Investment and securities Books

Book SynopsisInvestment managers are often faced with complex situations that require a thorough understanding of both quantitative tools and qualitative assessments in order to make informed decisions. This book covers a broad range of topics, including active investment strategies in both public and private markets, as well as custom solutions tailored to meet the needs of institutional and individual investors. By exploring these topics, the book aims to help readers develop a deeper understanding of the principles and practices involved in effective investment management, and to provide them with the tools and knowledge necessary to make informed decisions about their investments.Table of Contents Chapter 1 Introduction to Investment Management Chapter 2 Introduction to Market Microstructure Chapter 3 Securities Market Regulation Around the World Chapter 4 Accounting and Financial Analysis Chapter 5 Investment and Finance Decisions in Capital Market Chapter 6 Portfolio Management Chapter 7 Risk Budgeting Chapter 8 Inflation and Investment

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Book SynopsisThe edited volume on "The Role of Institutional Investors in a Globalized Environment" will publish original papers that examine various issues concerning the strategies of institutional investors, the role of institutional investors in corporate governance, their impact on local and international capital markets, as well as the emergence of sovereign and other asset management funds and their interactions with micro and macro economic and market environments including the impacts on international economic and market stability.Table of ContentsList of Contributors. Introduction to Institutional Investors in Global Capital Markets. Financial Liberalization and Foreign Institutional Investors: Literature Review. Institutional Investment Horizon and Firm Credit Ratings. Divestment of Foreign Strategic Investment in China's Banking Sector: Causes and Consequences. Domestic and Foreign Institutional Investor Behavior in China: Financial Characteristics and Corporate Governance. Institutional Investors' Participation in Foreign Firms: Evidence from ADRs. Do Foreign Institutional Investors (FIIs) Exhibit Herding and Positive Feedback Trading in Indian Stock Markets?. Do Financial Conglomerates have an Incentive to Prevent Managers of other Firms from Pursuing their Own Interest?. The Impact of Foreign Government Investments: Sovereign Wealth Fund Investments in the United States. What do Sovereign Wealth Funds Imply for Financial Stability?. Africa's Quest for Development: Can Sovereign Wealth Funds Help?. Portfolio Allocation for Sovereign Wealth Funds in the Shadow of Commodity-Based National Wealth. Are Sovereign Wealth Funds Politically Biased? A Comparison with other Institutional Investors. Sovereign Wealth Fund Acquisitions: A Comparative Analysis with Mutual Funds. Institutional Investors in Global Capital Markets. International finance review. International finance review. Copyright page.

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Book SynopsisThis important book examines the development of soft law instruments in international investment law and the feasibility of a 'codification' of the present state of this field of international economic law. It draws together the views of international experts on the use of soft law in international law generally and in discrete fields such as WTO, commercial, and environmental law. The book assesses whether investment law has sufficiently coalesced over the last 50 years to be 'codified' and focuses particularly on topical issues such as most-favored-nation treatment and expropriation. This timely book will appeal to academics interested in the development of international law and legal theory, to those working in investment law, government investment treaty negotiators and arbitration practitioners. Contributors: A.K. Bjorklund, G. Cordero-Moss, M.G. Desta, M. Hirsch, K. Miles, A. Reinisch, E. Sipiorski, C. Tietje, A.R. ZieglerTrade Review'[A] text that should be useful and interesting to readers outside the international investment community, and which is an excellent primer on soft law and its usefulness in international problem solving generally.' --Nicholas Turner, American Society of International Law'[T]he book covers an exceptionally wide range of issues in the process of examining the topic of investment law and soft law. If you're involved in investment law, or government investment treaty negotiations, or arbitration proceedings - or if you have an interest in international law and legal theory, you would do well to acquire this erudite and timely work of reference.' --Phillip Taylor MBE and Elizabeth Taylor, The Barrister MagazineTable of ContentsContents: 1. Introduction: The ILA Study Group on the Role of Soft Law Instruments in International Investment Law Andrea K. Bjorklund and August Reinisch 2. Sources of International Investment Law Moshe Hirsch 3. Soft Law in International Law: An Overview Melaku Geboye Desta 4. Assessing the Effectiveness of Soft Law Instruments in International Investment Law Andrea K. Bjorklund 5. Soft Law Instruments in Environmental Law: Models for International Investment Law? Kate Miles 6. Soft Law Codifications in the Area of Commercial Law Giuditta Cordero-Moss 7. GATT/WTO Law and International Standards: An Example of Soft Law Instruments Hardening Up? Melaku Geboye Desta 8. The Evolution of Investment Protection Based on Public International Law Treaties: Lessons to be Learned Christian Tietje and Emily Sipiorski 9. Is the MFN Principle in International Investment Law Ripe for Multilateralization or Codification? Andreas R. Ziegler 10. Is Expropriation Ripe for Codification? The Example of the Non-Discrimination Requirement for Lawful Expropriations August Reinisch 11. Soft Codification of International Investment Law August Reinisch and Andrea K. Bjorklund Index

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

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Book SynopsisThis fascinating Handbook provides a clear explanation of the securities market regulation regime in the United States. A diverse set of contributors offer a comprehensive overview of the regulatory process, Dodd-Frank, the principal securities statutes, and the regulators and market participants involved. In addition to a general summary of the topic, this volume provides detailed explanations of the process for registering securities, exemptions from registration, secondary distributions, and the underwriting process.Scholars and students of financial law, banking and regulatory law will find this book a useful resource, as will attorneys, compliance professionals, risk-mitigation professionals and corporate leaders.Contributors: B. Black, L.A. Blau, R.C. Campos, P. Evans, J. Fanto, J. Gabilondo, Z.J. Gubler, T.L. Hazen, W.A. Kaal, A.B. Laby, M. Liston, J. MacLeod Heminway, M.Q. PazTable of ContentsContents: Introduction 1. Overview Jerry W. Markham 2. The Definition of “Security” Under the Federal Securities Laws Arthur B. Laby 3. The Integrated Disclosure System Rigers Gjyshi 4. Exemptions from 1933 Act Registration Thomas L. Hazen 5. The Underwriting Process and Secondary Distribution Zachary J. Gubler 6. Secondary Markets Roel C. Campos and Marlon Q. Paz 7. The Rise of Risk-Based Regulatory Capital: Liquidity and Solvency Standards for Financial Intermediaries José Gabilondo 8. Investment Adviser Regulation Wulf A. Kaal 9. Corporate Governance and the Regulation of Mergers and Acquisitions Jerry W. Markham and Rigers Gjyshi 10. The Sarbanes-Oxley Act of 2002: A Regulatory Hodge-Podge Arising from Highly Visible Financial Fraud Joan Macleod Heminway 11. Regulation of Derivative Instruments Jerry W. Markham 12. An Overview of Compliance-Related Issues in Broker-Dealer Regulation James Fanto 13. Fraud, Manipulation and Other Prohibited Practices Jerry W. Markham 14. The Past, Present and Future of Securities Arbitration Between Customers and Brokerage Firms Barbara Black 15. Private Rights of Action Under U.S. Securities Laws: Key Differences between Litigation and Arbitration of Securities Disputes, Limited Right of Action Against Investment Advisers, and the Uncertain Future of Class Litigation Leslie A. Blau, Mark Liston and Peter Evans 16. Comparative Analysis of Global Securities Regulation Jerry W. Markham Index

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Book SynopsisIn most capital markets, insider trading is the most common violation of securities law. It is also the most well known, inspiring countless movie plots and attracting scholars with a broad range of backgrounds and interests, from pure legal doctrine to empirical analysis to complex economic theory. This volume brings together original cutting-edge research in these and other areas written by leading experts in insider trading law and economics.The Handbook begins with a section devoted to legal issues surrounding the US's ban on insider trading, which is one of the oldest and most energetically enforced in the world. Using this section as a foundation, contributors go on to discuss several specific court cases as well as important developments in empirical research on the subject. The Handbook concludes with a section devoted to international perspectives, providing insight into insider trading laws in China, Japan, Australia, New Zealand, the United Kingdom and the European Union.This timely and comprehensive volume will appeal to students and professors of law and economics, as well as scholars, researchers and practitioners with an interest in insider trading.Contributors: K. Alexander, S.M. Bainbridge, L.N. Beny, S.F. Diamond, J. Fisch, J.M. Heminway, M.T. Henderson, N.C. Howson, H. Huang, K. Kendall, S.H. Kim, T.A. Lambert, K. Langenbucher, D.C. Langevoort, H.G. Manne, M. Nelemans, A. Padilla, A.C. Pritchard, J.M. Ramseyer, M.C. Schouten, H.N. Seyhun, A.F. Simpson, J.W. Verret, G. WalkerTable of ContentsContents: 1. An Overview of Insider Trading Law and Policy: An Introduction to the Research Handbook on Insider Trading Stephen M. Bainbridge PART I: US LAW AND POLICY 2. Launching the Insider Trading Revolution: SEC v. Capital Gains Research Bureau A.C. Pritchard 3. What were they Thinking? Insider Trading and the Scienter Requirement Donald C. Langevoort 4. Entrepreneurship, Compensation, and the Corporation Henry G. Manne 5. Regulating Insider Trading in the Post-Fiduciary Duty Era: Equal Access or Property Rights? Stephen M. Bainbridge 6. The Facebook Effect: Secondary Markets and Insider Trading in Today’s Startup Environment Stephen F. Diamond 7. Regulation FD: An Alternative Approach to Addressing Information Asymmetry Jill Fisch 8. Decision Theory and the Case for an Optional Disclosure-based Regime for Regulating Insider Trading Thomas A. Lambert PART II: STUDIES OF SPECIFIC DEFENDANTS 9. Applying Insider Trading Law to Congressmen, Government Officials, and the Political Intelligence Industry J.W. Verret 10. What Governmental Insider Trading Teaches us About Corporate Insider Trading Sung Hui Kim 11. A Portrait of the Insider Trader as a Woman Joan MacLeod Heminway PART III: EMPIRICAL RESEARCH 12. Has Illegal Insider Trading Become More Rampant in the United States? Empirical Evidence from Takeovers Laura Nyantung Beny and H. Nejat Seyhun 13. The Changing Demand for Insider Trading Regulation M. Todd Henderson 14. Insider Trading: What is Seen and What is Not Seen Alexandre Padilla 15. The Political Economy of Insider Trading Laws and Enforcement: Law vs. Politics? International Evidence Laura Nyantung Beny PART IV. GLOBAL PERSPECTIVES Section A. Asia 16. The Regulation of Insider Trading in China: Law and Enforcement Hui Huang 17. Punishing Possession–China’s All-Embracing Insider Trading Enforcement Regime Nicholas Calcina Howson 18. Insider Trading Regulation in Japan J. Mark Ramseyer Section B. Australasia 19. Insider Trading in Australia Keith Kendall and Gordon Walker 20. Insider Trading Law in New Zealand Gordon Walker and Andrew F. Simpson Section C. Europe 21. UK Insider Dealing and Market Abuse Law: Strengthening Regulatory Law to Combat Market Misconduct Kern Alexander 22. Insider Trading in European Law Katja Langenbucher 23. Takeover Bids and Insider Trading Matthijs Nelemans and Michael Schouten Index

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Book SynopsisPonzi schemes are a particularly vicious form of financial fraud, in that the overly trusting victims, who are often wiped out, typically share an affiliation with the fraudster. They are interesting, in that they share some features with legitimate financial phenomena (such as stock manias) and shed light on the human tendency towards behaving foolishly, especially when encouraged or modeled by others. In Understanding Ponzi Schemes, Mervyn Lewis has written what is probably the best and most comprehensive book on the topic. Extremely readable, this book uses both theoretical models and real-life case studies to provide readers with an answer to two questions: 'How do Ponzi schemes work and why are they successful?' Lewis also provides useful answers to a third question: 'What can regulators and individuals do to be protected from future incarnations of Charles Ponzi?'''- Stephen Greenspan, University of Connecticut, US and author of Annals of Gullibility'Starting with very readable (and well-referenced) accounts of various Ponzi fraudsters from Ponzi himself through to Madoff and Stanford, lessons are drawn from such diverse disciplines such as psychology and statistical analysis to advocate novel approaches to the regulation of Ponzi schemes. A 'must read' for regulatory policy-makers and a fascinating read for the general reader, Professor Lewis is to be congratulated for advancing the debate on this age-old phenomenon by suggesting distinctive and innovative strategies to tackle it.'- Eva Lomnicka, Dickson Poon School of Law, King's College London, UK'Readers looking for a clear explanation of how Ponzi schemes work and description of recent and historical examples, both large and small scale, will find that in this very readable book. But the author, Professor Mervyn Lewis, goes well beyond those topics by drawing on behavioural economics and psychology to help understand how 'victims' get caught in such schemes, and the motives and behaviours of the scheme operators. That analysis also provides a valuable checklist for readers to help them avoid becoming victims.'- Kevin Davis, University of Melbourne, AustraliaA Ponzi scheme is one of the simplest, albeit effective, financial frauds to engineer, and new schemes keep coming forward. Despite this, however, people continue to invest in them. How are we to account for the seemingly never-ending lure of such schemes? In providing answers to this central question, this concise and well-researched book examines how Ponzi schemes operate, how they differ from pyramid schemes, Ponzi finance and other financial arrangements.The author questions whether the victims have only themselves to blame, why fraudsters think that they can avoid detection, and what important insights behavioural finance theory and psychology can add. Particular attention is paid to the reasons behind the failure of financial regulation, and the types of regulatory changes needed to protect investors and avoid repetitions. The analysis is informed by case studies of 11 Ponzi schemes in the US, UK, Australia and New Zealand.Finance and business academics interested in the operation of Ponzi schemes, and how they differ from pyramid schemes, will find this book invaluable, as will students of economics, finance, behavioural decision-making and psychology. Lawyers, psychologists, regulatory agencies and financial institutions will also benefit considerably from the analysis.Trade Review‘This book offers highly valuable information about Ponzi schemes. The writing is clear and well organized, and it is an excellent work not only for academic researchers, policy makers, and students, but it can also be valuable to general readers.’ -- Yiyan Li, Criminal Law and Criminal Justice‘. . . more than two dozen books on Ponzi schemes have now been written, but Understanding Ponzi Schemes provides a most informative and detailed​ ​analysis of this phenomenon based on the author’s theoretical analysis and empirical case​ ​studies. . . . The subject of Lewis’s Understanding Ponzi Schemes is significant, as Ponzi schemes are a kind of investment fraud that occurs frequently around the world. . . He does a superb job of offering a systematic description of what​ ​Ponzi schemes are, how they happen, why people fall for them, how they are able to survive​ ​for long periods of time, what we can do to avoid being victims, and ways of preventing them. . . . On the whole, this book offers highly valuable information about Ponzi schemes. The writing​ ​is clear and well organized, and it is an excellent work not only for academic researchers,​ ​policy makers, and students, but it can also be valuable to general readers.’ -- Criminal Law & Criminal Justice Books‘The short, well-referenced volume is an invaluable arrow in the quiver of finance scholars, regulatory agents, financial advisers, and other public policy officials. But it is also, not unlike the topic itself, an engaging, very readable look inside this fraudulent world. Summing Up: Highly recommended.’ -- A.R. Sanderson, Choice‘Ponzi schemes are a particularly vicious form of financial fraud, in that the overly trusting victims, who are often wiped out, typically share an affiliation with the fraudster. They are interesting, in that they share some features with legitimate financial phenomena (such as stock manias) and shed light on the human tendency towards behaving foolishly, especially when encouraged or modeled by others. In Understanding Ponzi Schemes, Mervyn Lewis has written what is probably the best and most comprehensive book on the topic. Extremely readable, this book uses both theoretical models and real-life case studies to provide readers with an answer to two questions: “How do Ponzi schemes work and why are they successful?” Lewis also provides useful answers to a third question: “What can regulators and individuals do to be protected from future incarnations of Charles Ponzi?”’ -- Stephen Greenspan, University of Connecticut, US and author of Annals of Gullibility‘Starting with very readable (and well-referenced) accounts of various Ponzi fraudsters from Ponzi himself through to Madoff and Stanford, lessons are drawn from such diverse disciplines such as psychology and statistical analysis to advocate novel approaches to the regulation of Ponzi schemes. A “must read” for regulatory policy-makers and a fascinating read for the general reader, Professor Lewis is to be congratulated for advancing the debate on this age-old phenomenon by suggesting distinctive and innovative strategies to tackle it.’ -- Eva Lomnicka, Dickson Poon School of Law, King's College London, UK‘Readers looking for a clear explanation of how Ponzi schemes work and description of recent and historical examples, both large and small scale, will find that in this very readable book. But the author, Professor Mervyn Lewis, goes well beyond those topics by drawing on behavioural economics and psychology to help understand how “victims” get caught in such schemes, and the motives and behaviours of the scheme operators. That analysis also provides a valuable checklist for readers to help them avoid becoming victims.’ -- Kevin Davis, University of Melbourne, AustraliaTable of ContentsContents: 1. An Outline of the Book 2. How do Ponzi Schemes Work? Comparing them to Other Financial Activities 3. Charles Ponzi’s Scheme Re-examined 4. Bernard Madoff and the ‘Mother of all Ponzi Schemes’ 5. Allen Stanford: The Cricketing Impresario 6. Five Other Case Studies: From Shaking Down the FBI to Bitcoin Fraud 7. Preying on the Amish 8. What can Behavioural Finance Tell Us? 9. What Would Psychologists Say? 10. What Can be Done About Ponzi Schemes? 11. Summary and Conclusions Index

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Book SynopsisThe Handbook of Research on IPOs provides a comprehensive review of the emerging trends and directions in the global initial public offerings (IPO) markets. The empirical evidence included in the book covers Europe, the US and the Far East, and presents a truly global perspective of IPO markets around the world and at the different stages of the entire IPO process.The Handbook is divided into six comprehensive parts:- why, when and where firms go public- preparation for the IPO- transaction structure and governance at the IPO- trading in the aftermarket- the aftermarket performance of IPOs- special types of IPOs.The chapters offer some important new insights into issues that will be of interest not only to the academic community but also to professionals involved in the preparation, structure and execution of such transactions, market regulators, and private and institutional investors.Contributors: N. Appadu, D.B. Audretsch, F. Bancel, S. Banerjee, F. Bertoni, W. Bessler, R. Boissin, M. Bonaventura, P. Brown, J. Cao, M. Cattaneo, S. Chaplinsky, S. Chattopadhyay, H.M.J. Colaco, D. Cumming, J. D Souza, S. Espenlaub, A. Faelten, A. Ferguson, C.S. Fernando, V.A. Gatchev, G. Giudici, M. Goergen, D. Gounopoulos, U. Güçbilmez, S. Gupta-Mukherjee, G. Gur-Gershgorn, S.P. Hegde, J. Hoebelt, S. Johan, A. Khurshed, P. Lam, E.E. Lehmann, M. Levis, W.L. Megginson, M. Meoli, J.-S. Michel, K. Migliorati, U.R. Mittoo, A.C. Mohliver, R. Nash, S. Owen, S. Paleari, J.A. Pandes, G. Pawlina, M. Remenar, J.R. Ritter, M.J. Robinson, M. Seim, A. Signori, P.A. Spindt, J.-A. Suchard, S. Vismara, K. YamadaTable of ContentsContents: Preface Introduction Mario Levis and Silvio Vismara PART I: WHY AND WHEN FIRMS GO PUBLIC 1. Economies of Scope and IPO Activity in Europe Jay R. Ritter, Andrea Signori and Silvio Vismara 2. The Decline in Venture-backed IPOs: Implications for Capital Recovery Susan Chaplinsky and Swasti Gupta-Mukherjee 3. Survey Evidence: What Do We Know About European and US Firms’ Motivations for Going Public? Franck Bancel and Usha R. Mittoo 4. IPO Waves and Hot Markets in the UK Shantanu Banerjee, Ufuk Güçbilmez and Grzegorz Pawlina PART II: PREPARATION FOR THE IPO 5. IPO Offer Price Selection, Institutional Subscription, and the Value of the Firm: Theory and Evidence Chitru S. Fernando, Vladimir A. Gatchev and Paul A. Spindt 6. The Canadian Junior IPO Market and the Capital Pool Company Program J. Ari Pandes and Michael J. Robinson 7. Investor Protection and IPO Survival in the Italian Stock Market Mattia Cattaneo and Michele Meoli 8. Underwriter Reputation, Bookbuilding and IPO Duration Hugh M.J. Colaco and Shantaram P. Hegde PART III: TRANSACTION STRUCTURE AND GOVERNANCE AT THE IPO 9. Corporate Governance in Newly Listed Companies David B. Audretsch and Erik E. Lehmann 10. The Allotment of IPO Shares: Placing Strategies between Retail versus Institutional Investors Fabio Bertoni, Matteo Bonaventura and Giancarlo Giudici 11. VC Investment Timing and IPO Pricing Jean-Sébastien Michel 12. The Underwriters of IPOs in Europe’s Second Markets Katrin Migliorati and Stefano Paleari PART IV: TRADING IN THE AFTERMARKET 13. Orphan versus Non-orphan IPOs: The Difference Analyst Coverage Makes Romain Boissin 14. Do Directors Trade After IPO Lockup Expiry? Susanne Espenlaub, Marc Goergen, Arif Khurshed and Marko Remenar 15. Venture Capital and IPO Waves in Europe: An Analysis of Firm and Performance Characteristics Wolfgang Bessler and Martin Seim 16. IPO Pricing and Ownership Structure: The Business-group Effect Aharon Cohen Mohliver, Gitit Gur-Gershgorn and Shinjinee Chattopadhyay PART V: THE AFTERMARKET PERFORMANCE OF IPOs 17. Acquisitions, SEOs, Divestitures and IPO Performance Naaguesh Appadu, Anna Faelten and Mario Levis 18. Private Equity, RLBOs and IPO Performance Jerry Cao 19. The Impact of Venture Capital/Private Equity Investment on the Performance of IPOs in Australia Sian Owen and Jo-Ann Suchard 20. Development in Financial Markets and the Performance of German IPOs Dimitrios Gounopoulos and Johannes Hoebelt PART VI: SPECIAL TYPES OF IPOs 21. The IPO as an Exit Strategy for Venture Capitalists: Regional Lessons from Canada with International Comparisons Douglas Cumming and Sofia Johan 22. Choice between Alternative Routes to Go Public: Backdoor Listing versus IPO Philip Brown, Andrew Ferguson and Peter Lam 23. An Empirical Analysis of Cross-Listing Decisions in Share-Issue Privatizations: Evidence from Developed and Developing Countries Juliet D’Souza, William L. Megginson and Robert Nash 24. How Bank Health Affects the Capital Structure and Performance of IPO Firms: Evidence from the Japanese Financial Crisis in the 1990s Kazuo Yamada Index

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Book SynopsisShareholder engagement with publicly listed companies is often seen as a key means to monitor corporate performance and behavior. In this book, the authors examine the corporate governance roles of key institutional investors in UK corporate equity, including pension funds, insurance companies, collective investment funds, hedge and private equity funds and sovereign wealth funds. The authors argue that institutions' corporate governance roles are an instrument ultimately shaped by private interests and market forces, as well as law and regulatory obligations, and that policy-makers should not readily make assumptions regarding their effectiveness, or their alignment with public interest or social good. They critically discuss the possibilities and limitations of shareholder stewardship i.e. the UK Stewardship Code and the EU Shareholder Rights Directive 2017 as well as explore various reforms of the UK pension fund structures, including the Local Government Pension Funds reform, the move from defined benefit to defined contribution schemes and implications for funds' asset allocation, investment management and corporate governance roles. This book will be of interest to academics in corporate law and governance as well as those in the corporate governance industry, such as institutions, trade associations, proxy advisors and other corporate governance service providers. Think tanks and research institutes tied to institutional investment, corporate governance, law and business may also be a key audience.Trade Review'In this thought-provoking and much-needed work, Barker and Chiu cast an informed and critical eye over the investment and governance practices of institutional fund managers, together with the limitations of the applicable regulatory framework. In doing so, they highlight the impracticability of many of the expectations that have been placed on the sector over recent years, before setting out an alternative normative paradigm for future public policymaking in this field. This book is a must-read not just for scholars and students of corporate governance and financial market regulation, but also for policymakers in search of a fresh handle on a difficult current problem.''Institutional investors are in the position to control many of the listed companies in the US and the UK thanks to their aggregate voting power. Can they credibly support and encourage long-term value creation at those companies? Barker and Chiu's book provides not only the legal framework to answer this fundamental question, but also a sharp and disenchanted sketch of the shortcomings of the financier capitalism model. Academics, policymakers and other concerned readers will find here plenty of food for thought to address the challenges and implications of this stage of capitalism.' --Luca Enriques, University of Oxford, UK'In this insightful new book, the authors provide a wide ranging analysis of modern asset management, and highlight its increasingly influential role as an owner of corporate equity. Their skepticism about the capacity of the industry to fulfill a meaningful stewardship role in investee companies may well prove prescient, and should inform the current policy debate on corporate governance.' --Andrew Clare, Cass Business School, UKTable of ContentsContents: Introduction 1. Investment Funds in an Era of Financialisation 2. The Governance, Structures and Incentives of Investment Funds- Shaping a Model of Modern Investment Management 3. Corporate Equity Ownership and the Misplaced Hope in Institutional Shareholder Stewardship 4. Pension Funds as Corporate Governance Actors 5. Mutual Funds as Corporate Governance Actors 6. Hedge Funds as Corporate Governance Actors 7. Private Equity Funds and their Corporate Governance Roles 8. Sovereign Wealth Funds in Corporate Governance Roles 9. Conclusion: Beyond Shareholder Stewardship: Visions for Responsible Investment Management and a New Corporate Governance Index

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Book SynopsisThe shift from managerial capitalism to investor capitalism, dominated by the finance industry and finance capital accumulation, is jointly caused by a variety of institutional, legal, political, and ideological changes, beginning with the 1970s' down-turn of the global economy. This book traces how the incorporation of businesses within the realm of the state leads to both certain benefits, characteristic of competitive capitalism, and to the emergence of new corporate governance problems. Contrasting economic, legal, and managerial views of corporate governance practices in contemporary capitalism, the author examines how corporate governance has been understood and advocated differently during the New Deal era, the post-World War II economic boom, and after 1980 in the era of free-market advocacy. Covering the theory of the firm from the New Deal era until the post-2008 financial crisis, the book connects contemporary theories with their original legal roots, demonstrating inconsistencies in contemporary understanding. It also points at the differences between legal theory and neoclassical economic theory regarding the theory of the firm. The book examines how the entrenchment of shareholder welfare governance turns a blind eye to legal theory and corporate law, leading to theoretical inconsistencies and practical concerns, and criticises the agency theory argument in favour of unrestricted shareholder welfare governance. A comprehensive review of the literature on corporate governance, both in legal theory and in economics and management studies is included.This enlightening and informative book is essential reading for corporate governance scholars, management studies researchers, legal theorists and business historians.Trade Review‘The book makes a strong argument for developing a new view of corporate governance based on mainstream legal theory, management study research, and applied microeconomics. . . . Styhre provides us with much intellectual fodder for the key questions of the new millennium – most importantly, what role the corporation will play in ensuring a vibrant US economic middle-class in an era of contract employees, underemployment, and ongoing automation.’ -- Thomas A. Hemphill, Journal of Markets & MoralityTable of ContentsContents Prologue: The Great Recession Durcharbeitung Introduction: The nature of the firm and its governance Part I: Instituting the firm 1. Corporate law and the legal environment of the firm 2. Managerialism, the problem of principal-agent relations, and free market advocacy Part II: Rethinking the firm 3. The agency theory model of the firm and its implications 4. Investor capitalism and the nexus of contract view of the firm: Assessing the consequences Postscript: Neoclassical economic theory and ideology Bibliography Index

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Book SynopsisThe legal regulation of company shares is a fundamental building block in a capitalist society. This insightful book provides an historical analysis of the phenomenon, investigating underlying policy issues and considering relevant aspects of current law to explore possible future trends. David Milman examines the phenomenon of the company share in a holistic way, tracing the origins of the share and exploring the diversity present within the family of shares. Using a comparative approach, key chapters consider the circumstances under which shares are acquired, the property law perspective relevant to shares and the rights and obligations of those who hold shares. The book concludes with speculation on how the share might evolve in the future in light of technological change and the development of other capital raising investments. This accessible book will provide valuable insight to scholars researching corporate law. It will also be beneficial for policymakers and practitioners wishing to understand more about the history of the company share, and how this may impact its future.Trade Review'This book provides a distinctive and welcome contribution to literature on the changing patterns of regulatory framework in relation to shares and shareholder rights in the UK. The coherent argument and clear writing of the author makes this an appropriate book for corporate law and corporate finance courses. Insightful and timely, it is a must-read for academics, practitioners, investors, fund managers, entrepreneurs, as well as business and finance professionals.' --Jingchen Zhao, Nottingham Trent University, UK'This fascinating new book by David Milman is highly informative and interesting. Written in a lively and entertaining style, the book contains a wealth of historical detail as well as many topical allusions. It traces how legal and legislative policy in respect of shares and share capital has waxed and waned over the years and how previously discarded solutions have once again gained in popularity. The book comes highly recommended for its sheer readability and incisive analysis.' --Gerard McCormack, University of Leeds, UK'Professor Milman provides a must-read work of immense scholarship on shares, and provides a work of immense scholarship. The book provides is a modern and thorough exposition of the development of shares as a critical intangible asset. A comparative approach enhances the analysis of the work. The changing role of shares and shareholder regulation is examined with clarity of style. The cultural and political ramifications of shares are examined, as well as the impact of Brexit. This book is clear, comprehensive and a must read for students, academics, and practitioners who seek a work of scholarship.' --Anu Arora, University of Liverpool, UKTable of ContentsContents: Preface 1. Introduction to the Institution of The Company Share 2. History of the Company Share and the Different Categories of Share 3. Acquisition of Shares 4. Shares as Property Objects 5. Shareholder Rights: Source, Nature and Enforceability 6. Obligations Associated with Share Ownership 7. Overview and the Future of the Share Index

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Book SynopsisForeign Direct Investment and the Chinese Economy provides a comprehensive overview of the impact of foreign direct investment, with extensive empirical evidence, on the Chinese economy over the last three and a half decades. Chunlai Chen presents a compelling and thorough analysis of the leading theoretical explanations of the impact of FDI through a series of rigorous and in-depth empirical investigations on China's regional economic growth, urban-rural income inequality and urbanization development. These case studies show that despite FDI's contribution to economic growth, reduction of income inequality and the rise in urbanization, there is further evidence of uneven regional distribution of FDI inflow. This has negatively affected economic growth, exacerbated income inequality and impeded urbanization of inland China. The book concludes by demonstrating that these findings have important policy implications, not only for China, but also for other developing countries influenced by the implementation of FDI policies. This work of highly focused theoretical analysis is an invaluable resource for scholars and students of economics as well as policy-makers who are interested in the Chinese economy.Trade Review'Foreign direct investment (FDI) in China has been an important component of the country's development, particularly since the early 1990s, and many have written about FDI's impact on China's rapid growth. Very little work, however, has looked at the impact of FDI on different regions of China, on accelerating the pace of urbanization there, or on FDI's impact on the sharp divide between the registered rural and urban populations. Chunlai Chen, one of the leading analysts of the impact of foreign investment, explores these important issues in depth in this major study.' --Dwight H. Perkins, Harvard University'China's miracle has been driven by a small set of engines, none of which has been more influential than foreign direct investment, or FDI. In this book, Professor Chen provides the reader with an accessible picture of the role of FDI in China's economic development. He not only shows how FDI contributed technologies and much-needed capital; his book documents the impacts on the economy and society. This is a must-read book for any student of China or those wanting to understand the current and future role that China will play in the world.' --Scott Rozelle, Stanford UniversityTable of ContentsContents: 1. Introduction PART I IMPACTS ON REGIONAL ECONOMIC GROWTH 2. Regional characteristics and the impacts of foreign direct investment on China’s regional economic growth 3. The interregional impacts of foreign direct investment on China’s inland economic growth PART II IMPACTS ON INCOME INEQUALITY 4. The impacts of foreign direct investment on urban-rural income inequality in China 5. The interregional impacts of foreign direct investment on China’s inland urban-rural income inequality PART III IMPACTS ON URBANIZATION DEVELOPMENT 6. The impacts of foreign direct investment on urbanization development in China 7. Conclusion and policy implications Index

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Book SynopsisIn order to create value, companies must allocate their resources effectively and evaluate investment alternatives. This book examines, from a theoretical and empirical point of view, how managerial flexibility can be integrated into investment decisions through the optional approach. Unlike the traditional net present value method, the actual options take into account indeterminate elements. These lead to unpredictable cash flows at the time of the investment decision, especially in the context of complex and risky projects. The book puts into perspective the use of optional models and their interactions. The different categories of options are the subject of practical applications, through analysis of investment decisions where uncertainty is growing. Therefore, studies make it possible to consider the flexible nature of investment choices by integrating new information and risk over time.Table of ContentsIntroduction ix Chapter 1. Risk and Flexibility Integration in Valuation 1 1.1. Introduction 1 1.2. The scope of real options 2 1.2.1. The concept of real options 3 1.2.2. Empirical use of real options 7 1.2.3. Paradigms in options 12 1.3. Valuation of investments by real options 20 1.3.1. Optional valuation of investments in a discrete-time approach 20 1.3.2. Optional valuation of investments in a continuous-time approach 28 1.4. Option model extensions by incorporating new parameters (Levyne and Sahut 2008) 35 1.4.1. Stochastic volatility 36 1.4.2. Transaction costs and models with jumps 39 1.4.3. Option pricing 41 1.5. Conclusion 44 Chapter 2. Optional Modeling of Investment Choices and Surplus Value Linked to the Option to Invest 47 2.1. Introduction 47 2.2. Framework of optional interactions and option to develop an investment project 48 2.2.1. Real investment opportunity 50 2.2.2. Opportunity to postpone decision-making to infinity 52 2.2.3. Development cycle and taking into account new information within dependent projects and focusing on research and development 62 2.3. Option to exchange and abandon an investment project 65 2.3.1. Real options within the replacement cycle and disinvestment alternatives 66 2.3.2. The value of an investment project in the natural resources sector 69 2.3.3. Valuation of the abandonment option by investors 85 2.4. Growth option resulting from investment decisions and acquisition strategies 88 2.4.1. Company profiles justifying growth option value 89 2.4.2. Growth option value related to interactions between financing and investment decisions 90 2.4.3. Acquisition strategies by the real options approach 98 2.5. Conclusion 106 Chapter 3. Data Generation Applied to Strategic and Operational Option Models 107 3.1. Introduction 107 3.2. Determining the right time to invest 107 3.2.1. Application to the carry option 108 3.2.2. Application of the Dixit and Pindyck model 110 3.3. Flexibility of asset exchange, abandonment and temporary shutdown of projects 113 3.3.1. Application to the exchange option 113 3.3.2. Application to the abandonment option 115 3.3.3. Application to the temporary shutdown option 116 3.4. Incorporation of development phases 121 3.4.1. Implementation of a two-stage investment project 121 3.4.2. Valuation of a sequential project 122 Conclusion 135 Appendices 139 Appendix 1. Demonstration of the CRR Formula 141 Appendix 2. Stochastic Differential Calculus 147 Appendix 3. Test of the Black and Scholes Formula and Return on the Log–Normal Distribution 155 Appendix 4. Demonstration of the Black and Scholes Formula 159 Bibliography 165 Index 173

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Book SynopsisThis edited book consists of a collection of original articles written by leading industry and academic experts in the area of climate investing. The chapters introduce the reader to some of the latest research developments in the area of low-carbon investing and climate change solutions. Each chapter deals with new methods for estimating portfolio carbon footprints, constructing Paris-aligned equity and multi-asset portfolios and hedging climate risks. This title will be of great help to portfolio managers, asset owners and consultants, as well as academics and students who want to improve their knowledge and understanding of climate investing.Table of ContentsForeword xiii Fiona FRICK Chapter 1 The Financial Materiality of Climate Change: Evidence from a Global Survey 1 Amir AMEL-ZADEH 1.1 Introduction 1 1.2 Survey design and demographic data 4 1.2.1 Survey design 4 1.2.2 Demographic data 5 1.3 Survey results 8 1.3.1 Importance of climate change for investment decisions 9 1.3.2 Financial materiality of climate risk 12 1.3.3 Challenges for the disclosure and use of climate change information 19 1.4 Summary and conclusion 25 1.5 References 26 Chapter 2 Looking Forward with Historical Carbon Data 29 Steffen BIXBY, Alfie BRIXTON and Lukasz POMORSKI 2.1 Introduction 29 2.2 Data 32 2.3 How stale is historical carbon data? 33 2.4 Are historically brown firms getting greener? Might green firms become browner? 35 2.5 Nowcasting financed emissions using historical data 38 2.6 Conclusion 43 2.7 Appendix 44 2.7.1 Measures of portfolio greenhouse gas emissions 46 2.8 References 46 Chapter 3 Portfolio Construction with Climate Risk Measures 49 Théo LE GUENEDAL and Thierry RONCALLI 3.1 Introduction 49 3.2 Climate risk measures 51 3.2.1 Carbon footprint 51 3.2.2 Carbon transition pathway 58 3.2.3 Other metrics 62 3.3 Portfolio optimization 63 3.3.1 General framework 63 3.3.2 Portfolio decarbonization 64 3.3.3 Portfolio alignment 72 3.4 Conclusion 83 3.5 Appendices 84 3.5.1 Appendix 1: Scope 3 emissions 84 3.5.2 Appendix 2: Data 84 3.6 References 85 Chapter 4 Hedging Climate Risks: A Cross-asset Approach 87 Emmanuel JURCZENKO and Jérôme TeilETCHE 4.1 Introduction 87 4.2 Factor-mimicking portfolios methodology 89 4.2.1 General FMP approach 89 4.2.2 Errors-in-variable estimates 91 4.3 Hedging climate risk factors 94 4.3.1 Setup 94 4.3.2 Climate textual risk factors data 94 4.3.3 Base assets data 97 4.3.4 In-sample hedging results 99 4.3.5 Out-of-sample hedging results 102 4.4 Conclusion 104 4.5 Appendices 104 4.5.1 Appendix 1: General FMP portfolio optimization program 104 4.5.2 Appendix 2: Principal components instrumental variables FMP estimator 105 4.6 References 107 Chapter 5 A Framework for Achieving Net-Zero-Carbon Alpha Portfolios 109 Sebastian LANCETTI 5.1 Introduction 109 5.2 Carbon emission in the capital market 111 5.3 Passive approach to zero-carbon portfolios 111 5.4 Active approach to zero-carbon portfolios 114 5.4.1 Backward-looking data: carbon efficiency 115 5.4.2 Present-time data: “nowcasting” of environmental news 116 5.4.3 Forward-looking data: corporate climate alignment and adaptation plans 116 5.4.4 Case study: sustainable global equity strategy from PanAgora Asset Management 117 5.5 Carbon offsets 118 5.6 Conclusion 120 5.7 Appendix 121 5.8 References 121 Chapter 6 Active Paris-aligned Equity Investing 123 Katharina SCHWAIGER, Jim SNOW, Viktoria-Sophie WENDT and Andrew ANG 6.1 Introduction 123 6.2 Standards of Paris-aligned benchmarks 124 6.3 Climate-aware alpha drivers 126 6.3.1 Carbon resource efficiency 126 6.3.2 Green patents 127 6.3.3 Corporate target setting 127 6.4 Empirical results 128 6.4.1 Decarbonization pathway 129 6.4.2 Climate-aware alpha 129 6.4.3 Incorporating climate-aware alphas and decarbonization 131 6.4.4 Systematic active Paris-aligned strategies 133 6.5 Conclusion 137 6.6 Appendix: Paris-aligned equity strategy screens 137 6.7 References 139 Chapter 7 Green Alpha 141 Yin LUO 7.1 Introduction 141 7.2 Research methodology 141 7.2.1 Region classification 142 7.2.2 ESG-specific industry classification 143 7.2.3 Common style factors 144 7.2.4 Backtesting methodology 145 7.3 MSCI ESG rating 146 7.3.1 MSCI ESG data 146 7.3.2 Data coverage and average rating 147 7.3.3 An overview of MSCI ESG rating methodology 148 7.3.4 ESG pillars, themes and key issues 149 7.4 Characteristics of ESG – a factor perspective 151 7.4.1 The basics 151 7.4.2 Difference across sectors 153 7.4.3 Factor exposure 157 7.5 ESG as stock-selection factors 161 7.5.1 Aggregated ESG rating and the three pillars 161 7.5.2 Revenue, country and industry adjustment 162 7.5.3 Other adjustment 165 7.5.4 ESG momentum 165 7.5.5 Performance of aggregate ESG and three pillar scores 165 7.6 Environmental factors 170 7.6.1 Zooming into clean technology 170 7.6.2 Carbon emissions along the supply chain 174 7.7 ESG signals are additive to traditional stock-selection factors 179 7.7.1 Performance comparison with traditional stock-selection factors 180 7.7.2 Correlation with traditional factors 182 7.7.3 The diversification benefit offered by ESG factors 183 7.8 Conclusion 188 7.9 References 188 Chapter 8 Enhancing Environment-driven Portfolios with Traditional Factors 191 Guillaume COQUERET, Christian MORGENSTERN, James KELLY, Sascha STIERNEGRIP, Johannes FREY-SKÖTT and Björn ÖSTERBERG 8.1 Introduction 191 8.2 Framework 193 8.2.1 ESG overlays: the classic overlay 193 8.2.2 The factor embedding – the factor overlay 195 8.3 Empirical tests 197 8.3.1 Data and protocol 197 8.3.2 Baseline results 199 8.3.3 Statistical significance 202 8.3.4 Sector exposure 204 8.3.5 Transfer coefficients 205 8.4 Robustness checks 206 8.4.1 The sample size 206 8.4.2 A more passive benchmark 207 8.5 Conclusion 208 8.6 Appendix: Distribution of variables 209 8.7 References 210 Chapter 9 Enhancing the Accuracy of Firm Valuation with Multiples Using Carbon Emissions 213 Martin NERLINGER 9.1 Data 218 9.1.1 Carbon data 218 9.1.2 Financial data 219 9.2 Multiple construction methodology 219 9.2.1 Identifying and composing suitable peer group 220 9.2.2 Constructing and aggregating multiples 220 9.2.3 Determining firm valuation errors 222 9.3 Constructing new multiples using carbon data 222 9.4 Constructing peer groups using carbon data 228 9.5 Combining carbon emission multiples and carbon emission enhanced peer groups 233 9.6 Robustness 236 9.7 Recommendation for using carbon emissions for multiples and further research 239 9.8 References 240 Chapter 10 Risk Management Challenges in Sustainability Themed Portfolios: An Application to GHG-constrained Portfolios 245 Ryan M. BROWN, Harindra DE SILVA and David W. KRIDER 10.1 Introduction 245 10.2 Methodology 248 10.3 Data description 253 10.4 Results 258 10.5 Conclusion and implications 264 10.6 References 265 Chapter 11 Absolutely Sustainable Investing Across Asset Classes with Paris-aligned Benchmarks: An Application to AP2 267 Claes EKMAN, Andreas G.F. HOEPNER, Peter MANNERBJÖRK, Tomas MORSING and Gabija ZDANCEVICIUTE 11.1 Introduction 267 11.2 The climate benchmarks 269 11.2.1 Minimum benchmark requirements 270 11.2.2 Benchmark decarbonization and inflation adjustment 272 11.3 Absolutely sustainable investing 273 11.4 Case study: implementation of PAB at Andra AP-fonden 274 11.4.1 The Swedish pension system and the AP-funds 274 11.4.2 Development of sustainability integration and benchmarks at AP2 275 11.4.3 Implementing the EU Paris-aligned Benchmark at AP2 278 11.4.4 Specific aspects 285 11.4.5 Discussion 288 11.5 Conclusion 291 11.6 References 292 Chapter 12 Delegated Philanthropy in Mutual Fund Votes on Climate Change Externalities 295 Marie BRIÈRE, Sébastien POUGET, Martin SCHMALZ and Loredana URECHE-RANGAU 12.1 Introduction 295 12.2 Sample, data sources, variables and descriptive statistics 298 12.2.1 Mutual fund votes 298 12.2.2 Mutual fund characteristics 299 12.2.3 Mutual fund holdings 300 12.2.4 Descriptive statistics 300 12.3 Empirical analysis 302 12.3.1 Impact of the percentage of SRI on the support for climate resolutions 302 12.3.2 Resolutions on other corporate externalities 304 12.3.3 Drivers of support for climate change resolutions 307 12.3.4 Robustness 311 12.4 Conclusion 318 12.5 Appendix: Classification of shareholder resolutions 319 12.6 References 321 Chapter 13 Creditworthiness and Buildings’ Energy Efficiency in the Mortgage Market 325 Monica BILLIO, Michele COSTOLA, Loriana PELIZZON, Francesco PORTIOLI, Max RIEDEL and Daniele VERGARI 13.1 Introduction 325 13.2 Portfolio analysis 327 13.2.1 Energy efficiency 327 13.2.2 Descriptive statistics 330 13.3 Methodology 333 13.3.1 Logit regression 334 13.3.2 Cox proportional hazards model 335 13.4 Results 337 13.4.1 Estimates from the logit regression 337 13.4.2 Estimates from the Cox regression 339 13.4.3 Additional findings 343 13.5 Conclusion 343 13.6 Appendix 346 13.7 References 346 Chapter 14 The Thesis for Green Investing and Other ESG through the Looking Glass of China and the US 349 Brad CORNELL and Jason C. HSU 14.1 Introduction 349 14.2 Who and what does Green investing impact? 350 14.3 Who should set the Green investing agenda? 351 14.3.1 Should Green Initiatives be determined by elected civil servants or by rating services, investment funds and corporate CEOs? 351 14.3.2 The Milton Friedman take on who should drive ESG 351 14.3.3 American ESG in conflict with American democracy? 354 14.3.4 Who drives environmental protection policy and other ESG issues in China? 354 14.3.5 Good intentions but bad skills? 356 14.4 Earning a Green alpha?! 357 14.5 Market efficiency and ESG 361 14.6 Conclusion 362 14.7 References 363 List of Authors 365 Index 369

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Book SynopsisPonzi schemes are a particularly vicious form of financial fraud, in that the overly trusting victims, who are often wiped out, typically share an affiliation with the fraudster. They are interesting, in that they share some features with legitimate financial phenomena (such as stock manias) and shed light on the human tendency towards behaving foolishly, especially when encouraged or modeled by others. In Understanding Ponzi Schemes, Mervyn Lewis has written what is probably the best and most comprehensive book on the topic. Extremely readable, this book uses both theoretical models and real-life case studies to provide readers with an answer to two questions: 'How do Ponzi schemes work and why are they successful?' Lewis also provides useful answers to a third question: 'What can regulators and individuals do to be protected from future incarnations of Charles Ponzi?'''- Stephen Greenspan, University of Connecticut, US and author of Annals of Gullibility'Starting with very readable (and well-referenced) accounts of various Ponzi fraudsters from Ponzi himself through to Madoff and Stanford, lessons are drawn from such diverse disciplines such as psychology and statistical analysis to advocate novel approaches to the regulation of Ponzi schemes. A 'must read' for regulatory policy-makers and a fascinating read for the general reader, Professor Lewis is to be congratulated for advancing the debate on this age-old phenomenon by suggesting distinctive and innovative strategies to tackle it.'- Eva Lomnicka, Dickson Poon School of Law, King's College London, UK'Readers looking for a clear explanation of how Ponzi schemes work and description of recent and historical examples, both large and small scale, will find that in this very readable book. But the author, Professor Mervyn Lewis, goes well beyond those topics by drawing on behavioural economics and psychology to help understand how 'victims' get caught in such schemes, and the motives and behaviours of the scheme operators. That analysis also provides a valuable checklist for readers to help them avoid becoming victims.'- Kevin Davis, University of Melbourne, AustraliaA Ponzi scheme is one of the simplest, albeit effective, financial frauds to engineer, and new schemes keep coming forward. Despite this, however, people continue to invest in them. How are we to account for the seemingly never-ending lure of such schemes? In providing answers to this central question, this concise and well-researched book examines how Ponzi schemes operate, how they differ from pyramid schemes, Ponzi finance and other financial arrangements.The author questions whether the victims have only themselves to blame, why fraudsters think that they can avoid detection, and what important insights behavioural finance theory and psychology can add. Particular attention is paid to the reasons behind the failure of financial regulation, and the types of regulatory changes needed to protect investors and avoid repetitions. The analysis is informed by case studies of 11 Ponzi schemes in the US, UK, Australia and New Zealand.Finance and business academics interested in the operation of Ponzi schemes, and how they differ from pyramid schemes, will find this book invaluable, as will students of economics, finance, behavioural decision-making and psychology. Lawyers, psychologists, regulatory agencies and financial institutions will also benefit considerably from the analysis.Trade Review‘This book offers highly valuable information about Ponzi schemes. The writing is clear and well organized, and it is an excellent work not only for academic researchers, policy makers, and students, but it can also be valuable to general readers.’ -- Yiyan Li, Criminal Law and Criminal Justice‘. . . more than two dozen books on Ponzi schemes have now been written, but Understanding Ponzi Schemes provides a most informative and detailed​ ​analysis of this phenomenon based on the author’s theoretical analysis and empirical case​ ​studies. . . . The subject of Lewis’s Understanding Ponzi Schemes is significant, as Ponzi schemes are a kind of investment fraud that occurs frequently around the world. . . He does a superb job of offering a systematic description of what​ ​Ponzi schemes are, how they happen, why people fall for them, how they are able to survive​ ​for long periods of time, what we can do to avoid being victims, and ways of preventing them. . . . On the whole, this book offers highly valuable information about Ponzi schemes. The writing​ ​is clear and well organized, and it is an excellent work not only for academic researchers,​ ​policy makers, and students, but it can also be valuable to general readers.’ -- Criminal Law & Criminal Justice Books‘The short, well-referenced volume is an invaluable arrow in the quiver of finance scholars, regulatory agents, financial advisers, and other public policy officials. But it is also, not unlike the topic itself, an engaging, very readable look inside this fraudulent world. Summing Up: Highly recommended.’ -- A.R. Sanderson, Choice‘Ponzi schemes are a particularly vicious form of financial fraud, in that the overly trusting victims, who are often wiped out, typically share an affiliation with the fraudster. They are interesting, in that they share some features with legitimate financial phenomena (such as stock manias) and shed light on the human tendency towards behaving foolishly, especially when encouraged or modeled by others. In Understanding Ponzi Schemes, Mervyn Lewis has written what is probably the best and most comprehensive book on the topic. Extremely readable, this book uses both theoretical models and real-life case studies to provide readers with an answer to two questions: “How do Ponzi schemes work and why are they successful?” Lewis also provides useful answers to a third question: “What can regulators and individuals do to be protected from future incarnations of Charles Ponzi?”’ -- Stephen Greenspan, University of Connecticut, US and author of Annals of Gullibility‘Starting with very readable (and well-referenced) accounts of various Ponzi fraudsters from Ponzi himself through to Madoff and Stanford, lessons are drawn from such diverse disciplines such as psychology and statistical analysis to advocate novel approaches to the regulation of Ponzi schemes. A “must read” for regulatory policy-makers and a fascinating read for the general reader, Professor Lewis is to be congratulated for advancing the debate on this age-old phenomenon by suggesting distinctive and innovative strategies to tackle it.’ -- Eva Lomnicka, Dickson Poon School of Law, King's College London, UK‘Readers looking for a clear explanation of how Ponzi schemes work and description of recent and historical examples, both large and small scale, will find that in this very readable book. But the author, Professor Mervyn Lewis, goes well beyond those topics by drawing on behavioural economics and psychology to help understand how “victims” get caught in such schemes, and the motives and behaviours of the scheme operators. That analysis also provides a valuable checklist for readers to help them avoid becoming victims.’ -- Kevin Davis, University of Melbourne, AustraliaTable of ContentsContents: 1. An Outline of the Book 2. How do Ponzi Schemes Work? Comparing them to Other Financial Activities 3. Charles Ponzi’s Scheme Re-examined 4. Bernard Madoff and the ‘Mother of all Ponzi Schemes’ 5. Allen Stanford: The Cricketing Impresario 6. Five Other Case Studies: From Shaking Down the FBI to Bitcoin Fraud 7. Preying on the Amish 8. What can Behavioural Finance Tell Us? 9. What Would Psychologists Say? 10. What Can be Done About Ponzi Schemes? 11. Summary and Conclusions Index

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Book SynopsisThe financial crisis, which spanned 2007 and 2008, may have occurred ten years ago but the resulting regulatory implications are yet to be implemented. This book isolates the occurrences of the derivatives market, which were implied as the core accelerator and enabler of the global financial crisis.Offering a holistic approach to post-crisis derivatives regulation, this book provides insight into how new regulation has dealt with the risk that OTC derivatives pose to financial stability. It discusses the effects that post-crisis regulation has had on central counterparties and the risk associated with clearing of OTC derivatives. Alexandra G. Balmer offers a novel solution to tackle the potential negative externalities from the failure of a central counterparty and identifies potential new risks arising from post-crisis reforms.Comprehensive and astute, this book will provide legal and financial scholars, academics and lawyers with much food for thought. National supervisors and regulators will also benefit from an understanding of general market risks and factors affecting exposure to such risks.Trade Review'This book provides an in depth analysis of how banks failed to manage risks in the derivatives markets, but it also crucially points out how regulatory reforms can also contribute to the conditions that lead to financial market failure.' --Kern Alexander, University of Cambridge Centre for Risk Studies, UK and University of Zurich, SwitzerlandTable of ContentsContents: Foreword 1. Introduction 2. Derivatives 3. Clearing 4. Pre-Crisis Regulation of Derivatives and Clearing 5. Current Regulation and Implementation 6. Reforming the Reform 7. Regulatory Analysis 8. Summary of Findings and Outlook Bibliography Index

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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