In this book, Pascal Costantini gives a lively and wonderfully readable account of ten years of efforts by a small group of investment analysts to find a reliable, practical and implementable method for valuing and selecting shares. The result of their effort is an original investment methodology called CROCI (Cash Return on Capital Invested), best described as a variation of the economic profit model. For over a decade now, Costantinis group at Deutsche Bank has been using this valuation tool every time it has had to take a view on the pricing of an equity asset, be it a market, a sector or an individual sharein other words, every single working day, since it is this groups job to advise institutional investors on equity valuation. Costantini describes in detail, accompanied by concrete examples in the form of charts and graphs, the precise investment results of the actual implementation of the CROCI approach in the global equity markets since 1996. Readers will enjoy taking this journey with Costantini to see how and why the model was developed, assess the results of ten years of actual implementation and measure the successes of using this model in stock picking and portfolio construction. This book will also make it easy for them to see how the CROCI approach can be used successfully by others now and in the future.
The book is divided into four parts. The first part is a review and discussion of the fundamentals of investment analysis. The second part is dedicated to the construction of economic data, with the sole objective of calculating an economically meaningful asset multiple and relative return, the combination of which gives an economic PE ratio, the authors main stock selection tool. While the economic profit model is not exactly new, it is still largely ignored by the investment community. In essence, it does three things: it calculates the real amount of cash, or value created by a business; it compares the market value of an asset to an approximation of its replacement value; and it assumes that the former will converge to the latter through the arbitrage of investors and capital providers. The third part is dedicated to the analysis of economic data, and the last part deals with the actual implementation of the CROCI economic profit model, including real life examples. This final part also discusses how to use the output of the CROCI model with individual stocks, and then with investment portfolios.
*Techniques are based on the authors performance record at Deutsche Bank since 1996
*Based on almost ten years of proprietary knowledge and implementation of these techniques
*Factual illustrations of the results of the valuation techniques are provided at each step
*Techniques are based on the author's performance record at Deutsche Bank since 1996
*Based on almost ten years of proprietary knowledge and implementation of these techniques
*Factual illustrations of the results of the valuation techniques are provided at each step

If you are searching for a new way to invest that can challenge your investing skills and potentially make you a bundle, look no further than investing in real estate tax liens and deeds. If youve considered this path before and found it too complicated, not to worry. This guide is here to help. With all the information from the first edition, plus updated laws, websites, and a new chapter guiding you through the exact steps you will need to start your tax lien investment portfolio, this book will have you making money in no time. Investing in tax liens and deeds can be very rewarding. Tax liens can be tax deferred or even tax-free. You can purchase them in your self-directed IRA. Interest rates vary but average between 4% and 18%. The interest rates are fixed by local governments, essentially a government-guaranteed loan. Additionally, the investment is secured by real property (real estate). This sounds great, but what is the catch? There really is none, except you must know what you are doing! This ground breaking and exhaustively researched book will provide everything you need to know to get you started on generating high-investment returns with low risk, from start to finish. You will learn what property tax liens and tax lien certificates are; how to invest in tax lien certificates; how to buy tax lien certificates; insider secrets to help you double or even triple your investment; how to start with under $1,000; the risks, traps, and pitfalls to avoid; and a detailed directory of states that sell tax lien certificates with contact information. If you are interested in learning hundreds of hints, tricks, and secrets on how to purchase tax liens and deeds and earn enormous profits, then this book is for you.

Successful management buyouts (MBOs) are the pinnacle of business success today and a great way to earn an ever-increasing stake in the American dream.

Buyout provides managers and executives with the necessary tools and strategies for leading a company or division buyout. It explores the details of the entire buyout process and empowers managers to seize their destiny and take charge. Managers learn how to:

* Find a company to purchase

* Develop a business plan

* Negotiate with the seller

* Win the ""ground war"" of due diligence

* Find equity partners and negotiate the management deal with investors

* Run the company after the MBO.

"Buyout" offers real-life stories of people who actually pulled off out-of-this-world deals and became rich beyond their wildest expectations.

Theories of Financial Disturbance examines how the operations of market-driven finance may initiate and transmit disturbances to the economy at large, by looking in detail at how various economists envisaged such disturbances occurring. This book is more than just a study in the history of economic thought - it illustrates how economic debate focuses upon financial disturbance at times of financial instability, and then conveniently discards critical views when such instability recedes. Jan Toporowski looks at the development of critical theories from the views of Adam Smith and Francois Quesnay, and their reflection in recent new Keynesian ideas of Joseph Stiglitz and Ben Bernanke, through credit cycles in Alfred Marshall and Ralph Hawtrey, to the financial theories of Thorstein Veblen and Irving Fisher. Also studied are the theories of John Kenneth Galbraith, Michal Kalecki, John Maynard Keynes, Charles Kindleberger, Rosa Luxemburg, Hyman P. Minsky, Robert Shiller and Josef Steindl. Not least among the original features of this book are a discussion of Quesnay's attitude towards interest, and a chapter devoted to the work of the Polish monetary economist Marek Breit, whose work inspired Kalecki. Jan Toporowski's fascinating work will find its audience in academics of finance and financial economics, bankers, financiers and policy makers concerned with financial stability as well as anyone looking for arguments on the imperfect functioning of finance.

This book examines the origins and consequences of so-called pension fund capitalism, which has spread around the world since 1981, when the pension system was completely privatized in Chile. The author highlights the driving forces behind the privatization of pensions, its forms and tools used in practice, and the risks and costs related to private pensions. The reader can also learn about the experiences of various developed countries (including the USA, Canada, Australia, and Germany), as well as Latin American (including Chile) and Eastern European countries, related to the privatization of pensions. Particular attention is paid to Poland as an example of a country where such privatization failed completely. This book provides a source of serious reflection on what this privatization has led to, what its real economic and social consequences are and what the likelihood is of reversing it and strengthening the public pension system. Academic researchers and students of economics and finance, as well as social and political sciences, will find the book invaluable in understanding the problems arising from the privatization of pensions. It will also be of interest to professionals: institutions that shape or influence economic and social policy, including political parties, trade unions, non-governmental organizations, the media, and institutions operating on the financial market.

The term "project finance" is now being used in almost every language in every part of the world. It is the solution to infrastructure, public and private venture capital needs. It has been successfully used in the past to raise trillions of dollars of capital and promises to continue to be one of the major financing techniques for capital projects in both developed and developing countries.
Project Finance aims to provide:
*Overview of project finance
*Understanding of the key risks involved in project finance and techniques for mitigating risk
*Techniques for effective evaluation of project finance from both a financial and credit perspective
The author differentiates between recourse and non-recourse funding, tackles the issues of feasibility, identifies the parties normally involved with project finance plans, and details techniques for realistic cash flow preparation.
*Inspired by basic entry level training courses that have been developed by major international banks worldwide
*Will enable students, and those already in the finance profession, to gain an understanding of the basic information and principles of project finance
*Includes questions with answers, study topics, practical 'real world' examples and an extensive bibliography

Monetarism is dead! Central bankers are all Wicksellians now! They target low inflation rates, with no regard to monetary aggregates whatsoever, by acting upon short-term real rates of interest. This is the New Consensus in monetary economics, or simply the New Keynesian Synthesis. Yet, this synthesis still hinges on variants of the long-run vertical Phillips curve originally proposed by Milton Friedman, the father of old-line monetarism. Contributors to the volume question this New Consensus. While they agree that the money supply should be conceived as endogenous, they carefully examine the procedures pursued by central banks, the monetary policy transmission mechanisms suggested by central bankers themselves, and the assumptions imbedded in the New Consensus. They propose alternative analyses that clearly demonstrate the limits of modern central banking and point to the possible instability of monetary economies. Heterodox and orthodox monetary macroeconomists alike will find this illuminating book of great interest.

Contaminated land policy is a key concern of governments and policy makers across the globe, yet discussion has traditionally focused on the particular experience of the United States. This major new book develops a framework for assessing laws and regulations regarding contaminated land and polluted properties, their clean up and reuse, and the assignment of costs and responsibilities for reclamation.In Contaminated Land, the authors, a European and two Americans, lay out a framework for cross- national comparisons of policy contexts as well as ways of examining the outcomes of different approaches to contaminated land and systematically compare approaches to this issue in both the EU and US. The use of this framework leads to a reassessment of specific policies, such as the polluter pays principle, which may be more successful in the EU than it has been in the US, and subsidiarity which, while problematic in Europe, may hold promise in a US application. Specific issues discussed include the nature and extent of the contaminated land problem, legal implications, regulation in the US, the 1980 Comprehensive Environmental Liability, Compensation and Reclamation Act, European experience and EU environmental policy, integrated comparative analysis and some lessons for the future. Contaminated Land offers valuable insights on policy responses to the problem of badly polluted land from the perspectives of planning, economics and sociology. In particular, this volume offers frameworks for comparison of different national settings to help determine the preferred and most promising approaches to contaminated land in any social, economic and legal policy context.

Public-Private Partnerships (PPPs) - cooperative institutional arrangements between public and private sector actors - are now an increasingly relevant and globally popular public policy option. The authors argue that even though PPPs are still evolving, there is now sufficient research to bring these joint ventures to account and to provide lessons for the future. The aim of the book is to investigate how PPP reforms function in comparison to the more traditional methods of providing public sector services and infrastructure and who typically experiences the successes and failures of these reforms. The Challenge of Public-Private Partnerships advances recent thought on PPPs in the areas of risk transfer, financial implications, contractual matters, politics, management and accountability. International case studies are presented from the United Kingdom, Europe, the US and Australasia, and the authors delineate the experience of PPPs in areas such as infrastructure and human services. A strong thread of accountability is woven throughout the book, synthesizing common issues, separating the rhetoric from the performance reality and providing strategies for better meeting the various international challenges for future PPPs. Re-examining the myriad meanings and definitions given to PPPs, and presenting a range of theories and frameworks to improve understanding of PPP events and outcomes, this book will be of great interest to those involved in public administration and public policy-making.

Historically tested long-term strategies that "always" outperform the market

"O'Shaughnessy's conclusion that some strategies do produce consistently strong results while others underperform could shake up the investment business."
--"Barron's"

""What Works on Wall Street" is indisputably a major contribution to empirical research on the behavior of common stocks in the United States. . . . Conceivably, the influence of "What Works on Wall Street" will prove immense."
--"The Financial Analysts' Journal"

"O'Shaughnessy's latest, "What Works on Wall Street," is a serious inquiry into the investment strategies that stand up under long-term scrutiny and is refreshing research for every investor."
--"Stocks and Commodities"

"A bible for investment strategies. . ."
--Seeking Alpha

About the Book:

Recent history has witnessed one of the worst stock market beatings ever. As a result, abysmal returns are being called "the new normal," financial "experts" are ringing the death knell of buy-and-hold, and investors' faith in equities has hit an all-time low. You have two choices. You can abandon the stock market based on what is happening today. Or you can invest today based on what will happen in the future.

Containing all new data, "What Works on Wall Street," Fourth Edition, is the only investing guide that lets you see today's market in its proper context-- as part of the historical ebb and flow of the stock market. And when you see the data, you'll see there is no argument: Stocks work.

Now in its second decade of helping investors succeed with stocks, "What Works on Wall Street" continues to provide the most effective investing strategies, presenting incontrovertible data on what works and what doesn't. Updated with current statistics and brand-new features, "What Works on Wall Street" offers data on almost 90 years of market performance, including: Stocks ranked by market capitalization Price-to-earnings ratios EBITDA to enterprise value Price-to-cash flow, -sales, and -book ratios Dividend, buyback, and shareholder yields One-year earnings-per-share percentage changes

Providing you with unparalleled insights into stock performance going back to 1926, "What Works on Wall Street" is a refreshingly calming, objective view of a subject that is usually wrapped in drama, hyperbole, and opinions that are plain wrong.

This comprehensive guide provides the objective facts and winning strategies you need; all you have to do is make the decision to ignore the so-called market experts and rely on the long-proven approach that has made "What Works on Wall Street" an investing classic.

Learn to invest in REITs with confidence and skill with this powerful resource Educated REIT Investing is the ultimate resource for investors, financial advisors, and students interested in learning how to invest in real estate investment trusts (REITs)--one of the only asset classes to significantly outperform the S&P 500 Index over the last 25 years. Written by Stephanie Krewson-Kelly and Glenn R. Mueller, PhD., both accomplished REIT authors and investors with six decades of accumulated industry experience between them, Educated REIT Investing provides all the basics and history, then blends pragmatic strategies and advice with a thorough exploration of the fundamentals and nuances of the REIT industry. Topics include: Basic information about REITs and the REITs industry Terminology specific to the REIT industry, explained in plain-English Historical REIT industry performance tables and trading perspectives Analysis and equations needed to calculate key metrics used to identify the suitability of companies for investment purposes, illustrated with simple examples This book is perfect for anyone looking for a straightforward, easy-to-understand resource to establish or improve their understanding and analysis of real-estate investment trusts.

This innovative text offers an introduction to money, banking, and financial markets, with a special emphasis on the importance of confidence and trust in the macroeconomic system. It also presents the theory of endogenous money creation, in contrast to the standard money multiplier and fractional reserve explanation found in other textbooks. The U.S. economy and financial institutions are used to explain the theoretical and practical framework, with international examples weaved in throughout the text. It covers key topics including monetary policy, fiscal policy, accounting principles, credit creation, central banks, and government treasuries. Additionally, the book considers the international economy, including exchange rates, the Eurozone, Chinese monetary policy, and reserve currencies. Taking a broad look at the financial system, it also looks at banking regulation, cryptocurrencies, real estate, and the oil and gold commodity markets. Students are supported with chapter objectives, key terms, and problems. A test bank is available for instructors. This is an accessible introductory textbook for courses on money and banking, macroeconomics, monetary policy, and financial markets.

The classic guide that taught a generation of institutional investors how to construct and manage high-yield quant portfolios-now updated for the new generation Quantitative Equity Portfolio Management is a comprehensive guide to the entire process of constructing and managing a high-yield quantitative equity portfolio. This detailed handbook begins with the basic principles of quantitative active management and then clearly outlines how to build an equity portfolio using those powerful concepts. This edition of the go-to guide for quant investing has been updated with critical new data, information, and insights, including: All table and graph data updated to 2020 The secret ingredients to building smart beta ETFs and mutual funds A new list of behavioral biases that lead to investment anomalies Entirely new factor definitions and test of their outperformance with real stock return data New labs using real data written in R, MATLAB, and STATA with new techniques to optimize professional portfolios New methods to deal with outlier data The author's new research on transaction cost problems Detailed uses of ESG data to create socially responsible portfolios Downloadable monthly factor returns from the authors Quantitative Equity Portfolio Management delivers a complete, easy-to-apply methodology for creating an equity portfolio that maximizes returns and minimizes risks. It covers every step of the process, including basic models, stock screening and ranking, fundamental and economic factor modelling, forecasting factor premiums and exposures, building market neutral portfolios, tax management, performance measurement and attribution, and backtesting. An essential reference for professional money managers and students taking advanced investment courses, Quantitative Equity Portfolio Management offers a full array of methods for effectively developing high-performance equity portfolios that deliver lucrative returns for clients.

Fiscal federalism has been the subject of much scholarly debate over the years. These volumes successfully bring together seminal articles from the past fifty years to demonstrate how the focus has evolved from 'first generation' to 'second generation' theories of intergovermental relations. The editors enhance the collection with detailed analyses of how competition affects relations between varying levels of government, and examine the hypotheses underlying the theory of fiscal federalism. This set of authoritative papers will be an indispensable reference source for scholars and practitioners in this field.

The market's bestselling and most comprehensive reference on chart patterns, backed by statistics and decades of experience When the smart money trades the securities markets, they leave behind financial footprints. Combine enough footprints together and you have a trail to follow. That trail becomes what's called a chart pattern. Encyclopedia of Chart Patterns, Third Edition expands upon Bulkowski's immensely popular Second Edition with fully revised and updated material on chart patterns. Whether you're new to the stock market or an experienced professional trader, use this book as a reference guide to give you an edge. Within the pages of this book, you'll learn how to identify chart patterns, supported by easy-to-understand performance statistics describing how well a pattern works, what the failure rate is, and what special quirks suggest better future performance. You'll discover how often a stop loss order will trigger at various locations within a chart pattern, how the chart pattern's performance has evolved over the past three decades, and how to profit from failure by trading busted patterns. This broadened and revised Third Edition offers investors the most comprehensive, up-to-date guide to this popular method of market analysis. Written by a leading expert on chart patterns, Tom Bulkowski, this edition includes revised statistics on 75 chart patterns including 23 new ones, with pictures and performance statistics, packaged within easy-to-read text. Gain essential knowledge of chart patterns and how they are used to predict price movements in bull and bear markets New tables include how often stops are hit, busted pattern performance, performance over the decades, and special pattern features Joining Tour, Identification Guidelines, Focus on Failures, Statistics, Trading Tactics and Sample Trade is Experience. It puts you in the passenger's seat so you can share lessons learned from Bulkowski's trades This edition reports on statistics from nearly four times the number of samples used in the Second Edition and ten times the number in the First Edition The Encyclopedia of Chart Patterns, Third Edition further solidifies the reputation of this book as the leading reference on chart patterns, setting it far above the competition.

This volume narrates the financial history of the United States during a period of great upheaval in the early part of the 21st century. It is divided into three chronological sections: the first section describes the recovery of financial markets after the Great Recession. It begins with an overview of the state of the economy at the start of the new decade, including some of the political storms affecting the economy and financial markets. It explores the uneven nature of the recovery and volatility in the Treasury during these years. The second section sets forth regulatory responses to the Financial Crisis of 2008, including the massive fines imposed on large banks by a swarm of regulators. It examines the "too big to jail" prosecution model, cases involving Libor and foreign exchange manipulation and the impact of rogue traders. It also looks at the developments in payment systems, rise of crowdfunding as a source of capital, and high-frequency trading. The third section describes the rules adopted under the Dodd-Frank Act of 2010 that broadly affected financial markets. It also recounts the Trump trade wars and ends with an account of the financial and economic turmoil that occurred during the Covid-19 pandemic in 2020. The volume will be an essential addition to academic and public libraries with readers drawn from business schools, departments of economics and finance, and historians.

China has developed a piecemeal pattern of regulating foreign investment since the end of 1970s. The latest law is the Foreign Investment Law (FIL), which became effective on 1 January 2020. The groundbreaking new FIL is well acknowledged for its promises and affirmations pledged to investors, signalling China's eagerness to improve its investment environment and regain momentum for investment growth. This book provides an updated and holistic understanding of the key features of the regulatory regime on foreign investment in China with critical analysis of laws and their implementation. It also examines sensitive and complex legal issues relevant to foreign investment beyond the 2020 FIL and new developments on foreign-related dispute settlement. The book uses cases of success and failure to illustrate the nuances and differences between law and practice regarding foreign investment. Considering China's magnitude in the global economy and the weighty role of the regulatory system on foreign investment in China, this book is of great interest to a wide range of audience including academics in the field of investment law, legal practitioners, policymakers, and master's students in law and in management.

Islamic finance refers to methods of undertaking banking and financial transactions that are in conformity with the precepts of Islam. As such, the system offers a challenge to conventional Western ways of thinking about financing. This indispensable set of papers brings together the most important previously published papers on the subject of Islamic Finance from the last four decades. Issues explored include: the prohibition on interest; financing instruments; accounting and regulatory issues; institutional structures and recent developments.

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.

Bring your financial planning to life by bringing life to your financial planning. Life-Centered Financial Planning: How to Deliver Value That Will Never Be Undervalued shows financial planners and advisors how to radically improve the service they provide to their clients by tying their decisions and strategies to their clients' life events, stages, and goals. Written by distinguished financial professionals Mitch Anthony and Paul Armson, Life-Centered Financial Planning provides readers with practical advice and concrete strategies to revolutionize their organization and client service by: - Focusing on what matters most to clients, rather than maximizing assets under management or pushing products - Understanding that a strong financial plan means more than simply accumulating as much money as possible - Building a business model that is good for everyone involved: the financial advisor, clients, and the organization - Moving from being a commodity to being your client's trusted advisor The book is perfect for any financial planner or advisor who wishes to adapt to the radical redefinition of financial services taking place today.

The new edition of Business Analysis and Valuation builds on the strong success of the first IFRS edition, providing students with the knowledge of how to use financial statement information to assess a firm's financial performance, value, and creditworthiness. The text is primarily aimed at Masters and upper-level undergraduate programs in business and builds a bridge between accounting and finance, therefore making it accessible to both finance and accounting students. The distinctive strengths of this text include a large number of real-world cases used to illustrate theory; the step-by-step analysis methodology, and the extensive discussion of strategy analysis. The presentation of material is based on business analysis before financial analysis, which ensures that financial analysis is approached in a real-world manner and is driven by strategy. The pedagogy is geared toward helping students to develop strong practical skills using current applications and supported by the extra interactive material on the companion website.

The only book to examine reliability and validity of research in social science AND built environment setting Essential reading for global researchers at undergraduate and postgraduate level using all major methods of research Real case studies by recognised experts covering hot topics like BIM, Lean, Housing and Sustainability show the importance of validity and how to ensure research is reliable