Investment and securities Books

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Book SynopsisThe Handbook of Behavioral Finance is a comprehensive, topical and concise source of cutting-edge research on recent developments in behavioral finance.The Handbook is divided into three areas of interest. The first ?- Behavioral Biases ?- includes discussions on herding in the market, information processing and the disposition effect in investment decisions. In the second section ?- Behavior in the Investment Process ?- topics explored include the effects of higher transaction costs on traders? behavior, investor sentiment, overconfidence and active management, and behavior effects on forecasts. The final section ?- Global Behavior ?- looks at the effects of various aspects of behavioral finance in international markets including Malaysia, Finland, Australia and Brazil.Consolidating a colossal amount of research into one volume, this Handbook will stimulate new interdisciplinary research for academics, build a body of knowledge about psychological influences on market behavior for finance students, and give practitioners a better understanding of psychological influences on the markets in order to improve investment decision making.Trade Review‘The Handbook of Behavioral Finance is a comprehensive source of cutting-edge research on recent developments in behavioral finance.’ -- Long Range Planning‘As suits the jointly academic and practitioner audience, the technical level is low without being facile. (The Handbook would be a suitable reference for a senior undergraduate or master’s level class in behavioral finance). Most chapters present simple econometric modelling of experimental, survey or revealed preference data. . . chapters are concise, coherent and clearly written.’ -- Susan Thorp, Journal of Pension Economics and Finance‘This book does an excellent job of presenting empirical evidence as to the role of selected psychological attributes on key investment behaviors and it should be valuable to investment professionals as a handbook. Professor Bruce has selected readings that clearly show that investors are more than logic machines. They have evolved brains which makes them susceptible to context and culture. The book wisely avoids making generalizations about a new behavioral financial paradigm which at this time is only in the early stages of development.’ - Robert A. Olsen, California State University, Chico, US‘The breadth and depth of Professor Bruce’s knowledge of behavioral finance and its implications for, and applicability to, all facets of investment decisions makes him as qualified as anyone I know to produce this Handbook. Those who absorb the insights and knowledge that this Handbook offers will prosper. But without it, they will dull their competitive edge both as investors and as educators. I am actually jealous I did not produce this Handbook myself!’ -- Arnold S. Wood, Martingale Asset Management, USTable of ContentsContents: Preface Introduction Brian Bruce PART I: BEHAVIORAL BIASES 1. Framing Effects, Selective Information and Market Behavior: An Experimental Analysis Erich Kirchler, Boris Maciejovsky and Martin Weber 2. Information Overload and Information Presentation in Financial Decision Making Julie Agnew and Lisa Szykman 3. Revealing the Information Content of Investment Decisions Noriyuki Okuyama and Gavin Francis 4. The Disposition Effect and Individual Investor Decisions: The Roles of Regret and Counterfactual Alternatives Suzanne O’Curry Fogel and Thomas Berry 5. Overreaction of Exchange-Traded Funds During the Bubble of 1998–2002 Jeff Madura and Nivine Richie 6. Intentional Herding in Stock Markets: An Alternate Approach in an International Context Natividad Blasco, Pilar Corredor and Sandra Ferreruela 7. Psychic Distance in the Eight-year Crisis: An Empirical Study Lili Zhu and Jiawen Yang PART II: BEHAVIOR IN THE INVESTMENT PROCESS 8. The Effects of Higher Transaction Costs on Trader Behavior Ryan Garvey and Anthony Murphy 9. Homo Communitatis: A Rigorous Foundation for Behavioral Finance H. Joel Jeffrey 10. Does Mutual Fund Flow Reflect Investor Sentiment? Daniel C. Indro 11. The Impact of Motivational and Cognitive Factors on Optimistic Earnings Forecasts Anna M. Cianci and Satoris S. Culbertson 12. Overconfidence and Active Management Christoph Gort and Mei Wang 13. Availability Heuristic and Observed Bias in Growth Forecasts: Evidence from an Analysis of Multiple Business Cycles Byunghwan Lee, John O’Brien and K. Sivaramakrishnan 14. Weak and Strong Individual Forecasts: Additional Experimental Evidence Lucy F. Ackert, Bryan K. Church and Kirsten Ely 15. Behavioral Finance and Investment Advice Kremena Bachmann and Thorsten Hens PART III: GLOBAL BEHAVIOR 16. Measuring the Impact of Behavioral Traders in the Market for Closed-end Country Funds from 2002 to 2009 Hugh Kelley and Tom Evans 17. Holding on to the Losers: Finnish Evidence Mirjam Lehenkari and Jukka Perttunen 18. The Impact of Business and Consumer Sentiment on Stock Market Returns: Evidence from Brazil Pablo Calafiore, Gökçe Soydemir and Rahul Verma 19. The Information-Adjusted Noise Model: Theory and Evidence from the Australian Stock Market Sinclair Davidson and Vikash Ramiah 20. Ambiguity Aversion and Illusion of Control in an Emerging Market: Are Individuals Subject to Behavioral Biases? Benjamin Miranda Tabak and Dimas Mateus Fazio 21. Behavioral Finance in Malaysia Ming-Ming Lai, Lee-Lee Chong and Siow-Hooi Tan Index

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Book SynopsisForeign Direct Investment in China is one of the most comprehensive studies of FDI in China and provides a remarkable background of information on the evolution of China's FDI policies over the last 30 years. Chunlai Chen presents a compelling and thorough analysis of the leading theoretical explanations of FDI and a series of rigorous empirical examinations of the location determinants of FDI. He provides a comprehensive analysis of the differences in investment and production behavior between the major investors as well as an in-depth investigation of the impacts of FDI on China's economy. This book is a highly focused and unique work of theoretical analysis and empirical study of FDI in China. It is a valuable and important reference for scholars and students who are interested in FDI in general and in Chinese economic studies in particular.Trade ReviewFor readers looking for a comprehensive rigorously quantitative analysis of foreign direct investment (FDI) in China, there is no better work than Chunlai Chen's Foreign Direct Investment in China. In the book he analyzes a wide range of issues ranging from the contribution of FDI to China's growth to why FDI is concentrated in certain Chinese provinces and not others. Readers with an economics or statistical background will get the most out of the book, but it is accessible and informative for many others. - --Dwight H. Perkins, Harvard University, USTable of ContentsContents: Foreword by Christopher Findlay Preface 1. Introduction 2. The Evolution and Main Features of China’s FDI Laws and Policies Part I: Location Determinants 3. Location Determinants of FDI and China’s Performance in Attracting FDI Inflows 4. The Impact of China on FDI Inflows into Other Developing Countries 5. Provincial Characteristics and the FDI Location Decision within China Part II: Investor Differences 6. Composition and Investment Intensity of Source Countries in China 7. FDI in Manufacturing and Comparison of Overseas Chinese Affiliates and Foreign Country Affiliates Part III: Economic Impacts 8. The Contribution of FDI to China’s Economic Growth 9. Spillover Effects of FDI on China’s Domestic Firms’ Productivity 10. Spillover Effects of FDI on China’s Domestic Firms’ Exports 11. Conclusion, Policy Implications and Prospects References Index

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Book SynopsisThis important volume presents the key articles which illuminate the history and development of international investment during the past 100 years. It examines theoretical approaches to both direct and portfolio foreign investment. The final section takes a comparative perspective and pays attention to Japanese foreign investment and to direct investment from less developed countries.Table of ContentsContents: Introduction Part I: Historical Aspects 1. John H. Dunning (1983), 'Changes in the level and structure of international production: the last one hundred years reset from Mark Casson' 2. M. Edelstein (1982), 'Overseas Investment during the Pax Britannica: Size, Timing and Character' 3. Mira Wilkins (1974), 'The Role of Private Business in the International Diffusion of Technology' Part II: The Theory of International Capital Movements 4. A.E. Jasay (1960), 'The Social Choice Between Home and Overseas Investment' 5. G.D.A. MacDougall (1960), 'The Benefits and Costs of Private Investment from Abraod: A Theoretical Approach' 6. Murray C. Kemp (1962), 'The Benefits and Costs of Private Investment from Abroad: Comment' 7. Peter Svedberg (1982), 'The Profitability of UK Foreign Direct Investment under Colonialism' Part III: Portfolio International Investment 8. Bruno Solnik (1974), 'An Equilibrium Model of the International Capital Market' 9. I. Friend and E. Losq (1979), 'Advantages and Limitations of International Portfolio Diversification' Part IV: Direct Foreign Investment 10. Thomas O. Horst (1971), 'The Theory of the Multinational Firm: Optimal Behavior under Different Tariff and Tax Rates' 11. Michael Adler and Guy V.G. Stevens (1974), 'The Trade Effects of Direct Investment' 12. Bernhard M. Wolf (1977), 'Industrial Diversification and Internationalization: Some Empirical Evidence' 13. Raymond Vernon (1979), 'The Product Cycle Hypothesis in a New International Environment' 14. Mark Casson (1982), 'The Theory of Foreign Direct Investment' 15. Peter J. Buckley and Mark Casson (1981), 'The Optimal Timing of A Foreign Direct Investment' 16. Ignatius J. Horstmann and James R. Markusen (1989), 'Firm Specific Assets and the Gains from Direct Foreign Investment' Part V: Comparative International Investment 17. Ken'ichi Yasumuro (1984), 'The Contribution of Sogo Shosha to the Multinationalization of Japanese Industrial Enterprises in Historical Perspective' 18. K. Kojma (1982), 'Macroeconomic versus International Business Approach to Direct Foreign Investment' 19. Peter J. Buckley (1983), 'Macroeconomic versus International Business Approach to Direct Foreign Investment: A Comment on Professor Kojima's Interpretation' 20. D. Lecraw (1977), 'Direct Investment by Firms from Less Developed Countries'

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Book SynopsisThis volume offers an authoritiative selection of the best published articles on the great speculative manias and stock market crashes, which highlights their important similarities. These phenomena disrupt the normal activities of investors who use financial markets to accumulate diversified portfolios of assets. The attraction of rapid capital gains entices the unwary to abandon their customary investments, exposing them to ruin when prices of hot new assets collapse. The mania for tulips in seventeenth century Holland and schemes to refinance government debt in eighteenth century France and Britain burned many investors and transformed financial markets. The volatile American stock market of the nineteenth century and bursting regional real estate bubbles brought down many financial institutions, threatening economic stability. The striking parallels between the stock market crashes of 1929 and 1987 raise basic questions about the stability of the capital markets. By examining whether these phenomena represent rational movements of the market or some mania or fad, these articles focus on the central policy question of whether these markets require regulation to serve the investing public.Trade Review'This volume achieves a nice balance by wisely assembling opposing views, alternative methods, and background information, and by covering a broad range of times, places and markets. Its structure and organization encourage historical thinking, pushing the reader beyond the arguments of the individual articles.' -- Charles W. Calomiris, Journal of Economic HistoryTable of Contents23 articles dating from 1905 to 1994 Contents: Introduction Part I: Tulipmania Part II: The Mississippi and South Sea Bubbles Part III: Nineteenth Century America Part IV: Land Booms in the 1920s and 1980s Part V: The American Stock Market in 1929 Part VI: The American Stock Market in 1987 Index

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Book SynopsisThese important volumes focus on multinational corporations and present the most important articles seeking to explain the reasons for their appearance, their growth and their effects on both host and home countries and the world economy. They also includes literature addressing the effect of the international political economy on multinationals and their impact on the international systems. Country strategies as well as corporate ones are also included.Trade Review'Over the last quarter of a century the literature on direct foreign investment (DFI) has grown both in volume and sophistication. These two volumes bring together the most influential and enduring pieces in this vast research. . . . The articles included in those two volumes not only provide the theoretical tools for the analysis of these but also serve to remind us of the controversial nature of the operations of the MNC.' -- Mohammed A. Salisu, The Economic JournalTable of Contents37 articles, dating from 1966 to 1991 Contents: 1. Origins of the Study of FDI 2. Theory and Behavior of Multinational Corporations 3. Foreign Direct Investment and the International System 4. Foreign Direct Investment and the Nation State

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Book SynopsisThe economics of international investment is an area in which many important theoretical and empirical contributions have been made over recent years. This volume draws together a series of original new essays which reflect and refine developments in the concepts, theories and tools of analysis of international investment and uses them to analyse recent issues posed by the growth and altered structure of international investment.Featuring contributions by many of the leading figures in the field, the volume commences with discussion of the market for foreign investment since the debt crisis, the export and foreign investment decision process of the firm, the welfare implications of R&D activities by multinational enterprises in host countries and the relationship between foreign direct investment and regionalism with particular reference to the EC. Later papers focus on foreign direct investment in Eastern Europe, the influence of exchange rate regimes on international capital flows, the use of privatization schemes to reduce external debt overhang and Malaysia’s inverse saving-investment correlation.No other book offers as extensive a coverage of important recent issues, both theoretical and empirical, in the economics of international investment. In addition to providing students, teachers and researchers with an overview of current views and theories in the area of international investment, this volume will also serve as a useful platform from which future research can be launched.Trade Review’All the papers have good summaries or conclusion. Together, this volume does a nice job in covering many of the issues in research on direct foreign investment and multinational firms.’- Mark Jelavich, The Journal of Economics -- ’It provides a valuable source of readings for those teaching specialist courses in international economics and for students researching aspects of international investment.’- Jerry Oakley, The Economic JournalTable of ContentsContents: 1. Introduction (V.N. Balasubramanyam and D. Sapsford) 2. International Investment: A Business Perspective (D.F. Lomax) 3. Internalization as a Learning Process: A Model of Corporate Growth and Geographical Diversification (M. Casson) 4. R&D Activities of Multinational Enterprises and Host Country Welfare (H. Katrak) 5. Intrafirm Royalties in the Process of Expansion of US Multinational Enterprise (R.E. Caves and A. More) 6. The Determinants of the Composition of US Foreign Direct Investment in UK Manufacturing (C. Milner and E. Pentecost) 7. East Asian Foreign Direct Investment in the EC (V.N. Balasubramanyam and D. Greenaway) 8. Foreign Investment in Eastern Europe’s Transformation Process (J. Donges and J. Wieners) 9. Capital Flows and the Excess Burden of the Exchange Rate Regime (T.C. Mills and G.E. Wood) 10. Privatization, Debt – Equity Conversions and Capital Repatriation (P.N. Snowden) 11. Malaysia’s Inverse Saving–Investment Correlation: The Role of Public and Foreign Direct Investment (M.J. Fry)

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Book SynopsisPrimary commodities - food, raw materials, fuels and base metals - continue to be a substantial proportion of the exports of many developing countries and account for over 40 per cent of world trade. The determinants of primary commodity prices, and the terms on which they are traded for manufactured goods, are topics of considerable importance for development economists.The Economics of Primary Commodities brings together in one volume important new work by a group of leading scholars on the economic analysis of primary commodity markets. Their detailed coverage of major recent developments in the field include discussion of modelling and policy issues. Topics addressed include excess co-movement of commodity prices, the stabilization of earnings in volatile commodity markets, a macroeconomic framework for trade terms between north and south, and the influence of economic policy on commodity markets. The essays should provide the reader with an overview of the current 'state-of-the-art' and a useful platform on which future research might be based.This book will be welcomed by academic researchers, practitioners and postgraduate students concerned with the economics of trade, economic development and international economics.Trade Review'An excellent and up-to-date volume. . .' -- Aslib Book Guide'In general, the editors succeeded in that the selected papers reflect the "richness and diversity" of the economics of commodity markets. . . it is a useful additional source for those who are dealing with commodity markets.' -- Roland Herrmann, Weltwirtschaftliches ArchivTable of ContentsContents: Preface 1. Introduction (D. Sapsford, W. Morgan) 2. Commodities in Crisis (A. Maizels) 3. The Excess Co-movement of Commodity Prices, Revisited (S. Leybourne, T. Lloyd, G. Reed) 4. Stabilising Earnings in Volatile Commodity Markets: Production Controls vs Price Stabilization (A. Hughes Hallett) 5. The Terms of Trade Between the North and the South: A macroeconomic Framework (P. Sarkar) 6. Trend and Volatility in the Terms of Trade: Consequences for Growth (H. Singer, M. Lutz) 7. Does Economic Policy Influence the Price Volatility of Commodities?: An Econometric Investigation of the Rice Market in Taiwan (J. Chen) 8. Trade Liberalization, Domestic Price Instability and Commodity Futures Markets: The Case of Potatoes (W. Morgan, A. Rayner, C. Ennew)

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Book SynopsisA typical market for a commodity, a service or a financial instrument can be divided into the cash market and the futures market. Futures markets are currencies by the standardization of the futures contracts and their trading in highly organized exchanges.Futures Markets contains in three volumes the most influential articles in this field covering a broad range of topics including market characteristics, speculation, pricing, efficiency, interest rates and insurance and foreign characteristics. Important contributors to the volume include among others: Ronald J. Anderson, Eugene F. Fama, Stephen Figlewski, Paul A. Samuelson, Hans R. Stoll and Holbrook Working. As well as providing an authoritative introduction to accompany the piece, the editor has also written three extensive review articles which survey the field of futures markets.This significant collection presents a compact guide to the subject of Futures Markets and will be an essential companion for students, researchers and practitioners.Trade Review’. . . a publishing bargain. The best of the literature in one convenient package is a must for financial economists and libraries, academics or corporate.’Table of ContentsContents: Volume I: Foreword (R. Roll) Introduction Part I: Overview Part II: Early Classics Part III: Institutions Part IV: Market Characteristics Part V: Volatility Part VI: Speculation Part VII: Determinants of Hedging Index • Volume II: Part I: Pricing Part II: Efficiency Part III: Price Distributions Part IV: Chaos Part V: Theories of Hedging Part VI: Portfolio Selection with Futures Part VII: Various Markets Index • Volume III: Part I: Overview Part II: Stock Indexes Part III: Arbitrage Part IV: Portfolio Insurance Part V: Volatility and the October 1987 Crash Part VI: Interest Rates and Insurance Part VII: Foreign Currencies Name Index

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Book SynopsisThe Efficient Markets Hypothesis is one of the most controversial and hotly contested ideas in all the social sciences. It is disarmingly simple to state, has far-reaching consequences for academic pursuits and business practice, and yet is surprisingly resilient to empirical proof of refutation. Even after three decades of research and literally thousands of journal articles, economists have not yet reached a consensus about whether markets - particularly financial markets - are efficient or not. These two volumes bring together the most influential articles surrounding the Efficient Markets Hypothesis debate, from Paul Samuelson’s pathbreaking proof that properly anticipated prices fluctuate randomly to Fischer Black’s study of noise traders, from Eugene Fama’s empirical implementation of the Efficient Markets Hypothesis to Robert Merton’s analysis of stock price volatility.Trade Review’This is a most welcome and useful collection of 49 classic articles on the theory and practice of stock markets . . . This collection of classical (and some not so classical) articles on the behaviour of stocks and stock returns will be a most welcome addition to the library of anybody with an interest in empirical finance in general and stock markets in particular . . . it is nice to have them [the articles] collected together so conveniently in one neat and handsome place like this.’- Walter Kramer, Statistical PapersTable of ContentsContents: Volume I: Introduction Part I: Theoretical Foundations Part II: The Random Walk Hypothesis Index • Volume II: Introduction Part I: Variance Bounds Tests Part II: Overreaction and Underreaction Part III: Anomalies Name Index

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Book SynopsisForeign Direct Investment in Japan is the first serious and comprehensive examination of why the direct participation of foreign firms in the economy of Japan is lower than in any other advanced industrial nation. An internationally acclaimed group of scholars and practitioners addresses this problem and considers what policy actions, if any, the Japanese government can take to increase direct investment. Foreign exchange controls banned direct investment into Japan until the late 1970s and this is still partially responsible for the low penetration of foreign firms. A fundamental question addressed by the book is whether or not ownership advantages in technology and management know-how possessed by foreign firms are strong enough to overcome the extra costs of doing business in Japan. Such extra costs or locational disadvantages include very high land and labour costs as well as business practices unique to Japan, characterized by the long-term customized transaction relationship among assemblers, component suppliers, distributors and financial institutions and the long-time employment system. Although the Government of Japan desires to invite more foreign firms, this book demonstrates that there are many areas where direct investment has been adversely affected by internal regulation. Foreign Direct Investment in Japan explores this participation of foreign firms in this economy from the perspectives of economic theory, history, and the practical experiences of non-Japanese firms that have attempted to do business directly in Japan.Trade Review'This book belongs on the bookshelf of every serious scholar interested in the topic of FDI in Japan.'Table of ContentsContents: Introduction Part I: How Can Theories of Foreign Direct Investment Shed Light on the Small Size of FDI into Japan? Part II: How Do Japan’s Distinctive Business Practices and Trade Structure Affect FDI into Japan? Part III: What are the Actual Experiences of Foreign Multinational Companies in Japan? Conclusions

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Book SynopsisThis major book extends Michal Kalecki’s investment cycle analysis into an integrated dynamic model of how levels of confidence experienced by entrepreneurs affect their decisions to invest.The long-term, expensive and uncertain nature of investment projects inhibits decision makers’ confidence, making it susceptible to a wide range of factors. Incorporating behavioural and evolutionary analysis into a Kaleckian investment model, Jerry Courvisanos develops the concept of susceptibility which provides the foundation for an improved understanding of the empirically observed cyclical instability of capital accumulation. Historically based empirical patterns of cyclical manufacturing investment in capitalist economies are identified and related to how the nature of susceptibility alters over time. These alterations are shown to create different investment cycle patterns over evolving periods of economic development. Drawing on this susceptibility cycle model, Jerry Courvisanos shows how corporate and governmental strategic planners can better design policies to mitigate the instability that investment exhibits. The result could be to diminish the aggravating effect that investment instability has on business cycles and employment in capitalist economies.Trade Review’This book offers a comprehensive treatment of the determinants of business fixed investment behaviour and its fluctuations. . . A reader wanting to become acquainted with a Kaleckian-Keynesian approach to investment or business cycles would, I believe, find in this book a wonderful synthesis of the key ideas of this viewpoint. . . Courvisanos presents in this book an approach that should be given serious consideration.’- Tracy Mott, The Economic JournalTable of ContentsContents: Preface Introduction: The Need for a Theory of Investment Cycles 2. Kaleckian Analysis of Investment 3. Investment under Uncertainty: Behavioural and Evolutionary Views 4. Institutional Behaviour of Firms 5. The Susceptibility Cycle: An Endogenous Model 6. Exogenous Factors Affecting Susceptibility 7. Long Run Empirical Patterns of Cyclical Investments 8. Policy Implications and Future Directions Bibliography Index

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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