Investment and securities Books

Book SynopsisThis volume presents a collection of the most important published articles in the field, including influential papers by key economists on terms of primary products, commodity price instability, stabilization programmes, trade shocks, futures markets and sectoral studies.The Economics of Commodity Markets will be an essential reference guide for students and researchers specializing in international trade and development.Table of ContentsContents: Acknowledgements • Introduction Part I: Terms of Trade of Primary Products 1. R. Prebisch (1950), The Economic Development of Latin America and its Principal Problems 2. H.W. Singer (1950), ‘The Distribution of Gains Between Investing and Borrowing Countries’ 3. John Spraos (1980), ‘The Statistical Debate on the Net Barter Terms of Trade Between Primary Commodities and Manufactures’ 4. D. Sapsford (1985), ‘The Statistical Debate on the Net Barter Terms of Trade Between Primary Commodities and Manufactures: A Comment and Some Additional Evidence’ 5. Enzo R. Grilli and Maw Cheng Yang (1988), ‘Primary Commodity Prices, Manufactured Goods Prices, and the Terms of Trade of Developing Countries: What the Long Run Shows’ 6. Pier Giorgio Ardeni and Brian Wright (1992), ‘The Prebisch-Singer Hypothesis: A Reappraisal Independent of Stationarity Hypotheses’ 7. Michael Bleaney and David Greenaway (1993), ‘Long-run Trends in the Relative Price of Primary Commodities and in the Terms of Trade of Developing Countries’ Part II: Commodity Price Instability 8. Alasdair I. Macbean (1966), ‘The Prima Facie Case’ 9. Robert S. Pindyck and Julio J. Rotemberg (1990), ‘The Excess Co-Movement of Commodity Prices’ 10. Angus Deaton and Guy Laroque (1992), ‘On the Behaviour of Commodity Prices’ 11. Alfred Maizels (1992), ‘The Commodity Price Collapse of the 1980s’ and The Impact on the Developing Countries’ 12. S.J. Leybourne, T.A. Lloyd and G.V. Reed (1994), ‘The Excess Co-movement of Commodity Prices Revisited’ Part III: Stabilization Programmes 13. J.M. Keynes (1938), ‘The Policy of Government Storage of Food-Stuffs and Raw Materials’ 14. Richard Just, Ernst Lutz, Andrew Schmitz and Stephen Turnovsky (1978), ‘The Distribution of Welfare Gains from Price Stabilization: An International Perspective’ 15. David M.G. Newbery and Joseph E. Stiglitz (1981), ‘Summary of Findings’ 16. S.M. Ravi Kanbur (1984), ‘How to Analyse Commodity Price Stabilisation? A Review Article’ 17. Christopher L. Gilbert (1996), ‘International Commodity Agreements: An Obituary Notice’ 18. Brian D. Wright and Jeffrey C. Williams (1982), ‘The Economic Role of Commodity Storage’ Part IV: Trade Shocks 19. W.M. Corden (1984), ‘Booming Sector and Dutch Disease Economics: Survey and Consolidation’ 20. Wilfred Beckerman and Tim Jenkinson (1986), ‘What Stopped the Inflation? Unemployment or Commodity Prices?’ 21. Christopher L. Gilbert (1990), ‘Primary Commodity Prices and Inflation’ 22. David Bevan, Paul Collier and Jan Willem Gunning (1993), ‘Trade Shocks in Developing Countries: Consequences and Policy Responses’ Part V: Futures Markets 23. Ronald I. McKinnon (1967), ‘Futures Markets, Buffer Stocks, and Income Stability for Primary Producers’ 24. Christopher L. Gilbert (1985), ‘Futures Trading and the Welfare Evaluation of Commodity Price Stabilisation’ 25. Gordon Gemmill (1985), ‘Forward Contracts or International Buffer Stocks? A Study of their Relative Efficiencies in Stabilising Commodity Export Earnings’ Part VI: Sectoral Studies 26. Takamasa Akiyama and Panayotis N. Varangis (1990), ‘The Impact of the International Coffee Agreement on Producing Countries’ 27. Ronald W. Anderson and Christopher L. Gilbert (1988), ‘Commodity Agreements and Commodity Markets: Lessons from Tin’ 28. Brent Borrell and Ronald C. Duncan (1992), ‘A Survey of the Costs of World Sugar Policies’ 29. Kees Burger and Hidde P. Smit (1989), ‘Long-Term and Short-Term Analysis of the Natural Rubber Market’ 30. Ke-Young Chu and Thomas K. Morrison (1984), ‘The 1981-82 Recession and Non-Oil Primary Commodity Prices’ 31. Walter C. Labys (1975), ‘Introduction: A Taxonomy of Commodity Models and Their Policy Applications’ Name Index

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Book SynopsisThe role of the stock market in the recent global financial crisis has led many to question the way in which the modern international financial system operates. This highly topical book offers important insights into the stock market, contrasting the speculative explanation of stock market fluctuations with the conventional efficient markets hypothesis.After summarising economists' views on stock market behavior from the classical period to the present day, the authors focus on two particular explanations of stock price fluctuations. They examine in detail the mainstream neo-classical theory with its emphasis on the efficient markets hypothesis. They then compare this with the theories of Veblen, Galbraith and Keynes who consider markets as being inherently prone to speculation and crisis, in contrast to the neo-classical approach which largely ignores the instability of stock markets and particularly the crashes that have recently occurred. The authors go on to develop a speculative model to account for stock market fluctuations which provides a useful and realistic explanation of how stock price expectations are formed.This book will be welcomed by bankers, financial and monetary economists, historians of economic thought and all those interested in the causes of the recent market crashes.Trade Review'This book provides a welcome and sobering counterpoint to the increasingly popular view that stocks are the safest asset for the long run investor, by demonstrating the challenge to the dominant rational markets paradigm that is posed by behavioral and speculative theories of asset markets.' -- Michael J. Brennan, University of California, Los Angeles, USTable of ContentsContents: Preface The New Bull: Will the Market still Fluctuate? 1. Introduction: Economists On (and In) the Stock Market 2. The Stock Market: Structure, Performance and Character 3. Neo-classical Economists on Rational Markets and Speculation 4. Stock Markets in Veblen’s Theory of Business Enterprise 5. Keynes on Speculative Stock Markets 6. Galbraith’s Model of Speculative Stock Markets 7. Recent Developments in Speculative Markets Theory: Fads, Fashions and ‘Rational’ Bubbles 8. Current Prospects for Speculative Markets Theory Bibliography Index

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Book SynopsisThis innovative book analyses the role and importance of investment in knowledge and fixed capital as two distinct sources of technological change. It provides a balance to most of the recent literature on technological change, which focuses almost exclusively on R&D and intangible investment in innovation and technological assets. The author shows how innovative investment in fixed capital still represents a central part of innovation in firms.The book begins by reviewing the major economic approaches to technology and innovation. It discusses the progressive shift from capital (embodied) investment to disembodied investment including R&D and design. Using one of the most extensive data sources, Rinaldo Evangelista empirically tests whether disembodied technological activities are more important than traditional investment in productive capital. Perhaps surprisingly, the evidence suggests that fixed productive capital emerges as the most relevant and widespread source of investment in innovation across firms and industrial sectors. The author concludes that even in high-tech industries embodied and disembodied technological activities are complementary rather than substitutive.This book will be welcomed by those interested in technological and innovation studies, industrial organization and business strategy.Trade Review'This book explores the circular relations between innovation and investments; in doing so it provides a new original bridge between the classical and post Keynesian traditions of analysis of investment and the neo-Schumpeterian approach to the knowledge based economy.'Table of ContentsContents: Introduction Part I: Investment in Knowledge and Machinery: Theory and Perspectives 1. Disembodied and Embodied Technological Change 2. Disembodied and Embodied Perspectives on Technological Change in the Economic Literature 3. Disembodied and Embodied Technological Change in the Innovation Literature 4. Embodied and Disembodied Perspectives on the Relationship Between Technological Change, Firm Size and Market Structure 5. Towards an Integrated Perspective on Technological Change and Industrial Structure Part II: Evidence from the Italian Industry 6. An Overview of Innovation Activities in Manufacturing and Services 7. Embodied and Disembodied Innovation Strategies and the Production Structure of Firms 8. Innovation Strategies and the Productive Structure of Firms 9. Innovative Patterns and Technological Regimes of Production 10. Embodied and Disembodied Patterns of Technological Change and Production Structure 11. Conclusions and Policy Implications Bibliography Index

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Book SynopsisThis in-depth analysis of direct investment in transition economies provides not only original insights for economic policy in Central and Eastern Europe, but challenges some of the theoretical foundations of the multinational firm.Foreign investment is important in promoting economic growth and development, and this book examines the determinants of foreign direct investment under the unique conditions of the transition from central planning to market economies. It begins by reviewing the business environment and the conditions facing foreign investors, and assessing the existing statistical and qualitative evidence. Dr Meyer then analyses the theoretical literature and extends this in an empirical analysis investigating the investment decision of firms entering Central and Eastern Europe. The book also critically examines transaction cost theory and the theory of the multinational firm under the special conditions of economic transition. It points to a reorientation of international business research which will need to focus on firms as organizations rather than firms as substitutes for imperfect markets. Direct Investment in Economies in Transition will be essential reading for students and scholars of international business and transition economics. It will provide valuable insights for policymakers within the region about the forces driving foreign investment.Trade Review'. . . I found this to be an interesting and informative book, whose analysis should be of interest to all economics and international business researchers concerned with the problems of direct foreign investment in post-communist economies. It represents a contribution to the economics of transition literature, both from theoretical and empirical points of view.'Table of ContentsContents: 1. Introduction 2. Direct Foreign Investment in Central and Eastern Europe 3. Determinants of Direct Investment: A Review of the Literature 4. Transaction Cost Analysis of Direct Foreign Investment 5. The Enterprise Survey 6. The Determinants of West–East Business 7. Determinants of Direct Investment: Testing Transaction Cost Theory 8. Form of Ownership and Mode of Entry 9. Conclusions Bibliography Index

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Book SynopsisTaiwanese foreign direct investment rapidly expanded in the mid-1980s when the domestic wage rate and the value of the Taiwanese currency skyrocketed simultaneously. Losing their competitive edge at home, many Taiwanese firms relocated to lower wage countries; mainly Southeast Asia and China.Taiwanese Firms in Southeast Asia provides a comprehensive review of Taiwan's direct investment in Southeast Asia, including Indonesia, Malaysia, Thailand, the Philippines and Vietnam. It also explores the motivation behind investment in Asia, Europe and the US. In most countries, incidence of foreign direct investment is positively correlated with firm size. However, in Taiwanese firms, the opposite is true. The book examines the reasons for this and assesses the difference in practice between small and large firms conducting foreign direct investment, focusing on the manufacturing sector. The book also includes an original, comprehensive survey and a series of interviews with Taiwanese parent firms and their subsidiaries in Southeast Asia. The authors conclude that networking underscores the core competitiveness of Taiwanese firms and when these firms invest abroad, they attempt to maintain a close connection with domestic networks to retain competitiveness and flexibility. However, they will have difficulty in sustaining this in the long-term because co-ordination of production across national borders requires intensive input of managerial resources which are scarce among Taiwanese firms. In the long-term, they have to localize and integrate themselves into the local networks.The book is a result of joint research efforts by Taiwanese, American and Southeast Asian scholars and will be required reading for students and scholars of economies in Southeast Asia, international business, Asian studies and multinational enterprise.Trade Review'Rather one of the merits of this book is that it brings up numerous issues calling for further research. This work has opened the way and set down a solid foundation for future research, for which I would like to express to the contributors of this study my fullest approval and gratitude.'Table of ContentsContents: Preface 1. Introduction 2. FDI by Small and Medium-Sized Enterprises in Developed Countries 3. FDI by Small and Medium-Sized Enterprises from Taiwan 4. Economic Effects of Taiwanese FDI on Host Countries 5. Noneconomic Elements of Taiwan’s Foreign Direct Investment 6. Taiwanese Investment in Indonesia 7. Taiwanese Investment in Malaysia 8. Taiwanese Investment in Thailand 9. Taiwanese Investment in the Philippines 10. Taiwanese Investment in Vietnam 11. Conclusions Bibliography Index

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Book SynopsisThis book is an authoritative collection of the most important published articles on key issues in securities markets including market design, the sources of the bid ask spread, and the short term movement of prices. The articles trace the development of this relatively new field of market microstructure while at the same time reflecting the latest ideas. At a time when securities markets are undergoing dramatic change, this two volume set provides important guidance to students, users and regulators of securities markets.Table of ContentsContents: Volume I: Introduction Part I: Beginnings Part II: Microstructure Theory Without Asymmetric Information Part III: Microstructure Theory With Asymmetric Information Part IV: Patterns of Short-Run Price Behavior Part V: Evidence on the Bid Ask Spread and its Sources Index • Volume II: Part I: Price Impacts of Trading Part II: Theory of Market Design Part III: Evidence on Market Design and Trading Costs Part IV: Other Markets Part V: Market Microstructure and Asset Pricing Index

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Book SynopsisFutures markets undergo perpetual change, influenced by and in turn influencing the flux of the world economy, trade balances and the nature of trading itself. A.G. Malliaris has been a pioneer in the analysis of futures markets, and this definitive selection of his work in the area provides a comprehensive analysis of the field.The book is unique in the literature of futures markets because of three distinct features: a comprehensive survey of the field, an exposition of several methodologies, and a detailed presentation of important research topics. These topics include the behaviour of futures prices, relationships between agricultural prices, random walks versus chaotic dynamics, an analysis of hedge ratios for financial futures and the determinants of price volatility. The final section offers important research questions for both agricultural and financial futures. Jerome Stein provides a forward to the volume.This significant collection presents a detailed guide to the subject of futures markets and will be an essential companion for students, researchers and practitioners.Table of ContentsContents: Foreword by Jerome L. Stein Preface Part I: Overview Part II: Methods Part III: Agricultural Futures Part IV: Financial Futures Part V: Conclusions Index

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Book SynopsisThe amount of physical matter in the world is fixed and improvements to people's material circumstances are only created by their ability to reconfigure this matter. What distinguishes labour, and subsequently what allows for differing increments of value, are our capabilities, skills and understandings. In addition, the way society synchronises these individual talents and pieces of knowledge is significant.This innovative book sheds new light on the emerging confluence between labour and industrial economics: the view that labour as capital is the dominant factor of production. This factor is commonly embraced under the term intangible capital. This book examines the process by which firms accumulate intangible capital assets using a post-Keynesian perspective. It will be of interest to labour and industrial economists, especially those who favour post-Keynesian and Kaleckian economic thought.Trade Review'I had the privilege and pleasure of supervising the Ph.D. dissertation from which the present book originated. Its author, Beth Webster, was independent, critical in a positive way and original. She acquired a most thorough knowledge and mastery of the relevant literature. She recognized early on the growing importance, both qualitatively and quantitatively, of investment in intangible assets in modern economic processes. She set about developing an appropriate framework, drawing on Kalecki's insights in particular, within which to analyse the issues involved. The outcome is the present book - which is original, relevant, comprehensive and a pleasure to read.' -- G.C. Harcourt, University of New South Wales, AustraliaTable of ContentsContents: 1. Introduction 2. Historic Conception of Investment and Capital 3. Contemporary Conception of Investment 4. Uncertainty and Risk 5. Competition 6. Empirical Evidence 7. The Firm’s Investment Decision 8. Integration into Macrodynamics 9. Concluding Remarks References Index

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Book SynopsisThis book focuses on the impact of foreign investment on selected sectors of two key transition economies - Russia and the Ukraine - to explain the effect of foreign direct investment on the transitional economy. It examines how key Western players in the international investment business have chosen whether to invest in the former Soviet Union and applies these findings to sectors within Russia and the Ukraine. Whilst recognizing the tremendous importance of foreign direct investment (FDI) as a means to upgrade technology in transition conditions, the study also examines the importance of FDI in internationalizing production. The authors question the difference globalization can make to a transition economy in a situation where domestic investment is not recovering, and where there is still no clear-cut upward trend in levels of production.Table of ContentsContents: 1. Introduction 2. Foreign Direct Investment in Transition Countries: A Global Perspective 3. Alliances and Emerging Patterns of Technological Integration and Marginalization of Central and Eastern Europe within the Global Economy 4. Foreign Direct Investment in Contemporary Russia: A General View 5. Foreign Direct Investment in the Science-Based Industries of Russia 6. Foreign Direct Investment in Relation to Small Enterprises in Russia 7. British and German MNCs in Russia and the FSU: Evidence from the Western Side 8. Foreign Direct Investment in Ukraine: First Results, Tendencies and Prospects 9. Foreign Direct Investment in the Former Soviet Union: New Insights Index

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Book SynopsisThis comprehensive new collection provides a careful selection of the major writings to have appeared in the field of foreign direct investment (FDI) and technological change since 1966.It has been prepared by one of the leading contributors and pioneers in this field, and is an area of research that has attracted a steady growth in interest over the last thirty years.After a new introduction which critically surveys the literature, the collection provides a comprehensive coverage that incorporates the early analysis of FDI and technology; the theoretical foundations of the analysis of technological change in multinational firms; theoretical models and empirical studies of technology transfer; the internationalization of technology creation; technology-based inter-company alliances; the co-evolution of FDI and technological development at country level; the geographical localization of the technological efforts of foreign-owned affiliates and technology spillovers between firms.Trade Review'This work is for honours students, researchers and academics, who will no doubt see it as a resource of key articles.' -- Economic Outlook and Business ReviewTable of ContentsContents: Volume I: Acknowledgements • Introduction Part I: Early Analysis and Theoretical Foundations 1. Raymond Vernon (1966), ‘International Investment and International Trade in the Product Cycle’ 2. John H. Dunning (1970), ‘Foreign Capital and Economic Growth in Europe’ 3. Edwin Mansfield (1974), ‘Technology and Technological Change’ 4. Stephen P. Magee (1977), ‘Multinational Corporations, the Industry Technology Cycle and Development’ 5. Giovanni Dosi (1984), ‘Technical Change in the International Environment: the Dynamics of Trade and Investment’ 6. John Cantwell (1991), ‘The Theory of Technological Competence and its Application to International Production’ 7. Bruce Kogut and Udo Zander (1995), ‘Knowledge, Market Failure and the Multinational Enterprise: A Reply’ Part II: Technology Transfer – Theory 8. Harvey Lapan and Pranab Bardhan (1973), ‘Localized Technical Progress and Transfer of Technology and Economic Development’ 9. Peter J. Buckley and Mark Casson (1976), ‘A Long-Run Theory of the Multinational Enterprise’ 10. Tetsunori Koizumi and Kenneth J. Kopecky (1977), ‘Economic Growth, Capital Movements and the International Transfer of Technical Knowledge’ 11. Ronald Findlay (1978), ‘Relative Backwardness, Direct Foreign Investment and the Transfer of Technology: A Simple Dynamic Model’ 12. W.H. Davidson and Donald G. McFetridge (1984), ‘International Technology Transactions and the Theory of the Firm’ 13. Jian-Ye Wang and Magnus Blomström (1992), ‘Foreign Investment and Technology Transfer: A Simple Model’ Part III: Technology Transfer – Historical and Empirical Analysis 14. Mira Wilkins (1974), ‘The Role of Private Business in the International Diffusion of Technology’ 15. D.J. Teece (1977), ‘Technology Transfer by Multinational Firms: The Resource Cost of Transferring Technological Know-How’ 16. Arthur W. Lake (1979), ‘Technology Creation and Technology Transfer by Multinational Firms’ 17. Edwin Mansfield and Anthony Romeo (1980), ‘Technology Transfer to Overseas Subsidiaries of U.S.-Based Firms’ 18. Robert C. Hirschey and Richard E. Caves (1981), ‘Research and Transfer of Technology by Multinational Enterprises’ 19. Nathan Rosenberg (1982), ‘The International Transfer of Technology: Implications for the Industrialized Countries’ Name Index Volume II: Part I: The Internationalization of Technology Creation 1. Edwin Mansfield, David Teece and Anthony Romeo (1979), ‘Overseas Research and Development by US-Based Firms’ 2. Ove Granstrand (1979), ‘R&D and Corporate Internationalization’ 3. Sanjaya Lall (1979), ‘The International Allocation of Research Activity by US Multinationals’ 4. Gary Hewitt (1980), ‘Research and Development Performed Abroad by US Manufacturing Multinationals’ 5. Lars Håkanson and Udo Zander (1988), ‘International Management of R&D: The Swedish Experience’ 6. Pari Patel (1995), ‘Localised Production of Technology for Global Markets’ 7. John Cantwell (1995), ‘The Globalisation of Technology: What Remains of the Product Cycle Model?’ 8. Marina Papanastassiou and Robert Pearce (1997), ‘Technology Sourcing and the Strategic Roles of Manufacturing Subsidiaries in the U.K.: Local Competences and Global Competitiveness’ Part II: Technology-Based Inter-Company Alliances 9. François Chesnais (1988), ‘Multinational Enterprises and the International Diffusion of Technology’ 10. David C. Mowery and Nathan Rosenberg (1989), ‘International and Domestic Collaboration in Research and Development’ 11. John Hagedoorn and Jos Schakensraad (1992), ‘Leading Companies and Networks of Strategic Alliances in Information Technologies’ 12. John Hagedoorn and Rajneesh Narula (1996), ‘Choosing Organizational Modes of Strategic Technology Partnering: International and Sectoral Differences’ 13. Frédérique Sachwald (1998), ‘Cooperative Agreements and the Theory of the Firm: Focusing on Barriers to Change’ Part III: The Co-Evolution of FDI and Technological Development 14. Sanjaya Lall (1987), ‘Multinationals and Technology Development in Host LDCs’ 15. Terutomo Ozawa (1991), ‘Japan in a New Phase of Multinationalism and Industrial Upgrading: Functional Integration of Trade, Growth and FDI’ 16. Terutomo Ozawa (1992), ‘Foreign Direct Investment and Economic Development’ 17. John H. Dunning and Rajneesh Narula (1996), ‘The Investment Development Path Revisited: Some Emerging Issues’ Part IV: Geographical Localization in Multinational Corporations and Technology Spillovers 18. Bruce Kogut and Sea Jin Chang (1991), ‘Technological Capabilities and Japanese Foreign Direct Investment in the United States’ 19. Ari Kokko (1994), ‘Technology, Market Characteristics, and Spillovers’ 20. Paul Almeida (1996), ‘Knowledge Sourcing by Foreign Multinationals: Patent Citation Analysis in the U.S. Semiconductor Industry’ 21. John H. Dunning (1996), ‘The Geographical Sources of the Competitiveness of Firms: Some Results of a New Survey’ 22. Tommaso Perez (1997), ‘Multinational Enterprises and Technological Spillovers: An Evolutionary Model’ Name Index

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Book SynopsisThis innovative book analyses the geographical patterns in foreign direct investment flows by combining elements from the theory of international production and the theory of economic geography. It develops a model for explaining why foreign direct investment is attracted to certain locations.The book examines foreign direct investment from a spatial perspective and considers how knowledge, regional synergies, economic integration, corporate strategies and networking affect patterns of investment. Using a model, Robert Morsink derives sets of determinants for different foreign direct investment patterns of multinationals and evaluates the corporate strategy behind these flows. First, he analyses investment flows within the European Union. Then, he goes into investments originating from the United States, Japan, Germany and the Netherlands and destined for Western Europe, South and Southeast Asia and North and South America. These analyses enable him to make suggestions for government policy at both the national and international level to attract foreign investment.Foreign Direct Investment and Corporate Networking will be of interest to economists working in the areas of international trade and investment, economic geographers and corporate strategy advisors as well as to policymakers from government and non-governmental organizations.Trade Review'In one of the first studies to link the fields of international business and economic geography Robert Morsink develops a gravity model of geographic location to explain foreign direct investment patterns.' -- Alan M. Rugman, University of Reading, UKTable of ContentsContents: 1. Introduction 2. A Theoretical Framework for Foreign Direct Investment 3. A Model for Analysing Geographical Investment Patterns: MOSAIC 4. Investments within the European Union 5. Investments from the United States 6. Investments from Japan 7. Investments from Germany 8. Investments from the Netherlands 9. Policy Implications 10. Evaluation 11. Summary Bibliography Index

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Book SynopsisThis book presents up-to-date evidence on the issues facing financiers and intermediaries involved in venture capital and management buy-outs. It provides a comprehensive review of existing literature and an analysis of international trends in market development as well as a global comparison of the major issues.It addresses venture capital at the industry/market and firm level and provides full coverage on both informal and formal venture capitalists, management buy-outs, and competing and complementary sources of finance including bank finance and trade credit. The contributors also discuss important but neglected issues on the nature of venture capitalist-investee relationships and the revelation of knowledge, the costs of information searches, the development of appropriate forms of managerial and financial control systems, the role of the entrepreneur and bargaining models of contract negotiation. It uses case study examples from the US, the UK, and West and Eastern Europe.This book will be of interest to practitioners, researchers and policymakers in the area of the financing and management of firms as well as academics and students interested in management buy-outs, venture capital, entrepreneurship and finance.Trade Review'It provides a comprehensive review of existing literature and an analysis of international trends in market development as well as a global comparison of the major issues.' -- International Review of Administrative SciencesTable of ContentsContents: Preface 1. Introduction 2. Venture Capital 3. The Venture Capital and Buy-out Markets in the UK and Europe 4. Venture Capital in Transition Economies 5. The Role of Trust in the Informal Investor’s Investment Decision 6. Relationship Participation 7. Loan Covenants, Relationship Banking and Management Buy-outs in Default 8. Small Business Demand for Trade Credit, Credit Rationing and the Late Payment of Commerical Debt 9. Funds Providers’ Role in Venture Capital Firm Monitoring 10. Sources of Venture Capital Deals 11. Venture Capitalists, Investment Appraisal and Accounting Information 12. Accounting Information System Development and the Supply of Venture Capital 13. European IPO Markets 14. Venture Capitalists, Serial Entrepreneurs and Serial Buy-outs Index

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Book SynopsisOptions: An Introduction is a completely revised edition which not only provides the same comprehensive introduction as the first edition, but also includes expanded treatment of option strategies, complete treatment of option sensitivities (DELTA, etc.) thorough treatment of European and American options in two separate chapters, and expanded treatment of options on futures, foreign currency options, and options on stock indexes. As with the first edition, the text comes with OPTION! software.Table of Contents1. The Options Market. 2. Option Payoffs and Option Strategies. 3. Bounds on Option Prices. 4. European Option Pricing. 5. Option Sensitivities and Option Hedging. 6. American Option Pricing. 7. Options on Stock Indexes, Foreign Currency, and Futures. 8. The Options Approach to Corporate Securities. OPTION! Installation and Quick Start Exercises for OPTION!. Index. Appendix.

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Book SynopsisCorporate Bonds: Structures & Analysis covers every aspect of corporate bonds, including bond structures, credit analysis, and investment strategies. This book discusses state-of-the-art technology for valuing corporate bonds, as well as innovative new products such as step-up notes and range notes. Complete with contributions from today's top financial experts, Corporate Bonds is the definitive reference for this vital market.Table of ContentsAbout the Authors. Table of Contents. Preface. Acknowledgments. List of Advertisers. SECTION I. 1. Overview of U.S. Corporate Bonds. 2. Bond Indentures. 3. Maturity. 4. Interest Payments. 5. Debt Retirement. 6. Convertible Bonds. 7. Speculative-Grade Bonds. 8. Corporate Debt Ratings. SECTION II. 9. Bond Pricing and Yield Measures. 10. Principles of Valuing Corporate Bonds. 11. Valuing Callable Corporate Bonds. 12. Valuing Other Corporate Bond Structures. 13. Managing Corporate Bond Portfolios. Index. Advertisements.

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Book SynopsisAsset-Backed Securities provides comprehensive coverage of the major asset-backed securities, structuring issues, and relative value analysis from the leading experts in the field. Comprehensive coverage includes the expanding frontiers of asset securitization, introduction to ABS accounting, trends in the structuring of ABSs, and prepayment nomenclature in the ABS market.Table of ContentsContributing Authors. Acknowledgements. Index of Advertisers. PART I: GENERAL. 1. The Expanding Frontiers of Asset Securitization (A. Bhattacharya and F. Fabozzi). 2. Securitization in Europe (P. Taylor). PART II: PRODUCT AREAS. 3. Credit-Card Receivables (R. Karr, et al.). 4. Auto Loan-Backed Securities (T. Zimmerman and L. Burrell). 5. Manufactured Housing Securities (T. Zimmerman and I. Koren). 6. Analysis of Manufactured Housing-Backed Securities (J. Dunlevy and A. Shook). 7. Introduction to the B&C Home-Equity Loan Market (M. Dear and L. Blum). 8. Evolution of the B&C Home-Equity Loan Securities Market (H. McCall, III and L. Blum). 9. Equipment Lease-Backed Securities (J. Lucas and T. Zimmerman). 10. SBA Loan-Backed Securities (D. Faulk). 11. The Securitization of Health-Care Receivables (V. Pica and A. Bhattacharya). 12. The Commercial Property Market and Underwriting Criteria for Commercial Mortgages (J. Adams). 13. CMBS Structures and Relative Value Analysis (J. Adams). 14. Investing in Interest-Only Commercial Mortgage-Backed Securities (J. Adams, et al.). PART III: STRUCTURING CONSIDERATIONS. 15. Structuring Efficient Asset-Backed Transactions (L. Blum and C. DiAngelo). 16. A Rating Agency Perspective on Asset-Backed Securitization (S. Michaud). 17. Credit Enhancement in ABS Structures (L. Hsu and C. Mohebbi). 18. Early Amortization Triggers (A. Bhattacharya). 19. Home-Equity Loan Floaters (L. Tsai and C. Mohebbi). 20. Dynamics of Cleanup Calls in ABS (T. Zimmerman). 21. ABS B-Pieces (T. Zimmerman). PART IV: RELATIVE VALUE CONSIDERATIONS. 22. Prepayment Nomenclature in the ABS Market (A. Bhattacharya). 23. Evaluation of ABS Prepayments (A. Bhattacharya). 24. Z-Spreads (A. Bhattacharya and C. Sze). PART V: ACCOUNTING CONSIDERATIONS. 25. Introduction to ABS Accounting (L. Blum and E. Mitnick). Index.

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Book SynopsisRevised and updated to reflect the latest developments in the field of cash flow analysis, Cash Flow and Security Analysis provides an enlightening examination into why cash flow is quickly replacing earnings as the primary tool used by securities analysts, and how they can identify undervalued securities by using cash flow analysis.Table of ContentsPreface. Contributing Authors. Index of Advertisers. 1. The Evolution of Securities Lending (K. Burke and G. Martello). 2. The US Dollar Repo Market (K. Miller). 3. The Nondollar Repo Market (P. D'Amario). 4. Finding A Route to Market: An Institutional Guide to the Securities Lending Labyrinth (M. Faulkner and C. Sackville). 5. Evaluating Lending Options (A. Nazzaro). 6. Managing Internal Lending Programs (G. Caan, Jr.). 7. Performance Measurement for Securities Lending (M. Jensen and R. Scheetz). 8. Developing Effective Guidelines for Managing Legal Risks -- U.S. Guidelines (C. Dropkin). 9. International Legal and Regulatory Concerns (N. Jacklin and D. Felsenthal). 10. The Fundamentals of Fixed Income Securities (F. Fabozzi). 11. Overview of Mortgage-Backed and Asset-Backed Securities (F. Fabozzi). 12. Collateralized Borrowing via Dollar Rolls (S. Carlson and J. Tierney). 13. Understanding Cash Collateral Reinvestment Risks (F. Fabozzi and E. Jacobowitz). 14. Tax Issues Associated with Securities Lending (R. Shapiro). 15. The Accounting Treatment of Securities Lending Transactions (S. Peters). 16. The Role of Carry in the Equity Markets (R. Sloan). Index.

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Book SynopsisA contributed handbook on the complexities of portfolio management that includes the most up-to-date findings from leading practitioners in the fixed income securities market.Table of ContentsPreface. SECTION I: INTEREST RATE RISK MEASURES. 1. Fixed Income Risk (R. Kahn). 2. Measuring and Managing Interest-Rate Risk (S. Richard and B. Gord). 3. Value Measures for Managing Interest-Rate Risk (M. Kreisler and R. Worley). 4. Dissecting Yield Curve Risk (W. Phoa). 5. Bond Convexity: Hidden Risk, Hidden Value (K. Grant). 6. Measuring Plausibility of Hypothetical Interest Rate Shocks (B. Golub and L. Tilman). 7. Valuation and Interest Rate Risk Management Using the Arbitrage-Free Bond Canonical Decomposition Methodology (T. Ho and M. Chen). SECTION II: GENERATING EXPECTATIONAL INPUTS. 8. Fixed Income Portfolio Investing: The Art of Decision Making (C. Dialynas and E. Rachlin). 9. Forecasting Interest Rates (W. Woolford). 10. A Predictive Modeling Framework for Anticipating Long-Term Interest Rates (G. Boal and E. Plowden). SECTION III: PORTFOLIO STRATEGIES: ACTIVE AND STRUCTURED. 11. Active Bond Portfolio Management: An Expected Return Approach (F. Trainer, Jr.). 12. Managing Indexed and Enhanced Indexed Bond Portfolios (K. Volpert). 13. Managing a Fixed Income Portfolio Versus a Liability Objective (R. Ryan). 14. Managing Market Risk at Long-Term Investment Funds (L. Gibson, III). 15. Managing Synthetic GIC Portfolios (K. Tourville and J. Caswell). 16. A User's Guide to Buy-Side Bond Trading (R. Gerber). 17. Fixed Income Arbitrage Strategies (J. Berens and R. Friend). 18. The Persistence of Fixed Income Style Performance: Evidence from Mutual Fund Data (R. Kahn and A. Rudd). 19. Consideration of Risk-Based Capital in Daily Portfolio Decisions for Life Insurers (J. Saf). SECTION IV: MANAGEMENT BY PRODUCT. 20. Management of a High-Yield Bond Portfolio (J. Madden and J. Balestrino). 21. Managing Municipal Bond Portfolios (J. Slater). 22. Using Busted Convertibles to Enhance Performance (W. Leach). 23. A Practical Guide to Relative Value for Mortgages (W. Phoa). 24. Commercial Mortgage-Backed Securities: Real Estate Exposure with Managed Risk (J. DeMichele and W. Adams). 25. Corporate Loan Portfolio Management (E. Asarnow and M. McAdams). SECTION V: INTERNATIONAL FIXED INCOME INVESTING. 26. International Bond Portfolio Management (C. Steward and J. Lynch). 27. International Fixed Income Investment: Philosophy and Process (A. Faillace and L. Thomas). SECTION VI: PERFORMANCE EVALUATION. 28. Fixed Income Attribution Analysis (F. Jones and L. Peltzman). 29. Measuring Performance of the Insurance Company Portfolio (G. Hahn and J. Saf). Index.

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Book SynopsisActive Equity Portfolio Management provides an overview of the philosophies, methodologies, and strategies involved in attempting to beat the market. The book covers a host of relevant topics including equity benchmarks, equity style management, tactical asset allocation, and the use of derivatives to enhance returns. The contributors include top professionals from leading Wall Street firms, as well as top academics.Table of ContentsContributing Authors. 1. Investment Management: An Architecture for the Equity Market (B. Jacobs and K. Levy). 2. Investment Analysis: Profiting from a Complex Equity Market (B. Jacobs and K. Levy). 3. The Active versus Passive Debate: Perspectives of an Active Quant (R. Jones). 4. Overview of Equity Style Management (F. Fabozzi). 5. Factor-Based Approach to Equity Portfolio Management (F. Fabozzi). 6. Normal Portfolios: Construction of Customized Benchmarks (J. Christopherson). 7. Quantitative Tools for Equity Style Management (D. Leinweber, et al.). 8. Managing the Small Cap Cycle (E. Sorensen, et al.). 9. Implications of Style in Foreign-Stock Investing (P. Bagnoli). 10. Implementable Quantitative Research and Investment Strategies (C. Ma and J. Mallett). 11. Implementing Investment Strategies: The Art and Science of Investing (W. Wagner and M. Edwards). 12. A New Technique for Tactical Asset Allocation (E. Sorensen, et al.). 13. The Use of Derivative in Managing Equity Portfolios (R. Clarke, et al.). 14. New Applications of Exchange-Traded Equity Derivatives in Portfolio Management (G. Gastineau). 15. The Use of OTC Derivatives in Equity Investment Strategies (B. Collins). 16. Constructing a Multi-Manager U.S. Equity Portfolio (R. Ploder). Index.

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Book SynopsisInvestment Management for Insurers details all phases of the investment management process for insurers as well as fixed income instruments and derivatives and state-of-the-art analytical tools for valuing securities and measuring risk. Complete coverage includes: a general overview of issues, fixed income products, valuation, measuring and controlling interest rate risk, and equity portfolio management.Table of ContentsAbout the Editors. Preface. SECTION I: GENERAL ISSUES. 1. Risk Management by Insurers: An Analysis of the Process (D. Babbel and A. Saneomero). 2. Components of Insurance Firm Value, and the Present Value of Liabilities (D. Babbel). 3. A Performance Measurement System for Insurers (D. Babbel, et al.). 4. Asset Allocation for Property and Casualty Insurers (B. Tran). SECTION II: FIXED INCOME PRODUCTS. 5. Treasuries, Agency Debentures, Corporates, MTNs, Municipals, and Eurobonds (F. Fabozzi). 6. Mortgage-Backed Securities and Asset-Backed Securities (F. Fabozzi). 7. Interest Rate Derivatives (F. Fabozzi). 8. Credit Derivatives (M. Anson). 9. Catastrophe-Liked Securities (S. Ganapati, et al.). SECTION III: VALUATION. 10. Interest Rate Models (O. Cheyette). 11. The Four Faces of an Interest Rate Model (P. Fitton and J. McNatt). 12. Valuing Path-Dependent Securities: Some Numerical Examples (C. Howard). 13. Problems Encountered in Valuing Interest Rate Derivatives (Y. Pierides). 14. Speeding Up the Valuation Process (F. Albert, et al.). SECTION IV: MEASURING AND CONTROLLING INTEREST RATE RISK. 15. Fixed Income Risk (R. Kahn). 16. Term Structure Factor Models (R. Kuberek). 17. Effective and Ineffective Duration Measures for Life Insurers (D. Babbel). 18. Yield Curve Risk Management (R. Reitano). 19. Hedging Corporate Securities with Treasury and Derivatives Instruments (S. Ramamurthy). 20. Valuation and Portfolio Risk Management with Mortgage-Backed Securities (S. Zenios). 21. Hedging Mortgage Passthrough Securities (K. Dunn and R. Sella). 22. Portfolio Risk Management (H. Fong and O. Vasicek). 23. Measuring and Forecasting Yield Volatility (F. Fabozzi and W. Lee). SECTION V: EQUITY PORTFOLIO MANAGEMENT. 24. Investment Management: An Architecture for the Equity Market (B. Jacobs and K. Levy). 25. Investment Analysis: Profiting from a complex Equity Market (B. Jacobs and K. Levy). 26. The Use of Derivatives in Managing Equity Portfolios (R. Clarke, et al.). Index.

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Book SynopsisDuration, Convexity and other Bond Risk Measures offers the most comprehensive coverage of bond risk measures available. Financial expert Frank Fabozzi walks you through every aspect of bond risk measures from the price volatility characteristics of option-free bonds and bonds with embedded options to the proper method for calculating duration and convexity. Whether you're a novice trader or experienced money manager, if you need to understand the interest rate risk of a portfolio Duration, Convexity and other Bond Risk Measures is the only book you'll need.Table of Contents1. Overview. 2. The Reasons Why a Bond's Price Changes. 3. Price Volatility Characteristics of Bonds. 4. The Basics of Duration and Convexity. 5. Duration Measures of Bonds with Embedded Options and Foreign Bonds. 6. Duration and Convexity for Mortgage-Backed Securities. 7. Yield Curve Risk Measures. 8. Risk Measures for Interest Rate Derivatives. 9. Other Risk Measures. 10. Measuring Yield Volatility. Index.

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Book SynopsisEquipment Leasing is a practical reference for financial managers who need background information, and an understanding of how leasing can be utilized as a cost-effective means of equipment financing-especially under the new tax law in the United States. It explores various types of leases, including single investor leases, leveraged leases, tax requirements for true leases' and lease-buy economic analysis. This invaluable resource includes the background and basics of equipment leasing, history of leasing, synthetic leases, financial reporting of lease transactions by lessees, operating a leasing company, and much more.Table of ContentsSECTION I: BACKGROUND AND FUNDAMENTALS OF EQUIPMENT LEASING. 1. The Fundamentals of Equipment Leasing. 2. History of Leasing. 3. Financial Reporting of Lease Transactions by Lessees. 4. Synthetic Leases. 5. Federal Income Tax Requirements for True Lease Transactions. 6. A Framework for Analyzing the Lease versus Borrow-to-Buy Problem. SECTION II: OPERATING A LEASING COMPANY. 7. Considerations in Establishing and Operating a Leasing Company. 8. Credit Policies and Lease Portfolio Administration. 9. Analysis of Financial Statements of Leasing Companies for Purposes of Lending to or Investing in Leasing Companies. 10. Concerns of Manufactures/Vendors in Establishing a Product Sales Financing Program. 11. Lessor Concerns with Disposition of Residuals. 12. Guidelines for Obtaining and Maintaining Adequate Insurance Coverage. SECTION III: LEASE DOCUMENTATION FOR A NONLEVERAGED LEASE TRANSACTION. 13. Terms of a Typical Nonleveraged Lease. 14. A Typical Lease Schedule. 15. Other Lease Documents. SECTION IV: LEVERAGED LEASES. 16. Leveraged Lease Fundamentals. 17. Arranging and Documenting a Leveraged Lease. 18. Pricing and Analysis of Leveraged Leases. SECTION V: STRUCTURED FINANCE FOR LEASING COMPANIES. 19. Securitization and Other Structured Finance Techniques for Equipment Leasing Companies. Appendix: Historic Milestones in Equipment Leasing. Glossary. Index.

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Book SynopsisContents include real estate investment strategy, public and private equity, public and private debt, allocation across the real estate asset class, and more.Table of ContentsPreface. Acknowledgments. PART I: REAL ESTATE INVESTMENT STRATEGY. 1. Why Real Estate? (S. Hudson-Wilson and R. Hopkins, Jr.). 2. Strategy and Execution (S. Hudson-Wilson). 3. Hold versus Sell Decisions (S. Hudson-Wilson). 4. Timing the Real Estate Market (R. Hopkins, Jr.). 5. Commercial Mortgage Allocation Strategies (G. Pappadopoulos). 6. Appraised Value versus Sale Price (J. Fisher). 7. Real Estate and Stock Market Linkage (S. Hudson-Wilson). 8. Leverage in a Private Equity Real Estate Portfolio (S. Hudson-Wilson). PART II: PUBLIC AND PRIVATE EQUITY. 9. The U.S. Office Market (S. Coyle). 10. The Market for Multifamily Housing (S. Hudson-Wilson and J. Stimpson). 11. Real Estate and Retailing (S. Coyle). 12. Modeling Office Returns at the Regional Level (R. Peng, et al.). 13. REITs' Real Estate Market Exposures (B. Wilkerson). 14. Timberland Investments (J. Wilson). 15. Agricultural Real Estate (J. Wilson). PART III: PUBLIC AND PRIVATE DEBT. 16. Creating a Performance History for CMBS (G. Pappadopoulos). 17. CMBS versus Whole Loans (G. Pappadopoulos). 18. CMBS Loan Pool Comparisons (G. Pappadopoulos). PART IV: ALLOCATION ACROSS THE REAL ESTATE ASSET CLASS. 19. Modern Portfolio Theory Applied to Real Estate (S. Hudson-Wilson). 20. Cross-Quadrant Asset Allocation (S. Hudson-Wilson and R. Hopkins, Jr.). Index.

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Book SynopsisA collection of articles from various professionals, discussing the details of investing in asset-backed securities. Main topics addressed include non-real estate backed ABS, collateralized debt obligations, residential real-estate backed ABS, accounting, commercial mortgage backed securities, and analysis of ABS.Table of ContentsContributing Authors. 1. Overview of ABS Portfolio Management (K. Weaver, et al.). 2. Rating Asset-Backed Securities (A. Silver). NON-REAL ESTATE BACKED ABS. 3. Securities Backed by Credit Card Receivables (J. McElravey). 4. Securities Backed by Auto Loans and Leases (N. McPherson). 5. Securities Backed by Recreational Vehicle Loans (N. Bakalar and J. Nimberg). 6. Equipment-Financed ABS (J. Anderson, et al.). 7. Aircraft Asset-Backed Securities (J. Philips and O. Hsiang). 8. SBA Development Company Participation Certificates (C. Flanagan and W. Tan). 9. Franchise Loan Securitization (J. Anderson and K. Clark). 10. Student Loan Floaters (T. Zimmerman). 11. Healthcare Receivable Backed ABS (N. McPherson with assistance from T. Fasanella). 12. Dealer Floorplan ABS (K. Weaver and N. Bakalar). COLLATERALIZED DEBT OBLIGATIONS. 13. Collateralized Debt Obligations (C. Schorin and S. Weinreich). 14. Relative Value Framework for Collateralized Debt Obligations (C. Schorin and S. Weinreich). 15. Analyzing Mezzanine Tranches of CBOs (L. Goodman and J. Ho). 16. Emerging Market CBOs (L. Goodman). 17. Market Value CBOs (L. Goodman). RESIDENTIAL REAL ESTATE BACKED ABS. 18. Mortgage Credit Analysis (J. Brown and W. Wadden, IV). 19. Securities Backed by Closed-End Home Equity Loans (R. Hurst). 20. Home Equity Line of Credit (HELOC) Securitizations (W. Roever, et al.). 21. Securities Backed by Manufactured Housing Loans (J. Anderson and K. Clark). 22. Securities Backed by Tax Liens (C. Flanagan, et al.). COMMERCIAL MORTGAGE-BACKED SECURITIES. 23. Commercial Mortgage-Backed Securities (A. Sanders). 24. Structure, Valuation, and Performance of CMBS (R. Gordon and L. Gibson). 25. Floating-Rate Commercial Mortgage-Backed Securities (P. Corcoran and J. Phillips). ANALYSIS OF ABS. 26. Performance, Risk, Structure, and Valuation of Credit-Sensitive ABS (L. GIbson). 27. Identifying Relative Value in the ABS Market (L. Wilhelm and W. Roever). 28. Analysis of ABS (F. Fabozzi, et al.). 29. A Framework for Evaluating Cleanup Calls in Amortizing ABS (A. Chu). ACCOUNTING. 30. Accounting for Investments in MBS and ABS (S. Gangwani, et al.). Index.

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Book SynopsisFrank Fabozzi leads an international team of fixed income experts in analyzing subjects varying from active portfolio management against an index to credit analysis and debt covenants in emerging markets. This second volume is a captivating and systematic investment tool that presents practical techniques developed by today's best and brightest fixed-income practitioners.Table of ContentsContributing Authors. Global Bond Investing in the 21st Century: Philosophy and Process (L. Thomas). The Active Decisions in the Selection of Passive Management and Performance Bogeys (C. Dialynas). Active Portfolio Management Against an Index (R. Gordon and L. Gibson). ABS Portfolio Management (K. Weaver, et al). Multi-Factor Risk Models and Their Applications (L. Dynkin, et al.). Term Structure Factor Models (R. Kuberek). Hedging Mortgage Products with Swaps and Agencies (L. Goodman and J. Ho). Analysis of and Strategies with Callable Securities (D. Johnston). Valuation of Floating-Rate Bonds (M. Dorigan, et al.). Volatility in the Fixed-Income Market (R. Gordon and L. Gibson). The Impact of Historical and Implied Volatilities on Valuing MBS (S. Szilagyi). Mortgage Spread Dynamics (A. Levin). Portfolio Yields and Durations (J. Carmel, et al.). Challenges in the Credit Analysis of Emerging Market Corporate Bonds (C. Taylor). Debt Covenants: Applications in Emerging Markets (A. Vine and D. Sohnen).

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Book SynopsisThe purpose of Basics of Mortgage-Backed Securities is to provide readers with a fundamental understanding of mortgage securities as an integral part of investment in fixed-income securities. The second edition of this MBS classic provides the latest information on the U.S. residential mortgage market, adjustable-rate mortgages and mortgage pass-throughs, relative value analyses and performance characteristics. Dr. James Hu discusses the major changes within the mortgage market that may affect the fundamentals of mortgage securities. Some of these are: the recovery of the REMIC market after its collapse; the flourish of private-label securities; the growth of equity loan-backed securities and its establishment as a member of the fixed-income securities family. Also included are additional historical data for all exhibits. Mortgage pre-payment, dollar rolls, and private-label mortgage-backed securities are also addressed.Table of ContentsAbout the Author. Preface. 1. Residential Mortgages. 2. The U.S. Residential Mortgage Market. 3. Mortgage Pass-Through Securities. 4. Mortgage Prepayment. 5. Basic Mortgage Math. 6. Adjustable-Rate Mortgages and Mortgage Pass-Throughs. 7. Multiclass Mortgage Pass-Throughs. 8. Private-Label Mortgage-Backed Securities. 9. Home Equity Loan-Backed Securities. 10. Analysis of Dollar Rolls. 11. Relative Value Analysis of Mortgage Securities. 12. Performance of Mortgage Securities. Index.

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Book SynopsisCommercial mortgage-backed securities (CMBS)-securitizations of mortgage loans backed by commercial real estate-have become compelling devices for fixed income investing. This title, edited by renowned financial expert Frank Fabozzi, describes the structure, valuation, and performance of CMBS, illustrates an empirical framework for estimating CMBS defaults, instructs how to value prepayment and credit risks of CMBS, and more.Table of ContentsIntroduction to Commercial Mortgage-Backed Securities (B. Lancaster). The Commercial Mortgage-Backed Securities Deal (A. Sanders). Floating-Rate Commercial Mortgage-Backed Securities (P. Corcoran and J. Phillips). Multifamily Project Securities (E. Daingerfield). Lehman Brothers' CMBS Index (S. Berkley and A. Golbin). The Efficient Frontier for CMBS and Commercial Mortgages Using a Risk-Return Framework (D. Jacob and J. Patel). Structure, Valuation, and Performance of CMBS (R. Gordon and L. Gibson). Value and Sensitivity Analysis of CMBS IOs (P. Obazee). Valuation and Analysis of Credit-Sensitive CMBS Tranches (P. Obazee). An Empirical Framework for Estimating CMBS Defaults (D. Westhoff, et al.). Project-Loan Prepayments and Defaults (S. Banerjee, et al.). Valuing the Prepayment and Credit Risks of Commercial Mortgage Securities (M. Youngblood). The CMBS Market, Swap Spreads, and Relative Value (B. Lancaster). The Effect of the Real Estate Cycle on Commercial Mortgage and CMBS Spreads (D. Jacob and C. Hong). CMBS in Japan (P. Corcoran and J. Phillips). Index.

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Book SynopsisThe fastest growing sector of the asset-backed securities market is the collateralized debt obligation (CDO) market. CDOs are securities backed by a pool of diversified assets and are referred to as collateralized bond obligations (CBOs) when the underlying assets are bonds and as collateralized loan obligations (CLOs) when the underlying assets are bank loans. Investing in Collateralized Debt Obligations covers not only the fundamental features of these securities and the investment characteristics that make them attractive to a broad range of institutional investors, but also the tools for identifying relative value. Nearly a dozen of today's best known analysts discuss emerging market CBOs, relative value frameworks, pricing strategies and techniques, and more.Table of ContentsPreface. Contributing Authors. Introduction to Collateralized Debt Obligations (C. Schorin and S. Weinreich). Structural Features of Market Value CDOs (L. Vacca). Rating Agency Methodologies (M. Hill and L. Vacca). CDO Structure and Arbitrage (L. Goodman). Emerging Market CBOs (L. Goodman). Mortgage Cash Flow CBOs (L. Goodman). CDOs Backed by ABS and Commercial Real Estate (R. Hurst). Synthetic CDOs (L. Goodman). Cash and Synthetic European Bank CLOs (A. Batchvarov, et al.). Analyzing Mezzanine Tranches of CBOs (L. Goodman and J. Ho). Relative Value Framework for Collateralized Debt Obligations (C. Schorin and S. Weinreich). Pricing Debt and Equity in a Market Value CDO (L. Vacca). Use of Credit Derivatives in CBO/CLO Structures (M. Hill and L. Vacca). Index.

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Book SynopsisCredit analysis is an important factor in judging investment value. Fundamentally sound credit analysis can offer more insight into the value of an investment and lead to greater profits. This study presents a professional framework for understanding and managing a successful corporate or municipal bond analysis, while providing informative case studies from well-known private and government organizations.Table of ContentsContributing Authors. SECTION I: FRAMEWORK. Why Does Credit Analysis Work? (M. Fridson). Review of Financial Statements (F. Fabozzi, et al.). Credit Analysis for Corporate Bonds (J. Howe). The Analysis of High-Yield Corporate Bonds (J. Howe). Basics of Fundamental Equity Analysis for High-Yield Credit Analysts (F. Fabozzi, et al.). Critical Failings of EBITDA as a Cash Flow Measure (P. Stumpp). Challenges in the Credit Analysis of Emerging Market Corporate Bonds (C. Taylor). Debt Covenants: Applications in Emerging Markets (A. Vine and D. Sohnen). Municipal Bond Credit Analysis (S. Feldstein). The Measurement of Prepayments and Defaults in ABS Markets (A. Bhattacharya). Understanding MBS/ABS Loss Terminology (T. Zimmerman). A Credit Intensive Approach to Analyzing Whole Loan CMOs (E. Toy). Mortgage Credit Analysis (J. Brown and W. Wadden IV). Credit Considerations in Analyzing Asset-Backed Securities: A Rating Analyst's Perspective (A. Silver). Credit Considerations in the Analysis of Asset-Backed Securities: A Research Analyst's Perspective (K. Weaver and S. Whitten). Considerations in the Credit Analysis of Commercial Mortgage-Backed Securities (J. Price and J. Story). Credit-Driven Prepayment and Default Analysis (M. Ervolini, et al.). AAA CMBS: Prospective Analysis to Manage Perception-Diminished Liquidity (M. Ervolini and A. Fazlullah). SECTION II: CASE SUDIES. Bergen Brunswig Corporation (F. Fabozzi). Einstein/Noah Bagel Corporation (S. Tufo). Sun Healthcare Group, Inc. (S. Tufo). Windmere-Durable Holdings, Inc. (A. Alaimo). CII Technologies, Inc. (A. Alaimo and A. Roulac). DESA International, Inc. (A. Alaimo and A. Roulac). Bruno's Supermarket (S. Lewis). Tevecap (B. Stannforth). Dao Heng Bank (A. Aran). CanFibre of Riverside, Inc., Project (M. Pisecki). Nassau County, New York General Obligations (S. Feldstein). Erie Tobacco Asset Securitization Corporation (C. Hicks). Yellowstone Energy Limited Partnetship Project (S. Haberer). Port of Walla Walla Public Corporation (J. Colombo). Wisconsin Helath Facilities Authority Healthcare Revenue Bonds--RFDF Project, Series 1997 (M. Ross). JFK International Air Terminal LLC Project (D. Frasca). Bank of America 1997-1 Manufactured Housing Asset-Backed Security (J. Brown and W. Wadden IV). Conseco 2000-XX ABS (K. Weaver and J. Nimberg). Index for Chapters.

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Book SynopsisReal Estate-Backed Securities provides today's most concise yet comprehensive understanding of passive real estate investing. Issues discussed include agency passthrough securities and mortgage strips, agency collateralized mortgage obligations, nonagency residential MBS, commercial mortgage-backed securities, and more.Table of ContentsAbout the Authors. Why It Is Important to Understand Real Estate-Backed Securities. Mortgages. Agency Passthrough Securities and Mortgage Strips. Agency Collateralized Mortgage Obligations. Nonagency Residential MBS. Real Estate Backed Asset-Backed Securities. Commercial Mortgage-Backed Securities. Analysis of Real Estate-Backed Securities. Index.

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Book SynopsisThe Financial Universe deconstructs the future in clear masterful strokes. An absolute must read text not only for professionals in financial services and related industries but also for anyone who relies on the future for business and personal planning. Written by one of the world's foremost financial astrologers, The Financial Universe highlights periods to maximize investment returns and minimize portfolio losses through exposure to geopolitical events and circumstances, and financial market hotspots. This important new text maps out potential responses by international stock markets to world events that are predicted between now and the year 2020. The Financial Universe is written for those who have little understanding of astrological terminology. The book deconstructs the complex relationship of planetary alignments, sun spot patterns, and other cosmic influences. Through astrological forecasting The Financial Universe illustrates the direct impact that world events might have on global stock markets. It presents not only a compelling analysis of the financial astrology behind previous market events but also suggests concrete strategies for professionals to confront challenges which lie ahead. Specific chapters are devoted to the City of London market and Wall Street. Important market turning points to be anticipated in the years 2004-2020 are forecast and explained against world affairs, and finance and investment opportunities.Trade Review"The author writes in a scholarly and easily to access style. The text is clear, and concisely maps out the challenges, pitfalls and opportunities for investors (big and small, experienced professional and beginners) in global markets over the next 20 odd years. It is hard to believe that there is such a book. The information the book provides is useful and masterfully presented. The book deals specifically with using planetary bodies to predict cycles in the marketplace, both positive and negative. Offering suggestions and warnings that potentially reverberate up through the year 2020, The Financial Universe even contemplates the astrological sign of America as a nation, and considers the implications of this birth sign on the future of American finances as a whole as surely as what this means for one's private investments." -- The Midwest Book Review"The prophecies made by Christeen Skinner are weirdly accurate. In 2004 she told the Sunday Express that between 2005 and 2011 there will be an aspect between Saturn and Uranus not seen since the Great Depression of 1930-1931. More specifically, she predicted that 'the change in the cycle of Pluto in 2008 will bring about a collapse in the property market'." -- From MoneyWeek, 28 November 2008Table of ContentsContents: Introduction; Traylen's; Stone Trough, York; Kim's, Worthing; Hall's, Tunbridge Wells; Arundel; Staffs, Lichfield; Baggins, Rochester; Camden, Bath; Petersfield; Howes, Hastings; Steedman, Newcastle; Tombland, Norwich; Gibb's, Manchester; Fifteenth Century, Lewes; Chapel Books, Westleton; Albion, Broadstairs; Halewood & Sons, Preston; Camilla's, Eastbourne; Brookes, Brighton; Sanctuary, Lyme Regis; Broadhurst, Southport; Castle, Colchester; Thornton's, Oxford; The Bookshop, Cambridge; Barely Read Books, Westerham; H. M. Gilbert & Son, Southampton; Academy, Southsea; Readers Rest, Lincoln; Portland, Leamington Spa; Sterling, Weston-super-Mare; Two islands; Murray & Kennett, Horsham; Treasure Trove, Leicester; Scarthin, Cromford; Rye Old Books; D'Arcy Books, Devizes; Eric T. Moore, Hitchin; Barter Books, Alnwick; Farewell to True Bookshops by John F. X. Harriott; Index.

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Book SynopsisHedge Funds. These lightly regulated funds continually innovate new investing and trading strategies to take advantage of temporary mispricing of assets (when their market price deviates from their intrinsic value). These techniques are shrouded in mystery, which permits hedge fund managers to charge exceptionally high fees. While the details of each fund’s approach are carefully guarded trade secrets, this book draws the curtain back on the core building blocks of many hedge fund strategies. As an instructional text, it will assist two types of students: Economics and finance students interested in understanding what “quants” do; and software specialists interested in applying their skills to programming trading systems. Hedge Fund Secrets provides a needed complement to journalistic accounts of the hedge fund industry, to deepen the understanding of nonspecialist readers such as policy makers, journalists, and individual investors. The book is organized in modules to allow different readers to focus on the elements of this topic that most interest them. Its authors include a fund practitioner and a computer scientist (Balch), in collaboration with a public policy economist and finance academic (Romero).

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Book SynopsisBusiness analytics has grown to be a key topic in business curricula, and there is a need for stronger quantitative skills and understanding of fundamental concepts. This book is intended to present key concepts related to quantitative analysis in business. It is targeted to business students, undergraduate and graduate, taking an introductory core course. Topics covered include knowledge management, visualization, sampling and hypothesis testing, regression (simple, multiple, and logistic), as well as optimization modeling. It concludes with a brief overview of data mining. Concepts are demonstrated with worked examples.

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Book SynopsisDeveloping global business strategies in today’s competitive and disruptive environment calls for greater interaction between the business sector and government. Among the instruments available today are various market analytic tools. These tools coupled with new business models not only provide a competitive edge but also becomes a necessity to survive in the global ever changing trade environment.This book concerns everyone dealing with market selection, market strategies, and trade policy. The reader will be able to develop global strategies based on trade information and trade flows analysis. An analysis of the most competitive countries in world trade shows the importance of pro-business policies, access to modern infrastructures, investment in research, and increased productivity. The authors explain how to design practical strategies in a global context, greater competition and uncertainty due to the introduction of new business models.

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Book SynopsisThis book explains and demonstrates the concept of momentum in chart analysis, which is of great interest to technical analysts.It includes complete explanations of overbought and oversold, where momentum fits in the broader science of technical analysis, and the importance of moving average crossover. Five major momentum oscillators are explained in depth: relative strength index, MACD, rate of change, stochastics, and Bollinger Bands. Finally, the book provides trading guidance based on momentum, involving coordination of oscillators with other indicators, reversal, and continuation signals.Momentum powerfully identifies the strength and speed of price movement. Through the use of index calculations, momentum is effective when used as a confirming indicator for other signals found in price, volume, or moving averages. Often overlooked by traders focused solely on price reversals or continuation signals, momentum provides a context to price behavior and to the price trend, and can vastly improves the timing of both entry and exit of trades.

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Book SynopsisThis book describes the biases most relevant to investing, include background on how biases develop, and offer practical strategies to help you to improve your performance.The authors offer a guide to categorizing biases based on cutting-edge brain science, which will enable readers to implement best practices that guard against whole sets of biases. Emphasis is placed on the practical implications of financial decision-making and provides a scientific basis for adjusting investing practices, to avoid common cognitive traps.

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Book SynopsisThe world of options is considered high-risk by many. At its original options treading in the modern era began in the early 1970s when the first listed calls were offered on a short list of companies; a few years later, put trading was added.Since this time, options trading has become available on most companies on the large public exchanges. However, the high-risk reputation of options has persisted through the years, even as dozens of new and often conservative strategies have been introduced. Today, the best use of options is not to speculate on price movement, but to hedge market risk in equity portfolios. Many strategies can combine hedging with income, establishing advantageous circumstances for risk-averse traders. It is possible to apply several strategies to reduce risk and in some instances, to eliminate market risk completely.This book examines the many ways this can be accomplished, based on options for three highly-rated companies. These are qualified as a first step by exceptionally attractive fundamental attributes and trends: Higher than average dividend yield with dividend increases over at least 10 years; a range of moderate price/earnings ratios each year; growing revenue, earnings and net return; and level or declining long-term debt as a percentage of total capitalization.

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Book Synopsis This book offers a comprehensive discussion of how green finance has been growing thus far and explores the opportunities and key developments ahead, with particular emphasis on Europe. The main features of the market, the key products, the issue of correctly defining green finance, the main policy actions undertaken, the risk of green washing and the necessary steps to mainstream green finance are discussed in depth. In addition, the book analyses some highly relevant aspects of the market that so far have not been sufficiently explored in the policy, industry and academic debate. This includes the potential role of digitalisation and blockchain in fostering green finance, the crucial role of the effective financing of the agriculture to reach climate and environmental targets and the possible relationship between sustainable finance and other forms of "alternative" finance. This book will be of interest to academics, practitioners, financial institutions and policy makers involved in green finance and to the finance industry in general. Table of ContentsPart I. State of the Art.- 1. An Overview of Green Finance.- 2. Defining Green Finance: Existing Standards and Main Challenges.- 3. The Development of Green Finance by Sector.- 4. Sustainable Finance Management.- 5. Financial Performances of Green Securities.- 6. Institutional Initiatives to Foster Green Finance at EU Level.- Part II. The (Long) Way Forward and New Opportunities.- 7. From Transaction-based to Mainstream Green Finance.- 8. The Development of Green Finance in EU Agriculture: Main Obstacles and Possible Ways Forward.- 9. Fintech, Digitalization and Blockchain: Possible Applications for Green Finance.- 10. Sustainable Finance: A Common Ground for the Future in Europe?.- 11. Green Finance Today: Summary and Concluding Remarks.

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Book SynopsisThis open access book addresses four standard business school subjects: microeconomics, macroeconomics, finance and information systems as they relate to trading, liquidity, and market structure. It provides a detailed examination of the impact of trading costs and other impediments of trading that the authors call “frictions”. It also presents an interactive simulation model of equity market trading, TraderEx, that enables students to implement trading decisions in different market scenarios and structures. Addressing these topics shines a bright light on how a real-world financial market operates, and the simulation provides students with an experiential learning opportunity that is informative and fun.Each of the chapters is designed so that it can be used as a stand-alone module in an existing economics, finance, or information science course. Instructor resources such as discussion questions, Powerpoint slides and TraderEx exercises are available online.Table of ContentsChapter 1: Economics and the Equity Market: A Microeconomics Course Application.- Chapter 2: Liquidity, Trading, and Price Determination in Equity Markets: A Finance Course Application.- Chapter 3: Liquidity and the Impact of Information Shocks: A Macroeconomics Course Application.- Chapter 4: Trading and Technology: An Information Systems Course Application.- Chapter 5: Experiencing Market Dynamics with TraderEx: A Trading Decision-Making Simulation.

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Book SynopsisThis book analyzes the emerging asset class of digital assets. When a new asset class originates, researchers try to understand some basic questions: Can digital assets, with the flagship asset bitcoin, really be considered a serious asset class? Since it is possible to trade digital assets, does it make sense to trade or to invest in these assets? How do digital assets compare to traditional asset classes like equities or bonds? After describing basic financial theory and breaking down the digital asset universe, this book provides fundamental knowledge with respect to this young and rising asset class. It focuses on special issues like the application of technical indicators, investment styles, asset pricing and portfolio construction. Furthermore, it offers remarks and links to other traditional asset classes and describes and warns of data issues in digital asset data.Table of ContentsChapter 1. The Emergence of a New Asset Class: Digital Assets.- Chapter 2. An Asset Pricer’s Toolkit.- Chapter 3. Investment Styles in General.- Chapter 4. Related Literature.- Chapter 5. Digital Assets.- Chapter 6. Digital Assets in a Multi-asset Context.- Chapter 7. On the Effectiveness of Technical Indicators in Digital Assets.- Chapter 8. Investment Styles in Digital Assets.- Chapter 9. Risk Factors in Digital Assets.- Chapter 10. How to Incorporate Characteristics into the Portfolio Construction Process.- Chapter 11. Are the Results Robust and Still Valid?.- Chapter 12. Conclusion.

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Book SynopsisThis open access book introduces the modern tontine and its applications in retirement and decumulation. Personal financial management in the later stages of life presents unique challenges, and renowned retirement planning expert Dr. Milevsky proposes the modern tontine as a solution. With the goal of guiding professionals and retirees in more efficient decumulation, the book demonstrates how to build a modern tontine. It is technically oriented, employing a cookbook format, featuring R code, and examining retirement planning through a statistical lens. This how-to guide, which is a sequel to his 2020 book “Retirement Income Recipes in R”, will be invaluable for retirement planning professionals and advisors, as well as for PhD scholars in retirement planning, quantitative finance, and related fields.This book is open access.Table of Contents1. Why Tontines? Why Now?.- 2. Financial & Actuarial Background.- 3. Building a Tontine Simulation in R.- 4. Statistical Risk Management.- 5. Death Benefits, Refunds & Covenants.- 6. Goodbye LogNormal Distribution.- 7. Squeezing the Most from Mortality.- 8. Managing a Competitive Tontine Business.- 9. Solutions & Advanced Hints.- 10. Concluding Remarks: Tontine Thinking.

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Book SynopsisInvestor Relations and ESG Reporting in a Regulatory Perspective is a comprehensive and detailed practical guide for financial market participants, focusing on the stock market, written for practitioners by practitioners. The main themes of the book include the challenging integration of investor relations (IR) and the non-financial reporting of environmental, social and governance (ESG). Further, the book provides a comprehensive overview of the complex regulatory framework of the European Union (EU) related to the financial markets, including the expected global trends in this area. This includes financial legislation such as MiFID II, MiFIR and MAR along with non-financial legislation like the EU’s taxonomy, CSRD and SFDR. In addition, this book explores the non-financial reporting standards of GRI, TCFD, CDSB, IBC, SASB, IRRC and the upcoming ISSB, and discusses the UN’s Sustainable Development Goals (SDGs). In addition, the book provides a practical guide regarding IR in special situations, e.g. in connection with takeover response manuals, M&A, investor activism, initial public offerings (IPOs), as well companies’ collaboration with e.g. investment banks and corporate finance advisers, financial PR and IR advisers in such situations. The suggested audience of the book includes board members and senior management of in particular listed companies, and companies considering an IPO; professionals working in the fields of IR, ESG and communications; institutional and retail investors; private equity executives; venture capitalists; investment bankers; legal practitioners; accountants and auditors; financial journalists; and politicians. Finally, university and business students may benefit from an insight into the dynamics of the financial markets and the direction they are moving, a possible inspiration for choosing a future career. Table of ContentsOverview of main sections1. The financial markets – an overview 2. The participants of the financial markets 3. Major legislation themes related to the European financial markets 4. Optimizing the investor relations department, and a fair valuation of the company through good investor relations 5. Investor relations in special situations 6. ESG-reporting for listed companies 7. Future trends in financial and non-financial reporting Section 1: The financial markets – an overview [including the benefits of a stock market listing, how stock prices are formed, and understanding the valuation methodology of investors, equity analysts, and corporate finance professionals] Chapter 1.1: The benefits and drawbacks of a stock market listing · Why is a company listed on the stock exchange? [a summary of the main motivations, including access to capital, liquidity, ownership transition, credibility, marketing, transparency, and employee engagement] · The terminology of the financial markets [with an emphasis of the importance of distinguishing the different participants and stakeholders of the financial markets, including their motivation, and why tailoring communication improves the company’s standing with the stock market] Chapter 1.2: The formation of stock prices · What determines the price of a stock? [a framework on the social interactions within the financial markets between different participants, and how information volatility forms stock prices - based on the works of e.g. Robert J. Schiller (1984/2003) and Ho & Lyke (2017)] · The social interaction within the financial markets [the interaction between buyers and sellers, and the deviation between market price volatility and intrinsic value] · Information is king [defining types of information (asymmetric/symmetric, disclosed/undisclosed, grey areas) and types of markets (perfect/imperfect/hybrid) Chapter 1.3: Ethics on the financial markets: Why a solid IR framework is key · Important considerations on ethics in the financial markets [Outlining insider information, including DOs & DONTs] · Understanding the difference between forward-looking views and investor communication with material sensitive information Chapter 1.4: Understanding valuation methodology · Introduction to different valuation methods of investors, equity analysts, and corporate finance professionals [qualitative and quantitative methods, including their use, input and limitations] · The importance of the financial accounts [identification of the most relevant ‘lines’ of the profit & loss account, the balance sheet, and the cash flow statement) · Enterprise multiples [different earnings/sales/cash multiples, including in combination, with selected growth rates and earnings margins] · Discounted Cash Flows (DCF) [description of mythology, assumptions and inputs] · Others (e.g. M&A multiples, subscriptions) Chapter 1.5: ESG and other non-valuation methods (inspiration from ‘Beating the Market with ESG, Silvalo, H. and Landau, T.) · Motivation and methods for sustainable investing · Active ownership · Qualitative and quantitative methods · The investment trends of ESG (Environmental, Social and Governance) in the investment community Chapter 1.6: Valuation methodology from the perspective of different investors · Investors and their valuation preferences [integrating the valuation methods with the social context of the financial markets, before exploring the relevant stakeholders in detail] Summary of advice and best practices [brief and operational] Section 2: The participants of the financial markets [including understanding their respective interests, and the collaboration between them] Abstract [of section content] Chapter 2.1: Understanding the financial markets’ stakeholders and their motivation · The dynamics between the various stakeholders of the financial markets [incl. an illustrative diagram connecting all stakeholders] Chapter 2.2: The buy-side - from institutional to retail investors · Investors (the ‘buy-side’) [including an illustrative diagram connecting risk profile, investment tenure and return expectations – and typical shareholder composition of various investor types in listed companies] Chapter 2.3: Understanding the role of institutional investors · Portfolio managers [tier 1 and 2, who are they, including e.g. the internal process with institutional investors which leads to a decision to invest in a certain company, including investment focus, investment themes, valuation, and selected 'political' considerations] · Buy-side analyst [identifying thematic investments themes (asset classes and equity classes) over the investment cycle] · Other investor groups, including private equity and proprietary trading Chapter 2.4: How to communicate with retail investors · Traditional retail investors · High net-worth individuals · Exchange traded funds (ETFs) (passive investors) [types of fund specifications, incl. traditional such as index, size, region, industry, factors to new such as ESG-compositions, investment themes and SRI)] Chapter 2.5: The sell-side - brokers, corporate access, equity analysts, and corporate finance [including an illustrative diagram of the collaboration framework] · Sell-side analysts [including an illustrative diagram of sell-side analysts’ role among the financial markets’ participants, types of equity research (comprehensive research reports, analyst notes and chat commentary and ESG reporting), financial modelling and maintenance, external data] · Sales and trading [client relationship management (client onboarding and maintenance), as intermediate between institutional investors, trading and institutional investors, and research analysts - interpreting analyst reports, and qualitative analysis for example management composition and ESG-trends] · Corporate access [managing roadshows and ad hoc investor events] · Broker reviews and ratings [including what dictates the distribution of investors’ commission among brokers] · Credit/debt analysts [including brief explanation of the different focus of equity analysts and credit/debt analyst] · Corporate finance advisers [types of financial market-related corporate finance transactions, and the collaboration between the various financial market participants on the one side, and the corporate finance advisers on the other side of the ‘wall’] Chapter 2.6: Considering the role of other non-financial market stakeholders · Other stakeholders in the financial markets [e.g. competitors, customers, external IR advisors (elaborated in chapter [5]), employees, media etc.] · How does regulatory and legislation influence the stock markets [bridging to the following chapter] Summary of advice and best practices [brief and operational] Section 3: Major legislation themes related to the European financial markets [including the wave of new regulations and laws which have flooded the on financial markets in recent years; their impact; as well as ESG and mitigation methods] Abstract [of section content] Chapter 3.1: How is regulation implemented on the European financial markets? · Introduction to, and a legislative overview of, the legal framework governing the EU financial markets [including an illustrative diagram and timeline of the comprehensive regulatory framework governing the participants of the financial markets] · Relevant EU legislation and its context [including how are EU laws encapsulated into EU jurisdictions (via. legislation and directives) and how does EU legislation generally tie in with the local legislation of the different EU jurisdictions. Inclusion of illustration of overall financial market legal framework in the EU and table related to local laws] · MiFID II (the Markets in Financial Instruments Directive) [including a summary of legal framework, and overview of implications] · MIFIR (Markets in Financial Instruments Regulation) [including a summary of legal framework, and overview of implications] · MAR (Market abuse regulation) [including a summary of legal framework, and overview of implications] Chapter 3.2: Learning from the impact on financial markets of recent regulation · MiFID II’s motivation to outline stakeholders and increase transparency · The more detailed regulatory impact on the financial markets [EU’s impact of MIFID II on SME (Small and Medium-sized Enterprise) and fixed income] · Research coverage [the separation of research and trading remuneration has lowered the flexibility of research, consolidating it towards larger companies] · Road shows and other event services [the increasing difficulty of broker facilitated events due to the required remuneration] · Liquidity [overall lower attention from brokers has resulted in reduced stock liquidity] · Chinese walls and organisational silos [increase of internal compliance, bureaucracy, and procedures to navigate ‘the regulatory framework’ in an optimal, efficient best-practice ethical manner] Chapter 3.3: Best-practice mitigation methods to increase investor interest · Possibilities to mitigate the adverse impact of selected regulatory framework · Sponsored research [the difference vs. traditional research (e.g. no recommendation and public distribution); examples from the market; the buy-side’s perception] · Event relationships [e.g. paid roadshows; motivating the sell-side; the buy-side’s perception] · Digital IR [e.g. marketing through social media; addressing private investors and the retail market] · Selected proactive media relations [incl. the impact on retail investors] Chapter 3.4: The new wave of regulatory framework [ESG may be a central topic] · MIFID II / EU Commission ‘Financing Sustainable Growth’ · EU Classification system ‘Taxonomy’ and changes in international politics and legislation (Silvola, H. et al.) · What may the future bring on the regulatory side? [potential themes of MiFID III; optimising IR activities as introduction to new chapter] Summary of advice and best practices [brief and operational] Section 4: Optimizing the investor relations department, and a fair valuation of the company through good investor relations [including the purpose, role, toolbox and transformative role of IR] Abstract [of section content] Chapter 4.1: The purpose of IR · Strategic management · Two-way communication · The goal of achieving a fair value of the share price Chapter 4.2: Deciding on IR ambitions and its success factors · The basics of IR ambitions · Best practice · IR practicalities (central IR tasks) · What characterizes good IR? Chapter 4.3: IR within the organisation · Organizing IR · The operational responsibility of IR · Management’s role · Board of Directors’ role · Collaboration with communication and ESG leads · Internal IR reporting · Internal collaboration · Competitor intelligence Chapter 4.4: IR’s responsibilities of implementing policies and planning ahead · Quarterly reporting cycle [including silent periods, management priorities, pre-close calls] · Internal process and planning (the IR-wheel) · IR in a corporate governance context · IR policy · IR strategy · IR plan Chapter 4.5: Tools to engage a company’s stakeholders · Website · Investor presentation · Annual report · Quarterly reporting · Q&A · Investor targeting · Investor meetings, roadshow and other IR activities o Webcasts o Psychical / video meetings o Group meetings o One-on-one meetings o Capital markets days · Financial targets [incl. pros and cons] · Perception studies [an under-rated IR tool] Chapter 4.6: Managing investor expectations · Meetings with investors and analysts o Institutional investors [and buyside analysts] o Private investors (distinguishing between high-net worth and retail) o Equity analysts o Credit/debt analysts · Expectations management [without challenging existing legislation] Chapter 4.7: Embracing the digital world of IR activities · The use of social media · Digital platforms facilitating contact between companies and investors · Potential pitfalls · Leveraging IR through the financial media · The IR function’s interaction with different stakeholders [external and internal] · Leveraging IR at the executive management and board of directors’ levels Summary of advice and best practices [brief and operational] Section 5: Investor relations in special situations [including contingencies, engagement, monitoring and Initial Public Offerings (IPOs)] Abstract [of section content] Chapter 5.1: IR preparation of difference types in contingencies · The importance of contingencies [including the role of IR] · IR’s role if a crisis emerges · Designing a comprehensive contingency · Balancing investor communication and transparency · The use of external advisers [e.g. IR and communications advisers, investments banks, legal] · Takeover response manuals [i.e. detailed contingencies in a takeover situation to ease the pressure on the company, and to obtain the best offer price for the shareholders] Chapter 5.2: Valuation in a take-over situation and strategic alternatives · Overview of thresholds · The approach of investments banks [the investment banks works with management to perform a thorough valuation review, focusing on share price performance, broker outlook, SOTP (Sum-Of-The-Parts) intrinsic value, and comparable company valuation analyses] · Assess strategic value to competitors [e.g. synergies] · Understand the company’s weaknesses · Assess possible attack themes and responses · Review strategic alternatives as routes to value [e.g. acquisitions, capital returns, licensing, other collaborations, etc.] Chapter 5.3: Shareholder engagement and monitoring market activity · How to stay close to and communicate with shareholders · Review list of major shareholders in detail and know them [investor perception, satisfaction, trust] · Continue developing the company’s equity story and communicate it effectively to the investor community; make sure guidance is both robust and credible, and that shareholders have proper visibility with respect to the company’s value drivers · Track trading flows in order to decipher whether or not stake accumulation is taking place · Monitor trading activity relative to historical averages · The implications of voting rights and dual voting right structures · Maintain awareness of short positions and related derivatives trading as indicia of potential activist activity, or a potential acquirer building a major shareholding Chapter 5.4: Developing a comprehensive take-over response manual · Develop a comprehensive take-over response manual that can be relied upon by the board of directors and executive management in the event of an unsolicited approach from a third party [i.e. a document that illustrate the steps each party needs to take in the event of an unsolicited approach] · Prepare detailed ‘leak protocol’ and ‘aide-mémoire’ to ensure formal framework in place · Rehearsing the board of directors, and management, on a ‘situation simulation’ [i.e. where a possible takeover scenario is conducted on a ‘war games’ basis] · White knight analysis [i.e. understanding who friend is, and who is foe] · Compile list of possible acquirors and analyse their financial capabilities and borrowing/financing potential · Create short-list of ‘white knights’ and what steps might be taken to cultivate them in advance of a potential third-party bid approach Chapter 5.5: A checklist for prober IR strategy during an IPO · A company’s collaboration with investment banks, lawyers and other advisers · IR, financial PR and media relations in an IPO process [i.e. the IPO process from an IR perspective] · Creating a new IR function [summary considerations] · Guidelines and procedures for onboarding new equity analysts · Public-to-private transactions, including contested take-overs [the role of IR] Summary of advice and best practices [brief and operational] Section 6 ESG-reporting for listed companies [including integrating the growing strong focus and understanding of ESG within the relevant reporting structures among the stakeholders] Abstract [of section content] Chapter 6.1: A detailed insight to the importance of integrating ESG in the business and IR · The new world of business, and the financial markets, are dictated by ESG. ESG must be an integrated part of a company’s business strategy · The ESG stakeholders [illustration of a Stakeholder and ESG model by Kay I., et. al. (2020)] and how the IR and ESG departments can collaborate · Aligning the company’s internal actors (board of directors, management, and general senior staff) to embrace ESG · Why the importance of ESG has increased in the financial market [e.g. the fundamental, climate, business, political and emotional arguments to embrace ESG] Chapter 6.2: The importance of good ESG-reporting [vis-à-vis the financial markets] · Investor attention: Better ESG performance relative to peers · Cost of capital: Companies with a focus on ESG provide more transparent financial information; may lower their cost of capital by attracting long-term institutional investors; and are superior in attracting equity analyst coverage · Raising capital - a long-standing focus on ESG has a positive impact on the ability to raise new capital, including the magnitude hereof · The stance of institutional investors · Pressure from stakeholders · Screening criteria’s and ESG investment strategies · The stance of equity analysts · Onwards – lack of good ESG will dry out companies’ access to new capital Chapter 6.3: Setting the standards of ESG-reporting · ESG rating agencies [who are they and what do they do?] · What value do investors put into ESG rating agencies? · How do investors evaluate the ESG progress of companies? · The financial stakeholders’ demands to ESG-reporting, for both institutional investors, retail investors, equity analysts and other stakeholders Chapter 6.4: ESG-reporting [how to approach and prepare it] · Where to start · Select the main audience · What do the financial stakeholders prioritise · Creating the right reporting framework · Select your focus areas [e.g. among UN’s 17 Sustainable Development Goals (SDG) to transform the world] · Develop relevant and realistic plans and reporting targets · Typical challenges [e.g. collecting the relevant data] · Integrating the financial and ESG-related/non-financial reporting Summary of advice and best practices [brief and operational] Section 7 Future trends in financial and non-financial reporting [summarizing a series of reporting trends related to financial and non-financial stakeholders] Abstract [of section content] Chapter 7.1: The next generation of EU budgets and policy · Outlining the inflow of capital into best-in-class companies, and the reporting challenges remaining · A monumental legislative and investment shift into best-in-class companies [outline the European Green deal (EGD), the NextGen EU Budgets and 2050 Co2 neutrality targets] · Motivation and challenges remaining for financial and non-financial reporting [EU evaluation study: Lack of comparability, reliability, and relevance – with strong support of simplification, stick audit requirements, digitalization and materiality assessment] Chapter 7.2: Financial reporting · Relevant legislation in this context [international financial reporting standards (IFRS) and International accounting standards board (IASB)] · Forecasting [balancing transparent financial guidance with competition concerns] · Communicated non-recurring items [restructuring, write-offs, impairments, purchase price allocations (PPA), severance and variable compensation] · Short-term and long-term [liquidity status and risks] · Internal controls [physical inventory, cyberattacks, segregation of duties] Chapter 7.3: Non-financial reporting · Relevant legislation in this context [The 2018 EU non-financial reporting directive (NFRD), the EU sustainability goals (SDG), the Paris agreement and sustainable goals, taxonomy eligibility and science-based targets, proposal of corporate sustainability reporting directive (CSRD)] · Defining impact, risk, and objectives among related disclosures: o Climate-related non-financial reporting [SDG performance (products), operational performance (climate and energy / environmental management / waste and recycling)] o Other non-financial reporting [operational performance (safety and social / corporate governance (including anti-corruption) / diversity and inclusion / wage gap] · Communicating a transparent supply network in accordance with taxonomy targets and objectives · Assuring forward-looking quality and relevant information [taking current and future challenges into account on a micro and macro level, using case examples, relative calculations and communicating ongoing progress/achievements] Chapter 7.4: Global investment and financial reporting trends · Comparability, benchmarking and transparency · SFDR2 and technical screening of comparisons · Standardisation of data and rating disclose of companies on an EU level (a potential screening criterion for institutional investors) Summary of trends [brief and operational] * * * * *

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Book SynopsisThere is a foundational crisis in financial theory and professional investment practice: There is little, if any, credible evidence that active investment strategies and traditional institutional quantitative technologies are able to provide superior risk-adjusted, cost-adjusted return over investment relevant horizons. Economic and financial theory has been in error for more than fifty years and is the fundamental cause of the persistent ineffectiveness of professional asset management. Contemporary sociological and economic theory, agent-based modeling, and an appreciation of the social context for preference theory provides a rational and intuitive framework for understanding financial markets and economic behavior. The author narrates his long-term experience in the use and limitations of traditional tools of quantitative asset management as an institutional asset manager in practice and as a quantitative analyst and strategist on Wall Street. Monte Carlo simulation methods, modern statistical tools, and U.S. patented innovations are introduced to redefine portfolio optimality and procedures for enhanced professional asset management. A new social context for expected utility theory leads to a novel understanding of modern equity markets as a financial intermediary for purchasing power constant time-shift investing uniquely appropriate for meeting investor long-term investment objectives. This book addresses the limitations and indicated resolutions for more useful financial theory and more reliable asset management technology. In the process, it traces the major historical developments of theory and institutional asset management practice and their limitations over the course of the 20th century to the present, including Markowitz and the birth of modern finance, CAPM theory and emergence of institutional quantitative asset management, CAPM and VM theory limitations and ineffective iconic tools and strategies, and innovations in statistical methodologies and financial market theory. Table of ContentsChapter 1 : The Birth of Modern Finance.- Chapter 2 : The Birth of Capital Market Theory.- Chapter 3 : Rise of Institutional Quantitative Management.- Chapter 4 : Finance Theory in Crisis.- Chapter 5: The Crisis at the Workbench or Markowitz’s revenge.- Chapter 6: The Michaud Efficient Frontier and Rank-Dependent Utility.- Chapter 7: Statistical Portfolio Management.- Chapter 8: Equity Markets in a Sociological Framework.

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Book SynopsisResponsible investment is going through a period of rapid change, from voluntary to mandatory, with regulators working to tackle greenwashing, investors responding to client and savers' demands, a proliferation of new sustainability themes and increased focus on real-world impact. Responsible investment is also ‘growing up’. And part of growing up is acknowledging limits and complexities, and making difficult decisions. Responsible investment has got this far by sticking to the script and not talking about the awkward bits in public. But this is no longer an option, and so it’s not surprising that it draws its critics. Part textbook, part briefing, part storytelling, this book is a personal and accessible account about the growth of an industry, what it’s got right, what it’s got wrong and if responsible investment is to matter, where we go next.Trade Review“Martindale’s book, Responsible Investment: An Insider’s Account of What’s Working, What’s Not and Where Next, covers a broad swathe of responsible investment topics … . Martindale’s book offers a good overview of the responsible investment landscape and its history, as well as a verdict on the future of ESG. ... For those newer to the industry, the book provides a comprehensive and accessible history of responsible investment and many of the initiatives and standards it uses.” (Dominic Webb, responsible-investor.com, January 5, 2024)Table of Contents1. A blueprint for the future of responsible investment.- 2. It started with an idea: the term ESG, the Principles and what happened next.- 3. Fiduciary duties: the thorn in the side of responsible investment.- 4. The wilderness years, and the plod plod plod of responsible investment.- 5. The cheerleaders: The ESG influencers of Lady Rothschild, Al Gore, Mark Carney and Michael Bloomberg.- 6. The new regulation and the end of the beginning.- 7. Climate first: COP 21 and TCFD.- 8. The EU leads (helped by Trump and Brexit), HLEG and new partnerships.- 9. Mandatory ESG is the new normal.- 10. Climate Action 100+: Collective stewardship.- 11. Tackling greenwashing and the new taxonomies: DWS is only the start.- 12. COP 26 and Net Zero.- 13. Impact and beyond.- 14. What responsible investment means for me.

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Book Synopsis1. Introduction.- Part I MOVING AVERAGES AND TREND-FOLLOWING TRADING RULES.- 2. Basics of Moving Averages.- 3. Trend-Following Trading Rules and Their Anatomy.- Part II QUANTITATIVE ASSESSMENT OF TRADING RULES.- 4. Quantifying Key Properties of Trend-Following Rules.- 5.  Exploring Properties of Rules Based on Conventional Moving Averages.- 6. Uncovering the Optimal Trading Rule.- 7. Exploring How Negative Weights Impact Trading Rule Properties.- Part III EXOTIC MOVING AVERAGES AND DIGITAL FILTERS.- 8. Moving Averages with Enhanced Smoothness.- 9.  Moving Averages With Reduced Lag Time.- 10. A Digital Signal Processing Approach to Moving Averages.- Part IV ADVANCED TOPICS.- 11. Optimal Trend Following Under General Persistent Return Process.- 12. Optimal Trend Following Rules in Two-State Regime-Switching Models.- 13 Profitability of Suboptimal Trend-Following Rules.- 14. Optimal Trading Frequency for Trend-Following Strategies.- Part V END OF PART IV.- 15 Summary and Conclusions.

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Book SynopsisDie Wohnungswirtschaft hat eine immense Bedeutung für die deutsche Volkswirtschaft. Dieses Grundlagenwerk vermittelt den Beschäftigten in der institutionellen Wohnungswirtschaft Überblicks- und Detailwissen zu allen relevanten Feldern des Grundstücks- und Wohnungswesens. So hilft es dem Leser, dem zeitgemäßen Anforderungsprofil eines Wohnimmobilienmanagers gerecht zu werden, indem es das Management sowohl im kaufmännischen als auch im technischen und infrastrukturellen Bereich ausführlich darstellt. Die Beiträge im Teil Transaktion sind darauf ausgerichtet, dass die Leser die entscheidenden wirtschaftlichen, rechtlichen und steuerlichen Aspekte verstehen und zielgerichtet steuern.Table of ContentsGrundlagen.- Lebenszyklus.- Strategie.- Transaktion.

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Book SynopsisWie andere Branchen ist auch die Imm­o­­bilienwirtschaft ist in ein Umfeld steigender wirtschaftlicher Dynamik und Komplexität einge­bunden. Aufgrund ihrer heterogenen Branchen­struktur und multi­diszi­pli­nären Schnitt­stellen­funktion bestehen jedoch besondere Anforderung­en an die Pro­fes­si­ona­li­sierung interner Führungs- und Organisationsstrukturen. Es stellt sich die Frage, welches Füh­rungsverhalten eine zukunftsfähige Basis für die Immobilienwirtschaft bilden könnte, um den Herausforderungen der Branche gerecht zu werden. Ein Wandel hin zu einem trans­for­matio­nalen Füh­rungs­­verhalten wird bereits für eine notwendige Voraussetzung für die Zukunft der Branche und ein wesent­­­liches Kriterium für Mitarbeiterorientierung sowie wirtschaftlichen Erfolg gehalten. Transformationale Führung hat das Ziel, durch die Vor­bild­funktion der Führungs­kraft und deren langfristig orientierten Ideale das Verhalten und das Bewusstsein der Mitarbeiter zu verändern, um so die Unternehmens- und Führungskultur positiv zu ver­ändern. Vor diesem Hintergrund greift die vorliegende Arbeit den in Theorie und Praxis vieldisku­tierten Gedanken der transformationalen Führung auf und überträgt ihn auf die Immobilienwirtschaft in Deutschland.Table of ContentsEinleitung.- Theoretische Grundlagen.- Transformationale Führung.- Untersuchung transformationaler Führungskultur in der Immobilienwirtschaft.- Zusammenfassung und Ausblick.

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Book SynopsisInstitutionelle Investoren (mithin Pensionskassen, Lebensversicherungsunternehmen, Stiftungen und Vorsorge-/Versorgungswerke) verfügen über hohe Investitionen in Immobilienanlagen. Das Management dieser Investitionen und des Bestandes erfolgt auf institutioneller Ebene i.d.R. im Rahmen des Asset Managements bzw. des auf Immobilien spezialisierten Real Estate Asset Managements. Trotz der hohen Investitionen ist der Markt des internen und externen „Asset Managements“ stark fragmentiert und intransparent, d.h. ein Vergleich unterschiedlicher Asset Management-Standards und -Ansätze ist bis heute nicht bzw. nur schwer möglich und führt zu Ineffizienzen auf dem Markt. Gleichwohl ist am Markt eine Professionalisierung der direkten und indirekten Immobilienanlage feststellbar. An dieser Stelle setzt das vorliegende Forschungsvorhaben an mit dem Ziel, den aktuellen Stand zum Real Estate Asset Management in der Schweiz, Deutschland und Österreich im Rahmen einer empirischen Erhebung in Kooperation mit der ASIP Verband der Schweizerischen Pensionskassen aufzuzeigen, untereinander abzugleichen und mit historischen Daten zu vergleichen. Dabei stellt sich insbesondere die Frage, wie die Bereiche Asset Allokation im Immobilienbereich, Asset Management und Organisation strukturiert sind und an welchen Stellen Optimierungspotentiale bestehen. Dabei werden sowohl die Bereiche der direkten Immobilienanlage als auch der indirekten Immobilienanlage anhand der gewonnenen Daten diskutiert. In der wissenschaftlichen Fachliteratur existieren zahlreiche Studien zu dem Bereich „Asset Management“, allerdings sind diese i.d.R. auf ein Land beschränkt, betrachten nicht ausschließlich den Bereich „Immobilie“, orientieren sich am reinen Portfolio-Management bzw. der Portfolio-Optimierung oder spiegeln nicht den aktuellen Stand der Unternehmenspraxis wider. Die empirische Erhebung unter den institutionellen Investoren wurde im Juli und August 2014 durchgeführt und ab September 2014 ausgewertet. Die Forschungsergebnisse sollen im Rahmen einer Buchpublikation veröffentlicht und auf mehreren Konferenzen im I. Quartal 2015 und bei ausgewählten Investoren verteilt werden.Table of ContentsInstitutionelle Investoren in der Schweiz.- Herausforderungen an Investoren und Anlageprodukte.- Studienergebnisse zum Real Estate Asset Management in der Schweiz.- Institutionelle Investoren in Deutschland und Österreich.- Studienergebnisse zu Immobilieninvestitionen institutioneller Investoren in Deutschland und Österreich.

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