This book provides coherent theoretical and empirical analysis of firms' investment and financing decisions. It assesses the role of uncertainty, financial imperfections, corporate governance and taxation. Evidence is obtained using several unique and high quality microeconomic data-sets, which explore features seldom addressed. Overall, the empirical results confirm theoretical precedents. Some firms are indeed financially constrained, for fixed investment as well as for R&D projects. The 'free cash-flow' hypothesis holds, that is managers divert excess funds away for their own interests, but less so in closely controlled companies. In accordance with the real option theory, the results suggest that uncertainty leads firms to adopt a 'wait and see' strategy which eventually reduces investment, especially for irreversible investment. Corporate governance features are shown to affect managers, discipline and companies' restructuring plans. Finally, different tax reforms are evaluated, and an alternative tax structure that would stimulate growth is proposed. Scholars, including those with an interest in microeconomics and econometrics, and staff within central banks and national and international organisations will also find the book of interest, as will policymakers and decision-makers concerned with the role of financing, corporate governance and taxation on firm's decisions.

A clear and accessible guide to finance, which provides the ideal introduction for the non-specialist. Packed with examples and case studies, the book features numerous real-world demonstrations of key concepts and ideas. This new edition includes coverage of ESG investing, a brand new chapter on digital currencies and electronic payments, and new case studies on sustainability versus profit maximization, environmental financing, socially responsible investing, the rise of fintech, the perils of cryptocurrency, global debt pressures and 'the rise of the South' in finance. The fourth edition will be supplemented by useful digital resources in the form of instructor PowerPoint slides and a testbank of questions for students.

THE SUNDAY TIMES AND NEW YORK TIMES BESTSELLER 'Superb ... It is tremendous fun, tremendously told' Tom Whipple, The Times 'A fluid intellectual thriller' Daily Telegraph From the global bestselling author of The Big Short, the gripping story of the maverick scientists who hunted down Covid-19 'It's a foreboding,' she said. 'A knowing that something is looming around the corner. Like how when the seasons change you can smell Fall in the air right before the leaves change and the wind turns cold.' In January 2020, as people started dying from a new virus in Wuhan, China, few really understood the magnitude of what was happening. Except, that is, a small group of scientific misfits who in their different ways had been obsessed all their lives with how viruses spread and replicated - and with why the governments and the institutions that were supposed to look after us, kept making the same mistakes time and again. This group saw what nobody else did. A pandemic was coming. We weren't prepared. The Premonition is the extraordinary story of a group who anticipated, traced and hunted the coronavirus; who understood the need to think differently, to learn from history, to question everything; and to do all of this fast, in order to act, to save lives, communities, society itself. It's a story about the workings of the human mind; about the failures and triumphs of human judgement and imagination. It's the story of how we got to now. 'Lewis is a master of his form' Sunday Times

This book provides a critical evaluation of the literature on finance, investment and innovation and proposes new research methods for evaluating the comparative performance of financial systems in supporting innovation. The comparative advantage of this book is that of being directly focused on one of the main unsolved issues in monetary and financial economics: the relative effectiveness of national financial systems in supporting innovation. It proposes various theoretical and empirical contributions that, taken together, allow to evaluate the relative effectiveness of some of the most important country systems such as Japan, and the UK and Italy.

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.

Creating Value from Mergers and Acquisitions is the first book to provide a comparative analysis of the M&A scene in Europe and the US, the two most active markets in the world. Now in its second edition it continues to develop an international and multidisciplinary perspective of M&A, and considers M&A as a process and not a mere transaction. The author draws upon economics, finance, strategy, law, organisational theories to formulate a five-stage model and emphasises the need to understand the interconnected nature of these stages. The book's central focus in on the challenges to using M&A as an instrument to create shareholder value, how M&A risks can be mitigated and how odds of success in acquisitions can me increased. Creating Value from Mergers and Acquisitions is suitable for those studying advanced undergraduate and MBA courses in industrial organisations, finance, business strategy, and corporate governance, as well as those preparing for professional exams. The rigorous integration of the conceptual, empirical, and practical aspects of M&A means that researchers and practitioners will also find this book extremely useful.

With twenty-one years' experience in the investment bond business, Raymond uses his experience in this study to demonstrate the key issues related to state, county, municipal and district bonds through the use of the most recent data of the time. Originally published in 1923, this version was republished in 1936 to ensure that all figures and arguments were up-to-date. This title will be of interest to students of Business, Economics and Finance.

Originally published in 1973, Stock Exchange and Investment Analysis provides a detailed description of the London Stock Exchange and outlines both the principles and practice of finance, investment, and investment analysis. Split into four sections, the book provides critical analysis of the Stock Exchange and its functions, and the securities available to investors. It also addresses the latest developments in the field of investments and provides a detailed discussion on taxation and portfolio analysis. This book will be of interest to academics working in the field of finance and economics.

If your institution's like most and your gap position (the difference between the repricing periods of a bank's assets and liabilities) is the only interest rate risk you currently measure - then you should be warned: the regulators are coming. New banking regulations require that you keep a close eye not only on gap, but also on other key risks, less obvious on the balance sheet, such as basis risk and imbedded options. Simple gap analysis just isn't enough anymore. And that's just the beginning of what regulators are now asking for. But - even though the array of available sophisticated simulation models and financial tools is bewildering - you needn't worry thanks to this remarkable how-to guide from two leading authorities of the asset/liability management world. Step by step, Bitner and Goddard take you through a concise history of asset/liability management science since the early '80s to help orient newcomers to the field; comprehensive guide to jump-starting an asset/liability management program, including organizing an A/L management committee, writing an interest rate management policy (that states your interest rate risk exposure parameters), and selecting the best risk modeling system; comprehensive arsenal of techniques for identifying, measuring, and managing interest rate risk, including critical forecasting and self-analysis methods that ensure your institution stays on track; total framework for integrating your asset/liability management processes and putting them into action; and helpful section of advice and insights from leading A/L management practitioners. With a record number of failed or failing banks and thrifts on their hands, the regulator's vigilance hasnever been greater. That's why your financial institution needs to identify and measure the impact of a broad range of interest rate movements on its earnings and net value - and why you need Successful Bank Asset/Liability Management.

Coalitions of consumer groups, NGOs, and trade unions have traditionally been considered politically weak compared to well-organized and resourceful financial sector groups which dominate or "capture" financial regulatory decisions. However, following the 2008 financial crisis, civil society groups have been seen to exert much more influence, with politicians successfully implementing financial reform in spite of industry opposition. Drawing on literature from social movement research and regulatory politics, this book shows how diffuse interests were represented in financial regulatory overhauls in both the United States (US) and the European Union (EU). Four cases of reform in the post-crisis regulatory context are analyzed: the creation of a new Consumer Financial Protection Bureau in the US; the introduction of new consumer protection regulations through EU directives; the failure of attempts to introduce a financial transaction tax in the US; and the agreement of 11 EU member states to introduce such a tax. It shows how building coalitions with important elite allies outside and inside government helped traditionally weak interest groups transcend a lack of material resources to influence and shape regulatory policy. By engaging with a less well-known side of the debate, it explains how business power was curbed and diverse interests translated into financial regulatory policy.

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.

This book presents a set of conversations with five former Governors of Reserve Bank of India (from 1992 onwards) on the topic of financial inclusion. Two key aspects are introduced in the conversations with each Governor: the initiatives that were undertaken during their tenure and their responses to some of the current issues. Further, they examine the reasons and justifications for significant decisions and measures that were undertaken or withheld. The discussion captures the evolution and approach of the central bank in addressing a variety of questions pertaining to financial inclusion. The volume is an important contribution to the study of India's continuous but not entirely successful efforts in increasing the reach of its formal financial sector. It reconstructs how the policy approach to inclusive banking has progressed and resisted commercial and market imperatives to safeguard the deprived and dispossessed sections of society. With its wide-ranging blend of conversations, documentation, research and commentary coupled with its engaging style, the book will interest students and researchers in the areas of development, banking, macroeconomics, public administration and governance, as well as academics, analysts, policymakers, think tanks, journalists, media and those concerned with the Indian economic policy.

The right to do business in Russia is granted by the Constitution of the Russian Federation, which states that everyone shall have the right to freely use his or her abilities and property for entrepreneurial or any other economic activity not prohibited by the law. In the Russian Civil Code, business activity is understood as an independent activity, performed at one's own risk, aimed at systematically deriving profit from the use of the property, the sale of commodities, the performance of work, or the rendering of services by the persons registered in this capacity in conformity with the law-established procedure. Doing Corporate Business in Russia attempts to examine not only the theoretical aspects of Russian business procedures, but also the specific nature of their implementation. This book offers an examination of the process of establishing, functioning, and terminating various types of business corporations in the Russian Federation and gives readers a thorough understanding of business in Russia. It clarifies the legal features of management and interaction with contractors and public authorities. It also touches upon the issues of legal linguistics and its role in legal practice. Knowledge in this field enables the reader to get a sense of the correct interpretation of the content of legal documents, proper definitions of terms, and of the potential violations of the rights of business entities based on improper understanding of normative language. The book will be useful to scientists and practicing lawyers, students, and anyone interested in the specifics of corporate business entities and the Russian business climate.

The Handbook of the Economics of Corporate Governance, Volume One, covers all issues important to economists. It is organized around fundamental principles, whereas multidisciplinary books on corporate governance often concentrate on specific topics. Specific topics include Relevant Theory and Methods, Organizational Economic Models as They Pertain to Governance, Managerial Career Concerns, Assessment & Monitoring, and Signal Jamming, The Institutions and Practice of Governance, The Law and Economics of Governance, Takeovers, Buyouts, and the Market for Control, Executive Compensation, Dominant Shareholders, and more. Providing excellent overviews and summaries of extant research, this book presents advanced students in graduate programs with details and perspectives that other books overlook.

How can you be sure you are buying the company you think you are? Are you sure it is as good as the seller says? How can you be certain unexpected costs and obligations will not suddenly appear once you are the owner and responsible for them? How best can you arm yourself for the negotiations? Have you worked out precisely what you are going to do with it once it is yours? How do you set the priorities for change to recoup the premium you have paid for it? The answer to all these questions, and many more, lies within a series of three comprehensive yet concise volumes by Peter Howson. The Essentials of M&A Due Diligence, the first in the series, is a must for anyone who needs to master the essentials of due diligence with the minimum effort and in the minimum amount of time. Straightforward and unbiased, it sets out the fundamentals of pre-acquisition investigations, showing which are appropriate and why.

An incisive framework for companies seeking to increase their resilience In The Black Swan Problem: Risk Management Strategies for a World of Wild Uncertainty, renowned risk and finance expert Hakan Jankensgard delivers an extraordinary and startling discussion of how firms should navigate a world of uncertainty and unexpected events. It examines three fundamental, high-level strategies for creating resilience in the face of "black swan" risks, highly unlikely but devastating events: insurance, buffering, and flexibility: The author also presents: Detailed case studies, stories, and examples of major firms that failed to anticipate Black Swan Problems and, as a result, were either wiped out or experienced a major strategy disruption Extending the usual academic focus on individual biases to analyze Swans from an organizational perspective and prime organizations to proactive rather than reactive action Practical applications and tactics to mitigate Black Swan risks and protect corporate strategies against catastrophic losses and the collateral damage that they cause Strategies and tools for turning Black Swan events into opportunities, reflecting the fact that resilience can be used for strategic advantage An expert blueprint for companies seeking to anticipate, mitigate, and process tail risks, The Black Swan Problem is a must-read for students and practitioners of risk management, executives, founders, managers, and other business leaders.

This book develops a new framework - the stakeholder model - that helps to understand corporate finance and governance in modern society, where the sources of people's happiness have shifted from monetary to non-monetary factors. The book takes a more comprehensive approach than is typically found in the standard economics and finance literature, by explicitly incorporating both the monetary and non-monetary interests of stakeholders and by examining the value creation of corporations from a much broader perspective. Specifically, the book addresses contemporary issues concerning corporate finance and governance worldwide, including: How should we define corporate value in stakeholder society? What is the role of modern corporations? What are the principles underlying corporate financing decisions? To what extent should shareholder rights be enhanced? What determines the effectiveness of a company's board of directors? What missions do firms set out and what is the role of mission statements? How can we understand the diversity of financial and governance systems among different countries? What legal and institutional reforms enhance or diminish corporate value in stakeholder society? The book will answer these questions theoretically and empirically.

The Venture Capital Investment Framework Venture capital is the economic engine that drives entrepreneurship and innovation through capital investments, board membership, advice, introductions to relevant employees, and customers. Despite the outsized importance of venture capital, the inner workings remain hidden. Venture is still a mentor-led industry and it is an industry where you have to do a lot of self-education—you have to learn by doing, and you have to get up to speed quickly. Until now. Author William Lin spent over a decade in venture capital, starting in an entry-level position, helping to start a leading VC firm from scratch, and eventually becoming Managing Partner. In The VC Field Guide: Fundamentals of Venture Capital, Lin shares his unique framework, the Venture Capital Investment Framework, to help any venture capitalist, entrepreneur, or investor make better investment decisions, quicker. He delivers an incisive and practical handbook for the world of venture capital. You’ll learn about the industry, how to break into it, and discover the art of investing in startups, and more, including: How VC deals are analyzed, vetted, and made Which questions experienced and successful venture capital investors ask startup founders when making investment decisions, and why those questions matter The venture capital mindset that dominates the thinking of the most prominent venture capital investors The best ways to begin a career in venture capital and tips on advancing your career Key differences between multi-stage and boutique firms and what it means for entrepreneurs The different factors VCs use to evaluate early-stage versus late-stage companies If you want to be close to company creation and innovation as a venture capitalist, investor, or entrepreneur, this book is for you. If you want to be involved in situations that impact economic growth, innovation, and the founders, employees, vendors, and communities that support the broader entrepreneurial ecosystem, this book is for you. The VC Field Guide is not only a primer on the inner workings of the venture capital industry, but a timely framework for how investment decisions are made. Anyone who wants to better understand how venture capital investments are made, and why will find this book helpful.

Accounting literature has viewed sustainability in terms of social, economic and environmental performances. There have been concerns that the relationship between sustainability, accounting and organizational performance cannot be explained unless we can deduce patterns of administrative behaviour that chronicle management practices. Ecology, Sustainable Development and Accounting argues that, despite the broader social and economic development dimensions of sustainability and the limitations of its extension to corporate and organizational behaviour; an ecological framework is capable of providing the overall societal and community chronologies that describe corporate sustainable operations. Drawing examples from international development and federal government organizations, this book documents the link between ecology, corporate sustainable development, and sustainability accounting and reporting. It draws together the literature from several disciplines to elaborate the contribution of the ecological approach to sustainable development in the accounting literature. This book will be of particular interest to students, academics and practitioners in the areas of environmental studies, ecological economics, sustainable development studies, and social and environmental accounting. The sociological and anthropological perspectives make this book the first of its kind to apply the population ecology of sociology to both the sustainability and accounting literature.

The increasing capital flows in the emerging markets and developed countries have raised various concerns worldwide. One main concern is the impact of the sharp decline of capital flows - so-called sudden stops - on financial markets and the stability of banking systems and the economy. The sudden stops and banking crises have been identified as the two main features of most financial crises, including the recent Asian Financial Crisis and Global Financial Crisis. However, how capital flows and banking crises are connected still remains unanswered. Most current studies on capital flows are empirical work, which faces various challenges. The challenges include how data has been collected and measured in each country and how sensitive the results are to the data and the adopted methodologies. Moreover, the links between capital flows and banking systems have been neglected. This book helps provide some insight into the challenges faced by empirical studies and the lessons of the recent crises. The book develops theoretical analysis to deepen our understanding on how capital flows, banking systems and financial markets are linked with each other and provides constructive policy implications by overcoming the empirical challenges.

This book presents up-to-date evidence on the issues facing financiers and intermediaries involved in venture capital and management buy-outs. It provides a comprehensive review of existing literature and an analysis of international trends in market development as well as a global comparison of the major issues. It addresses venture capital at the industry/market and firm level and provides full coverage on both informal and formal venture capitalists, management buy-outs, and competing and complementary sources of finance including bank finance and trade credit. The contributors also discuss important but neglected issues on the nature of venture capitalist-investee relationships and the revelation of knowledge, the costs of information searches, the development of appropriate forms of managerial and financial control systems, the role of the entrepreneur and bargaining models of contract negotiation. It uses case study examples from the US, the UK, and West and Eastern Europe. This book will be of interest to practitioners, researchers and policymakers in the area of the financing and management of firms as well as academics and students interested in management buy-outs, venture capital, entrepreneurship and finance.

An in-depth and practical exploration of middle-market mergers and acquisitions from leading experts in the field In the newly revised Second Edition of Middle Market M & A: Handbook for Advisors, Investors, and Business Owners, mergers and acquisitions experts Kenneth H. Marks, Christian W. Blees, Michael R. Nall, and Thomas A. Stewart deliver a comprehensive overview of mergers, acquisitions, divestitures, and strategic transactions of privately held companies with revenues between $5 and $500 million per year. You'll discover the market trends, perspectives, and strategies commonly affecting business transitions in all phases of a deal, as well as the processes and core subject areas (e.g. valuation, structure, taxation, due diligence, etc.) required to successfully navigate and close transactions in the private capital markets. The latest edition of this handbook includes new discussions about: The middle market landscape and the evolution and impact of private equity on the private capital markets The concepts of mergers and acquisitions from an owner's point of view Ways in which transition and value growth planning can optimize the value owners and investors can realize in sell-side and buy-side transactions New technologies being used in the M&A process Perfect for advisors, investors, and business owners, the new edition of Middle Market M & A is a must-read roadmap of the strategic transaction landscape that provides solid, practical guidance for attorneys, accountants, investment bankers, corporate development, exit planners, investors, lenders and the owners, entrepreneurs, and leaders of middle market companies.

This book examines the complexity of trading and the creation of liquidity. Titled after the Baruch College Financial Markets Conference, Equity Market Round-Up: Proposals for Strengthening the Markets, this book explores how regulation has a clear impact on market structure and, therefore, how market structure impacts efficient trading and capital formation. The following questions are analyzed: What are the liquidity strategies for pricing and interacting? Is liquidity any more available today for an illiquid stock than it was on the floor of the exchange 20 years ago? How do we cope with the dynamics of a continuous market? How can market structure be improved? What are the effects of high frequency trading? The Zicklin School of Business Financial Markets Series presents the insights emerging from a sequence of conferences hosted by the Zicklin School at Baruch College for industry professionals, regulators, and scholars. The transcripts from the conferences are edited for clarity, perspective and context; material and comments from subsequent interviews with the panelists and speakers are included for a complete thematic presentation. Each book is focused on a well delineated topic, but all deliver broad insights into the quality and efficiency of the U.S. equity markets and the dynamic forces that are changing them.

Accounting for Financial Instruments is about the accounting and regulatory framework associated with the acquisition and disposal of financial instruments; how to determine their value; how to manage the risk connected with them; and ultimately compile a business valuation report. Specifically, the book covers the following topics, amongst others: Accounting for Investments; Bills of exchange; Management of Financial Risks; Financial Analysis (including the Financial Analysis Report); Valuation of a business (including the Business Valuation Report) and Money laundering. Accounting for Financial Instruments fills a gap in the current literature for a comprehensive text that brings together relevant accounting concepts and valid regulatory framework, and related procedures regarding the management of financial instruments (investments), which are applicable in the modern business world. Understanding financial risk management allows the reader to comprehend the importance of analysing a business concern. This is achieved by presenting an analytical framework to illustrate that an entity's performance is greatly influenced by its external and internal environments. The analysis of the external environment examines factors that impact an entity's operational activities, strategic choices, and influence its opportunities and risks. The analysis of the internal environment applies accounting ratio analysis to an entity's financial statements to examine various elements, including liquidity, profitability, asset utilisation, investment, working capital management and capital structure. The objective of the book is to provide a fundamental knowledge base for those who are interested in managing financial instruments (investments) or studying banking and finance or those who wish to make financial services, particularly banking and finance, their chosen career. Accounting for Financial Instruments is highly applicable to both professional accountants and auditors and students alike.

Written by leading experts in the field of business, finance, law and economics, this edited volume brings together the latest thoughts and developments on turnaround management and business rescue from an academic, judiciary and turnaround/insolvency practitioner perspective. Turnaround Management and Bankruptcy presents different viewpoints on turnarounds and business rescue in Europe. Presenting a state-of-the-art review of failure research in finance, such as on bankruptcy prediction, causes of decline, or distressed asset valuation. It also presents the latest insights from turnaround management research as well as giving a contemporary insight into law debates on insolvency legislation reform, cross-border judicial issues, bankruptcy decision-making by judges and competition policy in distressed economies. Finally, the book provides a regional and sector perspective on how the current crisis affects Europe, its government policies and industry performance. In this way, the volume presents a modern, interdisciplinary and scholarly overview of the latest insights, issues and debates in turnaround management and business rescue, developing a European perspective in an attempt to redress the predominance of an American orientation in the academic literature. It aims at a wider audience interested in turnarounds and failure, such as faculty and students in the fields of law, business, economics, accountancy, finance, strategic management, and marketing, but also at judges, insolvency practitioners, lawyers, accountants and turnaround professionals, as well as the EU and government officials, staff of trade unions and employer's associations.