'The best business book I've ever read.' Bill Gates, Wall Street Journal'The Michael Lewis of his day.' New York TimesWhat do the $350 million Ford Motor Company disaster known as the Edsel, the fast and incredible rise of Xerox, and the unbelievable scandals at General Electric and Texas Gulf Sulphur have in common? Each is an example of how an iconic company was defined by a particular moment of fame or notoriety. These notable and fascinating accounts are as relevant today to understanding the intricacies of corporate life as they were when the events happened.Stories about Wall Street are infused with drama and adventure and reveal the machinations and volatile nature of the world of finance. John Brooks's insightful reportage is so full of personality and critical detail that whether he is looking at the astounding market crash of 1962, the collapse of a well-known brokerage firm, or the bold attempt by American bankers to save the British pound, one gets the sense that history really does repeat itself.This business classic written by longtime New Yorker contributor John Brooks is an insightful and engaging look into corporate and financial life in America.

Much has been written and spoken about the lessons learned from the financial crisis of 2009. This book deals with the lessons not learned before the financial crisis. Dr Trimbath demonstrates that an existing framework for regulating financial systems, available since at least 2001, could have prevented the systemic failure in the US that led to the collapse of global credit markets in 2008. Step by step the book guides you through what could have been done to prevent the crisis and what investors can do to protect themselves from the next one, and concludes with a key idea for making financial services businesses stand out from the crowd ensuring future success. The list of 10 Steps is quite straight-forward and simple. Have private, independent rating agencies. Provide some government safety net but not so much that banks are not held accountable (""Too Big to Fail"") Allow very little government ownership and control of national financial assets. Allow banks to reduce the volatility of returns by offering a wide-range of services. Require financial market players to register and be authorized. Provide information, including setting standards, to enhance market transparency. Routinely examine financial institutions to ensure that the regulatory code is obeyed. Enforce the code and discipline transgressors. Develop policies that keep the regulatory code up to date. Encourage the creation of specialized financial institutions. For each step the reader will find: the legislative and regulatory background on the existing rules; a review of academic research on the theory behind each step; and the facts and data connecting each step to the financial crisis of 2008.

By the author of the modern classic "The Black Swan," this collection of aphorisms and meditations expresses his major ideas in ways you least expect.
"The Bed of Procrustes" takes its title from Greek mythology: the story of a man who made his visitors fit his bed to perfection by either stretching them or cutting their limbs. It represents Taleb's view of modern civilization's hubristic side effects--modifying humans to satisfy technology, blaming reality for not fitting economic models, inventing diseases to sell drugs, defining intelligence as what can be tested in a classroom, and convincing people that employment is not slavery.
Playful and irreverent, these aphorisms will surprise you by exposing self-delusions you have been living with but never recognized.
With a rare combination of pointed wit and potent wisdom, Taleb plows through human illusions, contrasting the classical values of courage, elegance, and erudition against the modern diseases of nerdiness, philistinism, and phoniness.

Published by the International Swaps and Derivatives Association, the 1992 and 2002 ISDA(R) Master Agreements are the main contracts used in the over the counter global derivatives market. "Mastering the ISDA Master Agreements" provides a practical, clear and useful guide to help understand and negotiate these Master Agreements.

This revised and updated edition is an essential handbook for anyone involved in negotiating agreements, from financial institutions through to fund managers, law firms, credit officers, regulators and business students. The new edition includes:

• Increased focus on the 2002 ISDA Master Agreement Schedule
• Expanded sections on hedge fund and loan-linked Schedules
• The introduction of covered bonds
• The effect of the credit crunch, the role of derivatives and how this has affected the market

The ISDA Mater Agreements are complex documents and it can take up to two years to become proficient in negotiating and understanding their key elements. "Mastering the ISDA Master Agreements" provides a detailed overview of the legal, credit and operational issues inherent in the ISDA Master Agreements.

The book includes:

• The evolution of ISDA documentation including general and product definitions and confirmations
• A clear and detailed commentary on the individual sections and provisions of the 1992 and 2002 ISDA Master Agreements
• The main legal issues surrounding the Agreement and OTC derivatives from UK and US legal perspectives
• Special Schedule terms including those for building societies, insurance companies, hedge funds and sovereign entities
• Provisions seen in US Schedules which often face non-US negotiators
• The background to the credit crunch, the effect on the OTC derivatives market and some suggestions about possible changes to the market
• Annexes including reproductions of the ISDA Master Agreements and useful information
• Simplified glossaries of terms used in the Agreements

Corporate debt restructurings in the emerging markets have always presented special challenges. Today, as the global economy emerges from the COVID-19 pandemic and businesses look to pick up the pieces, this is even more true. For many, the financial hangover of the lockdowns and market disruptions linger and threaten their independence, even their survival. This peril is more acute in the emerging and frontier markets. Weaker economic fundamentals and institutional resiliency often intensify the challenge to return to pre-COVID-19 operating levels and financial sustainability. In this context, borrowers invariably must address the imbalance of substantial existing debt with the "new reality" of their business operations and revenues. This book, using case studies, presents a full, detailed narrative of a fictitious troubled bank in an emerging market, with characters, dialogues, and negotiations. It also includes a series of discussion questions with suggested answers, to draw out key issues from the case. In doing so, this initial narrative offers a substantive analysis of the five main phases and principles of a restructuring: (1) pre-restructuring, (2) the decision to restructure, (3) the case set-up, (4) structuring and negotiation, and lastly (5) implementation. In each chapter, the book outlines the main elements of the phases and shows how the elements are applied in practice. The book also presents separate chapters on exogenous shocks (with a focus on the COVID-19 pandemic as an example of such shocks), macroeconomics, and legal issues present in cross-border restructurings. It will be of interest to the international professional financial and legal community, primarily junior-to mid-level financiers, business people, and lawyers.

This book provides the statistical basis for quantitative risk management by presenting and explaining the most important distributions. Distributions describe the occurrence and impact of a risk. They are a prerequisite for risk aggregation, risk analysis and risk assessment as required by the German revision standards IDW PS 340, StaRUG and FISG. This book portrays the distributions that are fundamental for enterprise risk management and shows when and how they are used. These include the Bernoulli distribution, the binomial distribution, the Poisson distribution, the uniform distribution, the triangular distribution, the PERT distribution, the modified PERT distribution, the trapezoidal distribution, the custom distribution, the normal distribution, the lognormal distribution, the Weibull distribution, the expert distribution, the poly distribution and the compound distribution. Furthermore, the book explains how the parameterisation of the distributions can be done via expert estimates or algorithmic calibration.

Thoroughly updated to reflect the latest trends, developments, and practices from the field, FUNDAMENTALS OF FINANCIAL MANAGEMENT, 14e equips you with a focused understanding of today's corporate finance and financial management. This market-leading text offers a unique balance of clear concepts, contemporary theory, and practical applications in order to help you understand the concepts and reasons behind corporate budgeting, financing, working capital decision making, forecasting, valuation, and Time Value of Money (TVM). Offering the most cutting-edge coverage available, the Fourteenth Edition includes discussions of the federal debt, the ongoing recovery of financial markets, and the European debt crisis. Numerous practical examples, "Quick Questions", problem-solving tutorials, and Integrated Cases help you put theory into action. In addition, Excel (R) Spreadsheet Models help you master this critical software tool.

Offering exceptional resources for students and instructors, Principles of Finance with Excel, Third Edition, combines classroom-tested pedagogy with the powerful functions of Excel software. Authors Simon Benninga and Tal Mofkadi show students how spreadsheets provide new and deeper insights into financial decision making. The third edition of Principles of Finance with Excel covers the same topics as standard financial textbooks-including portfolios, capital asset pricing models, stock and bond valuation, capital structure and dividend policy, and option pricing. For each topic, the authors provide step-by-step instruction on how to use Excel functions to help with relevant decision-making. A separate section of PFE (Chapters 21-26) reviews all Excel functions used in the book, including graphs, function data tables, dates, Goal Seek, and Solver. Visit www.oup.com/us/benninga for student and instructor resources, including all the spreadsheets used as examples in the text and in the end-of-chapter problems.

Brooks' FinGame Online 5.0 is a comprehensive multiple period finance case/simulation. In the game, students control a hypothetical company over numerous periods of operation. Students have control of major financial and operating decisions of their company. Students develop and enhance skills in financial management, financial accounting statement analysis, and general decision making. Internet access by the instructor and student is required. Students use the FinGame Participant's Manual for instructions to operate their company on the McGraw-Hill/Irwin website. The Participant's Manual includes a password in order to access the website. The Instructor's Manual is very important and imperative to teaching from FinGame Online 5.0. FinGame Online can be found at www.mhhe.com/fingame5.

An Open Access edition of this book is available on the Liverpool University Press website (https://www.liverpooluniversitypress.co.uk/pages/essentials-of-financial-management-efm). Essentials of Financial Management is an Open Access e-textbook (paperback edition also available) suitable for students with limited knowledge of finance and financial markets. It answers the main questions of a corporate entity, such as how businesses finance their activities, how they select projects to invest in, the distribution of net cash flow and, of increasing importance, how businesses manage price risk relating to cost of goods sold or a decline in revenue. In providing invaluable guidance to finance, management and business students, Essentials of Financial Management employs two main philosophies: that finance is a real-life subject and that finance is a numerical subject, which is why this brilliant e-textbook contains real world examples as well as numerous Excel spreadsheet solutions for students to download and use.

Ensure that you're using the most up-to-date data available: Buy the 2017 Valuation Handbook - U.S. Guide to Cost of Capital + Quarterly PDF Updates together! The New Industry Standard in Business Valuation Reference Materials 2017 Valuation Handbook - U.S. Guide to Cost of Capital provides the key annual valuation data previously published in (i) the now discontinued Morningstar/Ibbotson SBBI Valuation Yearbook (discontinued in 2013), and (ii) the Duff & Phelps Risk Premium Report Study (no longer published as a stand-alone publication). The size premia data previously published in the SBBI Valuation Yearbook is referred to as the "CRSP Deciles Size Premia" exhibits in the new 2017 Valuation Handbook - U.S. Guide to Cost of Capital, while the size and risk premia data published in the Duff & Phelps Risk Premium Report Study has been published annually since 1996 and, like the former SBBI Valuation Yearbook, provides data and methodology that can be used to develop cost of equity capital estimates using (i) the build-up method and (ii) the capital asset pricing model (CAPM). The 2017 Valuation Handbook - U.S. Guide to Cost of Capital includes data through December 31, 2016, and is intended to be used for 2017 valuation dates. For more information about Duff & Phelps valuation data resources published by Wiley, please visit www.wiley.com/go/valuationhandbooks. Also Available 2017 Valuation Handbook - U.S. Industry Cost of Capital 2017 Valuation Handbook - International Guide to Cost of Capital 2017 Valuation Handbook - International Industry Cost of Capital Key Features Key cost of capital inputs: The 2017 Valuation Handbook - U.S. Guide to Cost of Capital provides the key inputs needed for developing the cost of equity capital (i.e., "discount rate") for use in estimating the value of a subject business, business ownership interest, security, or intangible asset. Inputs provided include: equity risk premia, size premia, risk premia over the risk free rate, full-information industry betas, industry risk premia, and the risk-free rate. Discussion of topics that come up most when performing valuation analysis: The 2017 Valuation Handbook - U.S. Guide to Cost of Capital includes straightforward discussions about: (i) valuation theory, (ii) the differences between the various cost of capital estimation models (build-up, CAPM, Fama-French), (iii) understanding the basic building blocks of cost of equity capital (the risk-free rate, the equity risk premium, the size premium, beta, the industry risk premium, the company-specific risk premium), (iv) whether to "normalize" risk-free rates or not, (v) a detailed comparison of the CRSP Deciles Size Premia Study (the former SBBI Valuation Yearbook data) and the Risk Premium Report Study, and more. Easy-to-follow examples: The 2017 Valuation Handbook - U.S. Guide to Cost of Capital is packed with easy-to-understand examples for properly using the data to develop levered, unlevered, and even "high-financial-risk" cost of equity capital estimates using various build-up methods and CAPM.

As a comprehensive empirical study on the bankruptcy re-organisations of listed companies in China, this book examines the re-organisation of fifty-three listed companies entering bankruptcy between 2007 and 2018. It features raw data from thousands of public announcements of listed companies, helping to present a precise panorama of bankruptcy law in China. The author discusses the nature, extent and appropriateness of government intervention in bankruptcies of listed companies. It also examines the effects of bankruptcy institutions established by the bankruptcy laws to constrain government intervention. The findings suggest that such laws have been inadequate to prevent government intervention. In fact, the biggest obstacle to the smooth implementation of China's reorganisation system is government intervention, one distinct characteristic of the socialist market economy. The book will have broader relevance in terms of informing the debate concerning the government's continuing intervention in economic activity in China.

This is the inside story of private equity dealmaking.Over the last 40 years, LBO fund managers have demonstrated that they are good at making money for themselves and their investors. But when one looks beneath the surface of the transactions they engineer, it is apparent that these deals can, at times, go spectacularly wrong.Through 14 business stories, all emanating from the noughties' credit bubble and including headline-grabbing names like Caesars, Debenhams, EMI, Hertz, Seat Pagine Gialle and TXU, The Debt Trap shows how, via controversial practices like quick flips, repeat dividend recaps, heavy cost-cutting and asset-stripping, leveraged buyouts changed, for better or for worse, the way private companies are financed and managed today.From technological disruption in the worlds of music recording and business-directory publishing to economic turbulence in the gambling, real estate and energy sectors, highly levered corporations are often incapable of handling market corrections when debt commitments start piling up.Behind the historical events and the financial empires erected by some of the elite private equity specialists, these 14 in-depth case studies examine how value-maximising techniques and a short-cut mentality can impact investment returns and portfolio assets. Whether you are a PE practitioner, investor, business manager, academic or business student, you will find The Debt Trap to be an authoritative and fascinating account.

If you’re part of a financial brand marketing, sales, or leadership team, you know the entire industry is in the midst of exponential change fueled by new technologies.

Consumers now make purchase decisions long before they walk into a physical branch location, if they walk into a branch at all, while mobile banks, digital lenders, and fintechs have transformed traditional growth models rooted in legacy broadcast marketing and branch sales strategies.

Up to this point you’ve only dabbled in digital marketing without a formal plan or strategy to guide you. Now you feel frustrated because you’re not getting the results you hoped for. You’re also confused about what you should do next.

In Banking on Digital Growth, James Robert Lay unlocks the secrets of digital growth with a strategic marketing manifesto to transform financial brands. You’ll gain clarity with a strategic blueprint framed around 12 key areas of focus that empower you to confidently generate 10X more loans and deposits while finally proving the value of marketing as a strategic growth leader—not a cost center.

Corporate Governance is a text which considers the problems surrounding governance and proposes solutions to help restore investor confidence in the corporate world. The book is intended for board members, corporate executives, regulators, auditors, creditors and analysts seeking a concise analysis of the governance issues facing financial and non-financial corporations round the world. The book is fully international in context and includes real-life examples and cases to emphasize the practical nature of governance problems and solutions.

Aircraft are mainly bought by two groups of buyers: 1. Airlines for their own use 2. Operating lessors for onward leasing to airlines Both groups of buyers require substantial external funding, both debt and equity, to accommodate these purchases. Historically five key sources have funded the aviation industry: 1. bank debt (secured and unsecured) 2. export credit agency guaranteed debt (secured) 3. capital markets (secured and unsecured bonds; equity and debt solutions) 4. internal cash flow generation 5. tax based leasing products This is the leading text providing guidance on all the funding options available, the best way to secure funding and how to ensure that robust legal structures framing the commercial deal are in place. The book is divided into four core sections: Part A: Market Context which sets the scene giving the user market context and an overview of aircraft financing Part B: Transaction structuring which looks at the credit, the asset, the legal structuring and tax drivers Part C: Core Products and Regional Markets (Brazil, Russia, India, China, France, Germany, Spain and Japan) Part D: Regulatory Matters including accounting developments Key updates for the new Fifth Edition include: - New chapters on: - The environment - Restructuring - Compliance - GATS (Global Aircrafts Trading Systems (GATS) - Full explanation and analysis of recent regulatory changes including changes brought about by Basel IV Due to the complexities involved in this area and the need to ensure that any commercial deal is legally sound Aircraft Financing is the essential reference tool for anyone involved in aircraft financing transactions.

This overview of project finance for the oil and gas industry covers financial markets, sources and providers of finance, financial structures, and capital raising processes. About US$300 billion of project finance debt is raised annually across several capital intensive sectors-including oil and gas, energy, infrastructure, and mining-and the oil and gas industry represents around 30% of the global project finance market. With over 25 year's project finance experience in international banking and industry, author Robert Clews explores project finance techniques and their effectiveness in the petroleum industry. He highlights the petroleum industry players, risks, economics, and commercial/legal arrangements. With petroleum industry projects representing amongst the largest industrial activities in the world, this book ties together concepts and tools through real examples and aims to ensure that project finance will continue to play a central role in bringing together investors and lenders to finance these ventures.

For undergraduate corporate finance courses The five key principles for the foundations of finance Foundations of Finance retains its foundational approach to the key concepts of finance, bolstered by real-world vignettes, cases, and problem exercises. Utilising five principles, which are presented at the beginning of the book and applied throughout, the authors introduce a multi-step approach to financial problem solving that appeals to students' (at all levels) math and numerical skills. As with previous editions, the 10th Edition, Global Edition focuses on valuation and opens every chapter with a vignette based on financial decisions faced by contemporary, real-world companies and firms. Revised and updated, the text features new lecture videos, financial thinking, user feedback, and changes inspired by the passage of the Tax Cuts and Jobs Act of 2017 in the United States of America, so students are well equipped to effectively deal with financial problems in an ever-changing financial environment.

With M&As in the RIA space increasing, many firms are rapidly changing hands with little to no expert guidance on how to successfully execute a merger or acquisition. In 2017, a record number of M&A deals closed in the advisor space - 168 transactions, or a 22% growth over 2016. Aside from a fifth straight year of record highs in M&A activity, the size of the acquired firms has also increased, with average acquisitions involving wealth managers exceeding $1.01 billion in assets under management. For many advisors, it only takes a handful of missteps during a merger or acquisition to jeopardize their business, but with so much unknown, advisors need a guidebook for success. A significant and often overlooked component to a successful RIA merger or acquisition is the thoughtful integration of technology. This comprehensive guide walks you through the steps of strategy, assessment, implementation, adoption and growth, all while considering how to best inspire and galvanize a firm's most valuable asset - its people. Combining the real-life experiences of a life-long financial advisor with the expertise of a 15-year operations director and founder of a large RIA ops network, this book takes real M&A experiences of the financial services industry and offers best practices, tools and resources to help advisors make smart decisions about technology integration that elevates the firm's goals and solidifies its future success.