"One of the ways companies are looking for competitive advantage in this frenetic [business] environment . . . is through the use of a tactical technique called shared services. . . . In this book, we bridge [the] chasm between the theory of how a shared services operation 'ought to' work and the practical issues involved in how to make it work, how to carry out a successful implementation of a shared service operation in your business.—from the Preface.

Gaining competitive advantage in today's fierce business environment requires focus throughout the company on value, as measured by quality, cost, speed, and service. In the quest for superior performance, a growing number of companies are now turning to shared services, a tactical technique by which corporations can organize financial and other transaction-oriented activities to reduce costs and provide better service to business unit partners. Written by four authorities, three PricewaterhouseCoopers consultants and the executive who has directed the shared service efforts at Lucent Technologies, this comprehensive resource—the first of its kind—examines shared services from the macro issues that compel senior management to embrace this approach through the design and implementation of a shared services environment that leads to increased customer and shareholder value.

Of all the tools available for gaining competitive advantage, why shared services? One of the principal reasons is that it creates, through consolidation of often disparate activities, more of a "one company" feel among business units. The benefits of this are twofold: one, it enables companies to show a consistent face to clients and customers, vendors and suppliers, shareholders and potential shareholders; two, it provides increased flexibility to all of the business' operations, allowing corporate leaders to maintain a global perspective while at the same time allowing business unit leaders to take strong, customer-focused actions.

Providing both a domestic and global view, Shared Services addresses the full spectrum of issues, including:

• Assessing whether shared services is right for you—issues to consider, goals to be reached.
• Getting started—building support, establishing an effective organization, instituting continuous communication.
• Setting up the infrastructure—billing shared services to business units, dealing with tax and legal entity issues.
• International challenges—complexity, time zone, legal issues, currency stability, and security.
• Program and project management—structures, planning, execution, and control.

A groundbreaking book that examines a timely and important topic, Shared Services is an accessible and thorough guide to what could be a critical component in achieving long-term business success.

This comprehensive resource is the first to introduce, explain, and explore shared services, an innovative business strategy that involves centralizing various business units, including accounting and transactional operations, to reduce costs and increase customer satisfaction. Presenting a practical and easy-to-follow blueprint for the smooth and sound implementation of shared services in your organization, Shared Services: Adding Value to the Business Units covers all the fundamentals, from how to get started to proper management techniques.

The book is motivated by the disruptions introduced by the financial crisis and the many attempts that have followed to propose new ideas and remedies. Assembling contributions by authors from a variety of backgrounds, this collection illustrates the potentials resulting from the marriage of financial economics, complexity theory and an out-of-equilibrium view of the economic world. Challenging the traditional hypotheses that lie behind financial market functioning, new evidence is provided about the hidden factors fuelling bubbles, the impact of agents' heterogeneity, the importance of endogeneity in the information transmission mechanism, the dynamics of herding, the sources of volatility, the portfolio optimization techniques, the financial innovation and the trend identification in a nonlinear time-series framework. Presenting the advances made in financial market analysis, and putting emphasis on nonlinear dynamics, this book suggests interdisciplinary methodologies for the study of well-known stylised facts and financial abnormalities. This book was originally published as a special issue of The European Journal of Finance.

The principles of value investing have resonated with savvy practitioners in the world of finance for a long time. In Creating Strategic Value, Joseph Calandro Jr. explores how the core ideas and methods of value investing can be profitably applied to corporate strategy and management. Calandro builds from an analysis of traditional value investing concepts to their strategic applications. He surveys value investing's past, present, and future, drawing on influential texts, from Graham and Dodd's time-tested works to more recent studies, to reveal potent managerial lessons. He explains the theoretical aspects of value investing-consistent approaches to corporate strategy and management and details how they can be successfully employed through practical case studies that demonstrate value realization in action. Calandro analyzes the applicability of key ideas such as the margin-of-safety principle to corporate strategy in a wide range of areas beyond stocks and bonds. He highlights the importance of an "information advantage"-knowing something that a firm's competitors either do not know or choose to ignore-and explains how corporate managers can apply this key value investing differentiator. Offering expert insight into the use of time-tested value investing principles in new fields, Creating Strategic Value is an important book for corporate strategy and management practitioners at all levels as well as for students and researchers.

As European empires crumbled in the 20th century, the power structures that had dominated the world for centuries were up for renegotiation. Yet instead of a rebirth for democracy, what emerged was a silent coup – namely, the unstoppable rise of global corporate power.

Exposing the origins of this epic power grab as well as its present-day consequences, Silent Coup is the result of two investigative journalists' reports from 30 countries around the world. It provides an explosive guide to the rise of a corporate empire that now dictates how resources are allocated, how territories are governed, and how justice is defined.

Series Information:
Financial Sector of the American Economy

This definitive description and analysis of the Japanese main bank system describes a form of relationship banking of significant theoretical and policy interest. As well as being important in its own right, the system also has relevance for developing market economies and transforming socialist economies; the extent of this relevance is another aspect of this thorough empirical and theoretical analysis based on both Japanese and non-Japanese expertise. The basic characteristics of the main bank system are examined here - its roots, development, and role in the heyday of Japan's post-war rapid growth - and its performance, strengths, and weaknesses are observed. The volume goes on to examine how the system has changed and what its appropriate role is as deregulation, liberalization, and internationalization of Japan's financial markets have proceeded over the past two decades and a new issue securities market has blossomed. One conclusion that emerges is that banking-based systems are in most cases the most appropriate for industrial financing until a rather late stage of a country's economic and financial development. The volume aims to identify the conditions under which banks are better able than securities market institutions to evaluate the creditworthiness of borrowers and the viability of new projects, to monitor the ongoing performance of firms, and to rescue or liquidate firms in distress. This is the result of a major Economic Development Institute of the World Bank research project, in cooperation with the Center for Economic Policy at Stanford University and the Center on Japanese Economy and Business at Columbia University, that brought together some of the best scholars inthe field, and will be of interest to Japan specialists and those with a general interest in systems of finance.

The 2008 financial crisis has become one of the defining features of the twenty first century's first decade. The series of events which unfolded in the aftermath of the crisis has exposed major structural flaws in many of the financial systems around the globe, triggering a global call for legal and regulatory reforms to address the problems that have been uncovered. This book deals with a neglected angle of the 2008 financial crisis looking in-depth at the implicit effects of the 2008 crisis on the UK financial market. The book considers new trends in finance which have emerged since the crisis as well as the challenges faced by some older practices in the UK financial markets. After providing a reflective account of the history of law and creditors in the UK the book investigates the proliferation of certain forms of financing that have recently become very visible parts of the UK financial market's structure, such as high cost short term lending and peer to peer lending. It provides legal and economic accounts of these forms of alternative lending, charting their developments, current status and critically assesses their impact on the UK financial market. Also examined are the ongoing funding difficulties faced by Small and Medium Enterprises (SMEs) and the suitability of the UK current legal framework to support these institutions. The book goes on to look at the viability and safety of some other post crisis trends such as banks use of Contingent Convertible Bonds (CoCos) to improve their resilience.

The concept of opportunity cost, an integral part of classical economic theory, is more than two hundred years old. Yet it is still not fully understood today. This work focuses on opportunity cost as it affects decision making, managing, and business problem solving--where the acceptance of one alternative precludes the acceptance of others. H.G. Heymann and Robert Bloom clarify the issues associated with the opportunity cost principle, the measurement of opportunity costs, and its practical applications in the areas of finance and accounting. By providing numerous examples to demonstrate these specific issues, they make an important, complex economic concept simple to understand.

Heymann and Bloom begin their work with simple examples that relate to the opportunity cost principle and introduce the framework in which it has been defined. Following a discussion of basic concepts, applications in economic theory, finance, and accounting are reviewed and analyzed, and increasingly complex, multidimensional, and interdependent problem statements are considered in relation to practical management procedures. The book's interdisciplinary approach addresses a number of issues related to opportunity cost, including the environment in which theories, models, and concepts are developed; the multiple dimensions of problem situations faced by practicing managers; various interpretations of opportunity cost in economic theory; and the relevance of opportunity cost in computer-aided Decision Support Systems. Written in a way that even people with a minimum background in economics can understand, "Opportunity Cost in Finance and Accounting" will enhance the reader's appreciation of the many complex issues that relate to organizational management, financial decision making, valuation, and opportunity costs. It will be a valuable supplementary text for courses in business and public administration, as well as for developmental seminars for professionals in finance, investment, and accounting. It will also be a significant addition to public, academic, and business libraries.

Does the Anglo-American approach to the relationship between banks and firms have a significant weakness compared to the German and Japanese approach? This book addresses issues on corporate finance using historical evidence. In particular it looks at the role of universal banks in relaxing the credit constraints of firms, supervising managers and stabilizing share prices. The key issue is whether the Anglo-American asset based financing is more effective than the main-bank approach used in Germany and Japan. Earlier studies have found that firms with a close relationship with a major bank have high market value compared to book value, although it is difficult to determine whether this is cause or effect. The case of the "Credit Mobilier" - the first universal bank - is interesting because the bank failed. If it was the links with the bank that caused high and stable share prices or relaxed customer constraints, the bank's bankruptcy should have precipitated the loss of these benefits. In fact the bankruptcy had almost no effect on the share prices or the investment behaviour of the relevant firms, casting doubts on the benefits of powerful banks.

EVERYTHING YOU NEED FOR ACCURATE INTERNATIONAL COST OF CAPITAL ESTIMATIONS IN A SINGLE VOLUME The 2017 Valuation Handbook International Guide to Cost of Capital is part of the U.S. and international series of valuation resources authored by Duff & Phelps and published by John Wiley & Sons. This annually updated reference provides business valuation and finance professionals with the critical data they need to assess risk and develop cost of capital estimates on a global scale. Gauging the risks of an international investment is one of the trickiest aspects of finance. This comprehensive guidebook provides you with usable international data and methodology, and the ability to: Turn to a definitive resource of world-class data and guidance to gain a distinct competitive advantage in real-world situations. Access costly and difficult-to-obtain international data, assembled into easy-to-use cost of capital inputs at an accessible price point. Quickly grasp how concepts and methodologies translate into actual practice when they are brought to life in exemplifying cases. Accurate. Reliable. Trusted. The 2017 Valuation Handbook International Guide to Cost of Capital gives you the upper hand the moment you open it. Other volumes in the annual series include: 2017 Valuation Handbook International Industry Cost of Capital 2017 Valuation Handbook U.S. Guide to Cost of Capital 2017 Valuation Handbook U.S. Industry Cost of Capital

The Geography of Finance tackles crucial issues regarding the emerging global market for corporate governance. The authors describe and explain the transformation of European corporate governance in the light of the imperatives driving global financial markets, using an innovative analytical framework.
The authors chart the response of corporate managers to the interest of global portfolio managers in transparent and accountable modes of corporate governance. In doing so, the authors provide an innovative perspective on a rapidly changing environment; and a challenge to those who ignore the gathering momentum of global financial markets.

This book is one of the first critical analyses of the automobile industry in India. It studies the sector in general and the passenger car industry in particular, and provides valuable insights into the operation of Foreign Direct Investment (FDI) companies in a technology-intensive industry under changing economic regimes. The volume underlines the influence of the changing nature of foreign investment, the impact of economic reforms, technology regimes and industrial policy on growth, structural changes and development. It offers a detailed account of the trade performance of manufacturers in India's passenger car industry. It also looks at successful cases to draw policy lessons towards encouraging quality FDI and developing India as a base for world production. A useful addition to industry studies in India, this book with its wide coverage and contemporary analyses will interest scholars and researchers of economics, Indian economy and industrial policy, industrial economics, automobile industry and manufacturing sector, development economics and international economics. It will also appeal to policymakers, practitioners and industrial associations.

Published in 1999, this text aims to target International Finance and give the basic currency markets: the eurocurrency, the spot, the forward, the futures, and the options markets. It focuses on global financial management, foreign exchange markets, exchange rate determination, financing globalization, managing echange rate exposure, arbitrage and swaps, financing international trade, and the international monetary systems. It includes case studies at the end of each chapter.

Finance your company's growth without losing your stake in it Too often, thanks to multiple rounds of equity investment, company founders wind up with only a small fraction of the businesses they start. But this situation isn't inevitable. The intelligent use of a variety of financing options—including debt financing—can help to maintain, or even grow, a founder's stake. In All Money Is Not Created Equal: The Entrepreneur's Guide to Finding the Right Funding for Your Business, renowned Silicon Valley veteran David Spreng delivers an expert guide for entrepreneurs and founders seeking to maintain as much ownership stake as possible in the companies they create as they move through the various stages of the financing process. The book draws on the author's decades of experience as a venture capitalist, venture debt lender, and CEO of a publicly traded company in Silicon Valley, as well as interviews with entrepreneurs, board members, investors, and bankers. Readers will also find: A well-rounded and insightful perspective on the financing process informed by industry veterans An informal and accessible exploration of a complex topic that remains critical to the success of entrepreneurs and founders Discussions of alternatives to equity financing, including debt financing, in the growth phase of startups An essential handbook for startup founders, entrepreneurs, and managers, All Money Is Not Created Equal also deserves a place in the hands of company board members, venture capitalists, investors, and investment bankers interested in the company financing process.

In a context of growing social and environmental concerns, the role of large enterprises and corporations in encouraging sustainability has drawn increasing attention in recent years. Both academic debates and public-opinion research have called into question the extended responsibilities of firms in our increasingly inter-connected world. By studying issues associated with the greatest challenges mankind is currently facing - from climate change to social exclusion - the scientific community is aware of the need to account for the actions and agendas of companies, especially large ones. They are becoming important global political actors with great power, but also unprecedented responsibilities. With this in mind, the authors believe that it is more important than ever that large enterprises, on the one hand, take into account the opinion of their stakeholder while defining their strategies and, on the other hand, disclose material and relevant information on their ability to contribute to sustainability while delivering value for all of their stakeholders. A consensus is being reached on the responsibility of large enterprises to report in a triple bottom perspective - not only on their financial performances, but also on their social and environmental outcomes. Consequently, it is important to understand what elements organizations need to report on in order to provide stakeholders with relevant and comprehensive sustainability reports. Against this background, this book presents a significant and original contribution, both empirically and theoretically, to the social and environmental accounting literature by studying the various features of stakeholder engagement in sustainability reporting.

"Who should be allowed to call the shots in the boardrooms of U. S. Corporations? And what difference does it make for their growth and profitability? In the last decade, these issues have moved to the center of policy debates about the time horizons and competitiveness of U.S. companies. This book is an indispensable guide through the historical, legal, and institutional background for these corporate governance debates. It explains three broad views on the relationship among the governance, performance, and competitiveness of corporations, and examines the intellectual history, politics, and empirical evidence behind each argument. It also considers the effect that two trends will have on corporate governance: the growth and power of public employees' pension funds and the increase in the economic activity that comes from specialized services and customized production. Blair asserts that companies need to experiment with different governance arrangements, such as choosing directors to represent particular constituencies, or making more radical arrangements like leveraged buyouts or worker-owned companies. Public policy should encourage, or at least not impede, such experimentation. "

This monograph is concerned with individual, though related, aspects and economic implications of historic cost (HC) accounting indices. The conceptual basis of the model that is advocated as a yardstick for assessing such implications, including potential corporate financial policy consequences, namely, a multiperiod cash flow-market value (CF-MV) model, is elaborated and evaluated at some length.

The Metaverse Economy equips fintech professionals with an in-depth understanding of the emergent economic models in the Metaverse and across Web3. In this book, fintech and metaverse experts Arun Krishnakumar and Theodora Lau help technology and financial services professionals prepare for the convergence of several technology paradigms: Web3, non-fungible tokens (NFTs), game and finance (GameFi) and the Metaverse. The Metaverse Economy provides an overview of the types of economic models that companies can use to scale business in Web3. Offering balanced insight into the complex world of the Metaverse, the book demystifies the technology and economic paradigms that have triggered the rise of the Metaverse. The book also focuses on the convergence of these economic models into a unified system that competes directly with traditional frameworks. The authors break down the new qualitative and quantitative attributes professionals must consider to capture the opportunities of the market. The Metaverse Economy tackles popular questions many financial services professionals have about market shares, value permanence, the ownership economy and play-to-earn models. Packed with case studies from some of the biggest brands in blockchain, DeFi, NFTs and gaming, the book helps finance professionals understand the risks associated with the Metaverse and prepare for what lies ahead.

First published in 1992, The New York Stock Exchange is an informative library resource. The book begins with a history of the stock exchange, and offers a series of annotated bibliographies devoted to dictionaries and general guides, directories, bibliographies, general histories, and statistical sources. The book provides important coverage of the stock market crashes of 1929 and 1987 and the appendices offer a useful collection of data, including a directory of serial publications, listings of abstracts and indexes, online databases, and CD-ROM products. This book will be of interest to libraries and to researchers working in the field of economics and business.

First published in 1989, The Economics of the Swap Market looks at how the swap has become a commonplace tool for corporations throughout the OECD world to 'lock-in' interest rates on their borrowing. The aim of The Economics of the Swap Market, is to contribute to a redressing of the balance. Subjects covered include both those conventionally falling within the scope of micro-economics and of macroeconomics, beginning with an examination of the forces behind the take-off the swap market and a formal setting out of key arbitrage relationships which hold in equilibrium between the swap markets on international capital flow.

First published in 1982, Bond Duration and Immunization is a collection of seminal papers featuring articles from high profile academics such as Frederick McCaulay, John Hicks, and F.M. Redington. This collection also features several articles published in British actuarial journals often unavailable outside of the UK, and a strong collection of articles which contextually offer a significant contribution to the field. This strong collection will appeal to anyone working or researching in the area of bond duration and immunization.

Originally published in 1994, Stock Exchange Automation addresses the pivotal role played by capital markets in the market economics. Capital markets are an essential component of the free market system. The book argues that the capital markets function as an allocator of investable funds among competing uses. The movement toward automated markets requires that we understand how automation changes market behaviour. The book also examines the concept of market microstructure theory, and the implication that some forms of automation should affect prices. Theories of price formation in the specialist based trading system hypothesise that the trading mechanism induces short term price volatility.

Originally published in 1992, Capital Mobilization and Regional Financial Markets, argues that barriers to financial flows within regions may be as important in affecting capital flows as interregional barriers. The book conjectures that regional markets allow efficient mobilization of local funds and develops an analytical framework to motivate an investigation of region financial development in the Pacific Coast states between 1850 and 1920.

Originally published in 1996 as a special issue journal, Artificial Intelligence Applications on Wall Street, presents a series of articles derived from papers at the Third International Conference on Artificial Intelligence Applications on Wall Street. The volume addresses how Artificial Intelligence can be used to address the variety of issues in that arise in the world of investments, such as synthetic instruments, forecasting and surveillance. It examines the potential problems surrounding economic assumption of rationality in a global market, and how artificial intelligence can push the bounds of rationality.

First published in 1992, The Efficiency of New Issue Markets provides a theoretical discussion of the adverse selection model of the new issue market. It addresses the hypothesis that the method of distribution of new issues has an important bearing on the efficiency of these markets. In doing this, the book tests the efficiency of the Offer for Sale new issue market, which demonstrates the validity of the adverse selection model and contradicts the monopsony power hypothesis. This examines the relative efficiency of the new issue markets and in turn demonstrates the importance of distribution in determining relative efficiency. The book provides a comprehensive overview of under-pricing and through this assesses the efficiency of new issue markets.