The third book in the Great Minds in Finance series examines the pricing of securities and the risk/reward trade off through the legends, contribution, and legacies of Jacob Marschak, William Sharpe, Fischer Black and Myron Scholes, and Robert Merton, influencing both theory and practice, answering the question 'how do we measure risk?'

This book offers a comprehensive view on bancassurance from its origin to future challenges and opportunities, considering the relevant changes currently interesting the financial services industry. It also provides a detailed review of theoretical and empirical literature dealing with financial conglomeration.

The easy money that flowed through the banking system prior to 2008 fueled a boom in buy-outs. Now it is gone, how will the private equity industry reinvent itself? A series of interviews with some of the most respected and innovative firms, give rare insights to the strategies that will drive this secretive sector over the next economic cycle.

Management accounting has undergone significant evolution moving away from rigid budgeting programs and static output measures to comprehensive approaches of value identification and measurement. The book provides case studies, commentary and analysis from international experts in management accounting across the contemporary focus areas.

Forecasts predict that those in need of long-term care in Europe will double in the next 50 years. This book offers a full understanding of the institutional responses and mechanisms in place to finance old age and provides analysis of demand and supply factors underpinning the development of financial instruments to cover long-term care in Europe.

Basierend auf realen Ereignissen berichten die Autoren, wie es einer Unternehmenserbin trotz ungeregelter Nachfolge mit viel Mut und Entschlossenheit gelang, das Lebenswerk des Vaters zu bewahren und die heute rund 1.000 Arbeitsplatze der Beschaftigten zu retten. Schlusselszenen schildern, wie sie dem geradezu ubermachtigen Heer der Unternehmenszerstoerer aus Erbaspiranten, macht- und profithungrigen Managern, staatlichen Betriebsprufern, Steuerfahndern und rucksichtslosen Bankern mithilfe einer kreativen Corporate-Finance-Abwehrstrategie erfolgreich standhielt und manch herben Tiefschlag parierte. Peter Tsao-Adolphs begleitete die Erbin als strategischer Finanzberater uber zehn Jahre und erzahlt die bewegenden Ereignisse aus erster Hand. Fundierte Expertenbloecke erganzen die dramatische Story und vermitteln das notwendige Basiswissen, um Familienunternehmer und ihre Erben fur die Zeit der Nachfolge und fur einen nachhaltigen Turnaround zu rusten.

The Japanese management style is unique compared with those in the U.S. and Europe as is the overseas operation for Japanese companies. This book demonstrates the three essences for successful overseas operations that global enterprises as well as Japanese companies possess.

The Business of Giving reviews current thinking and surveys the key techniques any philanthropist or grantmaker should adopt. It also outlines a generic social investment process that can be utilized for all philanthropic or grantmaking programmes. Essential reading for all engaged in or with an interest in philanthropy or civil society in general.

Providing the most up-to-date tools and techniques for pricing interest rate and credit products for the new financial world, this book discusses pricing and hedging, funding and regulation, and interpretation, as an essential resource for quantitatively minded practitioners and researchers in finance.

Banking with Integrity provides rich and in-depth case studies of banks which were doing well during the financial crisis of 2007-2010. While other banks went bankrupt, were nationalized, or struggled for survival some of the featured cases increased market share, attracted more customers and avoided home evictions of their clients.

A survey of past financial crises, starting with the great banking collapses of the interwar period. The current turmoil has prompted a number of questions regarding both its origins and ways to avoid its repetition. The historical background and the evolving institutional framework of banking and financial systems are at the center of this book.

This book analyses and confronts the functioning of guarantee systems for SMEs in countries where these schemes had an important development. The book also highlights how the current financial crisis is modifying the guarantees schemes, through policy maker interventions.

The remarkably successful gold standard before 1914 was the first international monetary regime. This book addresses the experience of the gold standard peripheries; i.e. regime takers with limited influence on the regime. How did small countries adjust to an international monetary regime with seemingly little room for policy autonomy?

A collection of papers from leading thinkers to celebrate the work of the late Wynne Godley, and his enormous contribution to the field of monetary economics. Chapters include in-depth discussions of the revolutionary economic modelling systems that Godley introduced, as well as his prescient concerns about the global financial crash.

Read examines probability, risk, and uncertainty through the contributions of John von Neumann, Leonard Jimmie Savage, Kenneth Arrow and Harry Markowitz. These Portfolio Theorists provided us with a dramatic leap forward in our understanding of and insights into financial rewards under risk and uncertainty.

Corporate Management in a Knowledge-Based Economy traces the evolution of corporate governance over time, with a particular focus on the changing nature of power. The control of scarce resources used in production materials, labour and capital has evolved considerably over the past centuries, with government, landowners, non-owner managers, and institutional investors acting as controlling powers at different points in time. In order to appropriately protect the various, and changing, stakeholders, the system of corporate governance has also developed over the years a process that continues to the present. In today's knowledge-based economy, with the rising importance of intangible assets, a new corporate management paradigm is needed. This book incorporates theoretical work as well as practical applications to analyse these developments and explore emerging trends of the 21st century. It examines how the pursuit of profit maximization has resulted in governance failures and it focuses on the prospective role of business ethics (once again in the spotlight following the credit crisis) in helping reform flawed governance structures. It argues that, in the long term, a system based on ethics can maximize social responsibility, customer satisfaction, human capital development and economic targets.

Why was the Italian Banking System more resilient during the sub-prime crisis and harder-hit in the sovereign crisis? Will their strength in the retail market result as an asset or a liability for Italian banks in the future? This book offers an in-depth analysis of one of the most important EU banking systems its attempts to weather the crisis.

The recent crisis in financial markets has seen a gradual erosion of risk-free asset classes. In equity markets the credit risk has reached a critical level in valuation. Here a new cost of equity method for private companies is presented based on the pricing of junior subordinated notes. Global business cases are illustrated to support this.

The State Economic Handbook is a new annual reference book profiling the economy, demography, political environment, and business climates for each of the 50 states. This information, gathered from a variety of sources and clearly presented in one volume, will be of great value to researchers, businesses, news media, and government agencies.

Many years on after the 2007-8 financial crisis, most developed nations still find themselves in a state of weak recovery, high debt pile-up and distributive disparity. The intriguing question that we face is whether the golden days of modern capitalism are over, or if capitalism is just undergoing another period of adjustment characteristic of its past. What is disheartening is that the twin economic goals of sustainable growth and equality, which the world has now come to recognise as of paramount importance but mutually conflicting, remain, more now than ever, illusive and unattainable. Growth Without Inequality attempts to address this issue and to provide a pragmatic solution especially for nations in the current policy gridlock. By offering a unified framework of factors that drive growth, it shows how growth also gives rise to an array of "anomalous market forms" (defined by different degrees of value and risk visibility) that subvert distributive equity between labour and capital. It debunks both the pure free market solution and the mixed economy approach on the ground that they fail to arrest the growth propelling yet subversive power inherent in the "corporate forms" under the present capitalistic regime. Having shown that effective reform can hardly take place within the system itself, this book proposes to build a separate sector (Economy II) and partition it from the existing system (Economy I). The solution is easy to implement and quick to take effect. By one single stroke, this "Non-Marxist" solution can happily achieve the ideals of both "competitive capitalism" and "egalitarian socialism".

Consolidation activities such as mergers and acquisitions (M&As) have been one of the major strategies adopted by Indian firms to withstand global competition. M&As experienced a substantial increase in value and volume during the post-liberalization era, facilitated by the presence of foreign subsidiaries in the Indian market as well as competitive pressure on domestic firms. The increased foreign investment through M&As brought new dimensions to the fore such as the implications on technological performance, efficiency, and more importantly, competition in the Indian market. The Globalisation of Indian Business: Cross Border Mergers and Acquisitions in Indian Manufacturing provides an in-depth analysis of these issues, specifically aiming to understand whether the M&As strategies helped the firms to achieve their desired objectives in terms of improvement in technology, efficiency and market power in the context of the increase of M&As in India, using appropriate statistical and econometric techniques. The book is of additional importance in the context of the recently implemented Competition Act, replacing the thirty year old MRTP Act in India. The new Act aims to maintain competition and protect consumers' interests without harming that of the producers'. Based on the analysis, broadly, the study cautions the regulators to rethink the efficiency defence argument and become more vigilant on the creation of monopolies. On the other side, it suggests firms should reconsider their post-merger integration strategy since consolidation has not led to a sustainable increase in market share of the surviving firms.

In the collective psyche, a financier is a capitalist. In managerial capitalism, the notion of the 'manager' emerged, and the role of the manager was distinct from the role of the 'owner'. Financial capitalism is similarly underpinned by financiers who are not the holders of the financial assets they buy, sell, trade or advise upon. Finance at Work explores the world of financiers, be they finance-oriented CEOs, CFOs, financial journalists, mergers and acquisitions' advisors or wealth managers. Part I investigates the professional trajectories of members of corporate boards and financialisation as the dissemination of financial logic outside its primary 'iron cage'; Part II responds by studying financiers at work within financial occupations or financial operations involving external actors; while Part III pursues the issue of financial boundaries by seeking out the way financial logic crosses these boundaries. Part IV takes back the hypothesis of differentiations within finance presented in Part I, and analyses the internal boundaries of asset management, wealth management and leveraged buyout (LBO) acquisitions. This book is essential reading for researchers and academics within the field of finance who aim to understand the 'spread of finance' in contemporary societies.

The Development of International Monetary Policy traces the development of international monetary policy from mercantilism to quantitative easing. It has been structured to present some of the pressing issues in international monetary relations involving currency valuation, inflation, exchange rates, and regional monetary policy. Additionally, it presents international monetary law as a basis for understanding the concept of monetary sovereignty and the limits of state autonomy in an interdependent world of legal arrangements. The book revisits some controversial arguments about stagflation and expansionary monetary policy, and it uses current time series data and empirical evidence to show why theories about the trade-off between inflation and unemployment are not extinct. Part of the concluding argument indicates that it is imperative for the international community to have a structure for monetary dispute resolutions involving autonomous states. Notably, the author further concludes that fiat money will continue to be a dominant unit of account, more so than crypto-currencies, into the distant future. An accessible and practical read, this is book is a valuable resource for postgraduates, academics and researchers of international trade, finance and economics.

This book provides comprehensive coverage on the key issues of Chinese investment in the Australian minerals industry. It offers unique insights into the entry process, the management of Chinese investments, and their success factors and lessons learnt as being impacted upon by the entangling of political, economic, social and competitive forces.

Tuckett argues that most economists' explanations of the financial crisis miss its essence; they ignore critical components of human psychology. He offers a deeper understanding of financial market behaviour and investment processes by recognizing the role played by unconscious needs and fears in all investment activity.