This tells the story of the development of the private equity industry in Germany. It is the first comprehensive history of the private equity industry for any country, revealing the vicissitudes of private equity investing, warts and all. It is an engaging chronicle for anyone interested in the industry or the modern German economy.

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 papers in this volume of International Finance Review provide a reflection on the role of international finance -- and its relationship to strategy, economics, political science and public policy -- in examining value creation in multinational enterprise. These are 22 original papers submitted specifically for this volume based on its theme. The papers present a breadth of methodologies, including theoretical, empirical, conceptual, and case study approaches. Several papers offer combinations of these different categories. Among the empirical papers, there are many kinds of data sets analyzed, ranging from macroeconomic data to firm-level financial data to survey data. In addition, the data sets are rigorously analyzed in many different ways.
This volume also takes a broad perspective on multinational enterprise, which allows discussion of traditional areas in the study of multinational enterprises (MNEs) as corporations, but also includes topics related to multinational enterprise as an undertaking, not just as corporation. For example, there is attention to small and medium-sized companies as well as larger MNEs. There are also papers that consider exporting enterprises and the environment of multinational enterprise. With this spirit, the volume covers multinational enterprise from a variety of perspectives, including views from private corporations and government policymakers, and the authors of the papers include both academics and practitioners. Altogether, the papers offer insights into value creation through a variety of lenses.

The book presents arguments against the taxpayers'-funded bailing out of failed financial institutions, and puts forward suggestions to circumvent the TBTF problem, including some preventive measures. It ultimately argues that a failing financial institution should be allowed to fail without fearing an apocalyptic outcome.

This book provides two important contributions to existing theories in the financial innovation literature. First, it extends the existing literature of innovation orientation to a completely new field and construct that is based on a religious imperative as a framework within which financial innovation is constrained. It explains how an innovation orientation in IFIs can be directed within religious rules, which indicates that innovation orientation in IFIs is a learning philosophy. Second, the book introduces and examines the plasticity of Shariah as a shared boundary object and its dynamic role in managing tension and conflicting values in the financial innovation process. Furthermore, building on the empirical results, the study illustrates the insights that each theoretical lens affords into practices of collaboration and develops a novel analytical framework for understanding religious orientation towards financial innovation. This practical contribution, of the developed framework, could form the basis for a standardised framework for the Islamic finance industry. The book concludes by noting the policy and managerial implications of its findings and provides directions for further research.

In a timely and important contribution to the management literature, Louis Nevaer and Steven Deck take a careful, critical look at the various forms of corporate restructurings prevalent today-alliances, mergers, and acquisitions-and at their long-term implications for the structure of corporate America. Taking issue with those who see the takeover frenzy as revitalizing American industry, the authors argue that instead the takeover business is weakening American industry and accelerating America's decline in the global economy. They analyze the opportunity costs being incurred by both individual firms and the entire nation through the wave of takeover activity in the 1980s, demonstrating that the large debts taken on by corporate America to either finance or fend off takeovers has hampered America's ability to compete effectively in world markets. The authors then identify the essential criteria for a truly successful alliance, merger, or acquisition and suggest models for such restructurings in the future.

Divided into five principal sections, the volume begins by examining the failure of current alliance, merger, and acquisition strategies. The authors discuss the economic effects of restructurings on stakeholders and employees and look at the post-acquisition financial performance of the new corporate entities. The next three sections present in-depth analyses of alliances, mergers, and acquisitions. For each type of restructuring, the authors identify and assess the management strategies commonly pursued and offer extended case-study examples of failed and successful strategies. In the final section, the authors point the way toward more effective strategic alliances. They explore selection strategies that can help ensure a successful alliance, discuss the critical area of market planning, and offer a model for the future based upon the real-world alliance between Vulcan Materials and Calizas Industriales del Carmen. Investment bankers, corporate executives, and mergers and acquisitions specialists will find this a balanced and constructive critique of the process of corporate restructuring that is today such an integral feature of the contemporary business scene.

In this book, retired banking CEO Bruce VonCannon considers the past, present and future of Hong Kong, the dynamic finance-driven autonomous city that is beset by global issues- US-China tension, income inequality, housing scarcity, climate change- within the microcosm of a small island archipelago and a hyper-specific local culture. The Hong Kong Special Administrative Region is today one of the world's foremost economic and financial hubs and a repository for 18% of the world's stored wealth, home to the region's most vibrant stock market, a major free trade port city and traditional gateway to mainland China, the world's 2nd largest economy. The recent street protests which broke out in June 2019 have been described as a pro-democracy movement. However, other analysts disagree and argue that the street protests have more in common with the populist movements springing up in other parts of the world as the result of a growing divide between rich and poor. This book delves into financial realities, Hong Kong's position within the new global competition between China and the United States, and as a model for the urbanization of the future.

This book addresses the integration of the Internet and finance which recently has been one of the most notable topics of discussion in the media, the business community, academia, and among policymakers, both in China and worldwide. As a comprehensive, in-depth analysis of the one of the fastest growing industries in China, the book covers all the most important areas and issues in the crowdfunding industry in China, including the definition, types, and history of crowdfunding, the scale of the crowdfunding market, the basic business models and risk analysis of crowdfunding, the characteristics of the typical crowdfunding platforms, case studies of the leading crowdfunding platforms in China, and the future development of the crowdfunding industry in China. The book combines theoretical analysis with conceptual discussions and best practices in the crowdfunding industry in China. It is of interest to a variety of readers around the globe, such as (1) existing and potential fund demanders; (2) existing and potential fund providers; (3) investors and professionals running crowdfunding platforms; (4) professionals and major shareholders of traditional financial institutions; (5) staff in regulatory government agencies; (6) academics; and (7) the general public.

This book is a simple and concise text on the subject of security analysis and portfolio management. It is targeted towards those who do not have prior background in finance, and hence the text veers away from rather complicated formulations and discussions. The course 'Security Analysis and Portfolio Management' is usually taught as an elective for students specialising in financial management, and the authors have an experience of teaching this course for more than two decades. The book contains real empirical evidence and examples in terms of returns, risk and price multiples from the Indian equity markets (over the past two decades) that are a result of the analysis undertaken by the authors themselves. This empirical evidence and analysis help the reader in understanding basic concepts through real data of the Indian stock market. To drive home concepts, each chapter has many illustrations and case-lets citing real-life examples and sections called 'points to ponder' to encourage independent thinking and critical examination. For practice, each chapter has many numericals, questions, and assignments

"Written by leading academics, researchers and insurance industry experts, this book offers a diversified perspective on how the regulatory and supervisory framework for the insurance sector will develop over the coming years. It is supported by The Geneva Association, the world-leading insurance think-tank of the private industry"-- Provided by publisher.

In this book, well-known corporate financial advisor Joel Stern moderates six roundtable discussions among distinguished investment bankers, corporate executives, and financial economists. Discussions focus on topics of strong current interest: mergers and acquisitions, executive compensation, corporate restructuring, capital structure, dividend policy, and investor relations.

In this book, well-known corporate financial advisor Joel Stern moderates six roundtable discussions among distinguished investment bankers, corporate executives, and financial economists. Discussions focus on topics of strong current interest: mergers and acquisitions, executive compensation, corporate restructuring, capital structure, dividend policy, and investor relations. The result is a lively, penetrating, and often heated exchange of ideas between theorists and practitioners. Readers will gain access to the thinking of some of America's most distinguished financial economists.

Over $5 trillion will be spent on technology in the financial services sector in the next three years. While there are many books covering purely technical issues, this is one of the very few that look at the challenge of how to manage financial services technology in an area that under-pins almost every part of our global civilisation.

This volume focuses on recent pricing puzzles in investments. The valuation of Internet companies, effects of firm size in takeover studies, and long-run performance of mergers in the telecommunications industry are all seen as riddles for the Efficient Markets Hypothesis. Explanations may be found in studies of the effects of differences in investor risk/return preferences, information and liquidity. Also featured are studies describing recent innovations in corporate finance, such as an experimental study of discount rates, an analysis of issues related to the estimation of internal cash flows, corporate payout policy, and the use of convertible and warrant bonds by Japanese firms.

Roy L. Nersesian challenges traditional forecasting methods that rely strictly on econometric models, arguing that they ignore a fundamental aspect of the business cycle--human emotional responses to economic stimuli. Nersesian advocates instead the development of forecasting models that incorporate human behavior into the process, and he provides a tool--computer simulation--which can be used for this purpose. As Nersesian demonstrates, such consumer attitudes as confidence in the future, fear of depression, even passing fads can have a profound effect on business activity and are often far more predictive of the future than are the thousands of mathematical equations used to develop a forecast built upon econometrics. By using simulation to factor potential consumer responses into the forecasting process, Nersesian is able to tie forecasting to the consequences of human behavior and thereby determine the way in which attitudes play a role in affecting the future course of business.

Nersesian's study is organized around a series of questions about the business cycle: If economic activity is influenced by the nature of decisions, and if decisions are based partly on human responses to such things as prices and costs, and partly on human emotions, shouldn't the forecasting process itself incorporate human behavior? If human behavior in turn is influenced by factors such as price, cost, and inventory, and the general level of confidence in the future, should these not be incorporated in the forecasting process? In order to address these questions, Nersesian creates a simple island society and demonstrates how to use simulation to assess the effects of elements that might cause a change of consumer sentiment during the forecast period. As Nersesian concludes, a change of consumer sentiment at any time during the forecast period can have significant implications for the accuracy or usefulness of a forecast used in the corporate planning process. Both students of forecasting and corporate planners will find Nersesian's work illuminating reading.

China is an increasingly influential emerging economy that is currently attracting the attention of academics, practitioners, and policy makers. The efficient allocation of financial resources is a key determinant of economic growth. Therefore, the development of a capital market is set to play a crucial role in China's ascension toward becoming one of the largest economies in the world. As a transitional economy with a unique institutional background, China also offers an interesting research setting providing new insights for finance and accounting literature. This book features cutting edge research on critical issues relating to the experiences and challenges of China's capital market development. The contributors include leading academics from the US, UK, Europe, and China. Topics covered include venture capital, executive remuneration, real estate market, information environment, institutional investors, banking, corporate governance, and financial media.

This book analyses several aspects on the efficient resource allocation in the aftermath of the global financial crisis and the European sovereign debt crisis. The main focus of the volume is on recent European Union (EU) experience highlighting the interrelation between inherent structural rigidities and practical limitations in the conduct of sound economic policy. Special reference is made to Greece (evidencing unprecedented experience), the EU periphery countries and the US. This book will be of interest to academic and central bank researchers, business practitioners (in consultancy and finance) and graduate students, as it is a good example of how scholarly dialogue can contribute to contemporary high-quality policy debate on sound liquidity provision and financial stability in the Eurozone, as well as the effective ways to combat recession in the EU periphery countries.

Since its inception, several lawsuits have been filed under the Sarbanes Oxley Act, some corporate executives are serving, or are about to serve jail sentences, and several hundred million dollars has been wiped off the share price of affected companies. In this book, McGill & Sheppey examine how compliance is achieved and maintained. It explores the startegies and tool sets that have led compnaies to successfully manage compliance and suggests effective measures for implemantation.

The ongoing digital transformation is shaping the Islamic mode of financial intermediation and the impact on the faith-based financial mode has been multifaceted. This has raised a host of interesting questions: what is the degree of penetration of Islamic finance in the fintech industry? Are Islamic financial institutions (IFIs) or banks ready to embrace fintech? Is fintech an enabler or barrier to achieve the intended purpose of Islamic finance? Will technology narrow the division between Islamic and conventional finance in the future? These are existential questions for Islamic finance and the book endeavors to examine the impact of financial technology on the industry. The book assesses various fintech business models and how they could be a threat or an opportunity. It also examines whether fintech provides IFIs an edge to serve clients following the Shariah norms and how the adoption of fintech in the Islamic mode is required for meeting the maqasid Al Shariah. The book discusses applicability of fintech like blockchain, digital currency, big data, and AI to different branches of Islamic finance. This book will interest students, analysts, policymakers, and regulators who are working on Islamic finance, financial economics, Islamic economics, and development finance.

This book aims to overcome the limitations the variations in bank-specifics impose by providing a bank-specific valuation theoretical framework and a new asset-side model. The book includes also a constructive comparison of equity and asset side methods. The authors present a novel framework entitled, the "Asset Mark-down Model". This method incorporates an Adjusted Present Value model, which allows practitioners to identify the main value creation sources of a particular bank: from asset-based cash flow and the mark-down on deposits, to tax benefits on bearing liabilities. Through the implementation of this framework, the authors offer a more accurate and more specific approach to valuing banks.

This book adds to the debate on the effects of covenants on third-party creditors (externalities), which have recently become a focus of discussion in the contexts of bankruptcy law, corporate law and corporate governance. The general thrust of the debate is that negative effects on third-party creditors predominate because banks act in their own self-interest. After systematising the debated potential positive and negative externalities of covenants, the book empirically examines these externalities: It investigates the banks' factual conduct and its effects on third-party creditors in Germany and the US. The study's most significant outcome is that it disproves the assumption that banks disregard third-party creditors' interests. These findings are then interpreted with the tools of economic analysis; particularly, with the concept of common pool resources (CPRs). Around the aggregated value of the debtor company's asset pool (as CPR) exists an n-person prisoner's dilemma between banks and third-party creditors: No creditor knows when and under what conditions the other creditor will appropriate funds from the debtor company's asset pool. This coordination problem is traditionally addressed by means of bankruptcy law and collaterals. However, the incentive structure that surrounds the bilateral private governance system created by covenants and an event of default clause (a CPR private governance system) is found to also be capable of tackling this problem. Moreover, the interaction between the different regulation spheres - bankruptcy law, collateral and the CPR private governance system has important implications for both the aforementioned discussions as well as the legal treatment of covenants and event of default clauses. Covenants alone cannot be seen as an alternative to institutional regulation; the complete CPR private governance system and its interaction with institutional regulation must also be taken into consideration. In addition, their function must first find more acceptance and respect in the legal treatment of covenants and event of default clauses: The CPR private governance system fills a gap in the regulation of the tragedy of the commons by bankruptcy law and collateral. This has particularly important implications for the German 138 BGB, 826 BGB and ad hoc duties to disclose insider information.

For centuries, Swiss banks have served the globe's wealthiest individuals, employing a strict culture of anonymity and gaining massive wealth in the process. But when Credit Suisse collapsed, the veil of secrecy came down and the world was suddenly privy to the corruption, scandal and empty hubris that keep our biggest banks alive.

It was a 166-year-old bastion of Swiss banking, amongst the most important and influential financial institutions in the world – but a veneer of high-class service disguised a darker, dirtier reality. From its sterile Zurich headquarters, the bank catered to a clientele that included dictators, drug dealers and former Nazi officers, and helped fleece its own clients out of billions of dollars. This continued for decades, even as Credit Suisse continued to expand, acquiring smaller banks and granting its own executives lucrative bonus contracts.

Meltdown is the story of how the house of cards fell apart. Bloomberg investigative journalist and bestselling author of Pyramid of Lies Duncan Mavin takes readers inside the bank’s hushed marble corridors, detailing its secretive culture and the series of increasingly selfish decisions, made by a handful of men at the top, which ultimately led to disaster.

This is the fascinating history of one of the biggest financial institutions of our times - and a thrilling exposé of the wider financial services sector - which promises to give readers a shocking and brutally honest look into a previously-unknown world of greed, lies and unrelenting human ambition.

For introductory courses in managerial finance. Help students apply financial concepts to solve real world problems with a proven teaching and learning framework The Teaching and Learning System -- a hallmark feature of Principles of Managerial Finance, Brief -- weaves pedagogy into concepts and practice, giving students a roadmap to follow through the text and supplementary tools. The 8th Edition, Global Edition, concentrates on the material students need to know in order to make effective financial decisions in an increasingly competitive business environment. It allows students to make the connections between a firm's action and its value, as determined in the financial market. With a generous amount of examples, this text is an easily accessible resource for in- and out-of-class learning.

This book combines various analyses of strategic priorities in a competitive market environment, focusing on the balanced scorecard technique, but also considering customer expectations, organizational requirements, financial outcomes and technological infrastructures. The first part explores the financial impacts and performance measurement of investments, while the second part examines customer demand in a globalized environment. Part three then addresses organizational quality and internal processes, highlighting participatory elements and synergies. Lastly, part four investigates strategic learning in enterprises as a factor for sustainable economic success in times of change and disruption.