John Locke was one of the first shareholders of the Bank of England and participated in parliamentary debates surrounding its creation. He had a key role in the monetary reform of 1696. This book examines Locke's thought in relation to credit, banking regulation, the monetary and financial system, the gold standard and the principles of Natural Right. It also establishes a link between Locke's economic and financial ideas and his political philosophy. John Locke and the Bank of England will be of interest to advanced students and researchers of central banking, financial history, the history of economic thought and political economy.

Quantitative equity portfolio management combines theories and advanced techniques from several disciplines, including financial economics, accounting, mathematics, and operational research. While many texts are devoted to these disciplines, few deal with quantitative equity investing in a systematic and mathematical framework that is suitable for quantitative investment students. Providing a solid foundation in the subject, Quantitative Equity Portfolio Management: Modern Techniques and Applications presents a self-contained overview and a detailed mathematical treatment of various topics. From the theoretical basis of behavior finance to recently developed techniques, the authors review quantitative investment strategies and factors that are commonly used in practice, including value, momentum, and quality, accompanied by their academic origins. They present advanced techniques and applications in return forecasting models, risk management, portfolio construction, and portfolio implementation that include examples such as optimal multi-factor models, contextual and nonlinear models, factor timing techniques, portfolio turnover control, Monte Carlo valuation of firm values, and optimal trading. In many cases, the text frames related problems in mathematical terms and illustrates the mathematical concepts and solutions with numerical and empirical examples. Ideal for students in computational and quantitative finance programs, Quantitative Equity Portfolio Management serves as a guide to combat many common modeling issues and provides a rich understanding of portfolio management using mathematical analysis.

This insightful book critically examines the phenomenon of public private partnerships (PPPs) through a global, theoretical, lens. It considers the reasons for merging private entities and public administration, as well as the processes and consequences of doing so. The benefits for the community as well as the radical changes in the principles and modalities of administrative activity are theorized and discussed. The authors position co-responsibility and a bottom-up approach as new routes of administrative action, showing how the dynamism and energy of both communities and administrations can come together in an effective way. The key concept of the analysis is 'governing common interests'. It reveals a revolutionary change in the traditional approach to 'public interest', as a result of the emerging role of the private sector in interpreting and taking care of the community's need. Chapters provide systematic analysis of the central ideas for governing common interests through PPPs, with reference to cases and legislation, showing the advantages, the reasons and the forms of application in national and international contexts, and the differentiation from similar models. Setting PPPs in a clear and consistent theoretical framework, this informative book will be of value to academics and students of public administrative and constitutional law, whilst also appealing to both policy makers and public officials.

Finance: Applications and Theory is an introduction to corporate finance, focusing on how companies invest in real assets, raise the money to pay for the investments, and how those assets affect the value of the firm. The sixth edition continues to provide the core concepts for the undergraduate corporate finance course, to parallel and support how instructors from across the country teach finance. Also, this is the first text to use individual examples to help students better understand the material. The framework of this text helps students understand how to approach core financial concepts by emphasizing three themes: - Finance is about connecting core concepts - Finance can be taught using a personal perspective - Finance focuses on solving problems and decision making

This volume offers an authoritiative selection of the best published articles on the great speculative manias and stock market crashes, which highlights their important similarities. These phenomena disrupt the normal activities of investors who use financial markets to accumulate diversified portfolios of assets. The attraction of rapid capital gains entices the unwary to abandon their customary investments, exposing them to ruin when prices of hot new assets collapse. The mania for tulips in seventeenth century Holland and schemes to refinance government debt in eighteenth century France and Britain burned many investors and transformed financial markets. The volatile American stock market of the nineteenth century and bursting regional real estate bubbles brought down many financial institutions, threatening economic stability. The striking parallels between the stock market crashes of 1929 and 1987 raise basic questions about the stability of the capital markets. By examining whether these phenomena represent rational movements of the market or some mania or fad, these articles focus on the central policy question of whether these markets require regulation to serve the investing public.

This book introduces three innovative concepts and associated financial instruments with the potential to revolutionise real estate finance. The factorisation of commercial real estate with factor-based real estate derivatives is the first concept analysed in this book. Methodological issues pertaining to factors in real estate risk analysis are covered in detail with in-depth academic reference. The book then analyses the digitalisation of commercial real estate. The environment in which buildings operate is changing fast. Cities which used to be made up of inanimate architectural structures are growing digital skins and becoming smarter. Smart technologies applied to the built environment are fundamentally changing buildings' role in cities and their interactions with their occupants. The book introduces the concept of smart space and analyses the emergence of 'digital rights' or property rights for smart buildings in smart environments. It proposes concepts and methods for identifying, pricing, and trading these new property rights which will dominate commercial real estate in the future. Finally, the tokenisation of commercial real estate is explored. Sometimes described as an alternative to securitisation, tokenisation is a new tool in financial engineering applied to real assets. The book suggests two innovative applications of tokenisation: private commercial real estate index tokenisation and data tokens for smart buildings. With factorisation, digitalisation, and tokenisation, commercial real estate is at the forefront of innovations. Real estate's unique characteristics, stemming from its physicality, trigger new ways of thinking which might have a profound impact on other asset classes by paving the way for micro markets. Factor-based property derivatives, digital rights, and tokens embody how commercial real estate can push the boundaries of modern capitalism and, in doing so, move at the centre of tomorrow's smart economies. This book is essential reading for all real estate, finance, and smart technology researchers and interested professionals.

Biases, blind spots and bonuses (or incentives more broadly) have led to numerous risk management disasters. Risk governance is a potential solution to these problems yet is not always as effective as we would like it to be. One reason for that is the current dearth of risk governance expertise. This book seeks to address this issue, providing: Understanding of the fundamental forces that cause disasters: the biases, blind spots and bonuses. This understanding is drawn from the disciplines of economics/finance and psychology; Explanation of the structures of risk governance and common challenges experienced in their use e.g. board risk committee, risk/compliance function, assurance function, risk appetite statement, risk disclosures; Thorough investigation of risk culture and its importance in risk governance, including the assessment of risk culture; Understanding of the mechanisms of executive compensation and how they link to risk management - one of the most difficult challenges confronting both risk and remuneration committees; Explanation of the risk management process (based on international standards ISO31000), including practical guidance on risk communication, analysis and treatment; Guidance on the management of strategic risk, emphasising the importance of scenario analysis; Application of these principles to cyber risk, climate risk - two pervasive risks affecting almost every organisation; Numerous case studies and examples drawn from various industries around the world; and Discussion of what has been learned about risk governance from the COVID-19 experience. The book is an essential guide for postgraduate students; participants in professional education programs in governance and risk management; directors; senior executives; risk, compliance and assurance professionals as well as conduct and prudential regulators worldwide.

This book introduces readers to the world of international financial markets and their integration on a global and regional scale. The author presents the theoretical and practical issues concerning the processes of financial market integration, with a particular focus on the monetary union. The empirical research results are based on econometric modeling, thus simplifying them for a non-specialist audience, who can instead concentrate on the author's conclusions, which comprise the results of these complicated research methods. The author outlines the role and functions of financial markets in the economy, in particular the relationship between financial intermediaries and financial markets and tackles the question of integration of new EU member countries' financial markets within the eurozone. The integration of financial markets in an international context is inevitable, and the author argues that we must learn how to benefit from it from in terms of economic growth. This book will be a valuable resource for students of economics and finance, particularly those studying financial management and international business and finance, as well as professionals in these fields. Further, this book will be of interest to anyone looking to discover more about the problems of globalization and the integration of financial markets into the modern economy.

A step-by-step guidebook for doctors and other medical professionals about growing and preserving wealth, Financial Freedom Rx: The Physician's Guide to Achieving Financial Independence gives physicians all the tools necessary to manage their own finances. Medical professionals, especially doctors, spend many years in training as they accumulate debt and delay their earnings. This book presents a time-tested formula that students and established professionals can follow at any stage during their careers to achieve fiscal peace of mind. Students will learn how to budget and adopt disciplined financial practices. Residents and other trainees will learn how to defend against calamity with various insurances and how to manage debt. Junior professionals will acquire the skills needed to invest and grow their portfolios, while senior professionals will better understand the essentials of estate planning and retirement. Drs. Chirag P. Shah and Jayanth Sridhar wrote this inspiring text to guide physicians where to put their next dollar. This is particularly important during the financial uncertainties brought by COVID-19 and insurance cuts. Financial Freedom Rx sets forth principles that will pilot medical professionals toward financial independence. Chapters include useful advice on topics such as: Financial planning Investing and asset allocation Jobs and contracts Taxes and insurance Student loans and debt Retirement savings and distributions Financial Freedom Rx: The Physician's Guide to Achieving Financial Independence serves as a timeless blueprint for financial planning that medical professionals will follow throughout their careers, and as a reference that readers will revisit again and again as they progress through the various stages of life.

This book investigates cross-border mergers and acquisitions (M&A) conducted by Chinese enterprises seeking to evaluate the pivotal factors that influence the results of this dominant form of China's outbound direct investment. In contrast to previous studies, the author places a particular focus on the provenance of the supply side as a determinant of overseas M&A, comparing acquisitions where target companies originate from developed and developing countries. Other major indices identified include cultural and industrial differences between targets and buyers, enterprise ownership, deal payment forms, types of consolidation and the market environment. Based on investment theories, quantitative analyses and several in-depth case studies, the book elucidates how these factors synergistically determine the success or failure of an acquisition attempt and the short- and long-term performance of Chinese companies' M&A undertakings. This work will be a practical reference for M&A practitioners as well as academics interested in transnational corporations and mergers, capital market and international investment.

The second volume as part of a new series which is set to define the emerging transdisciplinary field of Workplace Management Truly interdisciplinary and international chapters and authors, the book will appeal to those in real estate, planning, architecture, business, management, facilities management, economics, law, sociology, psychology No other book presents this breadth of interdisciplinary content on Workplace Management

Richard Tresch's Public Sector Economics is a new learning and teaching concept for undergraduate public finance courses. It is published in two complementary parts: the book, which contains a unified treatment of the theory of the public sector along with selected examples. the companion website (included in the price of the book), which features a large international Public Sector Example Bank, written and updated by Richard Tresch and tied to specific sections in the book. This innovative solution to the challenge of conveying the fundamentals of such a wide-ranging field allows students the best of both worlds: a readable, concise, and penetrating account of public sector theory, along with an evolving set of up-to-date examples that makes the theory come alive.

*One of Glamour's Best Books of 2020* Popular podcast host and personal finance expert Lindsay Goldwert explores what professional dominatrixes can teach us about confidence, power, and happiness. Imagine, for a moment, a world where the usual power dynamic is turned on its head. Where women not only stop apologizing, but seize-and enjoy-control. This is the quickly mainstreaming world of BDSM (bondage, discipline, sadism, masochism)-and it has a lot to teach women about empowerment, negotiation, open-mindedness, and more. Journalist Lindsay Goldwert, intrigued by this seismic cultural shift, traveled across the United States to meet the stars of the subculture, who spoke frankly with her about their lives and work. In this "lively, funny, thoughtful channeling of wisdom" (Sara Benincasa, author of Real Artists Have Day Jobs), these Alpha women show you how you can reset the power dynamic in any situation to get what you want-whether it's from a husband, a boss, or partner. They share strategies for revolutionizing not only your sex life, but your career, your relationships, and most importantly, your inner foundations. With bondage gear popping up on the big screen, the runway, the red carpet, and in celebrity lingerie lines, BDSM is officially moving out of the dungeon and into the sun. Let Bow Down help you learn how to use it. "Whether your fantasies lie in the bedroom or the boardroom, Lindsay will give you the courage to go forth and dominate." (Sarah Cooper, author of How to Be Successful without Hurting Men's Feelings).

In the space of a few months, across Asia, a miracle became a nightmare. This was the Asian Financial Crisis of 1995-98. In this economic crisis hundreds of people died in rioting, political strong men were removed and hundreds of billions of dollars were lost by investors. This crisis saw the US dollar value of some Asian stock markets decline by ninety percent. Why did almost no one see it coming? The Asian Financial Crisis 1995-98 charts Russell Napier's personal journey during that crisis as he wrote daily for institutional investors about an increasingly uncertain future. Relying on contemporaneous commentary, it charts the mistakes and successes of investors in the battle for investment survival in Asia from 1995-98. This is not just a guide for investors navigating financial markets, but also an explanation of how this crisis created the foundations of an age of debt that has changed the modern world.

The first Encyclopedia of Commercial Real Estate The Encyclopedia of Commercial Real Estate Advice covers everything anyone would ever need to know from A - Z on the subject. The 500+ entries inside not only have hard-hitting advice, but many share enlightening stories from the author's experience working on hundreds of deals. This book pulls off making the subjects enjoyable, interesting, and easy to understand. As a bonus, there are 136 time and money savings tips, many of which could save or make you 6 figures or more. Some of the questions this informative guidebook will answer for you are: How to Buy Foreclosed Commercial Properties at a Discount at Auctions Guidelines for Getting Started in Commercial Real Estate and Choosing Low-Risk Properties How to Value a Property in 15 Minutes How to Fake it Until You Make it When Raising Investors Should You Hold, Sell, 1031 Exchange, or Cash-Out Refinance? How to Reposition a Property to Achieve its Highest Value when Buying or Selling 10 Tested Methods to Recession-Proof Your Property How You Can Soar To The Top by Becoming a Developer Trade Secrets for Getting The Best Rate and Terms on Your Loan - Revealed! 11 Ways Property Managers Will Try and Steal From You - How to Catch and Stop Them! Whenever you have a question on any commercial real estate subject, just open this invaluable book and get the guidance you are looking for. Find author Terry Painter: apartmentloanstore.com businessloanstore.com

With the internationalization of Renminbi (RMB), the gradual liberalization of China's capital account and the recent reform of the RMB pricing mechanism, the RMB exchange rate has been volatile. This book examines how we can forecast exchange rate reliably. It explains how we can do so through a new methodology for exchange rate forecasting. The book also analyzes the dynamic relationship between exchange rate and the exchange rate data decomposition and integration, the domestic economic situation, the international economic situation and the public's expectations and how these interactions would affect the exchange rate. The book also explains why this comprehensive integrated approach is the best model for optimizing accuracy in exchange rate forecasting.

Financial Risk Management and Derivative Instruments offers an introduction to the riskiness of stock markets and the application of derivative instruments in managing exposure to such risk. Structured in two parts, the first part offers an introduction to stock market and bond market risk as encountered by investors seeking investment growth. The second part of the text introduces the financial derivative instruments that provide for either a reduced exposure (hedging) or an increased exposure (speculation) to market risk. The fundamental aspects of the futures and options derivative markets and the tools of the Black-Scholes model are examined. The text sets the topics in their global context, referencing financial shocks such as Brexit and the Covid-19 pandemic. An accessible writing style is supported by pedagogical features such as key insights boxes, progressive illustrative examples and end-of-chapter tutorials. The book is supplemented by PowerPoint slides designed to assist presentation of the text material as well as providing a coherent summary of the lectures. This textbook provides an ideal text for introductory courses to derivative instruments and financial risk management for either undergraduate, masters or MBA students.

Written by prominent thought leaders in the global fintech space, The AI Book aggregates diverse expertise into a single, informative volume and explains what artifical intelligence really means and how it can be used across financial services today. Key industry developments are explained in detail, and critical insights from cutting-edge practitioners offer first-hand information and lessons learned. Coverage includes: - Understanding the AI Portfolio: from machine learning to chatbots, to natural language processing (NLP); a deep dive into the Machine Intelligence Landscape; essentials on core technologies, rethinking enterprise, rethinking industries, rethinking humans; quantum computing and next-generation AI - AI experimentation and embedded usage, and the change in business model, value proposition, organisation, customer and co-worker experiences in today's Financial Services Industry - The future state of financial services and capital markets - what's next for the real-world implementation of AITech? - The innovating customer - users are not waiting for the financial services industry to work out how AI can re-shape their sector, profitability and competitiveness - Boardroom issues created and magnified by AI trends, including conduct, regulation & oversight in an algo-driven world, cybersecurity, diversity & inclusion, data privacy, the 'unbundled corporation' & the future of work, social responsibility, sustainability, and the new leadership imperatives - Ethical considerations of deploying Al solutions and why explainable Al is so important

Property investment markets and applied property research are now recognised as an increasingly important international phenomenon. Written by two of the most respected academics in the field, this authoritative guide provides a fresh and much needed perspective on this important subject. The book examines the unique characteristics of property investment within the context of other capital markets . The emphasis is strongly on the application of analytical tools from other markets to help academics and practitioners alike understand and apply the investment management of property with that of other asset classes. The book is split into three parts, each focusing mainly on direct commercial property: The characteristics of the various asset classes in the investment background The analyses necessary to develop a property portfolio strategy An examination of property in a wider context This book will be invaluable to all undergraduate and postgraduate students on property courses worldwide. It is also an essential tool to understanding this complex and exciting field for students on finance, business and accountancy courses which cover property. Its practical, applied approach means that the book will be a welcome addition to the bookshelf of any researchers or investment managers with an interest in property.

The past decade has seen the relentless rise of cryptocurrency as an alternative form of digital currency. But what precisely is it and what potential does it have to change the world of money? In this brilliantly clear, one-stop guide WIRED Senior Editor Gian Vopicelli explains everything you need to know about cryptocurrency. He outlines its development and describes precisely how it operates. He demystifies the jargon it has spawned, from blockchain, Bitcoin and stablecoins to mining, smart contracts and forking. He looks at the political and economic ideologies that drive it. And he addresses the central question: will cryptocurrency have the transformative economic and social impact that its champions claim for it?

This important new book brings together a significant body of new essays on some of the central economic problems facing governments, firms and individuals in the 1990s. Under the direction of Paul Davidson and Jan Kregel, an international group of distinguished economists provide new perspectives on key issues including employment, corporate and work place restructuring, economic growth and development, financial integration and transformation of the former command economies. Combining rigorous scholarly assessments of the issues with policy prescription, the contributors seek to provide solutions to the problem of providing full employment, to identify the factors determining the expansion of the economy, and to analyse the impact of financial markets, financial derivatives and international regulations on domestic and global economic performance. Employment, Growth and Finance will be welcomed by all those interested in the solutions to international economic problems being developed by post Keynesian economists.

This advanced practical textbook deals with the issue of risk analysis, measurement and management in the shipping industry. It identifies and analyses the sources of risk in the shipping business and explores in detail the "traditional" and "modern" strategies for risk management at both the investment and operational levels of the business. The special features and characteristics of all available freight derivative products are compared and contrasted between them. Practical applications of derivatives are showcased through realistic practical examples, while a number of concepts across the contents of this book appear for the first time in the literature. The book also serves as "the reference" point for researchers in the area, helping them to enhance their knowledge of risk management and derivatives in the shipping industry, but also to students at both undergraduate and postgraduate levels. Finally, it provides a comprehensive manual for practitioners wishing to engage in the financial risk management of maritime business. This second edition has been fully updated in order to incorporate the numerous developments in the industry since its first edition in 2006. New chapters have been introduced on topics such as Market Risk Measurement, Credit Risk and Credit Derivatives, and Statistical Methods to Quantify Risk. Furthermore, the second edition of this book builds upon the successful first edition which has been extensively (i) taught in a number of Universities around the world and (ii) used by professionals in the industry. Shipowners, professionals in the shipping industry, risk management officers, credit officers, traders, investors, students and researchers will find the book indispensable in order to understand how risk management and hedging tools can make the difference for companies to remain competitive and stay ahead of the rest.

Moving Beyond Modern Portfolio Theory: Investing That Matters tells the story of how Modern Portfolio Theory (MPT) revolutionized the investing world and the real economy, but is now showing its age. MPT has no mechanism to understand its impacts on the environmental, social and financial systems, nor any tools for investors to mitigate the havoc that systemic risks can wreck on their portfolios. It's time for MPT to evolve. The authors propose a new imperative to improve finance's ability to fulfil its twin main purposes: providing adequate returns to individuals and directing capital to where it is needed in the economy. They show how some of the largest investors in the world focus not on picking stocks, but on mitigating systemic risks, such as climate change and a lack of gender diversity, so as to improve the risk/return of the market as a whole, despite current theory saying that should be impossible. "Moving beyond MPT" recognizes the complex relations between investing and the systems on which capital markets rely, "Investing that matters" embraces MPT's focus on diversification and risk adjusted return, but understands them in the context of the real economy and the total return needs of investors. Whether an investor, an MBA student, a Finance Professor or a sustainability professional, Moving Beyond Modern Portfolio Theory: Investing That Matters is thought-provoking and relevant. Its bold critique shows how the real world already is moving beyond investing orthodoxy.

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

The collapse of Lehman Brothers, the oldest and fourth-largest US investment bank, in September 2008 precipitated the global financial crisis. This deepened the contraction in economic activity that had already started in December 2007 and has become known as the Great Recession. Following a sluggish and uneven period of recovery, levels of private debt have recently been on the rise again making another financial crisis almost inevitable. This book answers the key question: can anything be done to prevent a new financial crisis or minimize its impact? The book opens with an analysis of the main elements responsible for the 2007/2009 financial crisis and assesses the extent to which they are still present in todays financial system. The responses to the financial crises - particularly the Dodd-Frank Act, the establishment of the Financial Stability Board, and attempts to regulate shadow banking - are evaluated for their effectiveness. It is found that there is a high risk of a new bubble developing, there remains a lack of transparency in the financial industry, and risk-taking continues to be incentivised among bankers and investors. Proposals are put forward to ameliorate the risks, arguing for the need for an international lender of last resort, recalling Keynes' idea for an International Clearing Union. This book will be of significant interest to scholars and students of financial crises, financial stability, and alternative approaches to finance and economics.