This book introduces concepts of business incubation and suggests a learning process. This process begins with prior knowledge at the opportunity identification phase, progresses through the acquisition of new skills and knowledge necessary to develop an opportunity and concludes with a transformation phase where new knowledge is acted upon. The book draws on extensive qualitative data and documentary evidence from a range of stakeholders associated with a University Business Incubator known as Innospace. The process of opportunity development within the business incubator is explored by combining experiential and social learning theories as heuristic tools. Presented implications for policy-makers and incubator managers are that attention and scarce resources should be focused on providing relevant information and encouraging an atmosphere of learning and mutual support. Recruitment practices should be revised to include a more holistic appreciation of potential incubatees contribution to the Business Incubation learning community as well as an assessment of their business plans. For policy makers the book suggests that successful business incubators do not necessarily require a large financial investment in state-of-the-art premises and technology. Appropriate management training together with carefully selected incubatees can create an effective learning community where opportunities are developed and transformed into enterprises and individuals into entrepreneurs.

This timely book addresses the effects and implications of rapid technological changes within the financial services industry on Islamic finance and Islamic banks. Exploring current challenges, opportunities and threats, the authors provide an overview of how FinTech can operate within an Islamic context, under the Shari'ah principles or the Halal framework, for example. Examining the potential opportunities of Islamic FinTech from a socio-economic perspective, this edited collection will be of use to anyone researching FinTech or Islamic Finance as well as practitioners and policy-makers involved in banking and financial services.

The human race created money and finance. But our inventions re-create us. Mankind mistook money-a lubricant of society and human well-being-for an end in itself. Finance, the monetary shadow of real things, came to dominate human reality. Extreme Money tells the story of how this happened-and, in so doing, it tells the story of the modern world. Bestselling author Satyajit Das draws on 33 years of personal experience at the heart of modern global finance to narrate this story. Das reveals the spectacular, dangerous money games that have generated increasingly massive bubbles of fake growth, Ponzi prosperity, sophistication, and wealth-while endangering the jobs, possessions, and futures of virtually everyone outside the financial industry. Das shows how "extreme money" has become ever more unreal; how "voodoo banking" continues to generate massive phony profits even now; and how a new generation of "Masters of the Universe" has come to dominate the world. Extreme Money is about: The new financial fundamentalism: false gods, false prophets - Faith in money, faith in risk, faith in shadows The cult of risk and the growth engine that isn't - How financial engineering replaced real engineering and illusions replaced reality Financial alchemy and the "Doomsday Debt Machine"- The rise of the global financial machine we cannot escape The new global oligarchy-and the nihilistic games they play - Too smart, too fast, too greedy, too self-absorbed-and far too dangerous

A comprehensive introduction to today's M&A strategies Make the Deal is a direct and accessible guide to striking a powerful M&A deal. Merging business, finance, and law, this insightful examination of M&A strategy is designed to help you understand M&A negotiations and the ways in which the final outcome affects your financial future. A general overview of an acquisition agreement framework segues into a more detailed discussion of different deal structures, including stock sales, mergers, asset sales, and complex structures, giving you the information you need to know when each one applies best in practice. You'll gain insight into real-world negotiations and the delicate balancing act that occurs as each party attempts to maximize value and minimize risk, and learn the potential pitfalls that can occur. Negotiation statistics and samples from actual contracts back the war stories throughout, and reinforce the idea that there's no single perfect solution. As a topic of study, M&A is constantly evolving; in practice, it changes at the speed of light. Staying ahead of the market is the single most critical element of making the best deal, and the strategy that worked for one deal most likely won't work for the next. Instead of simply providing a list of strategies that have worked in the past, this book shows you why they worked, so you can tailor your strategy specifically to your next deal. Learn how M&A contract terms affect economic outcomes Examine the techniques and mechanics of today's acquisition agreements Develop a legal framework that supports your business strategy Follow the ups and downs that arise in real-world cases A successful M&A transaction requires both attention to detail and a big picture view, combined with skill, intellect, and ingenuity. Make the Deal brings it all together to show you how to run the table and come away with a win.

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.

Financial crises have become more frequent over the last two decades than they were previously. This book illuminates the fierce debate over how the monetary authorities should handle these crises by bringing together a selection of the best writings on the subject and by reflecting all viewpoints.

Stock Markets and Corporate Finance: A Primer examines the nature of the stock market and its implications for corporate management. In the historical context of financial institutions and business finance, students are stimulated to learn that traditional totems of corporate finance can no longer be presented as dogma, but rather as exceedingly frail models of reality. At the core of this text is the philosophy that financial institutions and corporate/business finance are more satisfactorily understood in relation to one another.This revised text from the 2017 Stock Markets and Corporate Finance has allowed for a reshaping of the material with the deletion of a number of chapters considered 'interesting' but overly academic. This additional space has allowed for an update on the chapter 'Financial Institutions and a History of Stock Markets' as well as accounting for the circumstances of a post-COVID-19 era. The chapter 'Financial Planning and Working Capital' has been reworked to demonstrate how a firm's financial management team might interrogate its financial accounts to assess the viability of the firm and the management of its working capital.From reading this book, the reader will achieve insight into the behaviour and importance of financial institutions and firms as they are presented in the media, and how they impact on their own lives. Exercises and solutions are designed to re-enforce chapter material, while animated PowerPoint presentations are available as supplementary material to the book.

An incisive and essential guide to building a complete system for derivative scripting In Volume 2 of Modern Computational Finance Scripting for Derivatives and xVA, quantitative finance experts and practitioners Drs. Antoine Savine and Jesper Andreasen deliver an indispensable and insightful roadmap to the interrogation, aggregation, and manipulation of cash-flows in a variety of ways. The book demonstrates how to facilitate portfolio-wide risk assessment and regulatory calculations (like xVA). Complete with a professional scripting library written in modern C++, this stand-alone volume walks readers through the construction of a comprehensive risk and valuation tool. This essential book also offers: Effective strategies for improving scripting libraries, from basic examples--like support for dates and vectors--to advanced improvements, including American Monte Carlo techniques Exploration of the concepts of fuzzy logic and risk sensitivities, including support for smoothing and condition domains Discussion of the application of scripting to xVA, complete with a full treatment of branching Perfect for quantitative analysts, risk professionals, system developers, derivatives traders, and financial analysts, Modern Computational Finance Scripting for Derivatives and xVA Volume 2 is also a must-read resource for students and teachers in master's and PhD finance programs.

It was the most brutal corporate restructuring in Wall Street history. The 2015 bankruptcy brawl for the storied casino giant, Caesars Entertainment, pitted brilliant and ruthless private equity legends against the world's most relentless hedge fund wizards. In the tradition of Barbarians at the Gate and The Big Short comes the riveting, multi-dimensional poker game between private equity firms and distressed debt hedge funds that played out from the Vegas Strip to Manhattan boardrooms to Chicago courthouses and even, for a moment, the halls of the United States Congress. On one side: relentless financial engineers Marc Rowan, David Sambur, and David Bonderman with their teams at Apollo Global Management and TPG Capital. On the other: superstar distressed debt investors Dave Miller and Ryan Mollett with their cohorts at the likes of Elliott Management, Oaktree Capital, and Appaloosa Management. The Caesars bankruptcy put a twist on the old-fashioned casino heist. Through a $27 billion leveraged buyout and a dizzying string of financial engineering transactions, Apollo and TPG-in the midst of the post-Great Recession slump-had seemingly snatched every prime asset of the company from creditors, with the notable exception of Caesars Palace. But Caesars' hedge fund lenders and bondholders had scooped up the company's paper for nickels and dimes. And with their own armies of lawyers and bankers, they were ready to do everything necessary to take back what they believed was theirs-if they could just stop their own infighting. These modern financiers now dominate the scene in Corporate America as their fight-to-the-death mentality continues to shock workers, politicians, and broader society-and even each other. In The Caesars Palace Coup, financial journalists Max Frumes and Sujeet Indap illuminate the brutal tactics of distressed debt mavens-vultures, as they are condemned-in the sale and purchase of even the biggest companies in the world with billions of dollars hanging in the balance.

All over the world, companies play an important role in the economy. Different types of stakeholders hold the reins in these companies. An important class are the shareholders that finance the activities of these companies. In return, stakeholders have a say on how these companies should be organized and structure their activities. This is primarily done through voting and engaging. These mechanisms of voting and engaging allow the shareholders to decide significant aspects of the company structure, from who governs it to how much directors are paid. However, how shareholders vote and engage and how far their rights stretch are organized differently in different countries. This pioneering book provides insights into what rights these shareholders have and how the shareholders of companies in nineteen different jurisdictions participate in corporate life through voting and engaging. Comparative and international in scope, it pays particular attention to how jurisdictions align and differ around the world.

Over the past decade, Japanese corporations have made a series of large, news-generating gifts to a variety of United States universities, museums, and research institutions. Many of these gifts have differed in both nature and magnitude from the contributions made by Japanese companies domestically. The stir generated by such corporate grants is evidenced on the one hand by the influx into Japan of American, European, and Asian fundraisers seeking grants for their organizations, and on the other hand by the intensifying debate within Japan about the appropriate role for Japanese institutions as international corporate philanthropists and citizens. As with every facet of the complex United States-Japan relationship, cultural disparities make the American and Japanese approaches to philanthropy quite different, creating the potential for friction and disappointment in this realm as surely as in the realm of trade and international business. This book examines major legal and functional aspects of Japanese corporate philanthropy and attempts to place them in their cultural setting. Drawing on her experience as an attorney and five years in Japan, Ms. London aims to make Japanese corporate grantmaking more comprehensible not only to Americans but also to Japanese as they begin to focus more attention on the role and meaning of corporate philanthropy.

This book is one of the first to explore aviation and aircraft leasing and its values establishing it as a standalone investable asset class within the larger real assets industry. Airplanes are a crucial but capital-intensive component of the global economy. The author, as an academic, researcher, appraiser, advisor and businessperson in the industry, bridges a gap in the existing literature with his analysis of the underlying aviation asset class return and risk profile. The book describes the characteristics, dynamics and drivers of the global, Asia and China specific aviation and leasing landscapes. Recent effects of COVID-19 on aviation and an analysis of the drivers affecting cross border mergers and acquisitions in the industry are also investigated. The book includes 20+ years of empirical aircraft valuation evidence and analysis of its characteristics establishing the aircraft and sub-segments as asset classes. In addition, characteristic comparisons to other real asset subclasses and benchmarks are examined. This book will be of interest to academics, financiers, investors, industry participants and more general aviation enthusiasts.

The banking and financial landscape has been inundated with technology over the last decade, with FinTech, InsurTech and RegTech being just some of the new applications within finance. In the Gulf Cooperation Council (GCC), FinTech is yet to find its feet despite several digital transformation drives initiated by the regional governments in the UAE and Bahrain. In comparison to conventional finance, the use of FinTech within Islamic financial institutions (IFIs) in GCC countries is still in its very early stages. However, the potential disruption that technology may cause for the Islamic finance sector within this region cannot be underestimated. Aiming to highlight, examine and address key strategic, operational and regulatory issues facing IFIs as they make an effort to keep up with the FinTech revolution, this book explores the market positioning, product structure and placement, delivery channels and customer requirements within the GCC market. The authors evaluate the current situation and look forward to future regulation surrounding technology and financial institutions within the GCC. Scholars and students researching Islamic finance and financial technology will find this book an insightful and valuable read, as well as those interested in international finance more generally.

This book analyses different strategies and their results in implementing financial regulation in terms of rule-making, public enforcement and private enforcement. The analysis is based on a comparative study of conduct of business regulation on mis-selling of financial instruments in the UK and South Korea. It extends into liquidity regulation in the banking sector and credit rating agency regulation. The book concludes that in rule-making, purposive rules are more effective for achieving regulatory goals with minimal undesirable results, but a rule-making system with purposive rules can only work on a foundation of trust among rule-makers, enforcers and the regulates, that with respect to public enforcement, the enforcement strategies should combine the compliance-oriented and deterrence-oriented approaches and be continuously adjusted based on close monitoring of the regulatory outcomes and that in private enforcement, regulation should be instituted as the minimum requirement in private law.

This book offers an overview of the best-working strategies in the field of equity and fixed income mutual fund-based portfolio management. This timely research considers different market conditions, such as global financial crises, across various geographical regions such as the USA and Europe. Combining academic and practical findings, the author presents a practitioner perspective on mutual fund-based portfolio strategies, appealing not only to finance scholars but also professionals within the asset management industry. This book synthesizes a large part of the academic research to date on the mutual fund industry by drawing from the most widely cited academic journals. The author makes a systematic use of numerical examples to facilitate the understanding of Investment themes organized around several important topics: size, diversification, flows, active management, volatility, performance persistence and rating.

This book presents the best papers from the 2nd International Conference on Mathematical Research for Blockchain Economy (MARBLE) 2020, held in Vilamoura, Portugal. While most blockchain conferences and forums are dedicated to business applications, product development or Initial Coin Offering (ICO) launches, this conference focused on the mathematics behind blockchain to bridge the gap between practice and theory. Blockchain Technology has been considered as the most fundamental and revolutionising invention since the Internet. Every year, thousands of blockchain projects are launched and circulated in the market, and there is a tremendous wealth of blockchain applications, from finance to healthcare, education, media, logistics and more. However, due to theoretical and technical barriers, most of these applications are impractical for use in a real-world business context. The papers in this book reveal the challenges and limitations, such as scalability, latency, privacy and security, and showcase solutions and developments to overcome them.

Get a handle on one of the most powerful forces in the world today with this straightforward, no-jargon guide to corporate finance A firm grasp of the fundamentals of corporate finance can help explain and predict the behavior of businesses and businesspeople. And, with the right help from us, it's not that hard to learn! In Corporate Finance For Dummies, an expert finance professor with experience in everything from small business to large, public corporations walks you through the basics of the subject. You'll find out how to read corporate financial statements, manage risks and investments, understand mergers and acquisitions, and value corporate assets. In this book, you will also: Get a plain-English introduction to the financial concepts, instruments, definitions, and strategies that govern corporate finance Learn how to value a wide variety of instruments, from physical assets to intangible property, bonds, equities, and derivatives Explore the intricacies of financial statements, including the balance sheet, income statement, and statement of cash flows Perfect for students in introductory corporate finance classes looking for an easy-to-follow supplementary resource, Corporate Finance For Dummies, delivers intuitive instruction combined with real-world examples that will give you the head start you need to get a grip on everything from the cost of capital to debt analytics, corporate bonds, derivatives, and more.

The triple bottom line has become the standard modus operandi for assessing the sustainability of financial markets, industries, institutions and corporations. This Research Handbook provides the most recent developments, current practices and new initiatives related to sustainable finance and impact investing. In doing so, it demonstrates how the triple bottom line principle can be used to design sustainable strategies for firms, markets and the economy as a whole. The Handbook covers aspects of socially responsible investment, finance and sustainable development, corporate socially responsible banking, green bonds and sustainable financial instruments. Comprising 20 topical chapters from experts in the field, this Handbook is a comprehensive investigation of financial services and products that help cope with sustainable investing and climate risk management. Chapters discuss the role of regulation framework in guaranteeing the stability and resilience of financial markets and offer insight into governance issues including the management of organizational risks, CSR culture, and social-impact investing culture. An essential reference for scholars and students, the multidisciplinary approach covers business, finance, accounting, management and entrepreneurship. Practitioners such as financial analysts, rating agencies and regulators will also find this an accessible read for exploring the possibilities the triple bottom line principle can provide. Contributors include: M. Amidu, W.R. Ang, M. Ariff, F. Aubert, H. Bassan, F. Bazzana, K. Berensmann, N. Boubakri, E. Broccardo, F. Dafe, F. de Mariz, K. Delchet-Cochet, M. Dempsey, G.N. Dong, K.U. Ehigiamusoe, J. Fouilloux, R. Gabriele, J.-F. Gajewski, J. Grira, K. Gupta, H. Issahaku, L. Kermiche, H.H. Lean, K.T. Liaw, N. Lindenberg, J.R. Mason, M. Mazzuca, R. McIver, C. Nitsche, G. Porino, J.M. Puaschunder, J.R.F. Savoia, M. Schroeder, V. Tankoyeva, J.-L. Viviani, L.-C. Vo, O. Weber, A. Zarei

The "Glenlake Series in Risk Management" strives for simplicity, clarity, and ease of application on the complex subject of risk management. As every business academic and professional knows, risk management--whether for new products/services, transaction, interest rate, currency, cashflow, credit, or market risk--is now regarded as the most important business tool. This series involves time-tested training tools--whether for classroom application or individual study. Each title in the series makes extensive use of case studies, adapted specifically for a sophisticated international audience.
The topics covered in this title covers include: quantifying the need for funds from outside the business; an overview of the various funding options available to managers; equity funding; debt funding; hybrid financial instruments; models on the optimal capital structure; debt profile management; refinancing; glossary of terms.

Actionable, intelligent CFO training for the Chief Family Financial Officer Family Inc. is a roadmap to financial security for the family CFO. Too much personal wealth management advice essentially boils down to goal-setting, which isn't helpful or effective in terms of overall financial planning. This book takes a different track, giving you a crash course in corporate finance and the tools to apply the field's proven, time-tested principles in the context of your family's financial situation. You'll learn the key principles of wealth creation and management, and learn how to make your intellectual and real capital work for you. Your family situation is unique, and your principles must sometimes differ from the standard financial advice--and that's okay. Life is not a template, and even the best strategy must be able to adapt to real-life situations. You'll learn to chart your own path to financial security, utilizing the author's own tools that he developed over 15 years as an active board member, chairman of the board, or chief financial officer of multiple companies. Oversimplified wealth management advice does not leave you equipped to manage your real-world finances. This guide is written with intellectual rigor, but in the language of family discussion, to give you a real, practical guide to being an effective family CFO. Create your own financial prosperity and security Align financial acumen with your family's specific situation Adapt to real-world situations and make your financial advisor work for you Utilize powerful financial tools to help you build financial independence Every family needs a CFO to manage wealth, and the principles of corporate finance apply from the boardroom to the living room. Family Inc. delivers actionable advice in the form of CFO training to help you plot a real-world family financial plan.

This book provides a broad overview of the financial, economic and legal implications of energy industry regulations in various countries. In light of significant changes around the globe, it analyses various institutions that are involved in regulative measures, and based on various country studies, it offers insights into how energy sector regulations differ across countries with different market structures and institutions. Covering major topics such as laws and regulations geared to market competition and sustainability and the impact of noncompliance to regulations, from the perspectives of financial markets, and financial risks, the book is divided into four parts: Part I Regulations: price and trade controls; Part II. Non-price & trade control regulations; Part III: Compliance with regulations; and Part IV: Market issues and regulation. It will appeal to scholar in economics, finance and related fields as well as to policymakers and practitioners in the energy industry. This is the seventh volume in a series on energy organized by the Centre for Energy and Value Issues (CEVI). The previous volumes in the series were: Financial Aspects in Energy (2011), Energy Economics and Financial Markets (2012), Perspectives on Energy Risk (2014), Energy Technology and Valuation Issues (2015), Energy and Finance (2016) and Energy Economy, Finance and Geostrategy (2018).

The industrial development of emerging markets has been a powerful driver for mergers and acquisitions. The contributions collected in this book assess major M&A deals in the largest emerging capital markets (Brazil, Russia, India, China) and their role in shareholder value creation in the markets' specific business environments. In addition, the book explores various dimensions of M&A deals in order to summarize the main trends in corporate control markets in the largest emerging countries, and how they differ from those in developed countries; to identify deal-performance relationships and the determinants of success or failure; to reveal the drivers for the premium in M&A deals; and to capture market responses to different M&A strategies. By doing so, the book makes a significant contribution to the literature, which has to date largely focused on developed markets.

Over the past two decades, the enforcement of anti-bribery, anti-money-laundering and anti-terrorism-financing regulations has become increasingly challenging for multinational corporations. Bribery and money laundering scandals have the potential to take down entire multinational corporations. Frequently, managers in charge of those firms end up facing criminal prosecution and civil lawsuits, and are not equipped with the formal legal training to prevent these phenomena. Compliance in Multinational Corporations explores the historical background of such phenomena as bribery, money laundering, and terrorism financing. Analysing the legal environment based upon international conventions, and including an empirical analysis of 100 expert interviews, it takes an innovative look at the perspectives of both criminals and compliance experts to provide a long-lasting guide for compliance experts. While traditional compliance and financial crime literature focuses on rules, regulations and prevention mechanisms, this book shows how intelligent criminals act. It offers practical advice and concrete guidelines that will address the most pre-eminent compliance challenges. The book will prove an essential resource for compliance managers, academics and professional educators who wish to equip themselves against the significant risks they face.

This book explores for the first time the world of micro-finance, Chinese startups, and the digitalization of the Chinese economy. Through the cases such as the Ant Financial Services Group, CFPA Microfinance, micro-financial projects of China Minsheng Bank, Meixing in Nanchong, and more, this book introduces the practical exploration in the recent years from the perspectives of microfinance, financing of small and medium sized enterprises, digital inclusive finance, and credit. From the perspective of management, it especially integrates an enterprise's task, vision, and value into the design of organization process, deeply explores how to realized the double bottom lines of social and financial performances, manifests how microfinance's marginal cost is reduced by digital finance such as data, internet, cloud computing, artificial intelligence and the advantages of digital finance in providing convenient, low-cost, and touchable service, and discusses its huge technological bonus to small-amount, decentralized, and large-quantity microfinance. This book will be of value to journalists, economists and researchers.

Because of multiple changes from the amendment Bills to the promulgatedActs in recent years, and the many errors in the 2020 Bills, SAICA agreed topostpone publication of Volume 3 from December 2020 until afterpromulgation of the amendment Acts in January 2021.

Tax Legislation included:

• Income Tax Act (1962)
• Value-Added Tax Act (1991)
• Estate Duty Act (1955)
• Transfer Duty Act (1949)
• Securities Transfer Tax Act (2007)
• Tax AdministrationAct (2011)