Corporate accountability must be examined within the perspective of a company's business challenges. There is a synergy between shareholder value and the responsibilities of management. This book is based on an extensive research project done by the author in the 2001 to 2003 timeframe in the United States, England, Germany, France, Italy and Switzerland. It includes a great deal of case studies in corporate accountability and governance, particularly among financial institutions. Significant attention is also paid to good governance of pension funds.

The book is an analysis of corporate treasury and cash management with the principal financial instruments used by the corporate treasurer. The objectives of the book are to describe how corporate treasury departments should establish a framework for the identity, measurement and management of risk and to describe how corporates should manage and control the operation of their treasury function. Robert Cooper brings his extensive experience as Corporate Treasurer of a large multinational to bear in this comprehensive work.

The most up-to-date guide on making the right capital restructuring moves

"The Art of Capital Restructuring" provides a fresh look at the current state of mergers, acquisitions, and corporate restructuring around the world. The dynamic nature of M&As requires an evolving understanding of the field, and this book considers several different forms of physical restructuring such as divestitures as well as financial restructuring, which refers to alterations in the capital structure of the firm.

"The Art of Capital Restructuring" not only explains the financial aspects of these transactions but also examines legal, regulatory, tax, ethical, social, and behavioral considerations. In addition to this timely information, coverage also includes discussion of basic concepts, motives, strategies, and techniques as well as their application to increasingly complex, real-world situations.Emphasizes best practices that lead to M&A successContains important and relevant research studies based on recent developments in the fieldComprised of contributed chapters from both experienced professionals and academics, offering a variety of perspectives and a rich interplay of ideas

Skillfully blending theory with practice, this book will put you in a better position to make the right decisions with regard to capital restructuring in today's dynamic business world.

This collection is the first comprehensive selection of readings focusing on corporate bankruptcy. Its main purpose is to explore the nature and efficiency of corporate reorganization using interdisciplinary approaches drawn from law, economics, business, and finance. Substantive areas covered include the role of credit, creditors' implicit bargains, nonbargaining features of bankruptcy, workouts of agreements, alternatives to bankruptcy, and proceedings in countries including the United States, United Kingdom, Europe, and Japan. The Honorable Richard A. Posner, Chief Judge of the U.S. Court of Appeals for the Seventh Circuit, offers a foreword to the collection.

The growth of the credit derivatives market has meant that credit default swaps (CDSs) have been playing a big part in the credit market situation. An understanding of how these instruments work and what they can, and cannot, offer is vital to knowing how to best use them.

This book investigates the close relationship between the synthetic and cash markets in credit, which manifests in the credit default swap basis. Choudhry covers: factors that drive the basisimplications for market participantsthe CDS index basistrading the basis

Credit market investors and traders as well as anyone with an interest in the global debt markets will find "The Credit Default Swap Basis" insightful and rewarding.

Among the landmark occasions in the legendary history of Berkshire Hathaway and its iconic co-leaders, Warren Buffett and Charlie Munger, was a 1996 symposium held in New York at Cardozo Law School. The focus of the symposium was Warren's letters to Berkshire shareholders. The format was a series of panels with two dozen different experts dissecting all the ideas in the letters, about corporate governance, takeovers, investing, and accounting. Intellectual sparks illuminated the two-day affair, which drew unusual press interest for an academic convocation. While the principal tangible result of the conference was the publication of the international best-seller, The Essays of Warren Buffett: Lessons for Corporate America, the transcript of the symposium is now being made available with annotations and updated commentary that show just how timeless the topics are and how venerable the principles Buffett laid out remain. I had the honor of hosting the event, editing The Essays, and now publishing this archival treasure, with current assessments by such luminaries as Robert Hagstrom as well as several participants from the original symposium.

Asset pricing theory yields deep insights into crucial market phenomena such as stock market bubbles. Now in a newly revised and updated edition, this textbook guides the reader through this theory and its applications to markets. The new edition features new results on state dependent preferences, a characterization of market efficiency and a more general presentation of multiple-factor models using only the assumptions of no arbitrage and no dominance. Taking an innovative approach based on martingales, the book presents advanced techniques of mathematical finance in a business and economics context, covering a range of relevant topics such as derivatives pricing and hedging, systematic risk, portfolio optimization, market efficiency, and equilibrium pricing models. For applications to high dimensional statistics and machine learning, new multi-factor models are given. This new edition integrates suicide trading strategies into the understanding of asset price bubbles, greatly enriching the overall presentation and further strengthening the book's underlying theme of economic bubbles. Written by a leading expert in risk management, Continuous-Time Asset Pricing Theory is the first textbook on asset pricing theory with a martingale approach. Based on the author's extensive teaching and research experience on the topic, it is particularly well suited for graduate students in business and economics with a strong mathematical background.

Cross-border transactions involve a variety of financial operations, including arbitrage, hedging, speculation, financing and investment. These inter-related operations give rise to foreign exchange exposure and affect the overall financial performance of multinational firms. The book aims to provide an integrated treatment of multinational financial operations, whilst taking into account some real world complexities such as bid/offer spreads, transaction costs, capital rationing, and market imperfections.

The Guangdong province is the forerunner of China's economic reform, it has developed rapidly in the last twenty years since opening up its economy to the outside world. This book covers the evolution of economic reform in Guangdong, its links to Hong Kong and other parts of China, and developmental strategies in different parts of Guangdong. The book analyses the many factors that have contributed to economic reform and covers topics such as development of land, human resources, the agricultural sector and industrialisation, and reforms of state-owned enterprises and township and village enterprises. Consisting of eleven essays written by government officials and executives from the Guangdong province of China, this book offers a unique insight into the economic development in Guangdong.

The taxation of equity derivatives and structured products is analyzed in detail by Tony Rumble and his contributors, Mohammed Amin and Ed Kleinbard. The book covers the financial and tax technical analysis of issues relating to equity derivatives and structured products. Part 1 examines the derivatives building blocks and financial market/corporate finance drivers of the equity derivatives and financial products market, and includes case studies of typical and landmark transactions. Part 2 looks at the tax technical rules in each of the target countries - the US, UK and Australia - and examines the specific products highlighted in the first part of the book. Case studies of significant transactions are included where necessary.

Energy Price Risk was inspired by the success of the courses Tom James has been running in global energy and commodities trading and price risk management. It is the practitioner's guide to optimizing company performance using the correct price risk strategies and tools. Based on the author's extensive experience in the commodity derivatives industry, it comprehensively covers the full spectrum of the energy complex, including crude oil, petroleum products, natural gas, LPG/LNG and electricity. Using many worked examples, this book offers practical insights and solutions.

Foreign Exchange in Practice , now in its 3rd edition, is the single reference to the forex market any financial practitioner needs to have. It explains the concepts involved in foreign exchange and their application to real-life situations. Numerous examples are given. The book was originally developed as a textbook for the Citibank Bourse Course, an intensive course available to clients and staff of Citibank to improve their mastery of these markets. Examples in this edition have been updated to reflect current rates and include the Euro rather than the former European national currencies. The 3rd edition contains a substantial amount of new content particularly with regard to financial mathematics, interest rate swaps, option pricing and applications of option derivatives and Value at Risk.

As the global investment banking business enters its third year of lower revenues following the peak year of 2000, Bank management must address a host of issues: Business mix, Cost Management Risk, aligning interests of professionals with stockholders and attracting and leading a unique team of professionals. Based on an extensive interview series with over 50 banking professionals and independent experts, this book defines best practice in addressing each issue. It concludes with the outlook for the medium term expressed by interviewees as well as by the author's own views.

Targeted towards institutional asset managers in general and chief investment officers, portfolio managers and risk managers in particular, this practical book serves as a comprehensive guide to quantitative portfolio optimization, asset allocation and risk management. Providing an accessible yet rigorous approach to investment management, it gradually introduces ever more advanced quantitative tools for these areas. Using extensive examples, this book guides the reader from basic return and risk analysis, all the way through to portfolio optimization and risk characterization, and finally on to fully fledged quantitative asset allocation and risk management. It employs such tools as enhanced modern portfolio theory using Monte Carlo simulation and advanced return distribution analysis, analysis of marginal contributions to absolute and active portfolio risk, Value-at-Risk and Extreme Value Theory. All this is performed within the same conceptual, theoretical and empirical framework, providing a self-contained, comprehensive reading experience with a strongly practical aim.

This book investigates the concepts and instruments for managing change in companies striving towards a market orientation in transition economies. The focus is on the identification of factors, which have led to the considerable success of certain corporations, in spite of the very dynamic environment in transition countries since 1989. The analysis considers problems and solutions for all the relevant stakeholder relationships. Although the case study is largely based on Poland, the book also contains research on the economic, political and social context of doing business in Central and Eastern Europe.

Economic studies which examine the financing patterns of firms, particularly in emerging markets seldom consider the market environment in which they operate. The most recent Asian financial crisis and its exposure of institutional failures in the context of financial sector liberalization show that these market conditions are vital. The positive relationship between a firms excess cash flow and investment are well known but the environment which determines retention of cash as opposed to paying dividends remains unresolved. The results of this survey suggest a framework by which future research in data collection, theoretical analysis and empirical testing may be undertaken.

Sub-Saharan Africa, the poorest and least integrated region of the world, now has fifteen stock markets. Adventure Capitalism examines the economic and political forces behind this trend and discusses the potential consequences of financial market integration for developing countries. Using a political economy approach, it finds that financial globalization presents a formidable challenge for African policymakers, but is also an opportunity with a range of benefits.

PPP is one of the most widely researched areas in international finance and one of the most controversial in the theory of exchange rate determination. This book demonstrates the applications of Purchasing Power Parity in exchange rate determination as well as more practical applications of salary comparison and the cost-of living across borders. It uses The Economist's annual Big Mac Index in place of the traditional basket of services used in PPP research. The author demonstrates that this is a good solution to the index-number problem since it is readily available and more appealing as an international monetary standard. The book also shows how The Big Mac Index could have been used to predict the Asian Currency Crisis and the Mexican Peso stand-off where more traditional economic measures failed.

This book delves into the nature of governance in Asia both at government and corporate level. It reviews the history and suggests potential solutions for years of underperformance due to the corrupt practices that have developed because of a poor understanding of corporate governance. The authors are experts in practices in Asia and their views are expressed in a sympathetic manner, at no time insisting that a western model of governance is correct. Instead the authors advise local models appropriate to the state of development and suggest that individual countries institute behavioural models that will mature as nations quickly develop in an increasingly global world.

The past decade has been a time of drastic developments, both in financial markets and in related academic research. Among the most striking developments are the expanded stockholder base, the increased popularity of mutual funds among households, and the growing importance of private pension funds. Developments in Europe mirror to a large extent the spread of equity culture in the United States, but with lower levels of involvement and interesting differences across European countries. This book, intended for a wide audience of students, practitioners, and policy makers, provides the theoretical and methodological background necessary for analysis of stockholding behaviour, and presents empirical studies that use the most comprehensive household-level databases to identify determinants of stockholding in five major European countries.

This book analyzes how corporate finance decisions influence strategic competition and innovation of firms in the product market. We consider bank loan financing and venture capital financing. Due to assymetric information, firms must sign special contracts with banks or venture capitalists. The financial contracts, in turn, determine the competitive strategies of firms in the product market. Firms compete in prices for market shares. In addition to that, firms invest in R&D in order to induce product or process innovation. We show that better access to financial resources improves a firm's market position and leads to a higher rate of innovation. Cash-rich firms may even decide to prey upon financially restricted rivals in order to prevent new market entry or to induce market exit.

Valuation is the natural starting point toward buying or selling a business or securities through the stock market. Essential in wealth management, the valuation process allows the measurement of the strengths and weaknesses of a company and provides a historical reference for its development. This guide on valuation methods focuses on three global approaches: the assetbased approach, the fundamental or DCF approach, and the market approach. Ultimately, this book provides the basics needed to estimate the value of a small business. Many pedagogical cases and illustrations underpin its pragmatic and didactic content. However, it also contains enough theories to satisfy an expert audience. This book is ideal for business owners and additional players in the business world, legal professionals, accountants, wealth management advisers, and bankers, while also of interest to business school students and investors.

This book provides a comprehensive and up-to-date overview of the major economic indicators in the US and the Euro Zone. Following an introduction to the construction of indicators and the basic concepts behind their use, the specific characteristics of the two currency areas are analysed, and the most important economic indicators and their significance are explained. The author has developed a unique rating system for economic indicators that enables readers to establish the relative importance of 'market movers'. The book also contains an extensive overview of the Datastream mnemonics, making it an essential tool for those conducting investment research.

This seminal book has revolutionised the field of international business. Presenting the core theory of the multinational enterprise based on the internalisation of imperfect markets and the minimisation of location costs, The Future of Multinational Enterprise has inspired both theoretical and empirical research on the global economy. In addition it has influenced company strategy and economic policy at local, national, regional and international levels. Its insights into company strategy and global policy remain compelling.

The violent fluctuations of the Japanese yen through the 1980s and 1990s have played a critical role in Japan's economic decline. Brendan Brown highlights the causes of the yen's bizzare behaviour, and analyses the consequences for the Japanese and global economies. Through this analysis he presents an original hypothesis, linking the periodic sharp upswings of the Yen to poor economic performance and offers a new view as to where the responsibility for failure of the Japanese currency market to function normally lies.