This book gathers the proceedings of the ICAFFI International Conference on Accounting, Finance and Financial Institutions. The main topics addressed include: corporate finance, financial markets and asset pricing, empirical finance, taxation, financial risk management, international finance, financial econometrics, financial reporting and accounting standards, managerial accounting, measuring financial performance, accounting information systems, and current issues in accounting and finance in emerging and other markets. Presenting both cutting-edge research and a broad set of methods, and combining practical and theoretical perspectives, the book offers a valuable resource for researchers, practitioners and regulators alike.

The global financial crisis has led to more and more focus on corporate governance and financial institutions. There has been much coverage in the media about various corporate governance related issues in banks and other financial institutions, such as executive directors' remuneration and bankers' bonuses, board composition and board diversity. This book, dedicated to the corporate governance of banks and other financial institutions, makes a timely and accessible contribution to the literature in this area. The contributors are experts in their field with in-depth knowledge of the various countries including Italy, the UK, Germany, the US, China, Japan, Brazil, Russia, Australia and Nigeria, plus a chapter on Islamic financial institutions, covered in this book. Overall, the engagingly written chapters highlight many of the shortcomings of corporate governance which have led to financial scandals, whilst indicating areas where corporate governance can be strengthened and improved. Adding depth and accessibility to existing corporate governance books, this Handbook is ideal as a teaching and learning tool for undergraduate and postgraduate students. For directors and the general business and wider stakeholder communities concerned with corporate governance, it is an essential resource. Contributors: C.L. Ahmadjian, K.-J. Chang, M.J. Conyon, F. Cuomo, H. Farag, L. He, H.-Y Liang, I. Love, C.A. Mallin, C. Ogbechie, B. Okhunjanov, G. Pearson, S. Prigge, R.F. Schiozer, O.K. Tam, P.R.S. Terra, A. Zattoni

This book is an examination of the sovereign risk and debt limit issues facing the Eurozone (crisis/post crisis) and the need for alternative mechanisms to fund the capital investment requirements of the region.

This book focuses on the restructuring of distressed businesses, emphasizing the need for new financing during the restructuring process as well as during relaunch, and examines the role of law in encouraging creditor confidence and incentivizing lending. It describes two broad approaches to encouraging new finance during restructuring: a prescriptive one that seeks to attract credit using expressly defined statutory incentives, and a market-based one that relies on the business judgment of lenders against the backdrop of transaction avoidance rules. Securing new financing for a distressed business is a critical part of successful restructuring. Without such financing, the business may be unable to meet interim liquidity constraints, or to implement its restructuring plans. This book addresses related questions concerning the place of new financing as an essential component of restructuring. In general terms, the book explores how statutory interventions and the courts can provide support with contentious issues that arise from the provision of new financing, whether through new financing agreements or through distressed debt investors, who are increasingly gaining prominence as sources of new financing for distressed businesses. It argues that courts play a key part in preventing or correcting the imbalances that can arise from the participation of distressed debt investors. In this context, it critically examines the distressed debt market in emerging markets like Nigeria and the opportunity presented by non-performing loans, arguing that the regulatory pattern of market entry may dis-incentivize distress debt investing in a market that is in dire need of financing. The book offers a fresh and comparative perspective on restructuring new financing for distressed businesses by comparing various approaches (primarily from the US, UK and Germany) and drawing lessons for frontier markets, with particular reference to Nigeria. It fills an important gap in international comparative scholarship and discusses a living problem with both empirical and policy aspects.

This textbook helps students truly understand how to apply the principles behind corporate finance in a real world context from both a firm and investor perspective. In its second edition, this text focuses on traditional theory applied to a holistic and realistic business case study, written as a novel set in current times so that all readers can relate. As such, this textbook offers readers both a quantitative and qualitative perspective on topics such as capital budgeting, time value of money, corporate risk, and capital structure. The sections are laid out to mirror the financial decision process, making it easier for readers to grasp the idea of the corporate financial life cycle. New topics such as socially responsible investing and private capital markets are also incorporated into this edition. Finally, PowerPoint slides, answer keys and data sets are available online for instructors.

Business angels are recognized as playing a key role in financing the start-up and early stages of new ventures. However, our knowledge of how business angels operate remains limited and highly fragmented. This Handbook provides a synthesis of research on business angels. It adopts an international perspective to reflect the spread of angel investing around the world. The increasing number of government initiatives to promote angel investing is also reflected in the book with an assessment of the most common support schemes. Adopting an international focus, the expert group of contributors examine business angels themselves; the evolution of the market; the various stages of the investment process and the role of public policy in influencing angel investment. They each conclude their chapters with an agenda for future research on business angels. Students and scholars of entrepreneurship, entrepreneurial finance, and related subjects will find this book to be an invaluable resource to their work.In particular, they will benefit from the research agendas that that concludes each chapter This Handbook will also be of interest to policy-makers and other practitioners looking to enhance their understanding of the design and need for such interventions. Contributors include: F.M. Amatucci, M. Atienza, S. Avdeitchikova, T. Botelho, C. Carpentier, V. Collewaert, L. Hornuf, H. Keinonen, T. Lahti, H. Landstroem, D. Lingelbach, M. Liu, C. Mason, A. Maxwell, D. Politis, G. Romani, W. Scheela, A. Schwienbacher, J.-M. Suret, R. Sorheim, Y. Tan, J. Wang

Expert guidance on managing credit risk in bond portfolios

Managing Credit Risk in Corporate Bond Portfolios shows readers how to measure and manage the risks of a corporate bond portfolio against its benchmark. This comprehensive guide explores a wide range of topics surrounding credit risk and bond portfolios, including the similarities and differences between corporate and government bond portfolios, yield curve risk, default and credit migration risk, Monte Carlo simulation techniques, and portfolio selection methods.

Srichander Ramaswamy, PhD (Basel, Switzerland), is Head of Investment Analysis at the Bank for International Settlements (BIS) in Basel, Switzerland, and Adjunct Professor of Banking and Finance, University of Lausanne.

Through the arguments for corporate tax harmonisation in the EU and describing the current stage of this process, the legislative rules which are insufficient to solve the many problems implied by the proper functioning of the single market are revealed. The book is an excellent source of documentation for Students of Economics and other readers interested in understanding the taxation trends in the EU.

Since their explosion in the mid-1990s, mergers and acquisitions (M&As) have turned into a global phenomenon with growing prevalence. A large number of theoretical and empirical studies focus on cross-border deals from several perspectives, such as motives, strategic issues, and performance. Most books treat these studies as specific characteristics of M&As, paying little attention to the distinctive elements that differentiate them from domestic operations. In short, there is now a real need for a fresh review and categorization of cross-border deals. Cross-Border Mergers and Acquisitions is the first book to provide readers with a complete guide to understanding the main concepts, theories, and results driving cross-border M&As. Morresi and Pezzi present an original framework that ties together the growing body of theoretical and empirical studies on the topic. This work describes the relevance of the phenomenon in terms of its economical, geographical, and historical impact, and analyzes the market- and accounting-based performance of cross-border deals.

The 2007-2009 financial crisis has had a worldwide impact on banks and financial systems. It has also brought about major changes in Europe's financial regulatory framework which could lead to financing problems for SMEs. The book explores the restructuring process of banking and financial systems to its impact on the financing of SMEs.

Policy makers--Republican and Democrat, liberal and conservative--call for federal intervention to fund emerging high-growth industries, believing they are starved for capital. Congressional hearings, newspapers, industry newsletters, and government reports all assert that capital gaps exist for these firms. But the widely held belief that emerging high-growth firms like those in high technology--so vital to the growth of the U.S. economy--face severe capital gaps, preventing them from starting up or growing to their full potential, is false. This book systematically brings together, for the first time, disparate sources of information from a wide variety of disciplines and synthesizes them into a compelling case against federal intervention.

Scientific studies, conventional wisdom among entrepreneurs and investors, and economic reasoning all fail to support the existence of widespread capital gaps for start-up high-growth firms. Nor does this evidence show capital in short supply in some regions, in industrial sectors including high technology, or for women and minorities. Nor do existing federal programs providing capital to emerging high-growth businesses reveal capital gaps. Rather, they either unnecessarily duplicate private investment or represent poor investment decisions. This study shows that calls for increased federal intervention, using public monies to plug capital gaps, are unjustified.

The text is an invaluable guide in evaluating the suitability of liquidation as a corporate strategic planning tool. Factors such as taxes, regulations, market forces, cessation of business and government intervention are some of the reasons why firms decide to liquidate. The book also explores the mechanics of liquidation including severance agreements, employee stock options, and the use of legal, accounting and other experts in the liquidation process. "Entrepreneurial Manager's Newsletter"

Voluntary liquidation entails selling all of a firM's assets for cash, paying off all outstanding debts, and distributing the remaining funds to stockholders as liquidating dividends. Kudla's book, which is the first systematic examination of the subject, will enable corporate executives to evaluate the suitability of liquidation as a corporate strategic planning tool. The author begins with an explanation of the rationale for liquidations and looks at the reasons why a firm may be worth more dead than alive, examining such factors as taxes, regulations, market forces, cessation of business, and government intervention. He describes the mechanics of liquidation; severance agreements for employees; employee stock options; and the use of legal, accounting, and other types of experts in the liquidation process. He discusses the major tax aspects, including the impact of the 1986 Tax Reform Act, and shows how corporation liquidations may benefit common stockholders. To illustrate the diversity of liquidation scenarios, Kudla offers case studies of three firms that found voluntary liquidation to be the most appropriate strategic alternative.

This book focuses on aspects of Industrial Mathematics (Networks; Complex Systems and Behavioral Game Theory) and Theoretical Computer Science (Behavioral Game Theory and Applied Math). Its major contribution is that it introduces new models and "informal" algorithms that solve social-choice problems (using behavioral Game Theory), it introduces new mathematical proofs, and it introduces new algorithms that prove that the Myerson-Satterthwaite Impossibility Theorem is wrong or inapplicable. The Myerson-Satterthwaite Impossibility Theorem has been a major foundation theorem in various branches of Computer Science and Applied Math. The book analyzes Industrial Organization, Mechanism Design, Political Economy and Complex Systems issues in the global accounting/consulting industry, the "Quasi-franchising industry" and the global Credit Rating Agency (CRA) industry which are currently some of the most international of all services industries, and have or can have substantial effects on international trade and international capital flows. During 2000-2019, the services sector in general expanded in many countries and especially in emerging markets countries - and that is having substantial effects on the evolution of national economies. The objectives and achievements of this book are multifaceted. It explains the macroeconomic, behavioral operations research and political economy issues that affect and the evolution of accounting/auditing firms, CRAs, management consulting firms and environmental auditing firms. It also analyzes the types of intra-company decisions and group dynamics and auditor-decisions that can have significant effects on innovation and competition within the accounting/consulting industry and (on clients' industries) and on overall economic growth in nations. Furthermore, it analyzes structural changes and antitrust problems in the global accounting/consulting industry and the CRA industry and explains how these antitrust problems and structural changes have worsened climate change and corporate compliance with environmental regulations. Among these topics the author also talks about issues that affect audit contract, contracting between CRAs and issuers, and industry structure and evolution by critiquing various existing CRA business models and introducing new business models for the future.

Gain a deeper understanding of the core concepts surrounding Corporate Finance with this reader-friendly text. Corporate Finance: Principles and Practice, 9th edition is a comprehensive guide to the field, introducing you to the key topics and areas of corporate finance. This practical and readable textbook is ideal whether you are studying accounting, business, or finance-related courses. Written and structured in a reader-friendly style for those new to the subject, the book offers a clear, step-by-step explanation of the essential principles and mathematical techniques without burdening you with unnecessary detail and provides practical examples from well-known companies. Key features for this edition include: Coverage of all the key topics, mapping closely to requirements set out by professional bodies 24 new, short examples in the “Vignette” boxes throughout the book, exploring relevant, real-world financial issues and connecting theory with practice More content regarding environmental, governance and sustainability issues, and their impact on corporate finance The questions for review and discussion throughout the book, along with the further reading suggestions at the end of the text, aim to support self-study and help you develop your critical thinking skills.

As the real economy is increasingly digitalized, banking lags behind. It is thus not well placed to support the new economy. The book provides some perspective on the changes taking place, identifying the systemic weaknesses in the traditional financial infrastructure, and proposing some radical rethinking to address systemic financial instability.

Primarily intended for biotechnology graduates, this handbook provides an overview of the requirements, opportunities and drawbacks of Biotech Entrepreneurship, while also presenting valuable training materials tailored to the industrial and market reality in the European Biotech Business. Potential investors and business consultants will find essential information on the benefits and potential risks involved in supporting biotech businesses. Further, the book addresses a broad range of Biotechnology fields, e.g. food biotech, industrial biotech, bioinformatics, animal and human health. Readers will learn the essentials of creating innovations, founding a biotech start-up, business management strategies, and European funding sources. In addition, the book discusses topics such as intellectual property management and innovation transfer. The book offers a comparative analysis of different countries' perspectives and reviews the status quo in Western and Eastern European regions, also in comparison with other leading biotech countries such as the USA and Canada. A long list of potentially profitable biotech start-up ideas and a collection of success stories involving European companies are also included. The book is based on the Erasmus+ Strategic Partnership project "Supporting biotechnology students oriented towards an entrepreneurial path" (www.supbioent.usamv.ro), which involved the collaboration of Life Sciences and Economics departments at higher education institutions throughout Western and Eastern Europe.

This book contributes to our understanding of the reasons for the uneven geographic emergence and distribution of innovative start-ups and human capital, analyzing the role of the regional knowledge base and specifically academic knowledge. Using extensive datasets from West German regions and advanced econometric tools, it confirms a strong relationship between the presence of higher education institutions and the emergence of innovative start-ups. It also shows that the influence increases in direct relation with the innovativeness of the respective start-up, and that certain fields of knowledge are more influential than others in fostering innovative start-ups. In a second step, the multidimensional concept of quality of life is used to explain the geography of human capital across West German regions. Based on these empirical findings, the book shares valuable insights for higher education and regional development policy.

This guide for aspiring entrepreneurs provides expert advice on every aspect of launching a new business. It is designed to be of particular value for academics wishing to exploit the commercial value of a new technology or business solution. Inspiring and readable, it shows how to evaluate the strength of a business idea, how to protect inventions, reviews legal steps and responsibilities, shows how to position products in the market, how to create a business plan and raise initial capital. Case studies, exercises and tips demystify the process of starting a business, build confidence and greatly increase the chances of success.

"This book analyses privatisation in Ireland, a European economy that has experienced rapidly changing fortunes over the last 30 years. It examines the effects of privatisation in terms of corporate performance, public finances and the distributional aspects of privatisation including the impact on employment and share ownership"--

This book proposes three normative frameworks pertaining to risk-measurement, disclosure and governance using expert opinion and data from the top 429 non-financial companies (of the NIFTY 500 index) over a 10-year period. The book offers a novel contribution to the global literature on disclosure quality by presenting a composite measure of the quality as well as quantity of risk disclosures. Focusing on the quality of risk disclosures and risk governance structures, and using sophisticated methodology to tackle the issue of endogeneity, the book explores the important yet uncharted confluence of accounting information, risk and corporate governance. It addresses the interplay between three facets of risk, and is corroborated by practitioners' perspectives as well as case studies. It is an excellent resource for practitioners, professionals and policy-makers, in addition to researchers working on the topic.