A book which covers the key period in the history of actuarial science from the mid-17th century to the early 19th century. There are reprints of the most important treatises, pamphlets, tables and writings which trace the development of the actuarial industry.

Making sure that your nonprofit is going to be around long-term requires financial leadership. This means creating a financial vision for your organization and planning how you’ll get there. Financial Leadership for Nonprofit Executives gives you the framework, specific language, and processes to lead with confidence. With it, you’ll learn how to protect and grow the assets of your organization and accomplish as much mission as possible with those resources. The good news is you don’t have to be a trained accountant, earn an MBA, or have run a for-profit business in another lifetime. You already have many of the skills it takes to be a financial leader. This useful guide makes the process understandable and doable. You’ll find clear, logical steps to learn how to get accurate financial data—in a format you can understand; use financial data to evaluate your organization’s health; plan around a set of meaningful financial goals; and communicate progress on these goals to your staff, board, and external stakeholders. You’ll also find five foundational financial leadership principles; three overarching questions every financial leader needs to be able to answer (and where to find those answers); two fundamental budgeting principles; and five steps to building a strong annual budget. At the end of each chapter is an evaluation tool. You can rate how your organization is doing relative to the component of financial leadership covered in each chapter. Each attribute is scored as being red, yellow, or green. “Redâ€� items are below standard and require immediate attention; “yellowâ€� items are widely practiced though not generally ideal; and “greenâ€� items are considered best practice. Over time, as you and your partners on the board and staff move the organization toward “greenâ€� in each of these areas, you will create an environment in which financial leadership can flourish.

Since the global financial crisis of 2007-8, new laws and regulations have been introduced with the aim of improving the transparency in financial reporting. Despite the dramatically increased flow of information to shareholders and the public, this information flow has not always been meaningful or useful. Often it seems that it is not possible to see the wood for the trees. Financial scalds continue, as Wirecard, NMC Health, Patisserie Valerie, going back to Carillion (and many more) demonstrate. Financial and corporate reporting have never been so fraught with difficulties as companies fail to give guidance about the future in an increasingly uncertain world aided and abetted by the COVID-19 pandemic. This concise book argues that the changes have simply masked an increase in the use of corporate PR, impression management, bullet points, glossy images, and other simulacra which allow poor performance to be masked by misleading information presented in glib boilerplate texts, images, and tables. The tone of the narrative sections in annual reports is often misleading. Drawing on extensive research and interviews with insiders and experts, this book charts what has gone wrong with financial reporting and offers a range of solutions to improve information to both investors and the public. This provides a framework for a new era of forward-looking corporate reporting and guidance based on often conflicting multiple corporate goals. The book also examines and contrasts the latest thinking by the regularity authorities. Providing a compelling exploration of the industry's failings and present difficulties, and the impact of future disruption, this timely, thought-provoking book will be of great interest to students, researchers, and professionals as well as policy makers in accounting, financial reporting, corporate reporting, financial statement analysis, and governance.

"It has been said that in theory, theory translates into practice, but in practice it never does. This breakthrough book defies this conventional wisdom in a unique way. It is a must read for anyone interested in structuring derivatives products." — Dr Peter Carr, Principal, Banc of America Securities

"Harry Kat has done a masterful job explaining the world of exotic options and the role that these options play in building structured securities. Dr Kat conveys the essence of these products from the perspective of a very experienced financial engineer but in a fashion that the less experienced reader can easily follow and understand. In this, Dr Kat has shown himself to be a marvellous teacher. I'm confident that this book will prove to be one of the classics to be read by future generations of financial engineers." — John F. Marshall, Principal, Marshall, Tucker & Associates, and Founding Executive Director, International Association of Financial Engineers

"This is a refreshingly new and different book about putting together structured equity products. It is not a book about deriving formulas but a book about applying formulas. The emphasis on hedging costs and alternative ways of reducing those costs by modifying the structure will be appreciated both by those who actually manufacture and sell these products and those who buy them." — Don Chance, First Union Professor, Virginia Tech

"This book is about applications, about solving real business problems with derivatives.... Contrary to many other books in the field, the approach is managerial rather than abstractly mathematical, aimed at practitioners instead of applied mathematicians. Professor Kat's book contains all the mathematics required. However, the mathematical aspects play a purely supportive role, not the starring role. Bravo!"
— Anthony F. Herbst, University of Texas at El Paso, Founding Editor, The Journal of Financial Engineering

"It is certainly a unique book, much more useful that most new books on derivatives. In a nutshell, this book is very creatively done and a great resource for professionals."
— Mark Rubinstein, Paul Stephens Professor of Applied Investment Analysis, University of California at Berkeley

This book discusses the current landscape of our market economy, which is in the hands of financiers and billionaires who decrease competition as well as consumer power. In order for society to fully thrive and provide its members higher living standards and quality of life, it must distribute and deliver the fruits of the economic activity without discrimination and favoritism. This book exposes the real problem of economic inequality, poverty, and the elimination of the middle class and argues for a progressive market economy in the face of regressive conservatism. The author warns of business failures, rigid and unrealistic laws, widespread unemployment, and class warfare without a fair, functional system. Until action is taken to reverse this situation, our market economy will continue to be abused by the greedy and the powerful, stripping it of any potential for advancement and growth.

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.

A practitioner's guide to the role and implications of performance measurement and attribution analysis in asset management firms Practical Portfolio Performance Measurement and Attribution is a comprehensive reference and guide to the use and calculation of performance returns in the investment decision process. Focusing on real-world application rather than academic theory, this highly practical book helps asset managers and investors determine return on assets, analyse portfolio behaviour and improve performance. Author Carl R. Bacon clearly describes each of the methodologies used by performance analysts in today's financial environment whilst sharing valuable insights drawn from his experience as a Director of Performance Measurement & Risk Control. The third edition is revised to reflect recent developments in performance attribution and presentation standards. Fully up-to-date chapters cover the entire performance measurement process, including return calculations, attribution methodologies, risk measures, manager selection and presentation of performance information. Written by an acknowledged leader in global investment performance standards, performance attribution technique and risk measurement Aligns with the publication of the 2020 Global Investment Performance Standards (GIPS(R)) Explains the mathematical aspects of performance measurement and attribution in a clear, easy-to-understand manner Provides numerous practical and worked examples of attribution analysis and risk calculations supported by Excel spreadsheets Includes signposts for the future development of performance measurement Practical Portfolio Performance Measurement and Attribution, Third Edition, remains a must-have for performance analysts and risk controllers, portfolio managers, compliance professionals and all asset managers, owners, consultants and servicing firms.

This book presents a wide range of tools and techniques used in entrepreneurial finance in emerging markets. Among them, venture capital is perhaps the best known, understood, and researched mode of entrepreneurial finance. However, a significant focus of the book is dedicated to other modes of entrepreneurial finance such as 'bootstrapping,' angel financing, bank financing, and other alternative means of financing, which could include government assistance programs, business incubation, technology parks, or family financing. In addition, the book highlights how new and innovative financial technologies (comprised of software, business processes, and other modern technologies), known under the term of FinTech, may support, enable, and enhance the provision of different modes of entrepreneurial finance in emerging markets. The book also discusses entrepreneurial finance in emerging markets in the context of women entrepreneurs. A comprehensive analysis of entrepreneurial finance in emerging market countries, this book will appeal to academics, researchers, and students of entrepreneurial finance, venture capital and private equity, entrepreneurship, and international business.

In a typical working environment in which 'fraud and corruption' is as normal as a headache or as common as a cold, everyone in the organization has a role to play in finding and deterring fraudsters. Despite universal acknowledgement that these things may be illegal but still prevalent, managers still treat them as 'someone else's problem' or 'something that happens to other businesses, not ours'. This book shows, in simple terms, how everybody can become a successful fraud detective. A series of proven and easy-to-follow recipes show how to find the tell-tale signs of fraud and corruption and work with colleagues to deal with fraud smartly, keeping the organization you work for healthy and clean. The skills taught in this book are based on over 25 years' experience of successfully finding and dealing with fraud and corruption, all around the world. How to Find Fraud and Corruption offers wayfinding techniques for identifying and recognizing common frauds such as: suppliers who charge too much; sharp business partners and consultants who are taking you for a ride; customers who take but prefer not to pay. It also shows how to spot and unravel more complex but equally serious and common frauds: hidden connections to dirty money centres (the illegitimate side of tax havens); bribes paid as a shortcut to get business; creative numbers fraud (inflation of sales figures or suppression of costs); conflicts of interest involving individuals inside or outside the business. The final chapter is a short story (based on a real case) which illustrates a fraud detective's challenges, whether they are a reluctant whistleblower, someone who cannot turn a blind eye even if they would prefer to, or even the accused. Accessible and practical, this book is for everyone who wants to stop fraud, including those working in accounting and finance, management, specialist functions, such as audit, compliance and security, and anyone else who aspires to be a fraud detective and stop fraud and corruption.

The investment alternatives offered by mutual funds have had a significant effect on the savings patterns of many countries. Industry research has primarily focused on the funds themselves rather than on their management companies, but like other financial institutions, these companies, also known as mutual fund families, have experienced great periods of both expansion and contraction. It is important to address the efficiency of these institutions, as well. Carlos Sanchez Gonzalez fills this gap in our knowledge with this empirical study. He develops an innovative model that considers the management stages of mutual fund companies, overcoming the traditional dispute between the different approaches used in banking and insurance research. Using data envelopment analysis (DEA) to evaluate efficiency levels, Sanchez Gonzalez investigates the Spanish case, one of the most relevant industries in the Euro market, in order to provide insights into issues that have never been explored before. His study consists of two parts. The first explains the basic concepts, offers a brief explanation of the basic DEA models, and gives a review of the most important applications to financial institutions, all while developing a unique set of industry-specific variables in order to show how to apply the original slacks-based measure (SBM) approach. The second reviews the major concepts of SBM variations and shows how they can be applied to the Spanish mutual fund family industry in order to obtain unprecedentedly accurate empirical measures of its efficiency. This ground-breaking work offers much food for thought to academic researchers and postgraduate students of management, finance, and marketing.

Addresses significant developments in the valuation of early stage enterprises at fair value with emphasis on practical applications--features a broad selection of case studies of early stage valuation Early Stage Valuation: A Fair Value Perspective provides a comprehensive review of the current methodologies used to value Early Stage Enterprises (ESEs) at fair value for financial reporting, investment, and mergers and acquisitions. Author Antonella Puca, Senior Director with Alvarez & Marsal Valuation Services in New York, provides accurate, up-to-date information on recent guidelines and new approaches for valuation assessments. This authoritative guide examines how to apply market analysis, discounted cash flows models, statistical techniques such as option pricing models (OPM) and Monte Carlo simulation, the venture capital method and non-GAAP metrics to ESE valuation. The text considers the most recent AICPA, Appraisal Foundation and IPEV guidance, and examines developments in both academic research and venture capital investor practice. Numerous real-world case studies illustrate early stage valuation suitable for structuring sound, internally consistent business transactions. Covering current trends and the latest regulatory guidance in the area, this book: Provides step-by-step guidance on practical valuation applications Reflects current standards for ESE valuation, including the AICPA Guide to the Valuation of Portfolio Company Investments, the IPEV guidelines and guidance from the Appraisal Foundation Covers new approaches to the valuation of ESEs with option pricing models, Monte Carlo Simulation, calibration and non-GAAP metrics Offers an overview of start-up valuation Discusses how intangible assets are impacting the valuation of ESEs The book also includes contributions from Neil Beaton, Andreas Dal Santo, Alexander Davie, John Jackman and Mark Zyla. Early Stage Valuation: A Fair Value Perspective is an essential resource for valuation specialists, private equity and venture capital fund managers, analysts, attorneys, investment bankers, regulators and auditors, and investors with interest in the private equity and venture capital industry.

Using both qualitative and quantitative methods, this book examines whether qualified foreign institutional investors (QFIIs), through their shareholder activism, have a meaningful positive impact on the corporate governance of firms listed on the mainland Chinese stock market. Capital flows into and out of China are still subject to tight controls, and the QFII scheme is one important avenue through which QFIIs can become invested in the Chinese stock market. This book is an invaluable resource for anyone interested in learning about ways to invest in one of the world's largest economies. Wang discusses in depth what specific opportunities, challenges and restrictions to expect in the process, and how investing in China differs from investing in countries with a more open capital account.

Over recent years the insurance industry has faced a period of rapid change and consolidation, with recent natural and man-made disasters highlighting the problems that the industry faces. Yet this has also been a time of opportunity with the traditional role of insurance giving way to its classification as a asset class. This has resulted in insurance risks now being priced and exchanged on the markets.

In this book, the authors analyze the convergence between the insurance industry and the capital markets. They sumarize the main trends and issues and analyze past events within the industry. Thus, they demonstrate that the current market pressures on insurance companies do not not just create challenges but also new opportunities.

Think big, buy small. Are you looking for an alternative to a career path at a big firm? Does founding your own start-up seem too risky? There is a radical third path open to you: You can buy a small business and run it as CEO. Purchasing a small company offers significant financial rewards—as well as personal and professional fulfillment. Leading a firm means you can be your own boss, put your executive skills to work, fashion a company environment that meets your own needs, and profit directly from your success. But finding the right business to buy and closing the deal isn't always easy. In the HBR Guide to Buying a Small Business, Harvard Business School professors Richard Ruback and Royce Yudkoff help you: Determine if this path is right for you Raise capital for your acquisition Find and evaluate the right prospects Avoid the pitfalls that could derail your search Understand why a "dull" business might be the best investment Negotiate a potential deal with the seller Avoid deals that fall through at the last minute

The authors argue that the rules and practices of corporate law mimic contractual provisions that parties involved in corporate enterprise would reach if they bargained about every contingency at zero cost and flawlessly enforced their agreements. But bargaining and enforcement are costly, and corporate law provides the rules and an enforcement mechanism that govern relations among those who commit their capital to such ventures. The authors work out the reasons for supposing that this is the exclusive function of corporate law and the implications of this perspective.

The new edition of the definitive guide for venture capital practitioners--covers the entire process of venture firm formation & management, fund-raising, portfolio construction, value creation, and exit strategies Since its initial publication, The Business of Venture Capital has been hailed as the definitive, most comprehensive book on the subject. Now in its third edition, this market-leading text explains the multiple facets of the business of venture capital, from raising venture funds, to structuring investments, to generating consistent returns, to evaluating exit strategies. Author and VC Mahendra Ramsinghani who has invested in startups and venture funds for over a decade, offers best practices from experts on the front lines of this business. This fully-updated edition includes fresh perspectives on the Softbank effect, career paths for young professionals, case studies and cultural disasters, investment models, epic failures, and more. Readers are guided through each stage of the VC process, supported by a companion website containing tools such as the LP-GP Fund Due Diligence Checklist, the Investment Due Diligence Checklist, an Investment Summary format, and links to white papers and other industry guidelines. Designed for experienced practitioners, angels, devils, and novices alike, this valuable resource: Identifies the key attributes of a VC professional and the arc of an investor's career Covers the art of raising a venture fund, identifying anchor investors, fund due diligence, negotiating fund investment terms with limited partners, and more Examines the distinct aspects of portfolio construction and value creation Balances technical analyses and real-world insights Features interviews, personal stories, anecdotes, and wisdom from leading venture capitalists The Business of Venture Capital, Third Edition is a must-read book for anyone seeking to raise a venture fund or pursue a career in venture capital, as well as practicing venture capitalists, angel investors or devils alike, limited partners, attorneys, start-up entrepreneurs, and MBA students.

The second edition of this best-selling introduction for practitioners uses new material and updates to describe the changing environment for project finance. Integrating recent developments in credit markets with revised insights into making project finance deals, the second edition offers a balanced view of project financing by combining legal, contractual, scheduling, and other subjects. Its emphasis on concepts and techniques makes it critical for those who want to succeed in financing large projects. With extensive cross-references, a comprehensive glossary, and online spreadsheets that follow its chapters, this new edition presents a new guide to the principles and practical issues that can commonly cause difficulties in commercial and financial negotiations.

Provides a basic introduction to project finance and its relationship with other financing techniquesDescribes and explains:
sources of project financetypical commercial contracts ("e.g., " for construction of the project and sale of its product or services) and their effects on project-finance structuresproject-finance risk assessment from the points of view of lenders, investors, and other project partieshow lenders and investors evaluate the risks and returns on a projectthe role of the public sector in public-private partnerships and other privately-financed infrastructure projectshow all these issues are dealt with in the financing agreements"

Best books of 2021, Financial Times 'Grab some popcorn and take a front row seat, because Robin Wigglesworth has an astonishing story to tell you' Tim Harford, author of How to Make the World Add Up 'A fascinating account of an investment revolution' Ian Fraser, Literary Review 'A magisterial, delightfully written history offering up portraits of the academic scribblers and entrepreneurial practitioners who created the index-fund revolution' The Wall Street Journal 'Wigglesworth has written an important book' Patrick Hosking, Financial Editor, The Times 'A terrific read' Gregory Zuckerman, author of The Man Who Solved the Market 'A fascinating journey and a crucial book for anyone trying to understand the financial markets' Bradley Hope, author of Billion Dollar Whale --------------------------------------------------------------------------------------------------------- In Trillions, Financial Times journalist Robin Wigglesworth unveils the vivid secret history of index funds, bringing to life the colourful characters behind their birth, growth and evolution into a world-conquering phenomenon. It is the untold story behind one of the most pressing financial uncertainties of our time. --------------------------------------------------------------------------------------------------------- 'An easy-to-understand and fun read, full of lively characters and little-known details of how finance really works today' Gillian Tett, author of Anthro-Vision

The most trusted names in workouts and turnarounds share their valuable strategies Compiling insights and methods from industry experts, this authoritative and practical guide cuts through the maze of corporate restructuring jargon to give corporate leaders and professionals the proven techniques and clear advice needed to understand today’s corporate turnarounds and workouts. Workouts & Turnarounds II: Global Restructuring Strategies for the Next Century gives detailed coverage of the key issues involved in this process—from both the creditor and company positions. You’ll learn how to identify a troubled company and determine the chances of turnaround, and what management should focus on before it’s too late. One of the leading authorities in financial and operational restructuring services, Dominic DiNapoli has assembled experts from around the country who have provided their insights and years of experience in the various topics covered in this book. From business regeneration tactics, to managing corporate communications, to the roles of lawyers and lender services, you’ll find a wealth of information in this comprehensive reference. In addition, this guide contains case studies of turnarounds in progress, illustrating many of the techniques and strategies currently available. Whether you are a CEO, an attorney, or a lender restructuring or investing in distressed companies, Workouts & Turnarounds II: Global Restructuring Strategies for the Next Century gives you the crucial information you need to make the right decisions today.

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.

The US QI and FATCA regulations came into being in 2001 and 2010 respectively. They remain today the most challenging cross border tax regulations for financial institutions to comply with and operationalise. There is an increasing trend for financial institutions to become QIs while at the same time, the rules of the QI program become more complex and onerous. Equally, most NQIs have little idea that they are subject to these extra-territorial regulations. The US FATCA anti-tax evasion framework has also evolved through the development of intergovernmental agreements. These are complex and bilaterally jurisdiction specific as well as of multiple types. Most firms are struggling to understand the concepts and how FATCA rules overlap and are affected by QI rules. The original book on this subject by the author continues to be the only book able to explain these regulations in ways that allow financial institutions to understand their compliance obligations and take practical steps to meet them, by hearing about best practice. This second edition builds on the basic framework of the QI and FATCA frameworks by updating the text to encompass the changes that have occurred since the book's original publication. This edition will also delete material that has become obsolete or was proposed by the IRS originally but never implemented.

This book examines the problems of choice of law where transactions cross borders and involve shares or other securities of different nationalities. It considers dealings in securities under the traditional direct holding system and under the modern system of holding through intermediaries. Various theories and legislative reforms have been suggested in an attempt to resolve these two methods, and the book examines the extent to which they provide a viable solution.