The recent crisis in financial markets has seen a gradual erosion of the boundaries of asset classes previously regarded as risk-free. We have gone from a world mostly free of default risk to one where credit risk is largely reflected in equity prices. Traditional valuation methods now need to be integrated to take into account a scenario in which expectations of growth are considerably reduced, and credit risk is increased to levels previously unheard of. But as the majority of private companies are sub-investment grade, Valuing Private Companies: How Credit Risk Reshaped Equity Markets and Corporate Finance Valuation Tools sets out an innovative new method for estimating private companies' cost of equity based on a Fixed Income Approach (FIA). In addition to the book's theoretical insights, illustrating in great detail the relationship between default risk and equity risk premium, readers will benefit from the practical experience the author has accumulated as a risk manager within major banking groups such as UniCredit Group, Capitalia SpA, and Banca di Roma SpA.

This book discusses the concepts of volatility, uncertainty, complexity, and ambiguity (VUCA) that are the core of various paradigms used in strategic management to understand competitive advantage as well as flexibility in organizational boundaries. It serves as a valuable reference resource in the area of VUCA markets. An increase in the levels and types of uncertainty has important implications potentially for the durability of a company's advantages, the way firms learn and adapt, approaches for managing innovation and knowledge, and the attractiveness of different strategies and organizational models. In today's world, strategic flexibility in VUCA is essential for business leaders to sustain market advantage and attain a clear vision amid the chaos. Business leaders who stay focused and are aware of external volatility as the prevalent characteristic are successful, while those who are not flexible in this VUCA world and lock themselves into fixed positions lose out. The book includes empirical and conceptual research papers along with case studies and models discussing strategies for emerging markets in volatile and uncertain environments. It also covers a variety of issues, including innovation, people and processes, financial management, and leadership and strategies in VUCA markets. Apart from research fraternity and academia, the contents of the book will be useful for practitioners as well as industry watchers.

In this timely book, political scientist, Mark Duckenfield explores how British and German business associations formed their political attitudes towards Economic and Monetary Union from 1988 through 1998. He makes the provocative argument that business associations are not mere transmission belts for their members' economic interests, rather, they are political entities in their own right. Consequently they act strategically in order to promote their members specific interests, and are particularly attentive to the configuration of partisan political forces in their national legislatures.

Four years after the debacle, the term 'Enron' has earned its place in the everyday vocabulary of business ethics. Hardly anyone understands the business intricacies of what really happened with the sophisticated energy conglomerate. Even fewer are those able to envision, beyond the business case, the ethical questions and dilemmas facing actors at any one stage of the drama. Using the collapse of Enron as a case study, this book not only shows how and where ethics came into play, but also draws lessons and discusses possible remedies that may prevent the whole financial system from falling apart as a result of either excessive greed or over-regulation.

"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.

Executive compensation has gained widespread public attention in recent years, with the pay of top U.S. executives reaching unprecedented levels compared either with past levels, with the remuneration of top executives in other countries, or with the wages and salaries of typical employees. The extraordinary levels of executive compensation have been achieved at a time when U.S. public companies have realized substantial gains in stock market value. Many have cited this as evidence that U.S. executive compensation works well, rewarding managers who make difficult decisions that lead to higher shareholder values, while others have argued that the overly generous salaries and benefits bear little relation to company performance. Recent conceptual and empirical research permits for the first time a truly rigorous debate on these and related issues, which is the subject of this volume.

This book analyses the connections between the banking industry in Europe and the companies it finances. Ferretti specifically studies how these bonds have evolved over time and questions whether now is the time for a change in the relationship's dynamics. Chapters discuss the role of bank lending in firms' financing during the recent financial crisis, as well as issues in credit risk management. The discussion also examines regulatory requirements impacting banks and firms (Basel III) and how they intersect with banks' internal purposes. Moreover, the book explores how the financial crisis has impacted the relationship between banks and businesses, and seeks to identify the strengths and weaknesses inherent to it. Through this timely discussion, Ferretti looks to the future of the relationship between banks and non-financial organizations to see how they can be revitalised, adapted and reimagined in a post-crisis economy.

Financial risk management has become increasingly important in the last years and a profound understanding of this subject is vital for managers, practitioners, investors and students of finance and related areas. This book provides the major trends regarding research on financial risk management, as well as the practices of different countries and economies. It is a compilation of the state of the art, new trends, and theoretical and empirical studies on the domain of enterprise risk. It is a critical reference source that discusses the financial instruments firms use to manage the different kind of financial risks, such as interest rate risk, corporate risk, credit risk, liquidity, and default risk. This book focuses on international risk management practices, and its relationship to firms' performance, and other dimensions of companies. It will present research on topics such as several types of financial risk, management of risk, hedging strategies, corporate governance and risk management, and behavioral finance and risk, and more. It is ideal for regulatory authorities, accountants, managers, academics, students, and researchers seeking coverage on the theoretical, empirical, and experimental studies that relate to the different themes in these global subjects.

This collection examines the emerging issues, and the basic questions and analytical structures, arising from increasingly globalized financial markets. Topics covered include: an in-depth study of the exchange rate market, equilibrium and efficiency, inflation and interest rates, capital movement, the balance of payments and international reserves, foreign debt, country risk analysis, currency market arbitrage and speculative designs under market imperfection, international tax issues and trade liberalization, offshore banking and related issues. The contributors include: Alejandra Cabello; Benoit Charmichael, Jean-Claude Cosset, Krishnan Dandapani, Gilles Duteil, Christopher A. Erickson, Irene Finel-Honigman, Klaus P. Fischer, Shyamasri Ghosh, Larry Guin, M. Anaam Hashmi, Jannett K. Highfill, Anisul Islam, Muhammad Islam, Moosa Khan, Shahriar Khaksari, Ramakrishnan S. Koundinya, John P. LaJaunie, Eric Youngkoo Lee, Charles Maxwell, Bruce L. McManis, Mathew J. Morey, Abraham Mulugetta, Atsuyuki Naka, A.P. Palasvirta, Joanna Poznanska, Arun j. Prakesh, Emmanuel N. Roussakis, Neil Seitz, Michael Szenberg, William V. Weber, Elliott Willman, M. Razuibuz Zaman.

This book documents the distinctive experiences and challenges of Small and medium-sized enterprises (SMEs) in Asia. By assessing succession and innovation in SMEs as the two sides of a coin, this book explains how innovations are essential to SMEs in succession. With detailed case examples, the book provides generalized solutions for SMEs to answer the question of how to make succession and innovation simultaneously successful. The authors discuss the potential solutions to solve the challenges of SMEs on succession and innovation by considering the utilization of the capital market, the electronic commerce strategy, the international strategy, and angel investment to pursue portfolio entrepreneurship, and compare these Asia solutions to the experiences from Europe. The book is recommended for family business and SME owners, professionals serving these firms, and the consulting firms that work on continuity issues of SMEs in Asia.

This practical guide on the theory and practice of Investor Relations combines the art and science of marketing, financial analysis and financial communications in a single source. It offers expert advice and helpful tips to be used in real business life by corporate executives, financial analysts, students, and anyone competing for capital.

This book reports on foreign investments in transitional economies and the corporate governance of international strategic alliances in China. It throws new light on the relationship between ownership, corporate governance, international technology transfer, organizational learning and the performance of such alliances. The book reviews the problems encountered by these international strategic alliances, provides significant empirical evidence of foreign investment decisions and profiles corporate governance and organizational learning in strategic alliances. Based on research into 1000 firms in China, it draws important conclusions for theory and practice.

This book explores new topics in modern research on empirical corporate finance and applied accounting, especially the econometric analysis of microdata. Dubbed "financial microeconometrics" by the author, this concept unites both methodological and applied approaches. The book examines how quantitative methods can be applied in corporate finance and accounting research in order to predict companies getting into financial distress. Presented in a clear and straightforward manner, it also suggests methods for linking corporate governance to financial performance, and discusses what the determinants of accounting disclosures are. Exploring these questions by way of numerous practical examples, this book is intended for researchers, practitioners and students who are not yet familiar with the variety of approaches available for data analysis and microeconometrics. "This book on financial microeconometrics is an excellent starting point for research in corporate finance and accounting. In my view, the text is positioned between a narrative and a scientific treatise. It is based on a vast amount of literature but is not overloaded with formulae. My appreciation of financial microeconometrics has very much increased. The book is well organized and properly written. I enjoyed reading it." Wolfgang Marty, Senior Investment Strategist, AgaNola AG

This book provides a comprehensive, step-by-step plan that simplifies the myriad complexities surrounding the formation and incorporation of branch offices and subsidiary companies within such havens as the Bahamas, Bermuda, the Cayman Islands, Greece, Hong Kong, Luxembourg, Malta, The Netherlands, Panama, Puerto Rico and Switzerland. In addition, it presents detailed information on each tax haven's economic, legal, political, cultural and geographical aspects, which must be considered if such an enterprise is to operate successfully.;In this compact and informative volume, Adam Starchild reveals the secrets of tax haven business planning for the corporate executive. He details the theory and practice of haven dealings and the incorporation of holding and operating companies. He spells out the advantages and disadvantages of the multitude of haven uses that are available to all companies having any international facets to their business - whether it be manufacturing, importing components, exporting, or services.

Payment systems are changing profoundly through regulation, technology and competition from new entrants. This is a comprehensive introduction and reference on payment systems, covering their structure, international systems and settlements, and focusing on electronic transfers. It concludes with the future of the payments business.

This book explains what the internationalization of banking and finance means, and examines its extent and the reasons it has developed. The advantages and disadvantages of the new situation-and what is yet to come-are neatly sketched, along with the policy problems for national governments and international bodies.

"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.

Investment and financing decisions require the concurrent evaluation of profitability, liquidity, and risk. This book provides expertise to foster sound growth in sales and earnings within risk limits acceptable to management. It offers a unique presentation, based on the author's extensive experience in management, consulting, and teaching. Practical examples and detailed illustrations provide methods for analyzing relevant alternatives that promote clearer communications and better-informed decisions.

This authoritative and accessible investment classic promises rare insight into what it really takes to run money in a top-performing investment fund. Anthony Bolton, the UK's most successful stock market investor, tells the story of his contrarian approach to managing money. He provides invaluable lessons on the factors that really matter in picking a stock: the need to identify good managers, how to run a portfolio, the importance of value investing, reading charts and how to trade successfully.

The chief financial officer (CFO) is critical to a company’s financial success. In Masters of Money, chartered accountant and entrepreneur KC Rottok Chesaina interviews 31 CFOs from South Africa’s top companies, most JSE-listed, to uncover their strategies for success.

Masters of Money goes behind the scenes and allows students, professionals, entrepreneurs and managers to learn from the best. In sharing valuable lessons – learnt over many years – these finance leaders give readers the inside track to make it in the world of business. They share insights on the key elements of an effective strategy, the power of good communication, how to lead teams effectively, why values are important in the workplace, and how to deal with crises. Their stories show the human face behind the number cruncher and give readers a glimpse of the X-factor needed to rise to the top.

Featured companies include MTN South Africa, JSE, Old Mutual, FirstRand, Capitec, Nedbank, Investec, Sanlam, Redefine Properties, Liberty, Discovery, Aspen Pharmacare, Life Healthcare, Woolworths, Pick n Pay, Massmart, Nampak, Sasol, Impala Platinum, Barloworld, Anglo American Platinum, Harmony Gold, Kumba Iron Ore, PPC, Exxaro, Tourvest, Mr Price and Nando’s.

This collection critically explores the use of financial technology (FinTech) and artificial intelligence (AI) in the financial sector and discusses effective regulation and the prevention of crime. Focusing on crypto-assets, InsureTech and the digitisation of financial dispute resolution, the book examines the strategic and ethical aspects of incorporating AI into the financial sector. The volume adopts a comparative legal approach to: critically evaluate the strategic and ethical benefits and challenges of AI in the financial sector; critically analyse the role, values and challenges of FinTech in society; make recommendations on protecting vulnerable customers without restricting financial innovation; and to make recommendations on effective regulation and prevention of crime in these areas. The book will be of interest to teachers and students of banking and financial regulation related modules, researchers in computer science, corporate governance, and business and economics. It will also be a valuable resource for policy makers including government departments, law enforcement agencies, financial regulatory agencies, people employed within the financial services sector, and professional services such as law, and technology.