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Books > Academic & Education > Professional & Technical > Finance
Negotiations form the heart of mergers and acquisitions efforts,
for their conclusions contain both anticipated and unforeseen
implications. Don DePamphilis presents a summary ofnegotiating and
deal structuring that captures itsdynamic process, showing readers
howbrokers, bankers, accountants, attorneys, tax experts, managers,
investors, and others must work together and what happens when they
don't.Writtten for those who seek a broadly-based view of M&A
and understandtheir own roles in theprocess, this book treads a
middle ground between highly technical and dumbed-down descriptions
of complex events. It mixestheory withcase studies so the text is
current and useful. Unique and practical, this book can add
hard-won insightsto anybody's list of M&A titles.. Presents negotiation as a team effort Includes all participants, from investment bankers to accountants and business managers Emphasizes the interactive natures of decisions about assets, payments, and appropriate legal structures Written for those who seek summarizing, non-technical information"
How do financial markets operate on a daily basis? This first of
four volumes introduces the structures, instruments, business
functions, technology, regulations, and issues that commonlyfoundin
financial markets. Placing each of these elements into context, Tee
Williams describes what people do to make the markets run. His
descriptions apply to all financial markets, and he
includescountry-specific features, stories, historical facts,
glossaries, and brief technical explanations that reveal individual
variations and nuances. Reinforcing his insights are visual cues
that guide readers through the material. While this book won t turn
you into an expert broker, it will explain where brokers fit into
front office, middle office, and back office operations. And that
knowledge is valuable indeed. * Provides easy-to-understand descriptions of all major elements of financial markets *Filled with graphs and definitions that help readers learnquickly * Offers an integrated context based on the author's 30 years' experience"
The distinctive nature of the European pe/vc environment is on
display in Stefano Caselli s presentation of its complete
conceptual framework, from the volatile (its financial side) to the
stable (its legal organization). A Bocconi University professor,
Caselli offers a European perspective on market fundamentals, the
v.c. cycle, and valuation issues, supporting his observations with
recent examples and case studies. Written for investors, his book
achieves many "firsts," such as clarifying many aspects of EU and
UK financial institutions. Complete with finding aids, keywords,
exercises, and an extensive glossary, Private Equity and Venture
Capital in Europe is written not just for Europeans, but for
everybody who needs to know about this growing market.
Anyone reading the business section of a newspaper lately knows
that the financial exchanges--stock, bonds, FX, commodities, and so
forth--are undergoing tremendous transformations. Fund managers,
market makers, traders, exchange professionals, marekt data
providers and analyzers, investors--anyone involved with the
financial exchanges needs to understand the major forces pushing
this transformation in order to position themselves and their
institutions to the best advantage.
Many high net worth individuals are interested in diversifying
their portfolios and investing in collectibles. A collectible is
any physical asset that appreciates in value over time because it
is rare or desired by many. Stamps, coins, fine art, antiques,
books, and wine are examples of collectibles. Where does the
financial advisor or investment manager for these high net worth
individuals go to learn about these investments? There is no
comprehensive resource from the financial standpoint--until now. Dr
Stephen Satchell of Trinity College, Cambridge, has developed a
book in which experts in various types of collectibles analyze the
financial aspects of investing in these collectibles. Chapters
address issues such as: liquidity challenges, tax ramifications,
appreciation timelines, the challenge of forecasting and measuring
appreciation, and the psychological component of collecting and the
role of emotion in collectible investing.
The whole world wants to invest in India. But how to do this
successfully? Written by two Indian financial experts with a
seasoned expert of the Chicago Mercantile Exchange, this book tells
you the why and how of investing in India. It explains how India's
financial markets work, discusses the amazing growth of the Indian
economy, identifies growth drivers, uncovers areas of uncertainty
and risk. It describes how each market works: private equity and
IPOs, bonds, stocks, derivatives, commodities, real estate,
currency. The authors include a discussion of capital controls in
each section to address the needs of foreign investors. Learn about
the the markets, the instruments, the participants, and the
institutions governing trading, clearing, and settlement of
transactions, as well as the legal and regulatory framework
governing financial securities transactions.
Behavioral finance is the study of how psychology affects financial
decision making and financial markets. It is increasingly becoming
the common way of understanding investor behavior and stock market
activity. In this 2nd Edition Hersh Shefrin examines the reigning
assumptions of asset pricing theory and reconstructs them to
incorporate findings from behavioral finance. In other words, he
takes the traditional tools in asset pricing and behavioralizes
them. He constructs a solid, intact structure that challenges
classic assumptions and at the same time provides a strong theory
and efficient empirical tools. Building on the models developed by
both traditional asset pricing theorists and behavioral asset
pricing theorists, Shefrin's book takes the discussion to the next
step. He provides a general behaviorally based intertemporal
treatment of asset pricing theory that extends to the discussion of
derivatives, fixed income securities, mean-variance efficient
portfolios, and the market portfolio, based on all the latest
research and theory.
While the highly technical measurement techniques and methodologies
of Value at Risk have attracted huge interest, much less attention
has been focused on how Value at Risk and the risk-adjusted
performance measures such as RAROC or economic profit/EVA . can be
effectively used to improve a bank s decision making processes.
Academic books are typically concerned primarily with measurement
techniques, and devote only a small section to describing the
applications, usually without discussing the problems that changing
organizational processes in banks may have on business units
behaviour. Practitioners books are often based on a single
experience, presenting the approach that has been pursued by a
single bank, but often do not adequately evaluate that approach. In
actual practice, the choice of how to use Value at Risk and
risk-adjusted performance measures has no single optimal solution,
but requires effective decision making that can identify the
solution that is consistent with the bank s style of management and
coordination mechanisms, and often with characteristics of
individual business units as well. In this book, Francesco Saita of
Bocconi University argues that even though risk measurement
techniques have greatly improved in recent years for market, credit
and now also operational risk, capital management and capital
allocation decisions are far from becoming purely technical and
mechanical. On one hand, decisions about capital management must
consider handling different capital constraints (e.g. regulatory
vs. economic capital ) and face remarkable difficulties in
providing a measure of aggregated ] Value at Risk (i.e. a measure
that considers the overall value at risk of the bank after
diversification across risk types). On the other hand, the aim of
using capital more efficiently through capital allocation cannot be
achieved only through a sort of centralized asset allocation
process, but rather by designing a Value at Risk limit system and a
risk-adjusted performance measurement system that are designed to
provide the right incentives to individual business units. This
connection between sophisticated and cutting edge risk measurement
techniques and practical bank decision making about capital
management and capital allocation make this book unique and provide
readers with a depth of academic and theoretical expertise combined
with practical and real-world understanding of bank structure,
organizational constraints, and decisionmaking processes.
Twelve papers focus on investment analysis, portfolio theory, and their implementation in portfolio management
This book has two themes: Private Banking and investment decisions
regarding Structural Financial Products. Dr. Dimitris Chorafas
examines in a rigorous way whether structured financial products
are advisable investments for retail and institutional investors
and, if yes, which risks they entail. As our society becomes
increasingly affluent, and state-supported pension schemes find it
difficult to survive, a growing number of high net-worth
individuals, and families, have become retail investors - looking
for ways and means to optimize wealth management, and Private
Banking deals with these sorts of clients. Private banking also
deals with clients that are institutional investors, such as
pension funds, mutual funds, and insurance companies, as well as
not-for-profits, foundations and companies explicitly set up for
wealth management. Both institutional and retail investors are
being offered by the banks they work with structured products.
Typically, these are securities that provide them with a redemption
amount, with may be either with full or partial capital protection,
and some type of return. The book examines structured financial
products, their polyvalent nature, and the results which could be
expected from them.
This monograph is practically oriented, presenting a survey and
explanation of credit insurance services for protection of
short-term trade receivables primarily against commercial risk of
insolvency and protracted default. The subject matter (i.e., main
functions, features and principles of credit insurance with
detailed description of credit insurance coverage, insurance
conditions, and credit insurance policy management) follows
procedural stages and presents commercial, financial, legal, and
practical points of view which emphasize the needs of both the
providers of these services andtheir clients - existing and
potential credit insured companies - as well asother
practitioners.
A former member of the American Stock Exchange introduces
trading and financial markets to upper-division undergraduates and
graduate students who are planning to work in the finance industry.
Unlike standard investment texts that cover trading as one of many
subjects, "Financial Trading and Investing"gives primary attention
to trading, trading institutions, markets, and the institutions
that facilitate and regulate trading activities what economists
call "market microstructure." Thetext will be accompanied by a
website that can be used in conjunction with "TraderEx," "Markit,"
"StocklinkU," "Virtual Trade," "Vecon Lab Experiment,"
"Tradingsim," "IB Student Trading Lab," "Brenexa," "Stock Trak "and
"How the Market Works."
Its high-level perspective on the global economy differentiates
this introduction to international finance from other textbooks.
Melvin and Norrbin provide essential information for those who seek
employment in multinational industries, while competitors focus
onstandard economic tools and financial management skills. Readers
learn how to reach their own conclusions about trends and new
developments, not simply function within an organization. The 8th
edition, newly updated and expanded, offers concise descriptions,
current case studies, andnew pedagogical materials to help readers
make sense of global finance.
Global Bank Regulation: Principles and Policies covers the global regulation of financial institutions. It integrates theories, history, and policy debates, thereby providing a strategic approach to understanding global policy principles and banking. The book features definitions of the policy principles of capital regularization, the main justifications for prudent regulation of banks, the characteristics of tools used regulate firms that operate across all time zones, and a discussion regarding the 2007-2009 financial crises and the generation of international standards of financial institution regulation. The first four chapters of the book offer justification for the strict regulation of banks and discuss the importance of financial safety. The next chapters describe in greater detail the main policy networks and standard setting bodies responsible for policy development. They also provide information about bank licensing requirements, leading jurisdictions, and bank ownership and affiliations. The last three chapters of the book present a thorough examination of bank capital regulation, which is one of the most important areas in international banking. The text aims to provide information to all economics students, as well as non-experts and experts interested in the history, policy development, and theory of international banking regulation.
This volume is unique inits systematic approach to these three
pillars of health systems analysis will give readers of various
backgrounds authoritative material about subjects adjacent to their
own specialties. Assembling such comparative materials is usually
an onerous task because so many programs possess their own
vocabularies, goals, and methods. This book will provide common
grounds for people in programs as diverse as economics and finance,
allied health, business and management, and the social sciences,
including psychology. This volume is unique inits systematic approach to these three pillars of health systems analysis will give readers of various backgrounds authoritative material about subjects adjacent to their own specialties. Assembling such comparative materials is usually an onerous task because so many programs possess their own vocabularies, goals, and methods. This book will provide common grounds for people in programs as diverse as economics and finance, allied health, business and management, and the social sciences, including psychology. "
The 3e of this well-respected textbook continues the tradition of
providing clear and concise explanations for fixed income
securities, pricing, and markets. The book matches well with fixed
income securities courses. The book's organization emphasizes
institutions in the first part, analytics in the second, selected
segments of fixed income markets in the third, and fixed income
derivatives in the fourth. This enables instructors to customize
the material to suit their course structure and the mathematical
ability of their students.
Calvet and Fisher present a powerful, new technique for volatility
forecasting that draws on insights from the use of multifractals in
the natural sciences and mathematics and provides a unified
treatment of the use of multifractal techniques in finance. A large
existing literature (e.g., Engle, 1982; Rossi, 1995) models
volatility as an average of past shocks, possibly with a noise
component. This approach often has difficulty capturing sharp
discontinuities and large changes in financial volatility. Their
research has shown the advantages of modelling volatility as
subject to abrupt regime changes of heterogeneous durations. Using
the intuition that some economic phenomena are long-lasting while
others are more transient, they permit regimes to have varying
degrees of persistence. By drawing on insights from the use of
multifractals in the natural sciences and mathematics, they show
how to construct high-dimensional regime-switching models that are
easy to estimate, and substantially outperform some of the best
traditional forecasting models such as GARCH. The goal of their
book is to popularize the approach by presenting these exciting new
developments to a wider audience. They emphasize both theoretical
and empirical applications, beginning with a style that is easily
accessible and intuitive in early chapters, and extending to the
most rigorous continuous-time and equilibrium pricing formulations
in final chapters.
Edited by Rajnish Mehra, this volume focuses on the equity risk premium puzzle, a term coined by Mehra and Prescott in 1985 which encompasses a number of empirical regularities in the prices of capital assets that are at odds with the predictions of standard economic theory.
Vijay Krishna's 2e of "Auction Theory" improves upon his 2002
bestseller with a new chapter on package and position auctions as
well as end-of-chapter questions and chapter notes. Complete proofs
and new material about collusion complement Krishna's ability to
reveal the basic facts of each theory in a style that is clear,
concise, and easy to follow. With the addition of a solutions
manual and other teaching aids, the 2e continues to serve as the
doorway to relevant theory for most students doing empirical work
on auctions.
The objective of this book is to present this analytical framework
and to illustrate how it can be used in the investigation of
economic decisions under risk. In a sense, the economics of risk is
a difficult subject: it involves understanding human decisions in
the absence of perfect information. How do we make decisions when
we do not know some of events affecting us? The complexities of our
uncertain world and of how humans obtain and process information
make this difficult. In spite of these difficulties, much progress
has been made. First, probability theory is the corner stone of
risk assessment. This allows us to measure risk in a fashion that
can be communicated among decision makers or researchers. Second,
risk preferences are now better understood. This provides useful
insights into the economic rationality of decision making under
uncertainty. Third, over the last decades, good insights have been
developed about the value of information. This helps better
understand the role of information in human decision making and
this book provides a systematic treatment of these issues in the
context of both private and public decisions under uncertainty.
This examination of the fiscal health of local governments offers a
"how-to" approach to identifying and solving financial problems. It
will serve as a primer for readers interested in understanding
financial processes and alternatives, and as a practical guide for
those who need access to fiscal measurement tools. Its principal
selling point lies in its assumptions: instead of using the
vocabulary and research agendas of economists (such as Musgrave,
Fisher), finance scholars (Ladd/Yinger) and political scientists
(Peterson/Strachota), it will appeal to readers who lack
sophisticated knowledge in these areas and nevertheless need
practical advice.
Corporate valuation underlies the interrelationship between corporate strategy, financial analysis and financial management. Acquisitions, mergers, ESOPs and private placements are becoming increasingly common in the middle-market as investment banks and non-bank entities become players in the field. Managers and financial professionals need to become conversant in corporate valuation methods in order to expand their relationships with customers and to create profitable opportunities for their organization.;This text provides a catalogue of valuation tools, together with guidance on analyzing and valuing a business. The author breaks down the topic to provide advice for any business, no matter how complex. He presents eight different methods of firm valuation and discusses the benefits and limitations of each method, supporting this information with examples from international markets.
An Introduction to Wavelets and Other Filtering Methods in Finance
and Economics presents a unified view of filtering techniques with
a special focus on wavelet analysis in finance and economics. It
emphasizes the methods and explanations of the theory that
underlies them. It also concentrates on exactly what wavelet
analysis (and filtering methods in general) can reveal about a time
series. It offers testing issues which can be performed with
wavelets in conjunction with the multi-resolution analysis. The
descriptive focus of the book avoids proofs and provides easy
access to a wide spectrum of parametric and nonparametric filtering
methods. Examples and empirical applications will show readers the
capabilities, advantages, and disadvantages of each method.
Understandingtwenty-first century global financial integration
requires a two-part background."The Handbook of Key Global
Financial Markets, Institutions, and Infrastructure" begins its
description ofhow we created a financially-intergrated worldbyfirst
examining the history of financial globalization, from Roman
practices and Ottoman finance to Chinese standards, the beginnings
of corporate practices, and the advent ofefforts to safeguard
financial stability. It thendescribesthearchitectureitself by
analyzingits parts, such as markets, institutions, and
infrastructure. The contributions ofsovereign funds, auditing
regulation, loan markets, property rights, compensation practices,
Islamic finance, and others to the global architecture are closely
examined.For those seeking substantial, authoritative descriptions
and summaries, this volume will replace books, journals, and other
information sources with a single, easy-to-use reference work.
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