In the 2nd edition of Asset Pricing and Portfolio Choice Theory, Kerry E. Back offers a concise yet comprehensive introduction to and overview of asset pricing. Intended as a textbook for asset pricing theory courses at the Ph.D. or Masters in Quantitative Finance level with extensive exercises and a solutions manual available for professors, the book is also an essential reference for financial researchers and professionals, as it includes detailed proofs and calculations as section appendices. The first two parts of the book explain portfolio choice and asset pricing theory in single-period, discrete-time, and continuous-time models. For valuation, the focus throughout is on stochastic discount factors and their properties. A section on derivative securities covers the usual derivatives (options, forwards and futures, and term structure models) and also applications of perpetual options to corporate debt, real options, and optimal irreversible investment. A chapter on "explaining puzzles " and the last part of the book provide introductions to a number of additional current topics in asset pricing research, including rare disasters, long-run risks, external and internal habits, asymmetric and incomplete information, heterogeneous beliefs, and non-expected-utility preferences. Each chapter includes a "Notes and References" section providing additional pathways to the literature. Each chapter also includes extensive exercises.

This textbook is designed as a core text for finance courses that cover market investments, portfolio formation, and the management of investment portfolios. As such, the text seeks to convey insight and actual wisdom as to the nature of these activities. When combined with a commitment to thinking independently, the text offers the student a rigorous preparation for entry to the funds management industry. The text is presented in three parts. In Part A, the text introduces the fundamental techniques of investment analysis: a "bottom-up" and "top-down" analysis of the firm aimed at an evaluation of the underlying share as a "buy", "hold", or a "sell" recommendation. Part B offers the reader an intuitive grasp of the nature of investment growth, both across time and across assets. Part C introduces the reader to the technicalities of portfolio construction and portfolio management. The text concludes with an assessment of the funds management industry. The text builds in step-by-step stages with Illustrative Examples that consolidate the student's progress and understanding through each chapter. Each of parts A, B, and C (above) has sufficient material to justify a separate course. If the student has exposure to a more foundational course in finance, Parts A and B can be covered as a single course. If from other courses, the student is familiar with the essence of Parts A and B and with statistical concepts, the text can be covered as a single course. The text can therefore be presented readily at either an undergraduate or postgraduate level at a pace appropriate to the student's prior exposure to the concepts.

The debates around financial services regulation are fierce and unending, and with every new development or law, rigid positions seem to grow. In this insightful new book, expert author John A. Consiglio discusses developments in this vital part of the wide world of finance. Including discussions on the public interest elements of regulation, on informational asymmetry, and on the economist/regulator duopoly, Consiglio analyses various key contentious element of regulatory practices from both the regulators' and regulatees' perspectives. Focusing on the chasm between the perceived hierarchical aloofness of regulators, and the real needs of individual users of financial services, Consiglio explores the complicated and often worrying landscape of financial services regulation. Looking across historical detail to the present, and future, of regulation, the chapters also include a keen discussion of economics and regulatory pedagogy in the modern age. For researchers and students of finance, and for all professionals involved in the financial services sector, this is an unmissable book that interrogates the current landscape defining our global economy.

This book provides insight into the multi-dimensional process of coordinating and supervising mutual funds. This book focuses on the management of mutual funds within financial markets, with an emphasis on how corporate governance and benchmarking influence asset and portfolio management. Chapters explore four important aspects of this process in particular detail: corporate governance, benchmarking, asset management and portfolio management. The author shows that the mutual fund industry provides wider access to payment systems and to a savings safety-net that operates similarly to deposit insurance. Furthermore, he demonstrates that the Indian government's focus is on establishing the right of every person to have access to affordable basic financial services offered by banks and non-banks.

In this book Harold L. Vogel comprehensively examines the business economics and investment aspects of major components of the travel industry, including airlines, hotels, casinos, amusement and theme parks and tourism. The book is designed as an economics-grounded text that uniquely integrates a review of each sector's history, economics, accounting, and financial analysis perspectives and relationships. As such, it provides a concise, up-to-date reference guide for financial analysts, economists, industry executives, legislators and regulators, and journalists interested in the economics, financing and marketing of travel and tourism related goods and services. The third edition of this well-established text updates, refreshes, and significantly broadens the coverage of tourism economics. It further includes new sections on power laws and price-indexing effects and also introduces new charts comparing airline and hotel revenue changes and lodging revenue changes in relation to GDP.

This book provides insight into current research topics in finance and banking in the aftermath of the financial crisis. In this volume, authors present empirical research on liquidity risk discussed in the context of Basel III and its implications. Chapters also investigate topics such as bank efficiency and new bank business models from a business diversification perspective, the effects on financial exclusion and how liquidity mismatches are related with the bank business model. This book will be of value to those with an interest in how Basel III has had a tangible impact upon banking processes, particularly with regard to maintaining liquidity, and the latest research in financial business models.

This book presents selected papers on the factors that serve to influence an individual's capacity in financial decision-making. Initial chapters provide an overview of the cognitive factors affecting financial decisions and suggest a link between limited cognitive capacity and the need for financial education. The book then expands on these cognitive limitations to explore the tendency for overconfidence in decision-making and the interplay between rational and irrational factors. Later contributions show how credit card companies benefit from limitations in consumer financial literacy, how gender and cognition intersect to play an important role in financial decision-making, and how to improve financial capacity through financial literacy and education campaigns, including those addressing developed marketplaces. This comprehensive collection of papers will be of value to all readers who seek to better understand the multi-factorial and complex nature of personal financial management in today's economic climate.

Sharpen your understanding of the financial markets with this incisive volume Equity Markets, Valuation, and Analysis brings together many of the leading practitioner and academic voices in finance to produce a comprehensive and empirical examination of equity markets. Masterfully written and edited by experts in the field, Equity Markets, Valuation, and Analysis introduces the basic concepts and applications that govern the area before moving on to increasingly intricate treatments of sub-fields and market trends. The book includes in-depth coverage of subjects including: - The latest trends and research from across the globe - The controversial issues facing the field of valuation and the future outlook for the field - Empirical evidence and research on equity markets - How investment professionals analyze and manage equity portfolios This book balances its comprehensive discussion of the empirical foundations of equity markets with the perspectives of financial experts. It is ideal for professional investors, financial analysts, and undergraduate and graduate students in finance.

The most complete guide to business valuation written by industry-leading valuation specialists! Handbook of Business Valuation Second Edition In this thoroughly revised and updated edition of the number-one guide to business valuation, nearly 50 experts provide expert advice and guidance on all facets of the subject. This is a single-source guide to valuation approaches and methods, in addition to all of the procedures necessary to accurately value a business. The Second Edition of the Handbook of Business Valuation enables you to find precisely the information you need; just go directly to the chapter concerning the topic you are interested in. There is no need to read the entire volume—it’s quick and easy. This is the only valuation book you need. It provides chapters on valuing specific businesses, such as: software companies, radio and cable stations, medical practices, home-based businesses, and many more, plus a special chapter on researching business valuation information on the Internet.

• An entire chapter on commonly used rules of thumb
• Business valuation from the perspective of the buyer, seller, lawyer, lender, and others
• All updated information, plus much that’s new
• Important sections on family limited partnerships, intellectual property issues, minority interests, and much more

In Global Risk Agility and Decision Making, Daniel Wagner and Dante Disparte, two leading authorities in global risk management, make a compelling case for the need to bring traditional approaches to risk management and decision making into the twenty-first century. Based on their own deep and multi-faceted experience in risk management across numerous firms in dozens of countries, the authors call for a greater sense of urgency from corporate boards, decision makers, line managers, policymakers, and risk practitioners to address and resolve the plethora of challenges facing today's private and public sector organizations. Set against the era of manmade risk, where transnational terrorism, cyber risk, and climate change are making traditional risk models increasingly obsolete, they argue that remaining passively on the side-lines of the global economy is dangerous, and that understanding and actively engaging the world is central to achieving risk agility. Their definition of risk agility taps into the survival and risk-taking instincts of the entrepreneur while establishing an organizational imperative focused on collective survival. The agile risk manager is part sociologist, anthropologist, psychologist, and quant. Risk agility implies not treating risk as a cost of doing business, but as a catalyst for growth. Wagner and Disparte bring the concept of risk agility to life through a series of case studies that cut across industries, countries and the public and private sectors. The rich, real-world examples underscore how once mighty organizations can be brought to their knees-and even their demise by simple miscalculations or a failure to just do the right thing. The reader is offered deep insights into specific risk domains that are shaping our world, including terrorism, cyber risk, climate change, and economic resource nationalism, as well as a frame of reference from which to think about risk management and decision making in our increasingly complicated world. This easily digestible book will shed new light on the often complex discipline of risk management. Readers will learn how risk management is being transformed from a business prevention function to a values-based framework for thriving in increasingly perilous times. From tackling governance structures and the tone at the top to advocating for greater transparency and adherence to value systems, this book will establish a new generation of risk leader, with clarion voices calling for greater risk agility. The rise of agile decision makers coincides with greater resilience and responsiveness in the era of manmade risk.

"A timely account of how the 1% holds on to their wealth...Ought to keep wealth managers awake at night." -Wall Street Journal "Harrington advises governments seeking to address inequality to focus not only on the rich but also on the professionals who help them game the system." -Richard Cooper, Foreign Affairs "An insight unlike any other into how wealth management works." -Felix Martin, New Statesman "One of those rare books where you just have to stand back in awe and wonder at the author's achievement...Harrington offers profound insights into the world of the professional people who dedicate their lives to meeting the perceived needs of the world's ultra-wealthy." -Times Higher Education How do the ultra-rich keep getting richer, despite taxes on income, capital gains, property, and inheritance? Capital without Borders tackles this tantalizing question through a groundbreaking multi-year investigation of the men and women who specialize in protecting the fortunes of the world's richest people. Brooke Harrington followed the money to the eighteen most popular tax havens in the world, interviewing wealth managers to understand how they help their high-net-worth clients dodge taxes, creditors, and disgruntled heirs-all while staying just within the letter of the law. She even trained to become a wealth manager herself in her quest to penetrate the fascinating, shadowy world of the guardians of the one percent.

As a business owner, you are guaranteed at some point to have to ask yourself, are you content with your level of success or do you want to continue growing? Because whether you are in technology, sales, the restaurant business, or any other type of industry, there is a cap to your single business. But what if you purchased another company and expanded that way? That may seem daunting to you, especially considering where you came from, but when done right, expanding your acquisitions can deliver outstanding rewards.Written by an M&A expert with more than $1 billion in transactions under his belt, Successful Acquisitions fills business leaders in on all they need to know about finding and buying the right companies that most closely already match their business model and are most likely to successfully expand their business toward the growth it is ready for. The book's practical and comprehensive approach integrates all the moving pieces into a logical step-by-step process that covers: * The art and science of researching companies * Building and balancing an acquisition team * Valuation tips that look beyond the obvious * The importance of "the seller's equation" * Developing a negotiation platform * Guidelines for structuring an airtight deal * Bringing the deal to a timely close * A 100-day plan for making integration a success* And more!You don't have to be in the mergers and acquisitions business to be able to successfully expand your company by way of a multimillion-dollar purchase. Successful Acquisitions has done all the homework for you. From building the foundation to growing the relationships to cementing the deal, you'll be well on your way to unimaginable growth in no time!

PREPARE FOR THE PARTNERSHIPS OF THE FUTURE

This invaluable guide through the complex but highly worthwhile partnering between public and private entities in developing and constructing a wide range of building projects offers objective, comprehensive information integral to both the public and private partners. Included here is a powerful and creative five—part approach to transforming a financially unfeasible project into a project attractive to the private capital markets that covers:

• The tangible and intangible ingredients required for a successful public/private partnership
• How to customize a partnership to meet each partner’s needs, acceptable level of risk, responsibility, and economic returns
• Step—by—step guidelines on completing the developer Request for Qualification (RFQ) and the Request for Proposals (RFP) process

Including detailed descriptions of several case studies pertinent to both sides, this unique manual will be indispensable to government and university real estate officials, developers, architects, contractors, investment bankers, consultants, attorneys, engineers, and the array of other professionals involved in the public/private finance, design, development, construction, and facility management of government, university, school district, and commercial buildings.

The book examines the market reaction to mergers and acquisitions (M&A) announcements over a period from 2003 to 2015. Mergers and acquisitions continue to be amongst the preferred competitive options available to the companies seeking to grow fast in the rapidly changing global business scenario. M&A as a growth strategy has received attention from developed as well as emerging economies. It has been extensively used by managers as an expansion strategy and also serves as an important instrument for increasing corporate efficiency. Recently, M&A has grown at a rapid pace, creating a need for research to analyze what drives this phenomenon and how it affects firms and markets. As such, this book evaluates the impact of M&A on short-term abnormal returns as well long-term financial performance. It also assesses the management view concerning the motives for undertaking M&A. In addition, the book investigates the corporate governance practices of the acquiring firms and their impact on the short- term as well as long- term performance of those firms.

This book employs a narrative analytical approach to explore all aspects of the debate surrounding auditor reporting on going concern uncertainty worldwide. In-depth analysis of significant academic studies and of regulatory perspectives is combined with an illuminating empirical study in the Italian context. The book opens by discussing the assessment of going concern for accounting and auditing purposes. It is examined how going concern is considered in the FASB and IASB accounting standards and how auditors in the PCAOB and IAASB environments should verify its presence in financial statements and report on it in the audit report. Accounting and auditing in relation to going concern in other jurisdictions are also addressed. Research into the determinants, accuracy, and consequences of going concern opinions (GCO) is then thoroughly reviewed, with separate examination of studies and trends in the United States, Europe, and the rest of the world. In the third part of the book, interesting evidence from the Italian Stock Market, including investor reactions to GCOs during the period 2008-2014, is presented and evaluated. The book will be of interest to academics, regulators, and practitioners alike.

This book presents an in-depth overview of the most popular approaches to corporate valuation, with useful insights about innovations and possible improvements in that field. The book will help to understand the principles and methods of company valuation and acquire the knowledge required to perform valuations of corporate equity. The author concludes his analysis with a real case studies based on the experience of one of the most popular Initial Public Offerings that took place in the last years: Facebook.

Das Fachbuch zeigt die Entwicklung eines quantitativen Messinstruments für Entrepreneurial Marketing (EM) auf und prüft zusätzlich die Erfolgswirkung von EM. Die im Jahr 2007/08 beginnende Wirtschaftskrise brachte große Herausforderungen für österreichische KMU im produzierenden Bereich mit sich und wird daher für die quantitative Überprüfung des neu entwickelten Messinstruments und der Erfolgswirkung von EM herangezogen. Als Ergebnis wurde EM konzeptionell gefasst, operationalisiert und durch die vier Faktoren „Marktorientiertes Auslösen von Verhaltensänderungen der Marktteilnehmer, Kundenorientierung, Nutzung von Beziehungen zur Ressourcenstreckung und Akzeptanz des kalkulierbaren Risikos“ abgebildet. Als Ergebnis können das Messmodell und die positive Wirkung von EM auf den Unternehmenserfolg in wirtschaftlich krisenhaften Zeiten aufgezeigt werden.

Sound financial stability assessments necessitate intensive analysis of different sectors, namely, the household sector, the corporate sector, the real estate sector, the government sector, and the non-bank financial sector. This volume provides a complete analysis and risk assessment of each of these sectors which make up the subtle and intricate fabric which contribute to financial stability. The book considers: * Micro-prudential and macro-prudential regulations and how they constitute core ingredients to ensure a sound and smooth functioning financial system. * The role of household debt as a coveted economic indicator of the building up of financial instability pressures. * The relation of the real estate sector to the prevalence of financial crises through asset price bubbles. * The role of the corporate sector in financial stability risk analysis. In particular, the balance sheets of the corporate sector are widely examined to uncover feasible risks to financial stability. * The role of the government sector, with particular emphasis being laid on public debt management. This book will prove valuable to central bankers, economists, and policy-makers who are involved in the field of financial stability, as well as researchers studying the field.

This book constitutes revised selected papers from the 8th International Workshop on Enterprise Applications, Markets and Services in the Finance Industry, FinanceCom 2016, held in Frankfurt, Germany, in December 2016. The 2016 workshop especially focused on "The Analytics Revolution in Finance" and brought together leading academics from a broad range of disciplines, including computer science, business studies, media technology and behavioral science, to discuss recent advances in their respective fields. The 9 papers presented in this volume were carefully reviewed and selected from 13 submissions.

This book provides a framework for understanding micro, small and medium sized enterprises (MSMEs) as important contributors to economic growth. By examining the economic and investment decisions behind these businesses, the author shows how managers of MSMEs can add value to the firm by applying managerial finance tools. Early chapters establish the basic tenets of new venture development and financing and explore the economic environment that business-owners inhabit, focusing on venture capital, microfinance intervention, and public sector interventions. Later chapters guide the reader through the process of financial planning and forecasting, and valuation, finishing with insights into how to harvest investments and make sound financial decisions. The book has interdisciplinary appeal and offers a timely consideration of MSMEs in developing economies. It will be valuable reading for all interested in the management and development of small businesses, the finance of entrepreneurship and policy affecting small and medium sized enterprises.

Do your clients have any idea of what they can/should spend in retirement? Do they know what they need to do to optimize their retirement spending? How can you protect a spouse from the drop in social security if a client dies early? Why is it likely that buying insurance or buying a fixed annuity can dramatically increase the level of your client's spending-even if your customer is already retired? What if you could show your client exactly what the impact would be and at what level they would need to buy to achieve a certain level of spending? How can buying a fixed annuity be a hedge against term life expiration and what level is required? When should your client start taking social security? What can your client spend now and how much can that improve if they purchase insurance or an annuity from you? All these questions and more are answered in this book and in the free software that accompanies this book. The software, though more complex than most end users would care to learn, offers you the opportunity to load in customer financial data and give them results that will calculate various options. The amazing and counter-intuitive part is that it is highly likely that most individuals can see their monthly spending capability go up dramatically by buying insurance and/or buying a fixed annuity and the software enables you to zero in on the desired level. Even though life insurance is an old, established financial product, and annuities are even older, there is one enormous market that has been overlooked: the market for additional retirement funds for a surviving spouse and replacement of Social Security payments that are lost after the death of a spouse. This book explains how to address this market, and includes instructions and a license for software that illustrates how insurance and annuities can increase sustainable spending in retirement. Most people have no idea how much they can really spend in retirement. Many are living frugal lives spending their social security while "saving for a rainy day". They buy life insurance in batches of tens thousands of dollars because it sounds good or what they think they can afford. Almost no one would believe that buying "expensive" life insurance after age 60 actually can free them to spend MUCH more on a monthly basis. Furthermore, no one is looking at an optimum return on the investment based on a certain level of potential spending. Until now. This book, and the accompanying software enable you, the life agent, to input the customer data and come up with a plan for your customer and provide proof that the plan will work for them. The book explains what goes into making these calculations, why they work the way they do and gives various case studies that quite often show that buying term insurance or buying an annuity after retirement can be great investments for them. We think your customers will be convinced. There are detailed instructions as to use of the software (at www.steveheller.org/rhino) that accompanies the book with built in case studies that you can use. But even more importantly, you can input a customer's data and provide them with options and actually show them the benefits or give them the solutions that they would otherwise not know exist. These solutions will be invaluable to your business and offer you a distinct advantage over competition that are not selling in this manner.

Dieses Buch beschaftigt sich mit Insolvenzfallen, bei denen die Insolvenzmasse zu einem Zeitpunkt der Verfahrensabwicklung allenfalls die Kosten des Insolvenzverfahrens deckt. Diese Lage tritt vielfach auf und gehoert zu den Standardproblemen, mit denen sich Insolvenzverwalter und Berater auseinandersetzen mussen. Rechtsdogmatische Stimmigkeit und Praxisorientierung verbinden sich bei den vorgeschlagenen Loesungen. Bei Eintritt der Massearmut - der Massebedurftigkeit gem. 207 InsO oder der Masseunzulanglichkeit nach den 208 ff. InsO - hat die hoechstrichterliche Rechtsprechung das Verfahren von einer Notabwicklung hin zu einer besonderen Form der Insolvenzverwaltung mit dem Ziel entwickelt, dem Insolvenzverwalter eine optimale Verwertung der Masse zu ermoeglichen und dabei seine Haftungsrisiken zu verringern. Dabei stehen die Risiken im Vordergrund, die bei einer Fortfuhrung des insolvenzschuldnerischen Betriebes auftreten. Besonderes Augenmerk wird auf die Moeglichkeiten einer Verfahrensgestaltung durch Insolvenzplane nach 210a InsO gelegt. Die Massebedurftigkeit (Massearmut i.e.S.) gem. 207 InsO wird in ihren Voraussetzungen und Rechtsfolgen fur die Abwicklung des Verfahrens eingehend dargestellt und dabei insbesondere die Handlungsmoeglichkeiten des Insolvenzverwalters beleuchtet. Der Schwerpunkt der Darstellung liegt bei der Behandlung der Masseunzulanglichkeit gem. 208 ff. InsO. Aus den dabei behandelten Fragen sind hervorzuheben: Voraussetzungen der Anzeige der Masseunzulanglichkeit; Ermessen des Insolvenzverwalters bei der Wahl des Zeitpunktes der Anzeige Prozessuale Wirkungen der Anzeige auf die Rechtsdurchsetzung der Masseglaubiger Probleme einer zweiten Masseunzulanglichkeit und deren Auswirkung auf die Rechtsstellung der Neumasseglaubiger Verjahrung von Masseforderung nach Wiederherstellung der Massesuffizienz Insolvenzplane bei Masseunzulanglichkeit Fragen der Haftung des Insolvenzverwalters: Verhaltnis der Haftungstatbestande der 60 und 61 InsO