Analyzing Event Statistics in Corporate Finance provides new alternative methodologies to increase accuracy when performing statistical tests for event studies within corporate finance. In contrast to conventional surveys or literature reviews, Jeng focuses on various methodological defects or deficiencies that lead to inaccurate empirical results, which ultimately produce bad corporate policies. This work discusses the issues of data collection and structure, the recursive smoothing for systematic components in excess returns, the choices of event windows, different time horizons for the events, and the consequences of applications of different methodologies. In providing improvement for event studies in corporate finance, and based on the fact that changes in parameters for financial time series are common knowledge, a new alternative methodology is developed to extend the conventional analysis to more robust arguments.

Volatility in Korean Capital Markets summarizes the Korean experience of volatile capital flows, analyzes the economic consequences, evaluates the policy measures adopted, and suggests new measures for the future.

The Corporate Financiers is the fifth book in a series of discussions about the great minds in the history and theory of finance. While the series addresses the contributions of scholars in our understanding of modern finance, this volume presents the ways in which a corporation creates value. More than two centuries ago, Adam Smith explained the concept of division of labor and the efficiencies of specialization as the mechanism in which a firm creates value. However, corporations now find themselves outsourcing some processes to other firms as an alternative way to create value. There must be other economic forces at work than simply the internal efficiencies of a firm. We begin by describing the work of a rather obscure scholar named John Burr Williams who demonstrated in 1938 how the earnings of a firm are capitalized into corporate value through its stock price. We then delve into the inner workings of the modern corporation by describing the contributions of Nobel Memorial Prize winners Ronald Coase and Oliver Williamson. More than any others, these scholars created a renewed appreciation for our understanding of the institutional detail of the modern corporation in reducing costs and increasing efficiency. While Coase and Williamson provided meaningful descriptions of the advantage of a corporation, they did not offer prescriptions for the avenues the corporation can create more value in an era when new technologies make outsourcing and telecommuting increasingly possible. Michael Jensen and William Meckling describe in greater detail the nature of the implicit contracts a corporation employs, and recommend remedies to various problems that arise when the goals of the corporation are not aligned with the incentives of its agents. We also describe the further nuances to these relationships as offered by Armen Alchian and Harold Demsetz. We treat the lives of these extraordinary individuals who looked at a very familiar problem in a sufficiently novel light to change the way all look at corporations ever since. That is the test of genius.

Stock Message Boards provides empirical data to reveal how online communication not only impacts stock returns, but also volatility, trading volume, and liquidity, as well as an investing firm's value and reputation.

This book integrates corporate governance, corporate finance and accounting to formulate sound financial management strategies. It offers practical steps for managers using an integrated optimisation financial model to achieve good corporate governance practices which lead to lower risks and higher firm value.

Criminal Capital is an engaging but authoritative account of how financial structures and products can and are being used to evade proper scrutiny and enable criminal activity and what can be done about it. Based on the analysis of the financial methods that are frequently used by criminals, it deals with the widespread abuse of financial systems.

State-controlled listed companies have always dominated Chinese stock markets. As a result of the rampant scandals related to them, there have been voluminous academic efforts to explore their corporate governance, underpinned by agency costs. However, these studies have yet to examine the phenomenon from the perspective of venture capital and adaptive efficiency. During the last ten years, despite China's remarkable progress in the development of its venture capital market, its domestic venture capital has been marginalized by American competitors. Given the different performance between them, the author contends that the corporate governance system of Chinese state-controlled listed companies has hampered the performance of the institutional factors which are responsible for the prosperity of American venture capital in Chinese venture capital markets. With the practice of American venture capital as the mirror, he empirically demonstrates that Chinese domestic venture capital lacks the four factors related to the success of their American counterparts: large and independent funding, application of incentive mechanisms, efficient exit channels, and a high risk tolerance level. More importantly, these defects as a whole are closely linked to the corporate governance of state-controlled listed companies. Considering the potential negative consequences on economic and social development, the author identifies policy reforms underway to harmonize agency costs and adaptive efficiency.

Fixed and Marginal Costs in Electricity Markets lays out clear cost methodologies for understanding marginal price structures, further cementing electricity's role as an asset class with fixed and variable costs.

As interest in MBA programs and business schools more generally continues to grow, it is essential that teachers and students analyse their established strategy for decision making. The successful use of case studies in business schools shows the superior outcomes of an interdisciplinary approach to problem solving. Disappointingly, functional departmental silos within universities still exist and keep problem solvers from seeing all the effects of a given issue. In addition to providing teaching material, Decision Making in Marketing and Finance provides motives and strategies to break down functional silos in making informed and effective business and finance decisions. Koku achieves his goal by showing how value can be created for shareholders and other stakeholders, linking marketing and finance decision making, and providing much-needed teaching materials for an interdisciplinary approach to case analysis.

Risk and Return in Asian Emerging Markets offers readers a firm insight into the risk and return characteristics of leading Asian emerging market participants by comparing and contrasting behavioral model variables with predictive forecasting methods.

Open Innovation through Strategic Alliances demonstrates the vital role and applications of strategic alliances between firms and research organizations in creating and applying knowledge for the development of new products, technologies, or business models.

Dieses Buch zeigt, wie Deutschland als fuhrende Industrienation auch in der Digitalen Wirtschaft ein starker Player werden kann. Deutschland verfugt uber unzahlige Weltmarktfuhrer in den klassischen Wirtschaftsbranchen, bisher aber uber keinen digitalen Champion. Die grossen Player aus dem Internet wie Google, Facebook & Co. dringen zunehmend auch in die realen Wirtschaftsbranchen ein und wollen hier die Spielregeln verandern. Vor diesem Hintergrund analysieren Tobias Kollmann und Holger Schmidt die Rahmenbedingungen eines digitalen Wandels fur unsere Wirtschaft und Gesellschaft, beleuchten die aktuellen Entwicklungen und geben Hinweise auf die notwendigen AEnderungen fur die Zukunft. Im Zentrum stehen die Fragen: Was haben wir aus der bisherigen Digitalisierung gelernt? Wie sieht die aktuelle Digitale Transformation unserer Wirtschaft und Gesellschaft aus? Was ist zu tun, damit wir in Zukunft im digitalen Wettbewerb einen starken Stellenwert erreichen? Oder kurz gesagt: Wie muss ein digitaler Masterplan fur Deutschland aussehen? Die Autoren Prof. Dr. Tobias Kollmann ist Inhaber des Lehrstuhls fur E-Business und E-Entrepreneurship an der Universitat Duisburg-Essen. Er ist Vorsitzender des Beirats "Junge Digitale Wirtschaft" im BMWi und Beauftragter fur die Digitale Wirtschaft in NRW. Als Mitgrunder von AutoScout24 gehoerte er zu den Pionieren der deutschen Internet-Grunderszene. Er konzipierte 2004 die erste mobile UMTS-App in Deutschland, wurde 2012 zum Business Angel des Jahres gewahlt und sitzt u.a. im Aufsichtsrat von Kloeckner & Co SE. Laut dem Magazin Business Punk (02/2014) zahlt er zu den 50 wichtigsten Koepfen der Startup-Szene in Deutschland. Dr. Holger Schmidt ist Chefkorrespondent mit Schwerpunkt Internet des Magazins FOCUS in Berlin. Zuvor hat er 14 Jahre fur die Frankfurter Allgemeine Zeitung uber die digitale OEkonomie berichtet und dort die woechentliche Sonderseite "Netzwirtschaft" verantwortet. Als Internet-Koordinator war er fur die Zusammenarbeit Print/Online zustandig. Sein Blog "Netzoekonom" gehoert zu den meistgelesenen Publikationen der Digitalen Wirtschaft in Deutschland. Daruber hinaus unterrichtet er als Dozent "Digitale Transformation" an der TU Darmstadt und "Medienoekonomie" an der Hamburg Media School.

Absence of Arbitrage Valuation presents a unified asset pricing strategy through absence of arbitrage and applies this framework to such disparate fields as fixed income security pricing, foreign exchange spots, and forward rates.

The business cycle is a complex phenomenon. On the surface, it involves a multitude of mechanisms, such as oscillations in interest rates, prices, wages, unemployment, output, and spending. But a deeper understanding requires a unifying theory to make these various parts whole. Money, Banking, and the Business Cycle provides a comprehensive framework for analyzing these mechanisms, and offers a robust prescription for reducing financial instability over the long-term. Volume II refutes Keynesian and real business cycle theories and provides policy prescriptions to virtually eliminate the cycle. Simpson offers a detailed analysis of several historical monetary systems around the world and shows the causes and effects of fiat money and fractional-reserve banking, as well as a 100-percent reserve gold standard.

Over the last two decades there has been a notable increase in the number of corporate governance codes and principles, as well as a range of improvements in structures and mechanisms. Despite this, corporate governance failed to prevent a widespread default of fiduciary duties of corporate boards and managerial responsibilities in the finance industry, which contributed to the 2007 2010 global financial crisis. This book brings together leading scholars from North America, Europe, Asia-Pacific and the Middle East to provide fresh and critical analytical insights on the systemic failures of corporate governance linked to the global financial crisis. Contributors draw from a range of disciplines to demonstrate the severe limitations of the dominant corporate governance framework and its associated market-oriented approach. They provide suggestions on how the governance problems could be tackled to prevent or mitigate any future financial crisis and explore new directions for post-crisis corporate governance research and reforms.

Value-Based Working Capital Management analyzes the causes and effects of improper cash flow management between entrepreneurial organizations with varying levels of risk. This work looks at the motives and criteria for decision-making by entrepreneurs in their efforts to protect the financial security of their businesses and manage financial liquidity. Michalski argues that businesses exposed to greater risk need a different approach to managing liquidity levels.

Money, Banking, and the Business Cycle provides a comprehensive framework for analyzing these mechanisms, and offers a robust prescription for reducing financial instability over the long-term. Volume I bridges tough economic theory with empirical evidence.

Banking Regulation in China provides an in-depth analysis of the country's contemporary banking regulatory system, focusing on regulation in practice. By drawing on public and private interest theories relating to bank regulation, He argues that controlled development of the banking sector transformed China's banks into more market-oriented institutions and increased public sector growth. This work proves that bank regulation is the primary means through which the Chinese government achieves its political and economic objectives rather than using it as a vehicle for maintaining efficient financial markets.

"In his splendid handbook for institutional investors, James Montier combines the insights he has gained as a practitioner, with the insights he has gleaned reading the academic literature in behavioural finance. Most importantly, Montier identifies key lessons to help institutional investors mitigate their susceptibility to psychologically-induced errors and biases". Professor Hersh M. Shefrin, Leavey School of Business & Administration, Santa Clara, University

"Behavioural Finance is unique in combining in a practical way the insights of a very experienced investment practitioner with a very readable review of what the research evidence tells us. This book is essential reading for all serious students of market behaviour and any investor wanting to know how behavioural finance can be used to enhance investment returns". Professor Richard Taffler, Head of Finance and Accounting, Cranfield School of Management, UK

"Behavioural finance abandons the assumptions of investor rationality and suggests that people do make mistakes in a consistent and predictable manner. Investors need to understand the herd if they want to make sense and profit from today's markets. James Montier's accessible book soundly guides the reader from behavioural finance theory to application. Don't grapple with the academic literature - just read Montier". Christian E Elsmark, Investment Director, JPMorgan Fleming Asset Management

This book mixes history on the ancient world with investment ideas for traders involved in financial markets today. It goes through ideas such as measuring risk, whether investors should try to outperform the market, Black Swans and ways of creating appropriate investment targets. It will appeal to professional traders and retail investors.

This book is an economic analysis of the stock exchange industry. The authors draw on theories from micro- and industrial economics to provide a detailed analysis of the industry structure, the strategic behaviour of key participants and the performance of stock exchanges.

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.

Written by bestselling finance author Guy Fraser-Sampson, this is a provocative account of the severe limitations of modern finance, advocating a bold new way forward for the finance industry. The Pillars of Finance is a lively and provocative read, challenging some of the core beliefs of modern finance.