Boards of directors are a central feature of any corporate governance regime. The role of directors and how they affect firm value and policies is examined in depth in academic literature. However, it is easy to get both lost and overwhelmed when searching through the literature review that investigates several characteristics, often one at the time. This book provides a careful and concise look at corporate finance literature, specifically with regard to the board of directors, summarizing the main findings and reconciling them. This book documents the pros and cons associated with the various attributes of the board and the directors as found in the current literature and provides sections geared specifically to practitioners in this space, as well, allowing for a better and more comprehensive description of this important corporate governance mechanism. The resulting book aims to facilitate the interpretation of changes in corporate governance through the lens of the recent academic literature.

This open access book addresses four standard business school subjects: microeconomics, macroeconomics, finance and information systems as they relate to trading, liquidity, and market structure. It provides a detailed examination of the impact of trading costs and other impediments of trading that the authors call "frictions". It also presents an interactive simulation model of equity market trading, TraderEx, that enables students to implement trading decisions in different market scenarios and structures. Addressing these topics shines a bright light on how a real-world financial market operates, and the simulation provides students with an experiential learning opportunity that is informative and fun. Each of the chapters is designed so that it can be used as a stand-alone module in an existing economics, finance, or information science course. Instructor resources such as discussion questions, Powerpoint slides and TraderEx exercises are available online.

This monograph is devoted to a modern theory of capital cost and capital structure created by this book's authors, called the Brusov-Filatova-Orekhova (BFO) theory, and its application to the real economy. BFO theory promises to replace the traditional theory of capital cost and capital structure by Nobel laureates Modigliani and Miller. This new theory in particular, presents a possible explanation to the causes of the recent global financial crisis. The authors of the book describe the general theory of capital cost and capital structure that can be applied to corporations of arbitrary age (or with arbitrary lifetime) and investment projects with arbitrary duration. The authors illustrate their theory with examples from corporate practice and develop investment models that can be applied by companies in their financial operations. This updated second edition includes new chapters devoted to the application of the BFO theory in ratings, banking and other areas. The authors also provide a new approach to rating methodology highlighting the need for including financial flow discounting, the incorporation of rating parameters (in particular, financial ratios) into the modern theory of capital structure - BFO theory. This book aims to change our understanding of corporate finance, investments, taxation and rating procedures. The authors emphasize that the most used principles of financial management should be changed in accordance to BFO theory.

This book integrates the models employed in the fundamental analysis of a company with the models used by investors in the capital markets to diversify risks and maximize expected returns. The underlying thesis is that the company creates value only if the return on capital invested exceeds the cost of capital, while the objective is to demonstrate how integration of the fields of corporate finance and asset pricing enables comprehensive and accurate company valuation. Companies can thrive only if they are able to create value for shareholders over time. A company's value creation and the correct approach to its measurement require two main skills: first, the ability to analyze and evaluate the company's fundamentals with respect to its business model and its performance over time; and second, knowledge of investors' models with regard to risk diversification and return maximization from which the cost of capital for the firm is derived. Based on this perspective, the book combines rigorous quantitative analysis with effective use of graphics to aid intuitive understanding.

Airline Management Finance: The Essentials is of significant benefit to airline industry practitioners seeking a focused, neatly contained and accessible resource that provides explicit financial information pertinent to their current or future role. The book explains and demystifies an airline's financing and the financial reporting of its operations to airline staff and others. It seeks to explain the role of finance and the Finance Department in a non-technical way, so staff can appreciate the value of the department and its information resources, and see finance as an active contributor to the airline's operation. It concentrates on practical matters, explaining frequently used financial and accounting terms, how financial strategy works, the uses of various types of financial reporting, as well as what financial risk is and how it can be managed through the co-operation of finance and operating staff. Staff who understand the airline's finances and financial system are more likely to make decisions which align with the airline's strategy and objectives. They will also know how to use the financial information which is available. The book establishes a good foundation of financial knowledge for all staff. This book is recommended reading for new employees in airline finance and related areas, as well as those starting to move up the supervisory ladder in an airline.

Proven strategy for reducing production and operating costs while increasing profits As the growth of the Internet shifts power to consumers, the pressure on companies to keep prices low will continue to mount. Increasingly corporations are relying on "margin management" and supply chain management as a means of keeping prices low while raising profits. Activity-based costing and management (ABC/M) data is key to succeeding in both these critical management strategies. This book explains how executives can effectively use the information furnished by cutting-edge ABC/M systems. The author, an acknowledged expert in the field, clearly defines the ABC/M system and explains how to use the information it provides for best results. He provides a rational framework for understanding the fifteen key defining characteristics of ABC/M and arms readers with an ABC/M Readiness Assessment test along with extremely user-friendly exhibits.

In an organized and organic way, this book covers all the possible theoretical and empirical facets of delisting, adding to the well-developed literature on IPOs. IPO and delisting are strictly related; the reasons for delisting may be found in the loss of the incentives that drove the firm to the public market in the past. However, the book presents unique motivations not directly related to the IPO decision. This book covers what the existing literature has not in focusing on specific aspects such as market liquidity and microstructure, listing costs, market for corporate control, corporate governance issues and so on. Of interest to academics and students, this contribution puts all pieces in order and finds a thread that can link each theory to the others.

This book employs a narrative analytical approach to explore all aspects of the debate surrounding auditor reporting on going concern uncertainty worldwide. In-depth analysis of significant academic studies and of regulatory perspectives is combined with an illuminating empirical study in the Italian context. The book opens by discussing the assessment of going concern for accounting and auditing purposes. It is examined how going concern is considered in the FASB and IASB accounting standards and how auditors in the PCAOB and IAASB environments should verify its presence in financial statements and report on it in the audit report. Accounting and auditing in relation to going concern in other jurisdictions are also addressed. Research into the determinants, accuracy, and consequences of going concern opinions (GCO) is then thoroughly reviewed, with separate examination of studies and trends in the United States, Europe, and the rest of the world. In the third part of the book, interesting evidence from the Italian Stock Market, including investor reactions to GCOs during the period 2008-2014, is presented and evaluated. The book will be of interest to academics, regulators, and practitioners alike.

This book includes selected papers submitted to the ICADABAI-2017 conference, offering an overview of the new methodologies and presenting innovative applications that are of interest to both academicians and practitioners working in the area of analytics. It discusses predictive analytics applications, machine learning applications, human resource analytics, operations analytics, analytics in finance, methodology and econometric applications. The papers in the predictive analytics applications section discuss web analytics, email marketing, customer churn prediction, retail analytics and sports analytics. The section on machine learning applications then examines healthcare analytics, insurance analytics and machine analytics using different innovative machine learning techniques. Human resource analytics addresses important issues relating to talent acquisition and employability using analytics, while a paper in the section on operations analytics describe an innovative application in oil and gas industry. The papers in the analytics in finance part discuss the use of analytical tools in banking and commodity markets, and lastly the econometric applications part presents interesting banking and insurance applications.

This guide for aspiring entrepreneurs provides expert advice on every aspect of launching a new business. It is designed to be of particular value for academics wishing to exploit the commercial value of a new technology or business solution. Inspiring and readable, it shows how to evaluate the strength of a business idea, how to protect inventions, reviews legal steps and responsibilities, shows how to position products in the market, how to create a business plan and raise initial capital. Case studies, exercises and tips demystify the process of starting a business, build confidence and greatly increase the chances of success.

This textbook is designed as a core text for finance courses that cover market investments, portfolio formation, and the management of investment portfolios. As such, the text seeks to convey insight and actual wisdom as to the nature of these activities. When combined with a commitment to thinking independently, the text offers the student a rigorous preparation for entry to the funds management industry. The text is presented in three parts. In Part A, the text introduces the fundamental techniques of investment analysis: a "bottom-up" and "top-down" analysis of the firm aimed at an evaluation of the underlying share as a "buy", "hold", or a "sell" recommendation. Part B offers the reader an intuitive grasp of the nature of investment growth, both across time and across assets. Part C introduces the reader to the technicalities of portfolio construction and portfolio management. The text concludes with an assessment of the funds management industry. The text builds in step-by-step stages with Illustrative Examples that consolidate the student's progress and understanding through each chapter. Each of parts A, B, and C (above) has sufficient material to justify a separate course. If the student has exposure to a more foundational course in finance, Parts A and B can be covered as a single course. If from other courses, the student is familiar with the essence of Parts A and B and with statistical concepts, the text can be covered as a single course. The text can therefore be presented readily at either an undergraduate or postgraduate level at a pace appropriate to the student's prior exposure to the concepts.

This book introduces to basic and advanced methods for credit risk management. It covers classical debt instruments and modern financial markets products. The author describes not only standard rating and scoring methods like Classification Trees or Logistic Regression, but also less known models that are subject of ongoing research, like e.g. Support Vector Machines, Neural Networks, or Fuzzy Inference Systems. The book also illustrates financial and commodity markets and analyzes the principles of advanced credit risk modeling techniques and credit derivatives pricing methods. Particular attention is given to the challenges of counterparty risk management, Credit Valuation Adjustment (CVA) and the related regulatory Basel III requirements. As a conclusion, the book provides the reader with all the essential aspects of classical and modern credit risk management and modeling.

Currency fluctuations cause more financial losses to business than any other single factor. Exchange rates between one currency and another can change dramatically in a short period of time, leaving the unprepared business exposed to potentially crippling losses.
Every business that traders internationally or relies on imported goods is exposed to the effects of currency fluctuations. The efficient management of this risk is essential for the survival of a company and any business that is exposed to such a risk should ensure that it is fully prepared to manage it.
Aimed at senior managers within businesses, this book is a practical primer on how to reduce risk from volatility in the foreign markets.

In Global Risk Agility and Decision Making, Daniel Wagner and Dante Disparte, two leading authorities in global risk management, make a compelling case for the need to bring traditional approaches to risk management and decision making into the twenty-first century. Based on their own deep and multi-faceted experience in risk management across numerous firms in dozens of countries, the authors call for a greater sense of urgency from corporate boards, decision makers, line managers, policymakers, and risk practitioners to address and resolve the plethora of challenges facing today's private and public sector organizations. Set against the era of manmade risk, where transnational terrorism, cyber risk, and climate change are making traditional risk models increasingly obsolete, they argue that remaining passively on the side-lines of the global economy is dangerous, and that understanding and actively engaging the world is central to achieving risk agility. Their definition of risk agility taps into the survival and risk-taking instincts of the entrepreneur while establishing an organizational imperative focused on collective survival. The agile risk manager is part sociologist, anthropologist, psychologist, and quant. Risk agility implies not treating risk as a cost of doing business, but as a catalyst for growth. Wagner and Disparte bring the concept of risk agility to life through a series of case studies that cut across industries, countries and the public and private sectors. The rich, real-world examples underscore how once mighty organizations can be brought to their knees-and even their demise by simple miscalculations or a failure to just do the right thing. The reader is offered deep insights into specific risk domains that are shaping our world, including terrorism, cyber risk, climate change, and economic resource nationalism, as well as a frame of reference from which to think about risk management and decision making in our increasingly complicated world. This easily digestible book will shed new light on the often complex discipline of risk management. Readers will learn how risk management is being transformed from a business prevention function to a values-based framework for thriving in increasingly perilous times. From tackling governance structures and the tone at the top to advocating for greater transparency and adherence to value systems, this book will establish a new generation of risk leader, with clarion voices calling for greater risk agility. The rise of agile decision makers coincides with greater resilience and responsiveness in the era of manmade risk.

This volume covers the proceedings of the ZAFIN Finance and Sustainability conference, organized by the Wroclaw University of Economics in cooperation with the Corvinus University of Budapest and the University of Economics in Prague. The authors analyze a variety of issues related to recent finance problems, including corporate finance, public finance, monetary and fiscal policy issues, and risk management. The book also discusses topics related to sustainable finance, the transition to green economies, corporate sustainability and sustainable development. The target audience for this book includes researchers at universities and research and policy institutions, graduate students, and practitioners in economics, finance and international economics working for private or government institutions.

This book explores methods and techniques to predict and eventually prevent financial distress in corporations. It analyzes the effects of the global financial crisis on Italian manufacturing companies and, more specifically, whether the crisis has increased the number of firms that are likely to fail. In the first chapter, the authors widely discuss the Corporate Financial Distress as well as the process and costs incurred. The second chapter is based on a review of the most used statistical models, splitting them into accounting-based and market-based models. The following chapter is dedicated to the methodology and the empirical analysis on Italian manufacturing companies from different industries. The last chapter presents practical evidence from Italian manufacturing companies during the recent financial crisis.

This book is a guide to how financial steering is designed, measured and implemented with a special focus on the energy industry. The authors offer an overview of and practical insights into the links between financial steering and accounting, and the temporary cycles of investment, divestment, return and loss, market highs and lows that form the framework of the entire energy industry across all value chain stages. The faster and the larger the cash cycles of investments and their returns, the greater not only the value created, but also the potential loss if the financial steering is not properly designed and managed. Value and value generation require an understanding of how value is both defined and measured in both and how the business/project economics model of a company works - financial steering provides this. Further, the book also discusses accounting topics such as impairments, new IFRS standards and the impact of accounting on key performance indicators of financial steering, which are associated with these investment decision valuations. The combination of accounting with the cash flow perspective provides a complete understanding of selected practical topics of financial steering which are explained in detail in a large number of examples and case studies. The book is intended for a wide range of finance/controlling/treasury/accounting professionals and students. It is written in practical and simple terms to outline the financial steering concept and to bring it to life in daily work and in the decision making process for financial steering. All illustrated concepts are in the same manner relevant and applicable to all other asset-intense industry sectors and their financial steering processes.

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.

Scandals in financial institutions, weakness in the world economy, and volatility in financial markets bring to the fore issues of regulation and consumer protection. This comparative survey of how investors are currently protected in a range of European countries and the USA is set in an accessible theoretical framework. It will be invaluable for academics and students involved in the analysis of financial markets and regulation as well as practitioners in financial institutions and regulatory authorities.

This volume analyzes the barriers to, as well as new drivers for, entrepreneurial development in post-communist countries. The contributors present various country studies, mainly in the Balkans region, and investigate entrepreneurial behavior and best practices, financial instruments, factors for the success of small and medium-sized companies, and related policy implications. The book will appeal to scholars, policymakers and professionals interested in entrepreneurial obstacles and challenges in the countries of the Balkans region.

This book, divided into three main parts, will offer a complete overview of the concept of corporate financial distress, emphasizing the different typologies of corporate paths included in this broad concept. It will reorganize and update academic literature about the evaluation of corporate financial distress from the first studies about failure prediction to the most recent contributions. It will also provide evidence about the evolution of going concern standards in both international and U.S. contexts. Moreover, an in-depth analysis of this broad concept will permit the identification of a set of research questions to be investigated from both theoretical and empirical points of view, and will be of interest to academic researchers and doctoral students of accounting, auditing and finance, professionals, and standard setters.

The debates around financial services regulation are fierce and unending, and with every new development or law, rigid positions seem to grow. In this insightful new book, expert author John A. Consiglio discusses developments in this vital part of the wide world of finance. Including discussions on the public interest elements of regulation, on informational asymmetry, and on the economist/regulator duopoly, Consiglio analyses various key contentious element of regulatory practices from both the regulators' and regulatees' perspectives. Focusing on the chasm between the perceived hierarchical aloofness of regulators, and the real needs of individual users of financial services, Consiglio explores the complicated and often worrying landscape of financial services regulation. Looking across historical detail to the present, and future, of regulation, the chapters also include a keen discussion of economics and regulatory pedagogy in the modern age. For researchers and students of finance, and for all professionals involved in the financial services sector, this is an unmissable book that interrogates the current landscape defining our global economy.

The most complete guide to business valuation written by industry-leading valuation specialists! Handbook of Business Valuation Second Edition In this thoroughly revised and updated edition of the number-one guide to business valuation, nearly 50 experts provide expert advice and guidance on all facets of the subject. This is a single-source guide to valuation approaches and methods, in addition to all of the procedures necessary to accurately value a business. The Second Edition of the Handbook of Business Valuation enables you to find precisely the information you need; just go directly to the chapter concerning the topic you are interested in. There is no need to read the entire volume—it’s quick and easy. This is the only valuation book you need. It provides chapters on valuing specific businesses, such as: software companies, radio and cable stations, medical practices, home-based businesses, and many more, plus a special chapter on researching business valuation information on the Internet.

• An entire chapter on commonly used rules of thumb
• Business valuation from the perspective of the buyer, seller, lawyer, lender, and others
• All updated information, plus much that’s new
• Important sections on family limited partnerships, intellectual property issues, minority interests, and much more

This volume includes a selection of the contributions presented at the Wroclaw conference in Finance, covering a wide range of topics in the area of finance. The articles reflect the extent, diversity and richness of research areas in the field. Discussing both fundamental and applied finance, it offers a detailed analysis of current financial-market problems including specifics of Polish and Central European markets. It also examines the results of advanced financial modeling. These proceedings are a valuable resource for researchers in universities and research and policy institutions, graduate students and practitioners in economics, finance and international economics in both private and government institutions.

PREPARE FOR THE PARTNERSHIPS OF THE FUTURE

This invaluable guide through the complex but highly worthwhile partnering between public and private entities in developing and constructing a wide range of building projects offers objective, comprehensive information integral to both the public and private partners. Included here is a powerful and creative five—part approach to transforming a financially unfeasible project into a project attractive to the private capital markets that covers:

• The tangible and intangible ingredients required for a successful public/private partnership
• How to customize a partnership to meet each partner’s needs, acceptable level of risk, responsibility, and economic returns
• Step—by—step guidelines on completing the developer Request for Qualification (RFQ) and the Request for Proposals (RFP) process

Including detailed descriptions of several case studies pertinent to both sides, this unique manual will be indispensable to government and university real estate officials, developers, architects, contractors, investment bankers, consultants, attorneys, engineers, and the array of other professionals involved in the public/private finance, design, development, construction, and facility management of government, university, school district, and commercial buildings.