness. The theoretical framework is well supported by the amount of empirical studies, and it could be perfectly stated that the effort made in this book constitutes an essential contribution to this new research field.' -- Marta Olea de Cardenas, The European Accounting ReviewTable of ContentsContents: Preface Foreword Part I: Intangibles: A General Framework Part II: Intangibles: Impact on Sectors and Enterprises Part III: Intangibles: Analysis of Inputs Index

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Book SynopsisThis authoritative two-volume collection brings together a comprehensive selection of over 40 previously published articles which include seminal and recent contributions in the area of speculation and financial markets.The volumes present the key theoretical and applied research in the pricing of assets, market efficiency and behavioural finance. It explores speculative behaviour in finance and the main financial markets including the stock market, the bond market and the market for foreign exchange and derivatives.Speculation and Financial Markets will be an essential source of reference for researchers, students and practitioners. It will also be an invaluable companion to intermediate and advanced texts on financial markets.Table of ContentsContents: Volume I Acknowledgements Introduction Liam A. Gallagher and Mark P. Taylor PART I EFFICIENT MARKETS 1. Alfred Cowles III and Herbert E. Jones (1937), ‘Some A Posteriori Probabilities in Stock Market Action’ 2. Eugene F. Fama (1965), ‘The Behavior of Stock-market Prices’ 3. Eugene F. Fama (1970), ‘Efficient Capital Markets: A Review of Theory and Empirical Work’ 4. Stephen F. LeRoy (1989), ‘Efficient Capital Markets and Martingales’ PART II MARKET INEFFICIENCY AND STOCK PRICE PREDICTABILITY 5. Eugene F. Fama and Kenneth R. French (1988), ‘Permanent and Temporary Components of Stock Prices’ 6. Stephen F. LeRoy and Richard D. Porter (1981), ‘The Present-value Relation: Tests Based on Implied Variance Bounds’ 7. M. Hashem Pesaran and Allan Timmermann (1995), ‘Predictability of Stock Returns: Robustness and Economic Significance’ 8. James M. Poterba and Lawrence H. Summers (1988), ‘Mean Reversion in Stock Prices: Evidence and Implications’ 9. Robert J. Shiller (1981), ‘Do Stock Prices Move Too Much to be Justified by Subsequent Changes in Dividends?’ PART III NOISE TRADERS, INVESTOR SENTIMENT AND BEHAVIORAL FINANCE 10. Fischer Black (1986), ‘Noise’ 11. Werner F.M. De Bondt and Richard Thaler (1985), ‘Does the Stock Market Overreact?’ 12. J. Bradford De Long, Andrei Shleifer, Lawrence H. Summers and Robert J. Waldmann (1990), ‘Noise Trader Risk in Financial Markets’ 13. Eugene F. Fama (1998), ‘Market Efficiency, Long-term Returns, and Behavioral Finance’ 14. Robert J. Shiller (1984), ‘Stock Prices and Social Dynamics’ 15. Andrei Shleifer and Lawrence H. Summers (1990), ‘The Noise Trader Approach to Finance’ 16. Andrei Shleifer and Robert W. Vishny (1997), ‘The Limits of Arbitrage’ PART IV BUBBLES 17. Behzad T. Diba and Herschel I. Grossman (1988), ‘Explosive Rational Bubbles in Stock Prices?’ 18. Kenneth A. Froot and Maurice Obstfeld (1991), ‘Intrinsic Bubbles: The Case of Stock Prices’ 19. Kenneth D. West (1987), ‘A Specification Test for Speculative Bubbles’ 20. Kenneth D. West (1988), ‘Bubbles, Fads and Stock Price Volatility Tests: A Partial Evaluation’ Name Index Volume II Acknowledgements An Introduction by the editors to both volumes appears in Volume I PART I PUZZLES IN FINANCE 1. Geert Bekaert and Campbell R. Harvey (1997), ‘Emerging Equity Market Volatility’ 2. John Y. Campbell and John H. Cochrane (1999), ‘By Force of Habit: A Consumption-Based Explanation of Aggregate Stock Market Behavior’ 3. George M. Constantinides (1990), ‘Habit Formation: A Resolution of the Equity Premium Puzzle’ 4. Eugene F. Fama (1981), ‘Stock Returns, Real Activity, Inflation, and Money’ 5. Kenneth R. French and James M. Poterba (1991), ‘Investor Diversification and International Equity Markets’ 6. Tim Loughran and Jay R. Ritter (1995), ‘The New Issues Puzzle’ 7. David A. Marshall (1992), ‘Inflation and Asset Returns in a Monetary Economy’ 8. Rajnish Mehra and Edward C. Prescott (1985), ‘The Equity Premium – A Puzzle’ PART II BOND MARKETS AND THE TERM STRUCTURE OF INTEREST RATES 9. John Y. Campbell and Robert J. Shiller (1991), ‘Yield Spreads and Interest Rate Movements: A Bird’s Eye View’ 10. John C. Cox, Jonathan E. Ingersoll, Jr. and Stephen A. Ross (1981), ‘A Re-examination of Traditional Hypotheses about the Term Structure of Interest Rates’ 11. John C. Cox, Jonathan E. Ingersoll, Jr. and Stephen A. Ross (1985), ‘A Theory of the Term Structure of Interest Rates’ 12. Eugene F. Fama (1984), ‘The Information in the Term Structure’ 13. Eugene F. Fama and Robert R. Bliss (1987), ‘The Information in Long-Maturity Forward Rates’ PART III FOREIGN EXCHANGE MARKET EFFICIENCY 14. Jeffrey A. Frankel and Kenneth A. Froot (1990), ‘Chartists, Fundamentalists, and Trading in the Foreign Exchange Market’ 15. Kenneth A. Froot and Jeffrey A. Frankel (1989), ‘Forward Discount Bias: Is It An Exchange Risk Premium?’ 16. Kenneth A. Froot and Richard H. Thaler (1990), ‘Anomalies: Foreign Exchange’ 17. Mark P. Taylor and Helen Allen (1992), ‘The Use of Technical Analysis in the Foreign Exchange Market’ 18. Mark P. Taylor (1995), ‘The Economics of Exchange Rates’ PART IV DERIVATIVES AND EFFICIENCY 19. Merton H. Miller (1986), ‘Financial Innovation: The Last Twenty Years and the Next’ A Options 20. Fischer Black and Myron Scholes (1973), ‘The Pricing of Options and Corporate Liabilities’ 21. John C. Cox, Stephen A. Ross and Mark Rubinstein (1979), ‘Option Pricing: A Simplified Approach’ 22. Robert C. Merton (1973), ‘The Theory of Rational Option Pricing’ B Futures 23. John C. Cox, Jonathan E. Ingersoll, Jr. and Stephen A. Ross (1981), ‘The Relation Between Forward Prices and Futures Prices’ 24. Holbrook Working (1953), ‘Futures Trading and Hedging’ 25. Pradeep K. Yadav and Peter F. Pope (1990), ‘Stock Index Futures Arbitrage: International Evidence’ Name Index

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Book SynopsisAsset pricing lies at the heart of financial economics, being not only the foundation of every other field in this subject area but also having prime relevance for practical decision-making.For this two-volume collection the editor has selected some of the most influential articles which have been published on this topic since the 1970s. These papers offer an overview of the theories of asset pricing, an investigation and critique of the empirical tests applied to these theories and an examination of five particular models: the mean-variance CAPM, the linear risk tolerance CAPM, the intertemporal CAPM, the consumption-based CAPM and the arbitrage pricing theory.Robert Grauer has written a major new introduction which gives a balanced discussion of the competing theories and highlights the invigorating controversy that surrounds both the design of the empirical tests and the interpretation of the results.Table of ContentsContents: Volume I: Acknowledgements Foreword Richard Roll Introduction Robert R. Grauer PART I AN OVERVIEW OF ASSET PRICING THEORY 1. William F. Sharpe (1991), ‘Capital Asset Prices with and without Negative Holdings’ 2. Mark Rubinstein (1974), ‘An Aggregation Theorem for Securities Markets’ 3. Robert C. Merton (1973), ‘An Intertemporal Capital Asset Pricing Model’ 4. Mark Rubinstein (1976), ‘The Valuation of Uncertain Income Streams and the Pricing of Options’ 5. Douglas T. Breeden (1979), ‘An Intertemporal Asset Pricing Model with Stochastic Consumption and Investment Opportunities’ 6. John Y. Campbell (1993), ‘Intertemporal Asset Pricing without Consumption Data’ 7. Stephen A. Ross (1977), ‘Return, Risk, and Arbitrage’ PART II PRE-1990 TESTS OF THE MEAN-VARIANCE CAPITAL ASSET PRICING MODEL 8. Michael R. Gibbons, Stephen A. Ross and Jay Shanken (1989), ‘A Test of the Efficiency of a Given Portfolio’ 9. Michael C. Jensen (1972), ‘Capital Markets: Theory and Evidence’ 10. Richard Roll (1977), ‘A Critique of the Asset Pricing Theory’s Tests. Part I: On Past and Potential Testability of the Theory’ 11. Pao L. Cheng and Robert R. Grauer (1980), ‘An Alternative Test of the Capital Asset Pricing Model’ 12. Pao L. Cheng and Robert R. Grauer (1982), ‘An Alternative Test of the Capital Asset Pricing Model: Reply’ 13. Barr Rosenberg and James A. Ohlson (1976), ‘The Stationary Distribution of Returns and Portfolio Separation in Capital Markets: A Fundamental Contradiction’ PART III POST-1990 TESTS OF THE MEAN-VARIANCE CAPITAL ASSET PRICING MODEL: ANOMALIES AND FAMA AND FRENCH’S THREE-FACTOR MODEL 14. Eugene F. Fama (1991), ‘Efficient Capital Markets: II’ 15. Eugene F. Fama and Kenneth R. French (1992), ‘The Cross-Section of Expected Stock Returns’ 16. Eugene F. Fama and Kenneth R. French (1996), ‘Multifactor Explanations of Asset Pricing Anomalies’ Name Index Volume II: Acknowledgements An Introduction by the editor to both volumes appears in Volume I PART IV POST-1990 TESTS OF THE MEAN-VARIANCE CAPITAL ASSET PRICING MODEL: CRITICISMS OF TESTING METHODS TOGETHER WITH BEHAVIORAL AND CONDITIONAL ALTERNATIVES TO THE MEAN-VARIANCE AND THREE-FACTOR MODELS 1. Andrew W. Lo and A. Craig MacKinlay (1990), ‘Data-Snooping Biases in Tests of Financial Asset Pricing Models’ 2. A. Craig MacKinlay (1995), ‘Multifactor Models Do Not Explain Deviations from the CAPM’ 3. S.P. Kothari, Jay Shanken and Richard G. Sloan (1995), ‘Another Look at the Cross-section of Expected Stock Returns’ 4. Richard Roll and Stephen A. Ross (1994), ‘On the Cross-sectional Relation between Expected Returns and Betas’ 5. Shmuel Kandel and Robert F. Stambaugh (1995), ‘Portfolio Inefficiency and the Cross-section of Expected Returns’ 6. Robert R. Grauer (1999), ‘On the Cross-sectional Relation between Expected Returns, Betas, and Size’ 7. Raymond Kan and Chu Zhang (1999), ‘Two-Pass Tests of Asset Pricing Models with Useless Factors’ 8. Josef Lakonishok, Andrei Shleifer and Robert W. Vishny (1994), ‘Contrarian Investment, Extrapolation, and Risk’ 9. Ravi Jagannathan and Zhenyu Wang (1996), ‘The Conditional CAPM and the Cross-section of Expected Returns’ 10. Wayne E. Ferson and Campbell R. Harvey (1999), ‘Conditioning Variables and the Cross Section of Stock Returns’ PART V TESTS OF THE LINEAR RISK TOLERANCE CAPMS 11. Robert R. Grauer (1978), ‘Generalized Two Parameter Asset Pricing Models: Some Empirical Evidence’ PART VI TESTS OF THE CONSUMPTION-BASED CAPM 12. Douglas T. Breeden, Michael R. Gibbons and Robert H. Litzenberger (1989), ‘Empirical Tests of the Consumption-Oriented CAPM’ 13. John Y. Campbell (2000), ‘Asset Pricing at the Millennium’ PART VII TESTS OF THE ARBITRAGE PRICING THEORY 14. Richard Roll and Stephen A. Ross (1980), ‘An Empirical Investigation of the Arbitrage Pricing Theory’ 15. Nai-Fu Chen, Richard Roll and Stephen A. Ross (1986), ‘Economic Forces and the Stock Market’ 16. Jay Shanken (1982), ‘The Arbitrage Pricing Theory: Is it Testable?’ PART VIII TESTS OF AN INVESTMENT-BASED CAPM USING THE GENERALIZED METHOD OF MOMENTS 17. John H. Cochrane (1996), ‘A Cross-Sectional Test of an Investment-Based Asset Pricing Model’ 18. Raymond Kan and Guofu Zhou (1999), ‘A Critique of the Stochastic Discount Factor Methodology’ Name Index

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Book SynopsisChina is now among the top hosts for foreign direct investment (FDI) inflows in the world. This fact, combined with recent developments in internationalisation and economic growth in China, ensures a perfect opportunity to identify the determinants and impact of FDI in the largest transition economy in the world.Based on the latest official data, this book adopts a panel data approach to the analysis of the national and regional determinants of inward FDI in China and its impact on regional economic growth, labour productivity and international trade. The Chinese evidence shows that FDI, international trade and economic-growth are interrelated. This book will be welcomed by scholars of emerging economies, international business - especially those interested in FDI - and international trade as well as those specialising in the Chinese economy.Trade Review'. . . this is a well-researched volume. . .' -- Qi Luo, The China Quarterly'The data used is rich, including national, regional and industry-level statistics.' -- Yue Ma, The China Journal'Wei and Liu provide a comprehensive analysis of the determinants and impact of FDI on the economy of China. The book is to be recommended to students of international business for its elegant use of sophisticated econometric techniques and economic theory in exploring the role of FDI in a major emerging economy that hosts a substantial volume of FDI.' -- V.N.Balasubramanyam, Lancaster University, UKTable of ContentsContents: Preface 1. Introduction 2. Foreign Direct Investment in China: Development Trends and Impact 3. Country Characteristics and Foreign Direct Investment in China 4. The Regional Distribution of Foreign Direct Investment in China 5. Productivity Spillovers from Foreign Direct Investment in the Chinese Electronics Industry 6. Endogenous Growth Theory and Regional Income Convergence in China 7. Foreign Direct Investment and Trade Interactions in China 8. Conclusions References Index

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Book SynopsisThe rationale behind how people value and trade stocks is of unparalleled interest to governments, companies and other participants in stock markets. The book focuses on the way in which investors process information and form expectations about future gains. It argues that humans fall short of the perfect information processing required by theory, and that their expectations are based on more than just future company earnings. Karl-Erik Warneryd discusses the psychology of investing, providing detailed coverage of how financial expectations are formed, how complex decisions are made and how emotions and influence from others affect the financial decisions of individuals. Empirical studies featured in the book suggest that many, if not most, stockholders have long-term goals, believe in certain stocks, and make few transactions - behavior which, argues the author, may have a stabilizing influence upon stock prices. As a unique overview of how investors process information and build up expectations of future gains on stocks, this fascinating book will be welcomed by students of, and researchers in, economic psychology and behavioral finance. Stock-Market Psychology will also be invaluable to practitioners of finance who wish to learn more about the psychology behind financial transactions.Trade Review'As usual, Warneryd has carefully made sure that the inter-disciplinary perspective rests upon a solid foundation with respect to the latest research and classical work. . . very stimulating reading. Stock-Market Psychology aims at bridging the gap between researchers in behavioral finance (and economics) and economic-oriented psychologists. . . Apart from providing important analytical tools, the book should stimulate future research and perhaps bring researchers in (behavioral) finance and psychology together in mutual projects on investor behavior.' -- Patric Andersson, Ekonomisk Debatt'Finance has long been dominated by the model of the economic man, the investor who rationally processes expectations and information, then translates this data into asset prices. Within the past decade or so, however, the continued presence of market inefficiencies and stock return anomalies has stimulated the development of a subspecialty known as behavioral finance. This book is a thoughtful and exceptionally well documented examination of this emerging area. . . Though scholarly, the book is not overly technical and is a significant improvement over the many popular books in the area. For graduate students, graduate-educated professionals in banking and finance, and business school professionals.' -- S.P. Ferris, Choice'Stock-Market Psychology gives an excellent overview of the state-of-the-art literature on this subject in the fields of economics, psychology and finance. . . a comprehensive overview of the behavior of investors in the stock market. As such, this book is valuable for the classroom. . . Stock-Market Psychology provides researchers with numerous ideas for future research and readers with useful and fun tips without taking away our hopes of ever becoming rich from investing in stocks. What more is there to ask from a book?' -- Joost M.E. Pennings, Journal of Economic Psychology'George Goodman ('Adam Smith') once wrote, "you can find out who you are by investing in the stock market, but it will be an expensive lesson". It is far smarter and cheaper to read Warneryd's book instead. At a time when global stock markets are driven by emotions and passions, and are highly volatile, Chapter Six will tell you why, far better than a hundred analysts' reports.' -- Shlomo Maital, TIM-Technion Institute of Management and the Samuel Neaman Institute for Advanced Studies in Science and Technology, IsraelTable of ContentsContents: Preface Introduction 1. Efficient Markets and Rational Models of Portfolio Choice 2. Behavioral Considerations in Financial Markets 3. Expectation Formation 4. Decision Making, Uncertainty, and Risk Attitudes 5. Cognitive Bias, (Simple) Heuristics, and Mental Accounts 6. Emotionality, Motivation, Self-Control, and Investment 7. Social Influence 8. Some Behavioral Data on Investors 9. Investor Groups and Market Segements 10. Implications and Some Further Thoughts on Private Investing References Index

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Book SynopsisIn this volume Witold Henisz provides readers with a new set of tools for assessing the extent of political and regulatory risk faced by investment projects in a given country. The author measures political risk directly by examining the structure of a nation's political institutions and the preferences of the actors that inhabit them. He also provides a critical analysis of the effectiveness of one common political risk mitigation strategy, partnering with a local firm. Neither democracy (Russia), political stability (Zaire, until recently) nor low country risk scores (Indonesia in 1995) are sufficient for investor security. The failure of each of these measures points to the need for more objective methods of measuring risk. After implementing tests to show the validity of a new measures, Witold Henisz analyzes the efficacy of partnering with local firms. The results of this analysis suggest that partnership will often introduce more hazards than it solves. This framework for measuring risk and analyzing the efficacy of risk-mitigating strategies could easily be extended to make it applicable on a project-by-project basis. Policymakers, investment managers, business professionals and scholars will find this book extremely useful.Trade Review'A challenging research monograph that will appeal to international business scholars in the area of transaction cost economics (TCE), political risk, multinational enterprise (MNE) host country bargaining, and international joint ventures. It offers both theoretical and empirical advances in this area.' -- Alan Rugman, Journal of International Business Studies'This path-breaking book joins transaction cost economics and positive political theory to uncover the risks and work out the organizational ramifications of international investments. Academics, public policy analysts, and the business community all have a stake in these issues. Henisz should be read with interest and profit (variously defined) by all three.' -- From the foreword by Oliver E. WilliamsonTable of ContentsContents: Foreword by Oliver E. Williamson 1. Introduction 2. Checks and Balances and Credible Commitment 3. Comparative Economic Organization – Within and Between Countries 4. The Institutional Environment for Economic Growth 5. The Institutional Environment for Telecommunications Investment 6. The Institutional Environment for Multinational Investment 7. Conclusion Notes Bibliography Index

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Book SynopsisThe application of real options theory to the decision making of multinational enterprises (MNEs) is an exciting new area of research within the field of international business. Such contributions will make existing theories in international business (such as internalization theory) dynamic and more realistic. This important collection presents 20 of the most significant articles that apply real options theory to international business and strategic management. The volume organizes the recent literature so that further advances can be made by international business scholars to capitalize on the power and usefulness of the real options approach. Part I includes articles that help to clarify the definitions of real options and the boundaries of applying real options theory to analyze the decision making of firms. Part II consists of applications to operational flexibility of the multinational network. Part III comprises applications to market entry modes among which joint ventures are most widely studied. Part IV refers to applications to market entry timing. Part V includes several applications to strategic management.Trade Review'A common criticism of economic theory is that its approach is static rather than dynamic, and that it ignores the impact of uncertainty on decisions. Real option theory shows that this criticism is unfounded. Real option theory explores the logic of flexibility - a crucial aspect of corporate strategy in a volatile and competitive environment. The editors have done a brilliant job in bringing together key contributions within a clear and logical structure. This book is an essential reference source for anyone working in this exciting area of research.' -- Mark Casson, University of Reading, UKTable of ContentsContents: Acknowledgements Introduction Alan M. Rugman and Jing Li PART I THE REAL OPTIONS APPROACH TO INTERNATIONAL BUSINESS AND STRATEGY 1. Peter J. Buckley, Mark Casson and Mohammed Azzim Gulamhussen (2002), ‘Internationalisation – Real Options, Knowledge Management and the Uppsala Approach’ 2. Peter J. Buckley and Mark C. Casson (1998), ‘Models of the Multinational Enterprise’ 3. Ron Adner and Daniel A. Levinthal (2004), ‘What is Not a Real Option: Considering Boundaries for the Application of Real Options to Business Strategy’ PART II APPLICATIONS OF REAL OPTIONS TO MULTINATIONAL AND OPERATIONAL FLEXIBILITY 4. Alan M. Rugman (1976), ‘Risk Reduction by International Diversification’ 5. Bruce Kogut and Nalin Kulatilaka (1994), ‘Operating Flexibility, Global Manufacturing, and the Option Value of a Multinational Network’ 6. José Manuel Campa (1994), ‘Multinational Investment Under Uncertainty in the Chemical Processing Industries’ 7. Subramanian Rangan (1998), ‘Do Multinationals Operate Flexibly? Theory and Evidence’ 8. Kent D. Miller and Jeffrey J. Reuer (1998), ‘Firm Strategy and Economic Exposure To Foreign Exchange Rate Movements’ 9. Jeffrey J. Reuer and Michael J. Leiblein (2000), ‘Downside Risk Implications of Multinationality and International Joint Ventures’ PART III REAL OPTIONS AND MARKET ENTRY MODES 10. Bruce Kogut (1991), ‘Joint Ventures and the Option to Expand and Acquire’ 11. Tailan Chi and Donald J. McGuire (1996), ‘Collaborative Ventures and Value of Learning: Integrating the Transaction Cost and Strategic Option Perspectives on the Choice of Market Entry Modes’ 12. Timothy B. Folta (1998), ‘Governance and Uncertainty: The Trade-off Between Administrative Control and Commitment’ 13. Tailan Chi (2000), ‘Option to Acquire or Divest a Joint Venture’ PART IV REAL OPTIONS AND MARKET ENTRY TIMING 14. Peter J. Buckley and Mark Casson (1981), ‘The Optimal Timing of a Foreign Direct Investment’ 15. Pietra Rivoli and Eugene Salorio (1996), ‘Foreign Direct Investment and Investment Under Uncertainty’ 16. Timothy B. Folta and Kent D. Miller (2002), ‘Real Options in Equity Partnerships’ 17. Timothy B. Folta and Jonathan P. O’Brien (2004), ‘Entry in the Presence of Dueling Options’ PART V REAL OPTIONS AND STRATEGIC MANAGEMENT 18. Edward H. Bowman and Dileep Hurry (1993), ‘Strategy Through the Option Lens: An Integrated View of Resource Investments and the Incremental-Choice Process’ 19. Rita Gunther McGrath (1997), ‘A Real Options Logic for Initiating Technology Positioning Investments’ 20. Bruce Kogut and Nalin Kulatilaka (2001), ‘Capabilities as Real Options’ Name Index

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Book SynopsisThis book focuses on one of the most important features of the contemporary Japanese economy; cross shareholding - or mutual shareholding - between corporations. The book analyses recent trends and the reasons behind these, and discusses the implications for the entire Japanese economic system and highlights relevant public policy.Mitsuaki Okabe proposes that the dissolution of cross shareholdings has weakened the importance of long-term transactional relationships as seen in the Keiretsu (the 'main bank') practice and employment, and that as a result the character of the economy is now closer to that of the Anglo-American system.Cross Shareholdings in Japan is a timely book and will be of special interest to academics and researchers of economics, Asian studies and finance, as well as policymakers and those involved either directly or indirectly in the Japanese financial system.Trade Review'Stable holdings of each other's shares have been a significant, distinctive feature of Japanese major industrial companies and financial institutions and an integral component of its economic system of bank-based finance and permanent employment. Recent accelerating decline in stable shareholding thus has important implications for Japan's transition to a market-based system. Mitsuaki Okabe provides useful data and insightful analysis of the rather complex patterns of changing costs and benefits of cross-shareholdings in this important new study, the first of its kind available in English.' -- Hugh T. Patrick, Columbia University, US'Cross shareholding among major firms and the bank in Japan has long been a central feature of Japanese industrial organisation. As Okabe argues it is not an isolated element in the way in which the Japanese economic system works: it is at the core of the whole system - the structure of the labour market, the way in which the capital market has worked to protect Japanese business against external competition, and the innovation system. Okabe provides a fresh look at the dissolution of corporate and main bank links in Japan leaving open the question of when the changes under way will reach a critical point. This is a valuable up-to-date primer on these important changes in corporate Japanese and the Japanese economic system more generally.' -- Peter Drysdale, Australian National University, AustraliaTable of ContentsContents: Preface 1. Cross Shareholding as an Underlying Element of the Japanese Economic System 2. Various Forms of Cross Shareholding, and Relevant Statistics 3. Recent Trends of Share Ownership and Structural Changes 4. Factors Behind the ‘Dissolution’ of Cross Shareholding 5. Functions of Cross Shareholding and its Assessment 6. Effects of the ‘Dissolution’ of Cross Shareholding and its Assessment 7. Future Prospects and Required Public Policy 8. Conclusions: Limitations of the Japanese-style Economic System and its Transformation Appendix 1: Shareholding by a Main Bank and the Effectiveness of Corporate Control: The Case of Electrical Machinery Firms in Japan, 1982–1999 Appendix 2: Corporate Control in Germany References Index

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Book SynopsisFast track route to mastering the skills needed for evaluatingreturn on investment Covers the key areas of return on investment, from cost benefitanalysis and risk analysis to accounting techniques and thebalanced scorecard Examples and lessons from some of the world's most successfulbusinesses, including oil and telecommunications giants, and ideasfrom the smartest thinkers, including Mack Hanan and WarrenBuffet Includes a glossary of key concepts and a comprehensiveresources guideTable of ContentsIntroduction to Express Exec Introduction Definition of terms: What is Return on Investment? Evolution of Return on Investment The E-Dimension The Global Dimension The State of the Art In Practice: Three Examples Key Concepts and Thinkers Resources Ten Steps to Evaluating Return on Investment Frequently Asked Questions (FAQs) Index

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Book SynopsisThe Streetwise Investor is no ordinary personal finance guide. It fills the reader with the confidence to make sensible, profitable investment decisions based on common sense. It helps investors understand the problems they're facing and deal with them, and gives them the guidance they need to earn better returns without risking it all.Trade Review“…a handy first step to making that first cool million…” (Publishing News, July 04)Table of ContentsAcknowledgements. Introduction. 1. The shareholder revolution. 2. Black Monday, October 1987. 3. New Age. 4. The New Economy mania. 5. Introducing the Contract for Difference. 6. How to use contracts for change. 7. Spread betting. 8. Spotting the trading opportunities. 9. Analysing companies. 10. Eidos. 11. Carphone Warehouse. 12. Telewest Communications. 13. Safeway. 14. New Look. So what is the message of this book? Index.

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Book SynopsisHow real estate investors and speculators can take their business global The real estate boom has gone global, and those successful investors who want to keep up their profits are starting to look at emerging markets on other continents. Markets in South America, Eastern Europe, India, and Asia are currently experiencing the rapid growth that mature domestic markets experienced a few years ago. Based on the author's personal experience buying and selling dozens of overseas properties, this book provides all the relevant data investors need to evaluate properties and markets anywhere in the world. Colin Barrow (Hayle, Cornwall, UK) is a non-executive director of two venture capital funds and serves on the UK Government Task Force for Business.Table of ContentsIntroduction. Why buy property overseas? Who should read this book? About this book. How the book is structured. How the chapters are structured. Research does pay off. Part 1: The World Property Market – A Beginner’s Guide. Property – the backbone of wealth creation The world is enough. Chapter 1: Why Buy More Property? Keeping track of world interest in property. Increased life expectancy and the demise of guaranteed pensions. Actuaries: life expectancy’s bean counters. Tracking life expectancy. More ways to convince yourself to buy property. Property as an investment. Capacity for being profitable. Reasonably secure. Ready re-sale market. Produce cash flow during its life. Understanding the gearing effect. Checking out gearing and profit t returns. Chapter 2: Why Buy Abroad? Higher potential rewards. Websites for tracking property price movements. But higher and different risks. Websites that help track overseas property risks. Chapter 3: The World Property Markets – Segments and Drivers. Property cycles. The commercial property market matters too. Tracking commercial property markets: useful websites. Watching the cycles. Spotting a turning point. Understanding economic cycles. Chapter 4: It’s a Global World – The Coming of Capitalism. Capitalism: the ascending economic philosophy. Measuring the effects of introducing capitalism: is the EU a role model? Estimating the benefit of EU membership. Monitoring macro factors affecting property markets: democracy, capitalism and world trade. Chapter 5: Factors that Drive Property Yields and Returns. Improvers of property prospects. Events that limit property prospects. Websites providing an ongoing appreciation of the factors that profoundly infl uence property prices. Part 2: Pick a Country, Any Country. Chapter 6: Evaluating Economies. Eliminating unacceptable risk. The death penalty and other serious sentences. Country overviews. Property blogs. Online newspaper articles. Economic performance and political stability. Cost and standard of living. Inward investment and business climate. Corruption, crime and safety. Chapter 7: Checking the Local Environment. State healthcare. Private healthcare: short term. Private healthcare: long term. Nursing homes and care of the elderly. Online healthcare. Education provision. Pre-university education. Higher education. Chapter 8: Getting To and Fro. Airport access. Keeping tabs on flying options. Train travel. Information sources for train travel. Coach and bus routes. Overland voyage information sources. Boats and ferries. Sources of advice and information on sea travel. Chapter 9: Money Matters. Currency and exchanging money. Help with currency matters. Getting a mortgage for an overseas property. Re-mortgage at home. Using a UK or an international bank. Trying the locals. Guide to country-specific sources of finance. Managed currency mortgages. Managed currency specialists. Banking for overseas transactions. Anti-money laundering regulations. Using a local bank. Things to look out for in choosing a local bank. Help with finding a safe overseas bank. Offshore banking and tax havens. Finding an offshore bank. Banking online. Finding an online banker. Understanding the tax regime. Rules on residency. Doubling tax troubles. General taxes (and inducements to invest). Information sources on local taxation matters. Wealth tax. Organisations helping with managing wealth tax issues. Inheritance tax, death duties and related issues. Organisations helping to minimize post-death taxes. Deciding how to structure the ownership of your overseas property – tax and other considerations. Organisations helping with deciding ownership vehicles. Getting financial and tax advice. Financial adviser associations and bodies. Chapter 10: Researching the Legal Environment. Visa and residence rules. Sources of help and advice with visas and residency. Working and setting up in business 190 Help and advice with working and setting up in business abroad. Property title and foreign ownership rights. Organisations and publications who provide information on foreign ownership rights. Buying procedures, costs and restrictions. Organisations offering information and advice. on buying procedures and costs. Chapter 11: Tourism Potential. Old tourism versus affluent tourism. Planning future tourist appeal. Sources of information on tourism potential. Medical tourism. The case for medical tourism. The risks. Medical market segments. Chapter 12: Property Performance and Appraisal: Narrowing Down your Choice of Country. Price appraisers. Sources of data on global property prices and yields. Property exhibitions. Property exhibitions in the United Kingdom. Directory of major UK overseas property shows. Finding a property exhibition abroad. Sources of information on overseas property exhibitions. Warning on property seminars. Narrowing down your choice. Part 3: Buying into a Country. Chapter 13: Using an Estate Agent–Broker–Realtor. Avoid introducers. Looking for qualifications. UK property professional associations. International property professional associations and major brokerages. International real estate companies. Checking out brokers’ (and developers’) performance. Sources of information concerning developers and broker performance. Working with a house hunter. Useful websites for locating house hunters. Chapter 14: Finding a Property Yourself. Reading papers and magazines. Listing of UK newspapers and magazines with international properties. Trawling the Internet. Directory of major Internet international property websites. Tackling the tourist office. Attending auctions. Sources of information on international property auctions. Chapter 15: Finding a Lawyer. Paying deposits. Power of attorney. Price declaration – the ever present problem. Proving title. Sources of further information on property title issues. The role of the notary. Finding a lawyer. International lawyer network organisations and other referral sources. Chapter 16: Undertaking Surveys. Types of survey. Full structural survey. Buyer survey. Valuation survey. Doing your own pre-survey. Organisations to help in finding surveyors and carrying out survey estimates. Chapter 17: Renting Before You Buy and Other Non-Ownership Options. Reasons for trying before you buy. Living in a hotel. Bargain hotel breaks. Websites for making efficient hotel (and travel) reservations. Cutting a long-term hotel deal. Organisations arranging long-term hotel stays. Hostelling. Help with finding a hostel. Renting an apartment or house. Help with finding apartments and houses to rent. House sitting. Organisations arranging house sitting. Swapping homes. Organisations arranging house swapping. Legal and paperwork issues involved in using other people’s properties. Checking the agreement. Taking the inventory. Organisations helping with inventory matters. Chapter 18: Climate Matters. Climate and its effect on rental income and capital value. Finding the facts about the sun, snow and general weather conditions. Sources of information on general weather conditions. Researching beaches and surf. Websites for tracking beach and surf conditions. Evaluating ski resources. Organisations and publications informing on ski-ing matters. Part 4: Settling In. Chapter 19: Language Matters. Engaging a translator. Translating conversations. Deciphering documents. Assessing the costs of translations. Organisations for help and advice with translations. Learning the language. Language teaching organisations and associations. Organisations and websites to help with learning languages. Using the immersion technique. Chapter 20: Getting Around the Country. Driving yourself. Local driving regulations and road conditions – helpful organisations. Buses and taxis. Bus and taxi travel options – helpful organisations. Urban mass transport (subway, underground, urban rail and tram networks). Urban mass transport systems – helpful organisations. Boats and helicopter travel. Sea and helicopter travel – helpful organisations. Internal airlines. Internal air travel – helpful organisations. Chapter 21: Moving your Effects. Local furnishing options. Transporting furniture. Finding a remover. Organisations and websites to help with finding a remover. Putting furniture into storage. Organisations to help with putting furniture into storage. Hiring furniture. Organisations and websites to help with hiring furniture. Taking pets abroad. Getting pets home again. Organisations and websites to help with and advice on moving pets around the world. Taking your car abroad. Organisations offering information and advice on moving vehicles abroad. Which side of the road do they drive on? General rules on importing domestic items. An organisation providing customs information on transporting personal belongings overseas. General rules on importing business items. Organisations providing customs information on importing (and exporting) business assets. Chapter 22: Renovating and Building. Finding a building plot or ruin. Websites to search for building plots and ruins. Checking for planning permission and usage licence. Preparing a rough costing for building work. Websites that can help you estimate rough building works cost. Engaging an architect and a builder. Checking out architects’ qualifications. Deciding on a builder. Drawing up the building contract. Organisations and websites for finding architects and builders. Chapter 23: Going into the Rental Business. Keeping on and letting out your current home. The benefits of letting out your home property. The dangers in letting out your home property. Fitting out a property. Longer-term rentals. Renting long-term overseas. Organisations to help with finding long-term tenants overseas. Renting long-term in the UK. Organisations to help with legal aspects of UK rentals. Finding long-term tenants at home. Organisations and websites for finding long-term tenants in the UK. Holiday lets. Finding holiday-let tenants at home. Some British holiday rental websites. Students in the UK home market. Organisations who can assist with letting UK property to students. Finding tenants for holiday lets overseas. Using an agent. Doing it yourself. Organisations who can assist with overseas holiday lets. Finding students for short-term rentals overseas. Organisations who can help with letting. accommodation to students overseas. Accountancy, legal and administrative issues. The rental agreement. Help with preparing leases. Insurance. Some organisations specialising in insuring. overseas properties. Rent and security deposits. Rent. Deposits. Taking the inventory. Organisations who can help with taking inventories. Book keeping and handling taxes. Help with keeping the books. Dealing with problem tenants. Help in dealing with tenancy problems (UK only). Chapter 24: Staying in Touch with Home. Organisations that make staying in touch both possible and affordable. Appendix: Overseas Property Visit Checklist. Index.

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Book SynopsisMainstream financial economics has largely ignored the complex cognitive and motivational factors that guide investor trading decisions and that influence the structure and dynamics of world equity markets. Research shows, however, that investor psychology is reliably linked to predictable momentum and reversals in stock prices and, more generally, to stock market bubbles. The first volume reviews the scientific debate between leading behavioral scientists and proponents of rational markets and rational economic man. It also summarizes key elements of a new psychological theory of stock prices with special emphasis on the formation of investor beliefs and the quality of judgment.The articles in the second Volume support the behavioral approach with international evidence collected from many sources. Major anomalies in financial decision-making and in the behavior of equity markets are interpreted in the context of new experimental, empirical, and theoretical research.Trade Review'This marvellous collection features both breadth and depth, describing the psychology that affects retail investors and professional investors world wide, in their behaviour both as individuals and in crowds.' -- Hersh Shefrin, Santa Clara University, US'In little over a decade the behavioural finance approach to understanding markets has risen to challenge the mathematical models that have provided the mainstay of finance theory since the 1950s. This fascinating collection of papers documents an intellectual revolution, from its beginnings in the systematization of biases in individual and collective decision making, through the demonstration of these biases in the financial markets, to the formulation of coherent people-centred theories of investment. If you want to understand how and why amateur investors misinterpret information, why professional analysts make bad forecasts, why bubbles and crashes happen, and why some stock prices are sometimes predictable, the answers are here.' -- Roy Batchelor, Cass Business School, London, UKTable of ContentsContents: Volume I Acknowledgements Introduction Werner De Bondt PART I FOUNDATIONS 1. Kent Daniel, David Hirshleifer and Siew Hong Teoh (2002), ‘Investor Psychology in Capital Markets: Evidence and Policy Implications’ 2. Daniel Kahneman and Mark W. Riepe (1998), ‘Aspects of Investor Psychology: Beliefs, Preferences, and Biases Investment Advisors Should Know About’ 3. Hersh Shefrin and Meir Statman (2000), ‘Behavioral Portfolio Theory’ 4. Werner F.M. De Bondt and Richard Thaler (1985), ‘Does the Stock Market Overreact?’ 5. Alon Brav and J.B. Heaton (2002), ‘Competing Theories of Financial Anomalies’ 6. Werner De Bondt (2002), ‘Discussion of “Competing Theories of Financial Anomalies”’ 7. Dilip Abreu and Markus K. Brunnermeier (2002), ‘Synchronization Risk and Delayed Arbitrage’ 8. Vernon L. Smith, Gerry L. Suchanek and Arlington W. Williams (1988), ‘Bubbles, Crashes, and Endogenous Expectations in Experimental Spot Asset Markets’ 9. Gerd Gigerenzer and Daniel G. Goldstein (1996), ‘Reasoning the Fast and Frugal Way: Models of Bounded Rationality’ PART II ASPECTS OF INVESTOR PSYCHOLOGY 10. Paul B. Andreassen (1987), ‘On the Social Psychology of the Stock Market: Aggregate Attributional Effects and the Regressiveness of Prediction’ 11. Nicholas DiFonzo and Prashant Bordia (1997), ‘Rumor and Prediction: Making Sense (but Losing Dollars) in the Stock Market’ 12. Don A. Moore, Terri R. Kurtzberg, Craig R. Fox and Max H. Bazerman (1999), ‘Positive Illusions and Forecasting Errors in Mutual Fund Investment Decisions’ 13. Robert Bloomfield and Jeffrey Hales (2002), ‘Predicting the Next Step of a Random Walk: Experimental Evidence of Regime-shifting Beliefs’ 14. Richard Gonzalez (1994), ‘When Words Speak Louder Than Actions: Another’s Evaluations Can Appear More Diagnostic Than Their Decisions’ 15. D. Eric Hirst, Lisa Koonce and Paul J. Simko (1995), ‘Investor Reactions to Financial Analysts’ Research Reports’ 16. George F. Loewenstein, Elke U. Weber, Christopher K. Hsee and Ned Welch (2001), ‘Risk as Feelings’ 17. Renate Schubert, Martin Brown, Matthias Gysler and Hans Wolfgang Brachinger (1999), ‘Financial Decision-Making: Are Women Really More Risk-Averse?’ PART III THE INDIVIDUAL INVESTOR 18. Alex Preda (2001), ‘The Rise of the Popular Investor: Financial Knowledge and Investing in England and France, 1840–1880’ 19. Werner F.M. De Bondt (1998), ‘A Portrait of the Individual Investor’ 20. Mark Grinblatt and Matti Keloharju (2001), ‘What Makes Investors Trade?’ 21. Mary M. Bange (2000), ‘Do the Portfolios of Small Investors Reflect Positive Feedback Trading?’ 22. Gur Huberman (2001), ‘Familiarity Breeds Investment’ 23. Brad M. Barber and Terrance Odean (2001), ‘Boys will be Boys: Gender, Overconfidence, and Common Stock Investment’ 24. Shlomo Benartzi and Richard H. Thaler (2001), ‘Naive Diversification Strategies in Defined Contribution Saving Plans’ 25. Brigitte C. Madrian and Dennis F. Shea (2001), ‘The Power of Suggestion: Inertia in 401(k) Participation and Savings Behavior’ Name Index Volume II Acknowledgements An introduction by the editor to both volumes appears in Volume I PART I THE CROSS-SECTION OF EQUITY RETURNS 1. Nicholas Barberis and Ming Huang (2001), ‘Mental Accounting, Loss Aversion, and Individual Stock Returns’ 2. Robert A. Haugen and Nardin L. Baker (1996), ‘Commonality in the Determinants of Expected Stock Returns’ 3. John M. Griffin and Michael L. Lemmon (2002), ‘Book-to-Market Equity, Distress Risk, and Stock Returns’ 4. Karl B. Diether, Christopher J. Malloy and Anna Scherbina (2002), ‘Differences of Opinion and the Cross Section of Stock Returns’ PART II TRENDS AND REVERSALS IN STOCK PRICES 5. Patricia M. Dechow and Richard G. Sloan (1997), ‘Returns to Contrarian Investment Strategies: Tests of Naive Expectations Hypotheses’ 6. K. Geert Rouwenhorst (1998), ‘International Momentum Strategies’ 7. Narasimhan Jegadeesh and Sheridan Titman (2001), ‘Profitability of Momentum Strategies: An Evaluation of Alternative Explanations’ 8. Harrison Hong, Terence Lim and Jeremy C. Stein (2000), ‘Bad News Travels Slowly: Size, Analyst Coverage, and the Profitability of Momentum Strategies’ 9. Charles M.C. Lee and Bhaskaran Swaminathan (2000), ‘Price Momentum and Trading Volume’ PART III PRICE AND VALUE 10. Gur Huberman and Tomer Regev (2001), ‘Contagious Speculation and a Cure for Cancer: A Nonevent that Made Stock Prices Soar’ 11. Eli Ofek and Matthew Richardson (2003), ‘DotCom Mania: The Rise and Fall of Internet Stock Prices’ 12. Paul Schultz and Mir Zaman (2001), ‘Do the Individuals Closest to Internet Firms Believe they are Overvalued?’ 13. Eli Bartov, Suresh Radhakrishnan and Itzhak Krinsky (2000), ‘Investor Sophistication and Patterns in Stock Returns after Earnings Announcements’ 14. Richard G. Sloan (1996), ‘Do Stock Prices Fully Reflect Information in Accruals and Cash Flows About Future Earnings?’ 15. Todd Houge and Tim Loughran (2000), ‘Cash Flow is King? Cognitive Errors by Investors’ PART IV THE EXPERTISE OF FINANCIAL ANALYSTS 16. Bradford Cornell (2001), ‘Is the Response of Analysts to Information Consistent with Fundamental Valuation? The Case of Intel’ 17. Werner F.M. De Bondt and Richard H. Thaler (1990), ‘Do Security Analysts Overreact?’ 18. Pieter T. Elgers and May H. Lo (1994), ‘Reductions in Analysts’ Annual Earnings Forecast Errors Using Information in Prior Earnings and Security Returns’ 19. John C. Easterwood and Stacey R. Nutt (1999), ‘Inefficiency in Analysts’ Earnings Forecasts: Systematic Misreaction or Systematic Optimism?’ PART V CROWD BEHAVIOR 20. Robert J. Shiller (1995), ‘Conversation, Information, and Herd Behavior’ 21. Michael J. Cooper, Orlin Dimitrov and P. Raghavendra Rau (2001), ‘A Rose.com by Any Other Name’ 22. Erik R. Sirri and Peter Tufano (1998), ‘Costly Search and Mutual Fund Flows’ 23. John R. Nofsinger and Richard W. Sias (1999), ‘Herding and Feedback Trading by Institutional and Individual Investors’ 24. Werner F.M. De Bondt and William P. Forbes (1999), ‘Herding in Analyst Earnings Forecasts: Evidence from the United Kingdom’ 25. Ivo Welch (2000), ‘Herding Among Security Analysts’ Name Index

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Book SynopsisThe establishment of the Shanghai Stock Exchange in December 1990 was a landmark in China's institutional transformation. With this in mind, the authors consider the factors relating to institutional change - such as changes in the financial system, the scale and structure of stock market, operational efficiency and the regulatory system of the stock market. During the course of its development the Chinese stock market has experienced speculation, dramatic fluctuations and violations of market regulations of frequent and diverse natures. There is therefore, urgent need for the discussion contained within this volume of best procedure policies for the establishment of a properly ordered and regulated market.The authors assess the operational performance of listed companies, and changes in the external environment such as the impact of China's accession to the WTO on the stock market. The authors find that WTO accession will have a more serious impact on the more heavily protected agricultural sector and on capital-intensive industries such as automobile, instruments, cotton and wheat to name a few. They argue that the fundamental reason for the inefficiency of China's stock market is the weakness of the competitive mechanism leading to imperfect competition and rent-seeking activity. This book will be of great interest to academics and researchers of Asian studies and money and finance. Multinational enterprise managers, as well as brokers, dealers, business economists and others involved in the global financial markets will also find this book of value.Trade Review'Chen and Shih provide the reader with an excellent introduction to, and powerful analysis of, this new market.' -- Yinggang Zhou, Comparative Sociology'The book The Evolution of the Stock Market in China's Transitional Economy by Chien-Hsun Chen and Hui-Tzu Shih offers valuable insights into the evolution and development of the Chinese stock market. The book was written with an important mission in mind - how to develop an efficient financial system that facilitates innovation and spontaneous evolution of the society.' -- Guojun Wu, Journal of Asian Business'Chien-Hsun Chen and Hui-Tzu Shih have produced an informative and insightful study of China's stock market development. In The Evolution of the Stock Market in China's Transitional Economy, the reader will find a straightforward account of the development of China's stock markets that further clarifies the role China's capital markets will play in the country's financial future.' -- Mark T. Fung, The China Business ReviewTable of ContentsContents: Preface 1. Institutional Change and the Stock Market 2. The Scale and Structure of China’s Stock Market 3. Operational Efficiency and Regulatory System of the Chinese Stock Market 4. Operational Performance of Listed Companies 5. The Impact of China’s WTO Accession on the Stock Market 6. Future Trends in the Evolution of China’s Stock Market References Index

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Book SynopsisWhy the Bubble Burst provides a comprehensive look at the most dramatic run-up in equity values in US history. Lawrance Evans takes the reader from theory to empirics, illustrating why we need to go beyond the efficient markets hypothesis and the theory of domestic irrational exuberance to fully unpack the unprecedented phenomenon, why the market was destined for a major decline and why the fallout will be severe and protracted. Quantitative evidence suggests that mutual funds, international portfolio flows, and the decline in the amount of corporate equity outstanding all played an integral role in the stock market boom. These ingredients in the context of a supply and demand based theory of equity price determination indicate that supply and demand forces unrelated to corporate profitability elevated US equity valuations to unsustainable levels. The author's conclusions carry implications for economic theory and policy, retirement security and stock market investments in general. Economists, finance professionals and policymakers will find this volume a unique investigation into the stock market boom and bust.Trade Review'Why the Bubble Burst is a most welcome contribution to our understanding of the causes of the stock market boom and bust during the 1980s to 2000. By providing an excellent empirical investigation and analysis of the stock market boom, Evans gives us a coherent critique of how financial markets work and how they set asset prices during times of speculation. His evidence suggests that to understand the recent speculative nature of the stock market we need to go beyond the existing asset pricing models, that are used widely in finance theory today, and look carefully at alternative theories. Turning to the work of Keynes, Minsky, Galbraith and others, the author develops a more general theory of what determines asset price movements in the stock market. A very impressive and valuable work.' -- Richard Holt, Southern Oregon University, US'Lawrance Evans's Why the Bubble Burst will stand as one of the most incisive and important accounts of the stock market's performance over the last two decades. Offering a broad and coherent evaluation of the major explanations for movements in equity prices, it also provides a remarkably rich empirical analysis that reveals the insufficiencies of these theoretical approaches and affirms the central role of supply and demand in fueling the boom in stocks. Practitioners as well as academics will find information about changes in institutions and portfolios that is both fascinating and supportive of the discussions of market developments.' -- Jane D'Arista, Financial Markets Center, Philomont, US'Lawrance Evans combines lucidity, quantitative rigor, and theoretical originality to explain one of the most pressing and contentious economic questions of our time. Why the Bubble Burst could not be more timely.' -- Robert Pollin, University of Massachusetts, Amherst, USTable of ContentsContents: 1. Towards an Understanding of the Stock Market Bubble 2. Competing Theories of Stock Price Behavior 3. Empirical Approaches to Stock Values 4. Theoretical Approaches to the Stock Market Boom 5. Empirical Analysis I: The Stylized Facts 6. Empirical Analysis II: Formal Econometrics 7. Boom, Bubble and Burst Bibliography Index

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Book SynopsisThe rationale behind how people value and trade stocks is of unparalleled interest to governments, companies and other participants in stock markets. The book focuses on the way in which investors process information and form expectations about future gains. It argues that humans fall short of the perfect information processing required by theory, and that their expectations are based on more than just future company earnings. Karl-Erik Warneryd discusses the psychology of investing, providing detailed coverage of how financial expectations are formed, how complex decisions are made and how emotions and influence from others affect the financial decisions of individuals. Empirical studies featured in the book suggest that many, if not most, stockholders have long-term goals, believe in certain stocks, and make few transactions - behavior which, argues the author, may have a stabilizing influence upon stock prices. As a unique overview of how investors process information and build up expectations of future gains on stocks, this fascinating book will be welcomed by students of, and researchers in, economic psychology and behavioral finance. Stock-Market Psychology will also be invaluable to practitioners of finance who wish to learn more about the psychology behind financial transactions.Trade Review'As usual, Warneryd has carefully made sure that the inter-disciplinary perspective rests upon a solid foundation with respect to the latest research and classical work. . . very stimulating reading. Stock-Market Psychology aims at bridging the gap between researchers in behavioral finance (and economics) and economic-oriented psychologists. . . Apart from providing important analytical tools, the book should stimulate future research and perhaps bring researchers in (behavioral) finance and psychology together in mutual projects on investor behavior.' -- Patric Andersson, Ekonomisk Debatt'Finance has long been dominated by the model of the economic man, the investor who rationally processes expectations and information, then translates this data into asset prices. Within the past decade or so, however, the continued presence of market inefficiencies and stock return anomalies has stimulated the development of a subspecialty known as behavioral finance. This book is a thoughtful and exceptionally well documented examination of this emerging area. . . Though scholarly, the book is not overly technical and is a significant improvement over the many popular books in the area. For graduate students, graduate-educated professionals in banking and finance, and business school professionals.' -- S.P. Ferris, Choice'Stock-Market Psychology gives an excellent overview of the state-of-the-art literature on this subject in the fields of economics, psychology and finance. . . a comprehensive overview of the behavior of investors in the stock market. As such, this book is valuable for the classroom. . . Stock-Market Psychology provides researchers with numerous ideas for future research and readers with useful and fun tips without taking away our hopes of ever becoming rich from investing in stocks. What more is there to ask from a book?' -- Joost M.E. Pennings, Journal of Economic Psychology'George Goodman ('Adam Smith') once wrote, "you can find out who you are by investing in the stock market, but it will be an expensive lesson". It is far smarter and cheaper to read Warneryd's book instead. At a time when global stock markets are driven by emotions and passions, and are highly volatile, Chapter Six will tell you why, far better than a hundred analysts' reports.' -- Shlomo Maital, TIM-Technion Institute of Management and the Samuel Neaman Institute for Advanced Studies in Science and Technology, IsraelTable of ContentsContents: Preface Introduction 1. Efficient Markets and Rational Models of Portfolio Choice 2. Behavioral Considerations in Financial Markets 3. Expectation Formation 4. Decision Making, Uncertainty, and Risk Attitudes 5. Cognitive Bias, (Simple) Heuristics, and Mental Accounts 6. Emotionality, Motivation, Self-Control, and Investment 7. Social Influence 8. Some Behavioral Data on Investors 9. Investor Groups and Market Segements 10. Implications and Some Further Thoughts on Private Investing References Index

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Book SynopsisThis book consists of detailed case studies of foreign direct investment (FDI) in China, India, Ireland, Malaysia, Mexico and Sub-Saharan Africa, providing a critical review of the determinants and impact of FDI on growth and development, employment, technology transfer and trade.The expert contributors examine a range of controversial issues including the contribution of the relatively large volume of FDI in China to its growth, whether India should fully liberalise its FDI regime and the impact of Mexico's membership of NAFTA on the volume of FDI it has attracted. Malaysia's economic policies, which appear to have attracted relatively large volumes of FDI but failed to generate the hoped for transmission of technology and skills are also questioned, along with the role of corruption in limiting the contribution of FDI to achieving social goals in Sub-Saharan Africa. The impressive record of the Irish Republic in attracting and harnessing FDI to development objectives is examined closely and provides a detailed analysis of policies likely to promote efficient utilisation of FDI.Foreign Direct Investment will be of interest to researchers, scholars and practitioners in the areas of international economics and international business - foreign direct investment and multinational enterprises in particular - and development economics.Table of ContentsContents: Foreword by John H. Dunning 1. Introduction 2. Foreign Direct Investment in China 3. Foreign Direct Investment in India 4. Inward Foreign Direct Investment and the Industrial Development of Malaysia 5. Foreign Direct Investment in Mexico 6. Foreign Direct Investment in Ireland 7. Foreign Direct Investment in Sub-Saharan Africa Index

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Book SynopsisThe emergence of a stock market in China only occurred a decade ago and it remains something of an unknown quantity to many observers and traders outside of the country. This book provides an extensive historical and empirical analysis of the Chinese stock-market, the development of which is an integral part of the process of economic modernization that began in China in the late 1970s.The authors address a variety of critical topics to assess the efficiency, predictability and profitability of the Chinese stock-market. They carefully examine the evolution and performance of the market over the past ten years and measure its level of efficiency using an array of empirical studies. The results reveal that not only is the stock market far from efficient but that it has also failed to properly integrate with other regional markets. Thus, the authors propose further reforms which they argue are necessary for the stock market to realize its full potential contribution to the operation of China's financial markets and to its continuing economic development. The stock market in China will undoubtedly grow in importance and international influence during the next ten years. As such, this valuable new book will be required reading for economic researchers, business economists and market analysts, as well as academics with an interest in Chinese business and Asian finance.Trade Review'. . . this book succeeds in its mission of analysing the efficiency, predictability and profitability of the Chinese stock market. It is strongly recommended to scholars. It is additionally recommended to practitioners involved in the market, sharing its prosperity and avoiding the possible risk. This book is also recommended to the students who want to learn the systematic application of econometric modelling to market efficiency analysis.' -- Shiguang Ma, Economic RecordTable of ContentsContents: Preface 1. Introduction 2. An Overview of Chinese Stock Market Development 3. Empirical Studies: A Survey 4. Market Efficiency 5. Profitability and Trading Rules 6. Stock Returns and Market Turnover 7. Greater China Share Markets 8. The Stock Return-Volume Relation and Policy Effects: The Case of the Chinese Energy Sector 9. Summary and Conclusions Bibliography Index

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Book SynopsisForeign investment has surged across emerging markets. This unique comparative study presents the first systematic evidence on the entry mode, business environment and their interrelationships in emerging markets. It integrates strategic management and economic policy analysis, and provides new insights for both business managers and government policymakers. The book investigates foreign direct investment (FDI) strategies in four important emerging economies: Egypt, India, South Africa and Vietnam. These countries liberalized their economies in the 1990s with the intention of attracting greater FDI inflows. This book assesses whether they have been successful in achieving this goal. The authors adopt a comparative perspective, and use a large enterprise survey plus three individual case studies in each country. They investigate the strategies of foreign direct investors, focusing on the relationship between the investment climate, the mode of entry (acquisition, greenfield or joint venture), company performance, and spillovers to the host economy. The book outlines how the interactions between international businesses and the local policy environment influence the entry strategies of firms. Academics and researchers with an interest in international business, emerging markets, economic development and strategic management will find this book informative and insightful.Trade Review'The depth of this study makes the material valuable to a wide variety of users, including scholar/researchers and well as business professionals. . . all audiences stand to learn a great deal from this book.' -- Catherine Sokil-Milnikiwicz, Comparative Economic Studies'[this book's] findings and conclusions are wide-ranging in scope. There is something for everybody with the remotest interest in FDI. . . the book is a stimulating read that both confirms and challenges conventional wisdoms and indicates an exciting future research agenda.' -- Debra Johnson, Transnational Corporations'Saul Estrin and Klaus Meyer have provided a rare study of the motives for foreign direct investment in emerging markets. Their stress on the life-cycle dynamics of the foreign companies and ventures results in an especially useful view on the long-term consequences of investment. In a time when foreign investment is critical to the growth prospects of the developing world, this book offers a grounded analysis leading to cautious but insightful policy advice.' -- Bruce Kogut, INSEAD, France'There is no "one size fits all" approach to foreign investment in emerging markets. As Estrin and Mayer show, designing the right entry approach requires taking into account cross-country differences in the business environment of individual markets as well as firm-specific structures, objectives, and strategies. Combining macro- and microeconomic analysis, this important study is a must-read for researchers, policymakers, and practitioners.' -- Peter Cornelius, Royal Dutch/Shell Group, UKTable of ContentsContents: 1. Investment Strategies in Emerging Markets: An Introduction to the Research Project 2. Foreign Direct Investment in Egypt, India, South Africa and Vietnam: Comparative Empirical Results 3. Foreign Direct Investment in Egypt 4. Egyptian Case Studies 5. Foreign Direct Investment in India 6. Indian Case Studies 7. Foreign Direct Investment in South Africa 8. South African Case Studies 9. Foreign Direct Investment in Vietnam 10. Vietnam Case Studies 11. Conclusions for Management Research 12. Conclusions for Economic Policy Bibliography Index

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Book SynopsisPresenting a thorough analysis of China's outward Foreign Direct Investment (FDI) in the last quarter of a century - something little explored in the literature - this book explores the rationale behind its emergence and development. China's outward FDI exhibits unique features in respect of timing, pace and geographical distribution that defy the existing mainstream theories of FDI. China's Offshore Investments uses the framework of a network model of FDI, which is developed by applying economic norms to ideas of networks in business analysis. This network model has been designed specifically by Dexin Yang for the purpose of theorising the changing pattern of FDI in the era of globalisation in general and interpreting China's FDI in particular.Dexin Yang's analysis reveals that Chinese firms engage in FDI for a variety of networking benefits. Accordingly, the geographical distribution of China's outward FDI reflects the distribution of network benefits required by Chinese firms and the relevant cost saving impacts of obtaining such benefits. As the functioning of networks relies on certain elements particular to market economies, the author argues that the development of China's outward FDI was affected by the progress of marketisation in China. This book is a fine contribution to the body of knowledge on FDI in developing countries and transitional economies. Scholars and researchers interested in the fields of FDI and Multinational Enterprise (MNE) analysis, economic development and the Chinese economy will all find this book of great interest. Policymakers will also find much to engage them within this book.Trade Review'I believe Dr Yang has produced an original and impressive monograph. . . he has most excellently applied a variety of international business related theoretical insights to analysing and evaluating one of the most significant evolving events of the globalising economy of the first decade of the 21st century. This book deserves to be widely read and carefully studies by IB scholars, by business practitioner, and by government advisory policymakers.' -- From the preface by John H. DunningTable of ContentsContents: Preface by John H. Dunning 1. Introduction Part I: China’s Outward FDI and Theoretical Issues 2. Emergence and Development of China’s Outward FDI 3. Theories of Foreign Direct Investment 4. Theoretical Issues Raised by China’s Outward Investment Part II: A Network Model and its Application to FDI 5. Networks and Foreign Direct Investment: An Overview 6. A Network Model of Foreign Direct Investment Part III: China’s Outward FDI: A Descriptive Analysis 7. Economic Transition and Outward FDI 8. Economic Development and Outward FDI 9. Geographical Distribution of Outward FDI Part IV: Conclusion 10. Networking and China’s Outward FDI Bibliography Index

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Book SynopsisThis book provides authoritative academic and professional insights into the effects of foreign direct investment (FDI) on home and host countries. It highlights global trends and patterns, and explores related policy challenges all with a special focus on the countries in Central, Eastern and South-Eastern Europe.The book cuts through the existing data fog by offering a wide range of up-to-date academic findings and institutional expertise. Those findings are rounded off with lessons to be learned from historical developments (Ireland's success story), an evaluation of current trends (the role of China) and an investment promotion agency policy for attracting sustainable investment (CzechInvest). Contributions made by central bank officials, institutional representatives, members of academia and professionals provide for a uniquely complementary view on FDI developments and their implications.At a time of big changes in the FDI landscape, this book offers both empirical and econometric evidence on foreign direct investment and will be of great interest to economists and other experts in the fields of economic policy and European integration from central, commercial and investment banks, governments, international organizations, universities and research institutes. The special focus on FDI will attract those interested in, or directly involved in tackling the challenges of attracting sustainable investment or investing successfully abroad.Table of ContentsContents: Preface Policy Challenges of FDI The Changing Landscape of FDI in Europe Klaus Liebscher FDI: A Driver for and a Result of Private Sector Development Manfred Schepers The Contribution of Taxation to European Competitiveness, Growth and Employment László Kovács Who Bears the Risk of FDI Financing? Selected Views of the EIB Ivan Pilip Finance in Transition: Banks at the Vanguard of Foreign Direct Investors Erik Berglöf and Samuel Fankhauser Economic and Monetary Challenges of Euro Area Enlargement Jürgen Stark A Special Academic Perspective on FDI Measuring the Impacts of FDI in Central and Eastern Europe Robert E. Lipsey PART I: HOME AND HOST COUNTRY EFFECTS OF FDI 1. The Role of FDI in Transition Josef Christl 2. Foreign Direct Investment Spillovers in Emerging Market Economies Yuriy Gorodnichenko, Jan Svejnar and Katherine Terrell 3. The Role of FDI in Eastern Europe and New Independent States: New Channels for the Spillover Effect Irina Tytell and Ksenia Yudaeva 4. Blessing or Curse? An Industry-level Analysis of FDI Effects on Productivity and Wages in CEECs Jesús Crespo Cuaresma, Carmen Fillat Castejón, Maria Antoinette Silgoner and Julia Woerz 5. How do FDI Inflows Affect the Productivity of Domestic Firms? The Role of Horizontal and Vertical Spillovers, Absorptive Capacity and Competition Marcin Kolasa 6. Home Country Spillovers of FDI: Some Results and Discussion of Estimation Issues Priit Vahter and Jaan Masso 7. Effects of FDI on Industry Structure: A Host Country Perspective Katja Zajc Kejžar PART II: WHERE IS FDI GOING? GLOBAL TRENDS AND PATTERNS 8. Why FDI? Re-inventing Economic Geography in Times of Globalization Peter Mooslechner 9. Recent FDI Trends: Implications for Investment Policy Blanka Kalinova 10. Trends in FDI: The Austrian Perspective René Dell’mour 11. Is China’s FDI Coming at the Expense of Other Countries? Barry Eichengreen and Hui Tong 12. FDI in Services: Recent Developments and Prospects in Europe Arjan Lejour 13. Outward FDI from New European Union Member States Marjan Svetličič and Andreja Jaklič PART III: HOW TO ATTRACT SUSTAINABLE INVESTMENT: THEORY AND PRACTICE 14. The Determinants of FDI in Central, Eastern and South-Eastern Europe: Lessons from the Past and Prospects for the Future Laura Resmini 15. How to Make FDI in Central and Eastern European Countries Sustainable Christian Bellak and Markus Leibrecht 16. Does FDI Help Development? The Good, the Bad, the Surprising and the Mistaken. Policy Issues for Developed Countries, Developing Countries and Multilateral Lending Institutions Theodore H. Moran 17. The Most FDI-intensive Economy in Europe: Analysis of the Irish Experience and Current Policy Issues Frank Barry 18. Attracting Sustainable FDI and Building a Knowledge-based Economy: The Case of CzechInvest Jakub Mikulasek Index

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Book SynopsisThe stock market globalization process has produced historic changes in the structure of stock markets, the effects of which are evident throughout the world. Despite these transformations, there are relatively few sources examining the connections between the globalization process currently under way and previous periods of stock market globalization. This seminal volume fills that gap. The chapters in the first section examine previous globalization periods through the lens of the corporate economy, valuing equities and managed funds. Further chapters address current issues such as the social closure of the exchange, demutualization and mergers and acquisitions as well as cross-listing and liquidity. The final chapters consider the regulatory challenges posed by stock market globalization. These include the pressures on regulators from rent-seeking stock market participants, the demise of exchange trading floors and Latin America's stock market. Timely, multi-disciplinary and practical, this informative Handbook will be an essential reference for students and scholars of economics, finance and accounting, finance professionals and security market regulators. Contributors include: Y. Cassis, A. de la Torre, M. Geranio, I. Hasan, D.J. Harty, E. Hutson, J. Markham, R. Michie, G. Poitras, A. Preda, J. Rutterford, S. Schmukler, H. Schmiedel, L. Song, G. ZanottiTable of ContentsContents: Prologue: Events from February to July 2011 Introduction: Stock Market Globalization, Past and Present Geoffrey Poitras PART I: HISTORICAL PERSPECTIVES ON STOCK MARKET GLOBALIZATION 1. Capitals of Capital Youssef Cassis 2. The Stock Market and the Corporate Economy: A Historical Overview Ranald Michie 3. From the Renaissance Exchanges to Cyberspace: A History of Stock Market Globalization Geoffrey Poitras 4. Valuing Equities in the UK and the US: Fashions and Trends Janette Rutterford 5. The Evolution of the Managed Funds Industry: Investment Trusts in Nineteenth-century Britain Elaine Hutson PART II: STUDIES OF CURRENT STOCK MARKET GLOBALIZATION 6. The Social Closure of the Stock Exchange Alexandru Preda 7. Demutualization and the Globalization of Stock Markets Giovanna Zanotti 8. How Stock Exchange Mergers and Acquisitions Affect Competitors’ Shareholder Value: Global Evidence Iftekhar Hasan, Heiko Schmiedel and Liang Song 9. Cross-listing and the Evolution of Global Stock Market Liquidity Manuela Geranio PART III: EVALUATING STOCK MARKET GLOBALIZATION 10. Latin American Stock Markets: Recent History and Prospects Augusto de la Torre and Sergio L. Schmukler 11. What Happened on 6 May 2010? Anatomy of the Flash Crash Geoffrey Poitras 12. The Impact of Electronic Communication Networks on Exchange Trading Floors and Derivatives Regulation Jerry W. Markham and Daniel J. Harty Index

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Book SynopsisUsing detailed case studies of the first nine mainland Chinese companies to be listed on the Hong Kong stock exchange (1993-94), Alice de Jonge examines the evolution of corporate governance law and culture in China's H-share market. A story emerges not of tensions between ideas of corporate governance from two different legal systems - Hong Kong vs. mainland Chinese - nor about legal convergence as China adopts concepts from Anglo-American jurisdictions. Rather, it is a story of individual firms being pragmatic in mediating the different agendas of state-agencies that own or control them.Corporate Governance and China's H-Share Market looks at corporate governance in a cross-border context is unique in providing a detailed understanding of China's H-share market reveals why a beer company was the first ever Chinese firm to be listed overseas. This fascinating work will appeal to postgraduate students and scholars of corporate governance, Asian law and legal systems and Asian business, as well as Chinese scholars more generally. Professionals such as law practitioners working in Chinese law will also find the book of interest.Table of ContentsContents: Preface 1. Introduction: Legal Transplants, Convergence and Regionalism in Chinese Corporate Law Reform 2. Birth Pangs of a Market: Creation and Development of China’s Cross-Border Share Markets 3. Securities, Regulatory Authorities and H-Share Enterprises 4. Internal Governance Structures Within the H-Share Firm: Solving Agency Problems in a Cross-Border Environment 5. Nine Case Studies: The Story of Nine Vanguard Firms in China’s H-Share Market 6. Market Efficiency in a Chinese Context Conclusion Bibliography Index

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Book SynopsisThe goal of this Handbook on UCITS is to provide a one-stop source for investors and asset managers, service providers, students, researchers, and practitioners to learn the necessary knowledge and analytical skills they need when setting up, managing and monitoring a UCITS fund. This handbook intends to introduce systematically recent developments in different areas of UCITS through a multi-disciplinary approach. The coverage is broad and thorough with a balance of theory and applications. Each chapter covering a special aspect of UCITS is edited by leading experts and practitioners in the area and covers state-of-the-art methods and theory of the selected topic. The purpose of this UCITS handbook is to provide, in a clear format, a summary of the main aspects of each discipline that UCITS involves. Contents 1. Setting up a UCITS Fund, Jerome Wigny and Celine Wilmet. 2. UCITS Management Companies, Jerome Wigny and Celine Wilmet. 3. Risk Management in the Context of UCITS IV, Thierry López and Benjamin Gauthier. 4. Counterparty, Issuer and Concentration Risk Management for UCITS funds, Romain Berry. 5. UCITS – The Investment Limits, Andrew P. White. 6. UCITS Distribution, Mark Evans. 7. The UCITS Management Company and Delegation, Killian Buckley and Ciara O’Sullivan. 8. UCITS Taxation, Andre Pesch. 9. Alternative UCITS, Christian Szylar.

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Book SynopsisThis two-volume set brings together in one accessible reference source many of the key articles in the field of accounting and investment management which have been published over the past half century. The first volume investigates the role of accountants and analysts as financial intermediaries, the measurement of corporate earnings and profitability and equity valuation. The second volume examines price-earnings ratios, market-to-book ratios, earnings and fundamental analysis in relation to stock returns.Professor De Bondt has written an original introduction which sets these papers in context and offers a comprehensive overview of this crucial area of study.Table of ContentsContents: Volume I Acknowledgements Introduction Werner de Bondt PART I ACCOUNTANTS AND ANALYSTS AS FINANCIAL INTERMEDIARIES 1. Howard C. Greer (1964), ‘The Corporation Stockholder – Accounting’s Forgotten Man’ 2. Ray Ball and Philip Brown (1968), ‘An Empirical Evaluation of Accounting Income Numbers’ 3. Paul Asquith, Michael B. Mikhail and Andrea S. Au (2005), ‘Information Content of Equity Analyst Reports’ 4. Gus de Franco, Hai Lu and Florin P. Vasvari (2007), ‘Wealth Transfer Effects of Analysts’ Misleading Behavior’ PART II MEASURING CORPORATE EARNINGS AND PROFITABILITY 5. Joel S. Dean (1951), ‘Measurement of Profits for Executive Decisions’ 6. Ross L. Watts and Jerold L. Zimmerman (1979), ‘The Demand for and Supply of Accounting Theories: The Market for Excuses’ 7. Franklin M. Fisher and John J. McGowan (1983), ‘On the Misuse of Accounting Rates of Return to Infer Monopoly Profits’ 8. Richard P. Brief and Raef A. Lawson (1992), ‘The Role of the Accounting Rate of Return in Financial Statement Analysis’ 9. Katherine Schipper and Linda Vincent (2003), ‘Earnings Quality’ 10. Mihir A. Desai (2005), ‘The Degradation of Reported Corporate Profits’ 11. Dan Givoly and Carla Hayn (2000), ‘The Changing Time-Series Properties of Earnings, Cash Flows and Accruals: Has Financial Reporting Become More Conservative?’ 12. Myungsun Kim and William Kross (2005), ‘The Ability of Earnings to Predict Future Operating Cash Flows Has Been Increasing – Not Decreasing’ 13. Ashiq Ali and Lee-Seok Hwang (2000), ‘Country-Specific Factors Related to Financial Reporting and the Value Relevance of Accounting Data’ PART III FINANCIAL RATIOS, THE RISK OF FAILURE AND STOCK RETURNS 14. James O. Horrigan (1968), ‘A Short History of Financial Ratio Analysis’ 15. William H. Beaver (1966), ‘Financial Ratios as Predictors of Failure’ 16. James A. Ohlson (1980), ‘Financial Ratios and the Probabilistic Prediction of Bankruptcy’ 17. Ilia D. Dichev (1998), ‘Is the Risk of Bankruptcy a Systematic Risk?’ 18. John M. Griffin and Michael L. Lemmon (2002), ‘Book-to-Market Equity, Distress Risk, and Stock Returns’ PART IV EQUITY VALUATION 19. Burton G. Malkiel (1963), ‘Equity Yields, Growth, and the Structure of Share Prices’ 20. Richard Frankel and Charles M.C. Lee (1998), ‘Accounting Valuation, Market Expectation, and Cross-sectional Stock Returns’ 21. Patricia M. Dechow, Amy P. Hutton and Richard G. Sloan (1999), ‘An Empirical Assessment of the Residual Valuation Income Model’ 22. David Aboody and Baruch Lev (1998), ‘The Value Relevance of Intangibles: The Case of Software Capitalization’ 23. Louis K.C. Chan, Josef Lakonishok and Theodore Sougiannis (2001), ‘The Stock Market Valuation of Research and Development Expenditures’ 24. Peter Joos and George A. Plesko (2005), ‘Valuing Loss Firms’ Name Index Volume II Acknowledgements An introduction by the editor to both volumes appears in Volume I PART I PRICE-EARNINGS RATIOS, MARKET-TO-BOOK RATIOS AND STOCK RETURNS 1. S. Basu (1977), ‘Investment Performance of Common Stocks in Relation to their Price-Earnings Ratios: A Test of the Efficient Markets Hypothesis’ 2. William Beaver and Dale Morse (1978), ‘What Determines Price-Earnings Ratios?’ 3. Paul Zarowin (1990), ‘What Determines Earnings-Price Ratios: Revisited’ 4. Patricia M. Fairfield (1994), ‘P/E, P/B and the Present Value of Future Dividends’ 5. Jing Liu, Doron Nissim and Jacob Thomas (2002), ‘Equity Valuation Using Multiples’ PART II EARNINGS AND STOCK RETURNS 6. Robert S. Kaplan and Richard Roll (1972), ‘Investor Evaluation of Accounting Information: Some Empirical Evidence’ 7. Victor L. Bernard and Jacob K. Thomas (1990), ‘Evidence that Stock Prices do not Fully Reflect the Implications of Current Earnings for Future Earnings’ 8. Richard G. Sloan (1996), ‘Do Stock Prices Fully Reflect Information in Accruals and Cash Flows About Future Earnings?’ 9. Mark L. DeFond and Chul W. Park (2001), ‘The Reversal of Abnormal Accruals and the Market Valuation of Earnings Surprises’ 10. Scott A. Richardson, Richard G. Sloan, Mark T. Soliman and Irem Tuna (2005), ‘Accrual Reliability, Earnings Persistence and Stock Prices’ 11. John A. Elliott and J. Douglas Hanna (1996), ‘Repeated Accounting Write-Offs and the Information Content of Earnings’ PART III FUNDAMENTAL ANALYSIS AND STOCK RETURNS 12. Walt McKibben (1972), ‘Econometric Forecasting of Common Stock Investment Returns: A New Methodology Using Fundamental Operating Data’ 13. Jane A. Ou and Stephen H. Penman (1989), ‘Financial Statement Analysis and the Prediction of Stock Returns’ 14. Robert W. Holthausen and David F. Larcker (1992), ‘The Prediction of Stock Returns Using Financial Statement Information’ 15. Stephen H. Penman (1992), ‘Financial Statement Information and the Pricing of Earnings Changes’ 16. Baruch Lev and S. Ramu Thiagarajan (1993), ‘Fundamental Information Analysis’ 17. Jeffery S. Abarbanell and Brian J. Bushee (1997), ‘Fundamental Analysis, Future Earnings, and Stock Prices’ 18. Jeffery S. Abarbanell and Brian J. Bushee (1998), ‘Abnormal Returns to a Fundamental Analysis Strategy’ 19. Joseph D. Piotroski (2000), ‘Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers’ Name Index

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Book SynopsisThis unique Handbook explores both the economics of the firm and the theory of the firm, two areas which are traditionally treated separately in the literature. On the one hand, the former refers to the structure, organization and boundaries of the firm, while the latter is devoted to the analysis of behaviors and strategies in particular market contexts. The novel concept underpinning this authoritative volume is that these two areas closely interact, and that a framework must be articulated in order to illustrate how linkages can be created. This interpretative framework is comprehensively developed in the editors' introduction, and the expert contributors - more than fifty academics of renowned authority - further elaborate on the linkages in the seven comprehensive sections that follow, encompassing: background; equilibrium and new institutional theories; the multinational firm; dynamic approaches to the firm; modern issues; firms' strategies; and economic policy and the firm. Bridging economics and theory of the firm, and providing both technical and institutional perspectives on real corporations, this path-breaking Handbook will prove an invaluable resource for academics, researchers and students in the fields of economics, heterodox economics, business and management, and industrial organization. Contributors: Z.J. Acs, M. Aglietta, C. Antonelli, M.C. Becker, M. Bellandi, M.H. Best, H. Bo, J.J. Bouma, H. Bouthinon-Dumas, T. Buchmann, R. Carter, M. Casson, C. Cezanne, M. Cloodt, A. Coad, A. Colombelli, A. Correlje, L. De Propris, M. Dietrich, C. Driver, S.P. Dunn, P.E. Earl, N.J. Foss, M. Fransman, J.-L. Gaffard, J. Groenewegen, S. Guillou, J. Hagedoorn, G. Hanappi, G.M. Hodgson, W. Holzl, G. Ietto-Gillies, A. Jolink, T. Knudsen, J. Krafft, W. Lazonick, S. Lechevalier, B.J. Loasby, F. Marty, L. Nesta, E. Niesten, B. Nooteboom, U. Pagano, P.P. Patrucco, A. Pyka, F. Quatraro, J.-L. Ravix, A. Reberioux, A. Reinstaller, E. Salies, P.P. Saviotti, N. Stieglitz, M. Teubal, S. Toms, N. Wadeson, O. Weinstein, J.F. WilsonTable of ContentsContents: Preface PART I: INTRODUCTION 1. The Economics and Theory of the Firm Michael Dietrich and Jackie Krafft PART II: BACKGROUND 2. The Obscure Firm in the Wealth of Nations Michael H. Best 3. Marx Ugo Pagano 4. Alfred Marshall and the Marshallian Theory of the Firm Jacques-Laurent Ravix 5. Veblen, Commons and the Theory of the Firm Geoffrey M. Hodgson 6. Schumpeter Gerhard Hanappi 7. Berle and Means Cécile Cézanne 8. John Kenneth Galbraith and the Theory of the Firm Stephen P. Dunn 9. Managerial Theories: Baumol and Marris Olivier Weinstein 10. Behavioural Theory Peter E. Earl PART III: EQUILIBRIUM AND NEW INSTITUTIONAL THEORIES 11. Agency Theory, Corporate Governance and Finance Hong Bo and Ciaran Driver 12. Hybrid Governance Albert Jolink and Eva Niesten 13. Transaction Cost Empirical Work Richard Carter PART IV: THE MULTINATIONAL FIRM 14. The Multinational Firm: Characteristics, Activities and Explanations in Historical Context Grazia Ietto-Gillies 15. Internationalization Theory Mark Casson and Nigel Wadeson 16. The Japanese Firm: From the Analysis of a Model to the Understanding of its Increasing Heterogeneity Sébastien Lechevalier 17. The European Firm Alessandra Colombelli and Francesco Quatraro PART V: DYNAMIC APPROACHES TO THE FIRM 18. Edith Penrose and George Richardson Brian J. Loasby 19. Nelson and Winter Revisited Markus C. Becker and Thorbjørn Knudsen 20. Modern Resource-based Theory(ies) Nicolai J. Foss and Nils Stieglitz 21. Cognitive Theory of the Firm: A Pragmatic Perspective Bart Nooteboom PART VI: MODERN ISSUES 22. Revisiting Chandler on the Theory of the Firm Steven Toms and John F. Wilson 23. Financialization and the Firm Michel Aglietta and Antoine Rebérioux 24. Firm Growth: Empirical Analysis Alex Coad and Werner Hölzl 25. Corporate Governance, Innovative Enterprise, and Executive Pay William Lazonick 26. Innovative Platforms, Complexity and the Knowledge-Intensive Firm Pier Paolo Patrucco 27. Small Firms and Industrial Districts Marco Bellandi and Lisa De Propris PART VII: FIRM STRATEGIES 28. Mergers and Acquisitions and Firm Performance Myriam Cloodt and John Hagedoorn 29. R&D and the Firm Pier Paolo Saviotti 30. Creating Novelty through Vertical Relationships between Groups of Complementary Players Martin Fransman 31. Product Innovation when Consumers have Switching Costs Evens Salies 32. Modularity and its Implications for the Theory of the Firm Andreas Reinstaller 33. Innovation Networks Tobias Buchmann and Andreas Pyka PART VIII: ECONOMIC POLICY AND THE FIRM 34. Cartel and Monopoly Policy Hugues Bouthinon-Dumas and Frédéric Marty 35. R&D and Industrial Policy: Policies to Coordinate Investments in Research under Radical Uncertainty Jean-Luc Gaffard, Sarah Guillou and Lionel Nesta 36. Public Policy in an Entrepreneurial Society Zoltan J. Acs 37. The Regulated Firm in Liberalized Network Industries Aad Correljé, John Groenewegen and Jan Jaap Bouma 38. From the Corporation to Venture Capitalism: New Surrogate Markets for Knowledge and Innovation-led Economic Growth Cristiano Antonelli and Morris Teubal Index

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