Investment and securities Books

Book SynopsisThis report aims at deepening understanding of trends and developments in trade, investment and regional integration in the Asia-Pacific region. It looks at emerging issues in trade, investment and trade facilitation policies, and the impacts such policies have on countries' abilities to meet the challenges of achieving inclusive and sustainable development. It offers innovative policy options to meet the challenges of achieving sustainable trade and investment. It is aimed at policymakers, practitioners, experts, academics, business, international agencies and NGOs. It contains country specific briefs and shows trends and developments of trade in goods, trade in services, foreign direct investment, and trade and investment policies over 2017-2018.

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Book SynopsisThis document examines the global and regional evolution of FDI and offers recommendations so these flows can contribute to the region's productive development processes. FDI can support the investments needed for countries to move towards more inclusive and sustainable development, but, as ECLAC has argued in successive editions of this report, that does not happen automatically. Policies are needed to provide the necessary framework so that FDI entering the region is directed towards activities that support virtuous development in respect of inclusiveness, employment quality, environmental sustainability, innovation and technological sophistication. Given the growing complexity of the international landscape, it is becoming increasingly necessary to establish national and multilateral development strategies in the region and to coordinate public and private efforts so that Latin America and the Caribbean can position itself in the global economic landscape in a way that helps it to move towards inclusive and sustainable development, rather than being relegated to a marginal role determined by exogenous strategies

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Book SynopsisThis document examines the global and regional evolution of FDI and offers recommendations so these flows can contribute to the region's productive development processes. FDI can support the investments needed for countries to move towards more inclusive and sustainable development, but, as ECLAC has argued in successive editions of this report, that does not happen automatically. Policies are needed to provide the necessary framework so that FDI entering the region is directed towards activities that support virtuous development in respect of inclusiveness, employment quality, environmental sustainability, innovation and technological sophistication. Given the growing complexity of the international landscape, it is becoming increasingly necessary to establish national and multilateral development strategies in the region and to coordinate public and private efforts so that Latin America and the Caribbean can position itself in the global economic landscape in a way that helps it to move towards inclusive and sustainable development, rather than being relegated to a marginal role determined by exogenous strategies

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Book SynopsisIn this fascinating multi-disciplinary and multi-sited volume, the authors challenge reductionist and oversimplifying approaches to understanding China's engagement with Southeast Asia. Productively viewing these interactions through a 'resource lens', the editor has transcended disciplinary and area studies divides in order to assemble a dynamic and diverse group of scholars with extensive experience across Southeast Asia and in China, all while bringing together perspectives from resource economics, policy analysis, international relations, human geography, political ecology, history, sociology and anthropology. The result is an important collection that not only offers empirically detailed studies of Chinese energy and resource investments in Southeast Asia, but which attends to the complex and often ambivalent ways in which such investments have become both a source of anxiety and aspiration for different stakeholders in the region. It is essential reading for scholars seeking to understand the diverse contours of Chinese investment in Southeast Asia" — Erik Harms, Department of Anthropology, Yale UniversityTrade ReviewIn this fascinating multi-disciplinary and multi-sited volume, the authors challenge reductionist and oversimplifying approaches to understanding China's engagement with Southeast Asia. Productively viewing these interactions through a 'resource lens', the editor has transcended disciplinary and area studies divides in order to assemble a dynamic and diverse group of scholars with extensive experience across Southeast Asia and in China, all while bringing together perspectives from resource economics, policy analysis, international relations, human geography, political ecology, history, sociology and anthropology. The result is an important collection that not only offers empirically detailed studies of Chinese energy and resource investments in Southeast Asia, but which attends to the complex and often ambivalent ways in which such investments have become both a source of anxiety and aspiration for different stakeholders in the region. It is essential reading for scholars seeking to understand the diverse contours of Chinese investment in Southeast Asia" — Erik Harms, Department of Anthropology, Yale University"How have large-scale resource deals between China and the countries of Southeast Asia come to rest in places and peoples lives? This is the question that animates this important book, complicating what is often seen in stark, binary terms. There is no simple answer, as the contributions make all too clear. Local histories and geographies, socio-cultural contexts and national policies all require an excavation of shaping factors and conditions if a semblance of explanation is to be rendered. This book helps us in that process of getting beneath the surface." — Jonathan Rigg, Director, Asia Research Institute and Raffles Professor of Social Science, Department of Geography, National University of Singapore

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Book SynopsisIntroduction.- Urn processes.- Urn process and Merton model in finance.- From urn process and Merton model to Poisson process.

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Book SynopsisA Practical Guide to Trading, Market Making, and Investing equips learners with the core principles of trading, market making, and investing, coupled with immersive trading simulation practice.The initial chapters introduce readers to the fundamentals of trading--the mechanics, technical analysis, and charting concepts. It propounds strategies for thriving as a market maker and dealer. Subsequent chapters delve into the influence of analyst forecasts, the impact of market-moving news events, and the burgeoning influence of social media on market dynamics. The book also provides a practical guide to evaluate and trade options.The author, leveraging real-market examples, elucidates the strategies employed by successful traders and investors, illustrating the unique role of market makers and dealers. Online trading simulations effectively allow learners to assimilate and apply the foundational concepts in an engaging and interactive manner.Chock-full of practical tools reinforced by sound financial concepts, A Practical Guide to Trading, Market Making, and Investing is ideal for any finance or business course at the undergraduate or graduate level.

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Book SynopsisDos renombrados economistas proponen en esta obra una solución enérgica a las crisis financieras que amenazan las economías nacionales en todo el planeta: la creación de una Autoridad Financiera Mundial con poderes para fijar a escala internacional regulaciones que permitan sortear riesgos severos en el desarrollo de los países. En épocas tempranas, la solución era establecer una banca nacional y otros varios reguladores domésticos, pero en la actualidad, la liberalización y la innovación financieras han vuelto irrelevantes las soluciones concebidas dentro de las fronteras nacionales. Sin estructuras reguladoras de los mercados, las autoridades democráticas pierden todo control del sector financiero de la economía y no pueden prever con antelación diversos colapsos, con trastornos económicos masivos, como la crisis mexicana a mediados de los años noventa, la de Rusia en 1998, la brasileña en 1999 o la Argentina de 2001. Ante el desafío de garantizar eficiencia en un mercado financiero por encima de la jurisdicción de los Estados, este oportuno y apremiante libro de John Eatwell y Lance Taylor argumenta a favor de una regulación internacional, crucial para la salud económica de las naciones.

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Book SynopsisWhat is the difference between a speculator and a gambler? This simple question, reminiscent of an old joke, lies at the heart of one of the most fraught issues within the American economy. And with it come more questions, equally distressing: how can we tell the difference between a good investment and a bad one, and encourage the former while guarding against the latter? If we can''t prevent over-speculation, what moral code can be applied when it leads to the loss of thousands of people''s savings, jobs, and security? The aftermath of the 2007 financial crisis prompted many of these questions, butthis is not by any means the first time they have been raised, nor will it be the last. In Speculation, author Stuart Banner offers a sweeping historical examination of this debate, showing that, not only have courts always struggled to draw a line between investment and gambling, but that the passionate arguments produced on all sides have almost certainly been made before. While many today argue that we need to prohibit certain risky transactions, others respond by citing the benefits of robust markets and the dangers of over-regulation. This debate has been a perennial feature of American history, and many of these same sentiments have been expressed, on both sides, after every financial downturn since the 1790s. The Panic of 1837, the speculative boom of the roaring twenties, and the real estate bubble of the early 2000s are all emblematic of the difficulty in differentiating sober from reckless speculation. These episodes have generated deep ambivalence, yet Americans'' faith in investment and - by extension - the stock market has always rebounded quickly after even the most savage downturns. Indeed, the speculator on the make is a central figure in the folklore of American capitalism. Engaging and accessible, Speculation: A History synthesizes a complicated but important dilemma that intersects with critical themes at the heart of the nation - the ability of our courts to ensure justice and protection; the fallibility of our economy''s promise of financial success; the moral conundrum inherent in valuing those who produce goods over those who speculate, and yet enjoying the fruits of speculation. The history of this struggle will not only prove invaluable for improving today''s economy, but will also impact how we understand a fundamental aspect of the American identity.Table of ContentsIntroduction Chapter 1: The Land of Speculation Chapter 2: Betting on Prices Chapter 3: The Anti-Option Era Chapter 4: Selling Blue Sky Chapter 5: Aftershocks of the Crash Chapter 6: Land and Onions Chapter 7: Inside Information Chapter 8: Speculation or Investment? Chapter 9: Deregulation and Crisis?

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Book SynopsisThis book investigates the legitimacy of the current Australian Financial Services Licensee-Authorised Representative (AFSL-AR) licensing model, as specified in the Commonwealth Corporations Act 2001.The book rectifies the deficiency in scholarly attention to this matter by developing a new conceptualised framework for the financial planning discipline. It takes into account theories in agency, legislation, legitimacy and the independent individual regulatory regimes in other professions; thereafter integrating this framework with the financial planning theory to examine the legitimacy, or what was found to be the illegitimacy of licensing advisers via multiple third party conflicted commercially oriented licensees.This book makes a very useful reference to understanding financial planning licencing model in Australia.Table of Contents1. Introduction 2. International Trends in Financial Adviser Regulation 3. Legitimacy of Current Licensee-Adviser Licensing for Australian Financial Advisers 4. Research Paradigm, Methodology and SEM Design 5. Contextualising Current Licensing of Financial Advisers: Preliminary Analysis using Confirmatory Factor Analysis 6. Empirical Analysis of the Current AFSL-AR Licensing Regime and the Existing Licensee-Adviser Relationship 7. Conclusion

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Book SynopsisFinancial Modelling in Commodity Markets provides a basic and self-contained introduction to the ideas underpinning financial modelling of products in commodity markets. The book offers a concise and operational vision of the main models used to represent, assess and simulate real assets and financial positions related to the commodity markets. It discusses statistical and mathematical tools important for estimating, implementing and calibrating quantitative models used for pricing and trading commodity-linked products and for managing basic and complex portfolio risks.Key features: Provides a step-by-step guide to the construction of pricing models, and for the applications of such models for the analysis of real data Written for scholars from a wide range of scientific fields, including economics and finance, mathematics, engineering and statistics, as well as for practitioners IllustrTrade Review"A concise survey of arbitrage pricing models for commodities, this book may serve as an introduction to the subject and a textbook for a course on commodity price modeling with an eye toward implementation." —Professor Andrea Roncoroni, ESSEC Business School "This book represents a valuable synthesis of the most relevant classical concepts on commodity markets and of the related financial models. The theoretical arguments are presented in a clear and rigorous way, and a great effort is spent on proposing paradigmatic applications. A very informative methodological appendix assists the reader in grasping a great part of the computational details. I am strongly convinced that this work can effectively act as a textbook for high-level students as well as handbook for scholars." —Professor Roy Cerqueti, Università degli Studi di Macerata "Financial Modelling in Commodity Markets provides an accessible and clear introduction to important stochastic models for finance, with a special focus on energy markets. Different from competing textbooks, a particular emphasis is placed on the practical implementation of different models and techniques. The exercises at the end of each chapter represent a useful pedagogical tool. This book will be a valuable addition to the library of every graduate student and practitioner in the field." —Professor Claudio Fontana, University of Padova "This book offers a concise and operational vision of the main models used to represent, assess, and simulate real assets and financial positions related to the commodity markets. It discusses statistical and mathematical tools important for estimating, implementing, and calibrating quantitative models for pricing and trading commodity-linked products and managing basic and complex portfolio risks. As a brief investigation of arbitrage price models for commodities, the book can be seen as an introductory book and a commodity price modeling textbook. The book brings together classical notions on commodities and related financial models. The models are presented in a clear fashion with suggested practical applications. Financial Modeling of Commodity Markets introduces stochastic modeling and practical implementation of models and techniques. There are assignments at the end of each chapter, which is a useful pedagogical tool. This should be valuable for many students in financial modeling. A nice feature of the book is that it provides a step-by-step guide to the construction of pricing models and the applications of such models to analyze real data. It is written for scholars from a wide range of scientific fields, including economics and finance, mathematics, engineering, statistics, and practitioners. It illustrates some important pricing models using real data sets that are commonly used in the financial markets."—Stein Frydenberg, Quantitative Finance Journal "A concise survey of arbitrage pricing models for commodities, this book may serve as an introduction to the subject and a textbook for a course on commodity price modeling with an eye toward implementation."—Professor Andrea Roncoroni, ESSEC Business School "This book represents a valuable synthesis of the most relevant classical concepts on commodity markets and of the related financial models. The theoretical arguments are presented in a clear and rigorous way, and a great effort is spent on proposing paradigmatic applications. A very informative methodological appendix assists the reader in grasping a great part of the computational details. I am strongly convinced that this work can effectively act as a textbook for high-level students as well as handbook for scholars."—Professor Roy Cerqueti, Università degli Studi di Macerata "Financial Modelling in Commodity Markets provides an accessible and clear introduction to important stochastic models for finance, with a special focus on energy markets. Different from competing textbooks, a particular emphasis is placed on the practical implementation of different models and techniques. The exercises at the end of each chapter represent a useful pedagogical tool. This book will be a valuable addition to the library of every graduate student and practitioner in the field."—Professor Claudio Fontana, University of Padova Table of Contents1. Commodity-linked Products. 2. Spot Price Modelling. 3. Forward Price Modelling. 4. Derivative Valuation. 5. Applications. 6. Essential Statistics and Data Analysis. Bibliography. Index.

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Book SynopsisThis book provides insights into the hidden role of intuitive expertise in financial decision-making. The authors show and discuss how expertise combined with intuitive judgments positively affect decision-making outcomes. The book builds on the latest academic studies in this emergent field. In combination with the academic perspective, the authors provide a field study that they conducted in the context of mergers and acquisitions (M&As), a common and critical strategic investment for companies. The interviews were carried out with experts and decision-makers in large and successful international companies (i.e., M&A experts, CEOs, CFOs, and board members). The book provides a solid theoretical and empirically based grounding of the topic. In addition, it offers suggestions to practitioners on how they can develop and nurture intuitive expertise in strategic investment decision-making. The report of the field study provides examples and quotes from interviews to visualize findings, Table of Contents1. Introduction 2. Experts and Expertise 3.Intuition 4. Intuitive Expertise 5. The Empirical Study 6. Conclusions Appendix A: Methods Appendix B: Interviewees

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Book SynopsisRevised and updated in its fifth edition, this internationally renowned and respected book provides the essentials to understanding all areas of airline finance. Designed to address each of the distinct areas of financial management in an air transport industry context, it also shows how these fit together, while each chapter and topic for example, aircraft leasing provides a detailed resource that can also be consulted separately. Supported at each stage by practical airline examples and recent data, Airline Finance examines the financial trends and longer term prospects for the airline industry as a whole, contrasting the developments for the major regions and airlines together with critical discussion of key issues that affect the industry as a whole. Important techniques in financial analysis are applied to the airlines as well as their investors such as banks and other financial institutions. Thoroughly amended and updated throughout, and expanded Trade Review"Airline Finance, 5th edition, provides down-to-earth practical examples that enable students to work through and understand the various aspects of the syllabus. The book is easy to read and follow; a great advantage for international students who want to pursue careers in the air transport industry. I will use it extensively for my new graduate course on air transport finance."Professor Cherie Lu, Department of Aviation and Maritime Transportation Management, Chang Jung Christian University, Taiwan."The fifth edition of Dr Peter Morrell’s Airline Finance provides an expert update to what is the go-to book for those looking to understand the complex world of aviation finance. Dr Morrell provides useful, interesting and relevant insights using real-world examples taken from airlines’ annual reports, and expertly guides the reader in understanding how it all fits together. An impressive achievement."Patrick Healy, Chairman of Cathay Pacific Airways Ltd"I strongly recommend this updated edition of Airline Finance for any student of airline management, analysts of the industry and for those managing or regulating airlines – who really need to understand what airline financial statements show or what different financing structures mean. This is an excellent guide for those involved in, or fascinated by, the airline industry. It is not an academic text nor is it a manual of how to finance an airline. Instead, the descriptive style of writing and extensive use of good examples from the industry paints a clear and insightful picture for the reader of what could be dry accounting or finance theory. But in addition to enabling the non-specialist to interpret the numbers in an airlines balance sheet or cash flow statement, practical issues for management or regulators such as privatization, risk management, valuing assets are all covered in a way that illuminates the key issues for decision makers. This latest edition incorporates recent developments in issues such as consolidation, lease accounting and the innovative use of assets to back financing. The chapter on privatization has been retained – a wise decision given the extensive increase of Government involvement in airlines across the world as a result of the COVID-19 pandemic. There will need to be extensive restructuring of the industry after the crisis, so this new edition of Airline Finance should be a key resource for many."Brian Pearce, Chief Economist, International Air Transport Association (IATA)Table of ContentsPreface; Chapter 1 Industry Financial Performance; 1.1 Government Regulation of Airlines: The ‘Level Playing Field’; 1.2 World Airline Financial Results; 1.3 Factors Affecting Financial Results; 1.4 Key Financial Issues; 1.5 Financial Implications of Environmental Measures; 1.6 Conclusions; Chapter 2 Airline Financial Statements; 2.1 Introduction; 2.2 Profit and Loss Account (Income Statement); Cathay Pacific Airways Ltd.; American Airlines; Cathay Pacific Airways and American Airlines Compared: Income Statement; Lufthansa Group and Other Airlines: Income Statement; 2.3 Balance Sheet; Assets; 2.4 Balance Sheet Comparison: Cathay Pacific Versus American Airlines; 2.5 Cash Flow Statement; 2.6 Value Added Statement; 2.7 Cash Value Added; 2.8 Progress Towards Greater Accounting Standardisation; Appendix 2.1 Frequent Flyer Programme Award Accounting; Appendix 2.2 Accounting for Finance and Operating Leases; Chapter 3 Airline Financial Ratios; 3.1 Performance/Earnings Ratios; 3.2 Risk or Solvency Ratios; 3.3 Liquidity Ratios; 3.4 Stock Market Ratios; 3.5 Inter-Airline Comparison of Financial Ratios; 3.6 Interpretation Problems; Chapter 4 Airline Valuation; 4.1 The Valuation of Intangible Assets; Route or Traffic Rights; Factors Determining the Value of Traffic Rights; Rights to Airport Slots; Valuation Methods; 4.2 The Valuation of Tangible Assets; 4.3 The Valuation of the Airline as a Whole; Discounted Cash Flow (DCF) Method; Ratio Method; 4.4 Aircraft Valuation; 4.5 Ratings Agencies; Chapter 5 Sources of Finance; 5.1 Sources of Internal Finance; 5.2 Sources of Short-Term External Finance; 5.3 Sources of Long-Term External Finance; Shareholders’ Equity Capital; Preference Share Capital; Bonds/Debentures/Unsecured Loan Stock/ABS; Equipment Trust Certificates; Term Loans; Leasing; Manufacturer’s Support; Islamic Finance; 5.4 Institutions Involved in Aircraft Finance; Banks; Export Credit Agencies; Operating Lessors; Governmental Financing Organisations; Chapter 6 Equity Finance; 6.1 Share Issues; 6.2 Equity Finance for Start-Up Airline; 6.3 Foreign Ownership Limits; 6.4 Share Trading and Stock Market Listings; 6.5 Initial Public Offering (IPO); 6.6 Mergers and Cross-Border Investment; Chapter 7 Airline Privatisation; 7.1 Introduction; 7.2 Previous Airline Privatisation Case Studies; Full Privatisation Through Flotation – British Airways; Full Privatisation Through Trade Sale and Flotation – Qantas; Gradual Privatisation – Lufthansa; Partial Privatisation – Kenya Airways; Full Privatisation and Trade Sale – Iberia; Gradual Privatisation and Acquisition – Air France; 7.3 The Results So Far by Region; North America; Caribbean; Central and South America; Europe; Africa/Middle East; Asia/Pacific; 7.4 Re-Nationalisation; Alitalia; TAP Air Portugal; Chapter 8 Airline Financial Planning and Appraisal; 8.1 Budget Preparation and Control; 8.2 Working Capital Management; Current Assets – Stocks; Current Assets – Cash and Marketable Securities; Current Liabilities; 8.3 Financial Planning; Cash Flow Forecasts; Decision Criteria; Discount Rate Calculation for NPV; Which Criterion to Choose?; Risk and Uncertainty; 8.4 Start-Up Airline Business Plan; Chapter 9 Risk Management: Foreign Currency and Interest Rates; 9.1 Exchange Rate Volatility; 9.2 Airline Trading Exposure to Currency Movements; 9.3 Airline Balance Sheet Exposure to Currency Movements; 9.4 Airline Foreign Exchange Risk Management; 9.5 Interest Rate Exposure; Chapter 10 Risk Management: Fuel Prices; 10.1 The Need and Means to Hedge Fuel; 10.2 Examples of Airline Fuel Hedging Practice; Chapter 11 Aircraft Leasing; 11.1 Finance Lease; Japanese Leveraged Leases; US Leveraged Leases; European Leveraged Leases; Extendible Operating Leases; 11.2 Operating Lease; 11.3 Japanese Operating Lease (JOL); 11.4 Wet Lease; 11.5 Sale and Leaseback; Appendix 11.1 Lease rental calculations; Appendix 11.2 Lease versus buy decision; Chapter 12 Aircraft Securitisation; 12.1 Equipment Trust Certificates: ETCs and EETCs; 12.2 Securitisation; ALPS 92-I Securitisation ; ALPS 94-I Securitisation; Airplanes 96 Securitisation; ALPS 96-I Securitisation; 12.3 Early Securitisations (2005–2008); 12.4 Conclusions; Chapter 13 Airline New Entry and bankruptcy; 13.1 Airline New Entry; 13.2 Airline Exit – Bankruptcy; 13.3 Airline Consolidation – Mergers and Acquisitions; 13.4 North America – Chapter 11 Bankruptcy; 13.5 Latin America; 13.6 UK/Europe; 13.7 Australasia; 13.8 Summary; Chapter 14 Industry Financial Prospects; 14.1 World Airline Traffic and Financial Forecasts; 14.2 World Airline Capital Expenditure Projections; 14.3 World Airline Financial Requirement Forecasts; 14.4 The Prospects for Cross-Border Mergers; Glossary of terms and abbreviations; Bibliography

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