Intangible assets are becoming increasingly important as value drivers for multinational companies. It is a strategic question how to allocate intangibles within the multinational corporation. It needs to be defined by whom and under which conditions they can be utilized. Typical IP migration models such as licensing, joint development and transferring are becoming a focal point within tax audits across the globe. Hence,defining an intangibles system that fulfils the tax requirements is of utmost strategic importance for multinational corporations. A central question is how to value intangibles in line with the arm's length principle as is required internationally for transfer pricing purposes. Edited by leading transfer pricing and valuation experts in Europe, this comprehensive book offers practitioners an effective road map for identifying, valuing and implementing intangibles for transfer pricing purposes under consideration of both the OECD and local perspectives. It is therefore a must-have book for transfer pricing and valuation practitioners on all levels of experience. The book starts with an introduction to the role of intangibles in the world of transfer pricing including typical intangibles migration models. It describes common intangible assets across all types of industries, including e.g. automotive, consumer goods and software.Using several numerical examples, the book then covers state-of-the-art valuation methods including how to apply these methods in practice in a way consistent with the OECD Transfer Pricing Guidelines. The different country chapters written by local experts provide country-specific guidance on the legal framework concerning intangible assets from a transfer pricing and valuation perspective. Finally, the book covers practical advice on the implementation of an intangible assets system. This book offers invaluable guidance to practitioners seeking tools to apply the arm's length principle in the world of intangibles.

This book presents new methodologies for rating non-financial issuers and project ratings based on the BFO (Brusov-Filatova-Orekhova) theory of capital cost and structure, and its perpetuity limit (Modigliani-Miller theory), as well as modern investment models created by the authors. It first provides a critical analysis of the methodological and systemic shortcomings of the current credit ratings of non-financial issuers and project ratings. In order to increase the objectivity and accuracy of rating assessments, it then modifies the BFO theory for companies of arbitrary age as well as and the perpetuity limit (Modigliani-Miller theory) for rating needs. The authors also incorporate the financial indicators used in the rating methodology into both the BFO theory and the Modigliani-Miller theory. Within the framework of the modified BFO theory for rating needs, they then present a detailed study of the dependence of the weighted average cost of capital of WACC, used as the discount rate for discounting financial flows, on the financial ratios used in the rating, on the age of the company, on the leverage level and on the level of taxation for a wide range of values of equity cost and debt cost for companies of arbitrary age. This makes it possible to correctly assess of the discount rate, taking into account the values of financial ratios. The use of well-established corporate finance theories (BFO theory and its perpetuity limit) opens up new horizons in the rating industry, providing an opportunity to switch from mainly qualitative methods for determining the creditworthiness of issuers to mainly quantitative methods in rating, and as such improving the quality and accuracy of rating scores.

The banking and financial landscape has been inundated with technology over the last decade, with FinTech, InsurTech and RegTech being just some of the new applications within finance. In the Gulf Cooperation Council (GCC), FinTech is yet to find its feet despite several digital transformation drives initiated by the regional governments in the UAE and Bahrain. In comparison to conventional finance, the use of FinTech within Islamic financial institutions (IFIs) in GCC countries is still in its very early stages. However, the potential disruption that technology may cause for the Islamic finance sector within this region cannot be underestimated. Aiming to highlight, examine and address key strategic, operational and regulatory issues facing IFIs as they make an effort to keep up with the FinTech revolution, this book explores the market positioning, product structure and placement, delivery channels and customer requirements within the GCC market. The authors evaluate the current situation and look forward to future regulation surrounding technology and financial institutions within the GCC. Scholars and students researching Islamic finance and financial technology will find this book an insightful and valuable read, as well as those interested in international finance more generally.

Industry 4.0 has spread globally since its inception in 2011, now encompassing many sectors, including its diffusion in the field of financial services. By combining information technology and automation, it is now canvassing the insurance sector, which is in dire need of digital transformation. This book presents a business model of Insurance 4.0 by detailing its implementation in processes, platforms, persons, and partnerships of the insurance companies alongside looking at future developments. Filled with business cases in insurance companies and financial services, this book will be of interest to those academics and researchers of insurance, financial technology, and digital transformation, alongside executives and managers of insurance companies.

This book examines the business models, performance, and decision-making approaches employed by financial institutions in Central and Southeast Europe. The respective contributions cover a wide range of industries, including banking, pharmaceuticals, and airline business services, and present both theoretical and empirical studies that highlight economy-wide risks and opportunities for European companies. The book is divided into four parts, the first of which provides a critical assessment of the competitiveness and performance of European companies, while the second examines decision-making approaches at financial institutions; the third and fourth parts address the macroeconomic risks and opportunities for business development in Europe. Intended for scholars, political decision-makers, and practitioners, the book offers new perspectives on Central and Southeast European financial and business research.

This book presents the best papers from the 2nd International Conference on Mathematical Research for Blockchain Economy (MARBLE) 2020, held in Vilamoura, Portugal. While most blockchain conferences and forums are dedicated to business applications, product development or Initial Coin Offering (ICO) launches, this conference focused on the mathematics behind blockchain to bridge the gap between practice and theory. Blockchain Technology has been considered as the most fundamental and revolutionising invention since the Internet. Every year, thousands of blockchain projects are launched and circulated in the market, and there is a tremendous wealth of blockchain applications, from finance to healthcare, education, media, logistics and more. However, due to theoretical and technical barriers, most of these applications are impractical for use in a real-world business context. The papers in this book reveal the challenges and limitations, such as scalability, latency, privacy and security, and showcase solutions and developments to overcome them.

This book investigates how development institutions created and promoted marketized development financial instruments to increase the speed and scope of assistance by leveraging private financial markets for development objectives. To attract private investors, donor governments agreed to bear the risk in these new instruments in order to mobilize investment during times of political crisis. In particular, this book contends that Germany's KfW played an outsized role in the development of these new financial instruments, particularly in microfinance banks and structured funds, as KfW's unique institutional attributes and strong political support from the German government at critical junctures fostered financial innovation. Using over 70 interviews and a cache of newly released archival materials, this books documents how KfW and other development institutions created and promoted these marketized development financial instruments, and how they have become a pillar of modern development policy.

Addressing a need for innovative solutions to challenges facing organisations today, this book explores the concept of Knowledge Risk Management (KRM), outlining how this new approach can be implemented in the banking sector. The author proposes the first knowledge risk framework that is specific to cooperative banks, which aims to improve the accuracy of risk assessment procedures by combining a conventional risk management approach with knowledge management tools and techniques. Including empirical data taken from interviews with employees in the banking sector, this book provides banks with a valuable tool for tackling potentially damaging knowledge-related risks, making it an essential read for those researching risk management and banking.

This book argues that the 2007/08 financial crisis revealed fundamental flaws in how the financial sector had evolved over the previous three decades. While access to financial services has improved, the total stock of debt in the global economy has risen to more than twice the size of global GDP. Financial services now play a far bigger role in all economies, developed and developing, than in the 1960s. This development has produced few, if any, worthwhile benefits. The book concludes that the largely deregulated financial sector needs to be radically reformed. The first of these reforms would be to establish the pre-eminence of the public interest in how financial services operate. The second would involve breaking up financial institutions that have become much too big. Third, the phenomenon of financialization needs to be regulated and controlled. Finally, all countries need to work- both nationally and internationally- towards a more democratized, more robust, and less laissez faire system of socially progressive financial sector regulation to make it subservient to the needs of society rather than the other way round. This Palgrave Pivot will be of interest to economists, financiers and banking specialists, interested in an informed debate on the causes and consequences of the 2007/2008 financial crisis.

Exploring the negative social impact of cyber-attacks, this book takes a closer look at the challenges faced by both the public and private sectors of the financial industry. It is widely known amongst senior executives in both sectors that cybercrime poses a real threat, however effective collaboration between individual financial institutions and the public sector into detecting, monitoring and responding to cyber-attacks remains limited. Addressing this problem, the authors present the results from a series of interviews with cybersecurity professionals based in Canada in order to better understand the potential risks and threats that financial institutions are facing in the digital age. Offering policy recommendations for improving cybersecurity protection measures within financial institutions, and enhancing the sharing of information between the public and private sector, this book is a timely and invaluable read for those researching financial services, cybercrime and risk management, as well as finance professionals interested in cybersecurity.

In 1921 Austria became the first interwar European country to experience hyperinflation. The League of Nations, among other actors, stepped in to help reconstruct the economy, but a decade later Austria's largest bank, Credit-Anstalt, collapsed. Historians have correlated these events with the banking and currency crisis that destabilized interwar Europe-a narrative that relies on the claim that Austria and the global monetary system were the victims of financial interlopers. In this corrective history, Nathan Marcus deemphasizes the destructive role of external players in Austria's reconstruction and points to the greater impact of domestic malfeasance and predatory speculation on the nation's financial and political decline. Consulting sources ranging from diplomatic dossiers to bank statements and financial analyses, Marcus shows how the League of Nations' efforts to curb Austrian hyperinflation in 1922 were politically constrained. The League left Austria in 1926 but foreign interests intervened in 1931 to contain the fallout from the Credit-Anstalt collapse. Not until later, when problems in the German and British economies became acute, did Austrians and speculators exploit the country's currency and compromise its value. Although some statesmen and historians have pinned Austria's-and the world's-economic implosion on financial colonialism, Marcus's research offers a more accurate appraisal of early multilateral financial supervision and intervention. Illuminating new facets of the interwar political economy, Austrian Reconstruction and the Collapse of Global Finance reckons with the true consequences of international involvement in the Austrian economy during a key decade of renewal and crisis.

This book examines the effect of banking on the real economy and society, focusing on banking supervision as the decisive factor in steering banking activities and determining the social outcome of the game of finance. Banking is like a cardiovascular system for our society. If it functions correctly, it allows the economy to operate smoothly. On the other hand, if it malfunctions it becomes a doomsday device. This creates an asymmetry of risks - the asymmetry between the potential dire consequences and the modest rewards of accepting those risks. Banking was one of the critical technological factors enabling the transition from the middle ages and the creation of modern society. However, while today it contributes little to economic growth, its malfunction has a profound and lasting adverse impact. The book explains why, how and what. Why is it important to keep tight supervision of the banks? How can banking supervision improve stability, not only of the financial system but also of the whole human society? What went wrong with the regulation in the past?

Praise for Advising Ultra-Affluent Clients and Family Offices

"Michael Pompian's book Advising Ultra-Affluent Clients and Family Offices is noteworthy for its comprehensiveness. Michael combines 'the big picture' with detailed, prescriptive, and actionable strategies; advisers to wealthy families will receive a detailed understanding of how a quickly evolving landscape impacts their business and its implications for their clients."

-John Benevides, President, Family Office Exchange

"This book should be on the reading list of anyone who wants to be a full-fledged professional in our industry. Michael Pompian has wisely chosen to focus on practical descriptions and recommendations; in my view this is a great plus, as we need more educational resources in this field. Congratulations. The book is well worth reading."

-Jean L.P. Brunel, CFA, Managing Principal, Brunel Associates, LLC

"Ultra-affluent clients want information and advice integrated and in real time. So planning, investing, and measuring become a continuous process. This is very hard to do. Michael Pompian articulates a clear and insightful road map which outlines the process, components, and human factors needed to create a sustainable world-class wealth management program-both advisers and wealth owners would be wise to follow Michael's lead."

-Stephen Martiros, founder, Summitas (www.summitas.com) Managing Partner, CCC Alliance (www.cccalliance.com)

"As wealthy families become more globalized, their needs for wealth preservation and growth have become more complex and sophisticated in times of financial uncertainty. Michael Pompian has crafted an insightful and comprehensive guide for enhancing your own capabilities and awareness on how to advise the most demanding clients. A must-read for all financial advisers "

-Dr. Kurt Moosmann, MBA TEP CFP; cofounder and Managing Partner of Dara Capital Ltd., Zurich, Switzerland

"Without incorporating the critical components of effective family governance and the awareness of generational and behavioral issues, families of wealth and their advisers are operating blind in their wealth management pursuits. Michael Pompian's book gives both advisers and family members essential insights for discovering the risk factors they must consider in today's environment and in finding the resources required to provide consummate solutions."

-Lisa Gray, graymatter Strategies LLC, author of The New Family Office and Generational Wealth Management

"Advising Ultra-Affluent Clients and Family Offices is a valuable 'handbook' that covers all the major areas of wealth management. While Mr. Pompian has written the book primarily for wealth advisers, Advising Ultra-Affluent Clients and Family Offices will provide invaluable insights to ultra-affluent individuals and families, particularly those who are thinking about setting up a family office or becoming clients of a multifamily office."

-Paul R. Perez, CFA, Managing Director, Family Advisory Services, Northern Trust

"I like the way Michael Pompian presents this material. It covers the waterfront with a clear, concise, and compelling treatment. This book will prove useful for family members and family office executives. I especially admire the multigenerational orientation."

-Bradley G. Fisher, CEO, Springcreek Advisors LLC (Multi-Family Office), Corte Madera, California

This book provides an overview of the historical financial reforms and regulatory changes in China, highlighting the background to and causes of changes in the income structure of China's banks. It also investigates ongoing concerns with regard to banking diversification in China, and its consequences, amid the global trend of banks' shift to non-traditional businesses. Focusing on three critical aspects of bank-income diversification, namely the effects on profitability, risk level, and efficiency, it employs the concept of systemically important banks, which describes the scale and degree of influence a bank has in global and domestic financial markets. More importantly, rather than replicating techniques employed in the research on developed markets, it applies several improved methodologies to address bank diversification in the specific context created by China's unique institutional background and data characteristics, such as GMM-type threshold models and stochastic frontier analysis with the within maximum likelihood estimation. Shedding new light on the current status of income diversification in the Chinese banking sector, this book is a valuable resource for readers in fields such as banking and financial stability. It will also help banking professionals and financial regulatory authorities to better understand the reform of China's financial industry and the future direction of banking.

This book discusses risk management, product pricing, capital management and Return on Equity comprehensively and seamlessly. Strategic planning, including the required quantitative methods, is an essential part of bank management and control. A thorough introduction to the advanced methods of risk management for Credit Risk, Counterparty Credit Risk, Market Risk, Operational Risk and Risk Aggregation is provided. In addition, directly applicable concepts and data such as macroeconomic scenarios for strategic planning and stress testing as well as detailed scenarios for Operational Risk and advanced concepts for Credit Risk are presented in straightforward language. The book highlights the implications and chances of the Basel III and Basel IV implementations (2022 onwards), especially in terms of capital management and Return on Equity. A wealth of essential background information from practice, international observations and comparisons, along with numerous illustrative examples, make this book a useful resource for established and future professionals in bank management, risk management, capital management, controlling and accounting.

A how to guide to avoiding the mistakes ineffective financial advisors most often make

Based on a 15-year consulting program that author Steve Moore has led for financial advisors, "Ineffective Habits of Financial Advisors (and the Disciplines to Break Them): A Framework for Avoiding the Mistakes Everyone Else Makes" details proven techniques which allow advisors to transform their business into an elite practice: business analysis, strategic vision, exceptional client service, and acquiring high net worth clients. Told through the story of a purely fictional and completely average financial advisor, each chapter begins with an ineffective habit that is then countered with a discipline that improves business results and adds value. The book
Details a step-by-step strategy for working through current clients, rather than relying on cold calling to form new relationshipsIncludes anecdotes collected through both personal experience and stories relayed to him by clients and colleaguesProvides question and answer segments, examples, and homework assignments

"Ineffective Habits of Financial Advisors (and the Disciplines to Break Them" shows you how to deliver exceptional service while generating higher revenue per client.

Rapidly growing technology and globalization have put tremendous pressure on management teams. Technological developments with far reaching implications on social, economic, political, and environmental ecosystems cannot be underemphasized. Currently, organizations are trying to be more inclusive and aware of diversity, rapid technology growth, and globalization along with remotely operating businesses for profit motivation. The delegative and individual employee-based management styles of the past have become obsolete. With globalization, virtual offices, and rapid technology growth, management challenges have become an expensive force to reckon with. In this book, the authors address the recent trends in management in global environments. The authors explore issues such as managing virtual teams, gender and management, e-commerce, biased financing, quantum computing, and disruption in the financial services industry. The book will serve as a valuable resource to researchers interested in the future management challenges facing global organizations.

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 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.

This book gathers the proceedings of the ICAFFI International Conference on Accounting, Finance and Financial Institutions. The main topics addressed include: corporate finance, financial markets and asset pricing, empirical finance, taxation, financial risk management, international finance, financial econometrics, financial reporting and accounting standards, managerial accounting, measuring financial performance, accounting information systems, and current issues in accounting and finance in emerging and other markets. Presenting both cutting-edge research and a broad set of methods, and combining practical and theoretical perspectives, the book offers a valuable resource for researchers, practitioners and regulators alike.

This book analyzes the whole path to justice: from the decision to enter the path to justice until justice is achieved and applies a mixed-methods approach using quantitative and qualitative data. It deliberately takes the consumer's perspective and, beyond the scope of existing studies, does not only take into account the existence of mechanisms and forums to claim justice, but their appropriateness for vulnerable target groups. The book sheds more light on microfinance and other vulnerable clients who, due to existing barriers, cannot access grievance, redress or complaint mechanisms. Eliminating these access barriers would cater to the achievement of the 16th Sustainable Development Goal by increasing vulnerable consumers' Access to Justice. This book will be of interest to academics researching access to justice, researchers focusing on consumer protection issues in developing countries, and practitioners working in financial inclusion.

This book analyzes the highly contentious payday lending industry, presenting valuable new data collected during Canada's recent regulatory reviews and demonstrating its relevance to payday lending conversations taking place worldwide. The authors treat the industry with a balanced hand by establishing its importance as an example of financialization and acknowledging the complex impact of payday lending services on low-income and credit-constrained clients. Up-to-date data from an interdisciplinary mix of financial, econometric, legal, behavioral economic, and socioeconomic sources-all in the context of an established Canadian industry-provide both proponents and opponents of payday lending with valuable evidence for their discussions of how much regulation is required to minimize harmful consequences. These insights from Canada expand a US-centric conversation and provide a key resource for the growing list of countries in which the industry is present, from the UK and Poland to South Africa and Australia.

This book proposes three normative frameworks pertaining to risk-measurement, disclosure and governance using expert opinion and data from the top 429 non-financial companies (of the NIFTY 500 index) over a 10-year period. The book offers a novel contribution to the global literature on disclosure quality by presenting a composite measure of the quality as well as quantity of risk disclosures. Focusing on the quality of risk disclosures and risk governance structures, and using sophisticated methodology to tackle the issue of endogeneity, the book explores the important yet uncharted confluence of accounting information, risk and corporate governance. It addresses the interplay between three facets of risk, and is corroborated by practitioners' perspectives as well as case studies. It is an excellent resource for practitioners, professionals and policy-makers, in addition to researchers working on the topic.

Blockchain and artificial intelligence are perhaps the two most significant disruptive technologies this century and both will significantly rewire the world of global financial markets and the world in which we live. While blockchain offers a number of significant advantages over traditional forms of finance including lower cost and massive increases in operational efficiencies of traded markets, property records and a whole host of transaction processes, artificial intelligence is moving fast from basic structured machine learning doing menial yet important big data tasks like credit card fraud detection to predictive analysis and real-time real-world risk management and investment decision making. There is still a lot of confusion in the market about cryptocurrencies, bitcoin and the underlying blockchain technology. Blockchain and Artificial Intelligence highlights the underlying technologies of blockchain and the differences between cryptocurrencies and blockchain financial applications. It explores the current AI offerings and gives a vision of the fast-moving developments in this area including the many solutions that are expected to revolutionize the way financial and commodity markets will operate in the future.

This book provides an advanced guide to correlation modelling for credit portfolios, providing both theoretical underpinnings and practical implementation guidance. The book picks up where pre-crisis credit books left off, offering guidance for quants on the latest tools and techniques for credit portfolio modelling in the presence of CVA (Credit Value Adjustments). Written at an advanced level, it assumes that readers are familiar with the fundamentals of credit modelling covered, for example, in the market leading books by Schonbucher (2003) and O'Kane (2008). Coverage will include the latest default correlation approaches; correlation modelling in the 'Marshall-Olkin' contagion framework, in the context of CVA; numerical implementation; and pricing, calibration and risk challenges. The explosive growth of credit derivatives markets in the early-to-mid 000's was bought to a close by the 2007 financial crisis, where these instruments were held largely to blame for the economic downturn. However, in the wake of increased regulation across all financial instruments and the challenge of buying and selling bonds in large amounts, credit derivatives have once again been found to be the answer and the market has grown significantly. Written by a practitioner for practitioners, this book will also interest researchers in mathematical finance who want to understand how things happen and work 'on the floor'. Building the reader's knowledge from the ground up, and with numerous real life examples used throughout, this book will prove a popular reference for anyone with a mathematical mind interested credit markets.