This book uses systemic thinking and applies it to the study of financial crises. It systematically presents how the systemic yoyo model, its thinking logic, and its methodology can be employed as a common playground and intuition to the study of money, international finance, and economic reforms. This book establishes theoretical backings for why some of the most employed interferences of the market and empirical experiences actually work. It has become urgent for economists and policy makers to understand how international speculative capital affects the economic security of various nations. By looking at the issues of monetary movement around the world, this book shows that there are clearly visible patterns behind the flows of capital, and that there are a uniform language and logic of reasoning that can be powerfully employed in the studies of international finance As shown in this book, many of the conclusions drawn on the basis of these visible patterns, language, and logic of thinking can be practically applied to produce tangible economic benefits. Currency Wars: Offense and Defense through Systemic Thinking is divided into six parts. The first part addresses issues related to systemic modeling of economic entities and processes and explains how a few policy changes can adjust the performance of the extremely complex economy. Part II of the book investigates the problem of how instabilities lead to opportunities for currency attacks, the positive and negative effects of foreign capital, and how international capital flows can cause disturbances of various degrees on a nation's economic security. Part III examines how a currency war is initiated, why currency conflicts and wars are inevitable, and a specific way of how currency attacks can take place. In Part IV, the book shows how one nation can potential defend itself by manipulating exchange rate of its currency, how the nation under siege can protect itself against financial attacks by using strategies based on the technique of feedback, and develops a more general approach of self-defense. Part V focuses on issues related to the cleanup of the disastrous aftermath of currency attacks through using policies and reforms. Finally the book concludes in Part VI as it analyzes specific real-life cases and addresses the ultimate problem of whether or not currency wars can be avoided all together.

This book argues that that the rise of great firms - those with sustainable high return on invested capital (ROIC) - will lay the foundation for China's successful economic transformation. Drawn from the author's research on corporate finance and the Chinese economy, the author maintains that being big could be easy but means little for corporate China, especially in the context of China's transition from an investment-led economy to an efficiency-driven one. The work discusses both internal and external impediments that lead to lack of great companies in China and suggests institutional conditions which foster the rise of great companies in China, including, reversing the government's obsession with GDP, reforming the financial system, and promoting entrepreneurship. Policy makers, investors, corporate executives, and MBA students and scholars will appreciate case studies of Huawei, Alibaba, Xiaomi, and Lenovo, among others, that illustrate the endeavors made by Chinese entrepreneurs at the grassroots level and highlight what makes successful companies in China.

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.

This book expands on the literature on the characteristics of management boards by especially focusing on family-listed and family-controlled companies, as they are ideal for studying board heterogeneity. It uses specific multidimensional indices and in-depth econometric analysis to introduce new variables, such as international experience, that represent a source of competitive advantage for firms in today's globalized world. In addition, by examining the heterogeneity ratio and the representation of independent and family directors, the book demonstrates how family-controlled firms use independent directors to import their heterogeneous expertise. The book makes a threefold contribution: for regulators, it offers suggestions on improving the quality of reporting in family-controlled firms; for researchers, it demonstrates the importance of including directors' characteristics apart from the firm-specific factors in their analyses; and for practitioners, it shows that selecting directors with specific characteristics can have a substantial impact on firms' performance.

This book develops an interwoven framework for the strategic and financial valuation of digital business designs and platform companies which became game changers for a multitude of ecosystems in the 21st century. But, also incumbents of traditional industries are challenged by those digital natives and have therefore either to revitalize their business design or facing the risk to be marginalized. The business design twin of innovation is resilience to create lasting competitive advantage and capture value for the post-pandemic world of the 20s. The ultimate idea of the book rests on the hypothesis that only the combination of business design analytics - 10C Business Design and the 8 strategic levers of platform strength - with intense financial modeling - Reverse DCF - enables a true understanding of the competitive advantage and value of such business designs. Based on a tailored strategic-financial conceptual framework a set of high-profile, new case studies will highlight the working principles and application of the concept.

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

The edited collection brings into focus the meanings, interpretations and the process of value creation in international business. Exploring value creation in the context of emerging and developed economies, Volume 2 takes the perspective of small and medium sized enterprises and examines various approaches to value creation in the process of firm internationalization. Providing theoretical and practical insights, the authors open an intellectual debate into what value is, and how it is created through the internationalization activities of firms. Value Creation in International Business is a pioneering two volume work intended to provoke theoretical and empirical development in International Business research. Moreover, it is intended as a bridge between concepts derived from general business firm-level research agendas such as value creation and business model, and internationalization approaches and activities of firms.

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 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.

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

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.

This book integrates the models employed in the fundamental analysis of a company with the models used by investors in the capital markets to diversify risks and maximize expected returns. The underlying thesis is that the company creates value only if the return on capital invested exceeds the cost of capital, while the objective is to demonstrate how integration of the fields of corporate finance and asset pricing enables comprehensive and accurate company valuation. Companies can thrive only if they are able to create value for shareholders over time. A company's value creation and the correct approach to its measurement require two main skills: first, the ability to analyze and evaluate the company's fundamentals with respect to its business model and its performance over time; and second, knowledge of investors' models with regard to risk diversification and return maximization from which the cost of capital for the firm is derived. Based on this perspective, the book combines rigorous quantitative analysis with effective use of graphics to aid intuitive understanding.

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.

This book examines the adverse effects of complexity, information asymmetries, transaction costs, and uncertainty on investors' decision making. It suggests mitigating those effects using appropriate and matching signals, and analyzes a sample of 903 German startups to quantitatively highlight the distinct financing patterns and characteristics of high-tech startups. It then investigates the reasons for these patterns on the basis of a qualitative study that includes 34 interviews with investors and entrepreneurs in the US and Germany and an international expert panel. Lastly, it presents a framework that matches complexity factors with appropriate productive signals.

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.

Financial Communications examines financial communication processing and the media's role in distilling information to the public, as well as the ethical considerations that impact decision-making procedures between financial marketers and consumers. Wang looks at financial communications through a dual lens of information processing and socialization. He showcases why it is crucial for financial institutions to enhance key communication processes amongst key stakeholders within the industry.

This book analyses prevailing approaches and policies in innovative entrepreneurship. It explores the ways in which entrepreneurs learn and develop innovation-based businesses to drive increased regional competitiveness. Specifically, the contributions propose that sustainable innovation ecosystems booster innovative entrepreneurship and thus create a competitive advantage for smart and sustainable growth. It also examines the current state of entrepreneurship education, where the development of entrepreneurial abilities is considered a process of value creation-both economic and social-with the final aim to create both new start-ups and entrepreneurial mind-sets.Featuring theoretical approaches and empirical evidences, this title is appropriate for scholars, academics, students and policy makers in technology and innovation management, economics of innovation and entrepreneurship.

In an organized and organic way, this book covers all the possible theoretical and empirical facets of delisting, adding to the well-developed literature on IPOs. IPO and delisting are strictly related; the reasons for delisting may be found in the loss of the incentives that drove the firm to the public market in the past. However, the book presents unique motivations not directly related to the IPO decision. This book covers what the existing literature has not in focusing on specific aspects such as market liquidity and microstructure, listing costs, market for corporate control, corporate governance issues and so on. Of interest to academics and students, this contribution puts all pieces in order and finds a thread that can link each theory to the others.

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.

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.

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.