The NASDAQ Stock Market has been reengineered in recent years. The broader NASDAQ marketplace has also experienced substantial growth and development. This conference brought together leading buy-side and sell-side participants and NASDAQ executives to put these changes into sharper focus. The resulting book assesses both the current market structure and the direction in which the new NASDAQ marketplace is heading.

South Korea known as the hermit kingdom was wrenched from its isolation in the mid-seventies with the forced industialisation of its economy by Park Chung-hee during his dictatorial regime. This led South Korea to becoming the most rapidly industialised country in the world with world class technology and a population who are largely digitally proficient. The course is charted from the rule of Park Chung-hee to his democratically elected daughter President Park Geun-hye who is now on trial for corruption. The legacy of the Park to Park era is not only the most fruitful in Korean history but the most tumultuous, most recently because of the accelerated nuclear ambitions of North Korea. The analysis is through the framework of investment, innovation and intellectual property rights and the double edged sword of cult and rapid action, so central to Korean culture.

Philip Brown is one of the most admired and respected accounting academics alive today. He was a pioneer in capital markets research in accounting, and his 1968 article, co-authored with Ray Ball, "An Empirical Evaluation of Accounting Income Numbers," arguably had a greater impact on the course of accounting research, directly and indirectly, than any other article during the second half of the twentieth century. Since that time, his innovative research has focused on issues that bridge accounting and finance, including the relationships between net profit reports and the stock market, the long-run performance of acquiring firms, statutory sanctions and voluntary corporate disclosure, and the politics and future of national accounting standards to name a few. This volume brings together the greatest hits of Brown's career, including several articles that were published in out-of-the-way places, for easier use by students and researchers in the field. With a foreword written by Stephen A. Zeff, and an introduction that discusses the evolution of Brown's research interests and explains the context for each of the essays included in the volume, this book offers the reader a unique look inside this remarkable 50-year career.

For most of the past 50 years the simplest investment solution was often the best. A balanced portfolio of stocks and bonds, combined with a traditional pension, provided most investors with a comfortable retirement. Unfortunately, this approach is no longer likely to work. Retirement is longer, private company pensions are a thing of the past, and world economies look set for years of low growth. Investment advisors need a new plan and a new approach to help their clients organise their investments. Asset allocation is the art of combining different investments to build a portfolio aligned with the investor's objectives and respectful of your limitations. More than picking the right stock or owning a particular bond, the allocation to these assets is the ultimate driver of investment returns. Despite the importance of asset allocation, there is little agreement on how to do it. BlackRock's Russ Koesterich addresses this problem by providing a practical, step-by-step approach to building a portfolio consistent with the investor's investment goals. Starting with setting objectives, he covers all parts of the process, including assessing risk tolerance, defining a set of assets, generating return assumptions and combining the assets in a risk-controlled manner.

This is the first book to fully present, analyse and interpret the Dubai real estate market. Dubai is fast becoming one of the world's most attractive places to invest in real estate and this book examines the market from three interlinked sectors that drive its performance: occupiers, investors, and developers. It examines the market's historical growth and lays the foundations to examine future trends. The book provides a synopsis of Dubai's market practices, economic trends and social change that impacts the value of real estate. Chapters also debate issues such as: property investment, house price performance, local valuation practices, spatial planning, the economics of the city, market practices and regulation, property-led economic growth and future trends such as sustainability and digitalisation. This book offers a comprehensive, in-depth and up-to-date account of the Dubai property market and presents a full assessment of the investment potential of Dubai real estate. It is a must read for students, academics and real estate professionals interested in this fascinating real estate market that has implications for both Dubai and wider GCC markets as well as the international investment market and senior professionals who come to work in the region.

This research annual publication intends to bring together investment analysis and portfolio theory and their implementation to portfolio management. It seeks theoretical and empirical research manuscripts with high quality in the area of investment and portfolio analysis. The contents will consist of original research on: The principles of portfolio management of equities and fixed-income securities. The evaluation of portfolios (or mutual funds) of common stocks, bonds, international assets, and options. The dynamic process of portfolio management. Strategies of international investments and portfolio management. The applications of useful and important analytical techniques such as mathematics, econometrics, statistics, and computers in the field of investment and portfolio management. Theoretical research related to options and futures. In addition, it also contains articles that present and examine new and important accounting, financial, and economic data for managing and evaluating portfolios of risky assets.

For investors from across the world, UK residential property is seen as one of the best investments available. This is for good reason. It has a track record of delivering strong, stable returns in a way that is relatively easy to understand and implement. The trouble is, the market has changed. The investors of the future value sustainability more than ever before. There is unprecedented and growing demand for Environmental Social and Governance (ESG) investing, now worth $30 trillion in Assets Under Management each year, around a quarter of all professionally managed assets. The traditional goal of profit maximisation is being replaced. Investments must increasingly be profitable as well as sustainable: economically resilient with positive ESG metrics. Yet the UK residential property market - worth over GBP7.5 trillion - is lagging behind. There is very little clear, easily usable guidance for those responsible for a huge proportion of the market: private investors. The positive impacts of sustainable property investing - for profit-motivated investors, people and the planet - could be huge. The financial, environmental and social costs of getting it wrong could be catastrophic. To get this right and to avoid the risks of getting it wrong, it is vital to understand: * What sustainable residential property investing is * What needs to change and * How, on a practical level, you can invest in a way that is both profitable and sustainable. This book draws on expertise from within and beyond real estate, provides a simple framework for updating your approach. It highlights common mistakes and shares advice so that you can avoid them. Ultimately, it's about answering the question of the decade: 'How can I invest profitably with positive impacts?'

Drawing on the history of modern finance, as well as the sociology of money and risk, this book examines how cultural understandings of finance have contributed to the increased capitalization of the UK financial system following the Global Financial Crisis. Providing both a geographically-inflected analysis and re-appraisal of the concept of performativity, it demonstrates that financial risk management has a spatiality that helps to inform understandings and imaginaries of the risks associated with money and finance. The book traces the development of understandings of risk at the Bank of England, with an analysis that spans some 1,000 reports, documents and speeches alongside elite interviews with past and present employees at the central bank. The author argues that the Bank has moved from a relatively broad-brush approach to the risks being managed in the financial sector, to a greater preoccupation with the understanding and mapping of the mobilization of financial risk. The study of financial practices from a critical social sciences and humanities perspective has grown rapidly since the Global Financial Crisis and this book will be of interest to multiple subject areas including IPE, economic geography, sociology of finance and critical security studies.

This book provides a critical evaluation of the literature on finance, investment and innovation and proposes new research methods for evaluating the comparative performance of financial systems in supporting innovation. The comparative advantage of this book is that of being directly focused on one of the main unsolved issues in monetary and financial economics: the relative effectiveness of national financial systems in supporting innovation. It proposes various theoretical and empirical contributions that, taken together, allow to evaluate the relative effectiveness of some of the most important country systems such as Japan, and the UK and Italy.

The second half of the twentieth century saw the emergence of international economic law as a major force in the international legal system. This force has been severely tested by the economic crisis of 2008. Unable to prevent the crisis, the existing legal mechanisms have struggled to react against its direst consequences. This book brings together leading experts to analyse the main causes of the crisis and the role that international economic law has played in trying to prevent it, on the one hand, and worsening it, on the other. The work highlights the reaction and examines the tools that have been created by the international legal field to implement international cooperation in an effort to help put an end to the crisis and avoid similar events in the future. The volume brings together eminent legal academics and economists to examine key issues from the perspectives of trade law, financial law, and investment law with the collective aim of reform of international economic governance.

In today's ultra-competitive global economy, intangibles are increasingly taking centre stage in firms' business strategies and investors' valuations. Physical and financial assets are becoming commodities, yielding at best a competitive return on investment. In their place, intangible assets such as patents, brands, unique business processes, breakthrough scientific discoveries and strategic alliances are what firms are using to create dominant market positions, control risk, generate abnormal profits, and achieve growth and wealth. The dramatic rise and fall of high-technology company valuations has brought the unusual economic characteristics of intangible assets into the public arena. The concurrent advantages and vulnerabilities of intangible-intensive companies has highlighted the importance of having an in-depth understanding of the economics of intangibles and developing tools to better manage and evaluate them. This reader provides that understanding by bringing together the best research and advocacy on intangibles.

With about $450 billion in assets, funds of hedge funds are the most recent darling of investors. While hedge funds carry high risk for the promise of high returns they are designed for the very rich and for large institutional investors such as pension funds. A Fund of Hedge Funds (FOF) spreads investments among a number of hedge funds to reduce risk and provide diversification, while maintaining the potential for higher than average returns. Odds are that some pension fund of yours is invested heavily in these products, and more recently these FOFs have been opened to more and more individual investors in offshore jurisdictions with lower minimum entry levels. Since this is a new and extremely fast-moving financial phenomenon, academic research has just begun in earnest, and this is the first book to present rigorous academic research by some of the leading lights in academic finance, carefully analyzing the broad array of issues involved in FOFs.
* With over $450 billion in assets, hedge funds of funds are the darling of investors
* First book to present rigorous academic research about funds of funds
* Leading lights in academic finance from around the world analyze the broad array of issues involved in funds of funds

Pension fund benefits are crucial for pensioners' welfare and pension fund savings have accumulated to huge amounts, covering a major part of world-wide institutional investments. However, the literature on pension fund economics and finance is rather limited, caused, in part, to limited data availability. This book contributes to this literature and focuses on three important areas. The first is pension fund (in)efficiency, which has a huge impact on final benefits, particularly when annual spoilage accumulates over a lifetime. Scale economies, pension plans complexity and alternative pension saving plans are important issues. The second area is investment behavior and risk-taking. A key question refers to the allocation of investments over high risk/high return and relatively safe assets. Bikker investigates whether pension funds follow the life-cycle hypothesis: more risk and return for pension funds with young participants. Many pension funds are rather limited in size, which may raise the question how financially sophisticated the pension fund decision makers are: rather professionals or closer to unskilled private persons? The third field concerns two regulation issues. How do pension fund respond to shocks such as unexpected investment returns or changes in life expectancy? What are the welfare implications to the beneficiary for different methods of securing pension funding: solvency requirements, a pension guarantee fund, or sponsor support? This groundbreaking book will challenge the way pension fund economics is thought about and practiced.

Raising Capital for Your Company or Your Real Estate Acquisition? Russell Weigel has been practicing securities law since 1990. For more than ten of these years he was an attorney for the Securities & Exchange Commission. Since 2001, he has been in private practice counseling public and private capital raisers and defending the securities industry and corporate executives from SEC and FINRA enforcement matters. Russell Weigel opens your eyes to the risks of raising capital but shows you a path to minimize these risks. Whether private or public, companies raising capital the wrong way and not properly planning for unforeseen events can result in substantial loss. Capital for Keeps is designed to save the entrepreneur thousands of dollars in legal fees by educating them on their options and the standards of conduct expected of them to stay away from the courthouse.

Must-have advice for financial success to modern investing Easy, accessible, and to the point, Stock Market Investing Fast-Track gets you up to speed quickly on the essential strategies and techniques you need to make money in the modern stock market. In this new and improved guide, you'll find: Pointers on identifying, analyzing, and buying the right stocks at the right time Advice on minimizing your risks and maximizing your rewards on purchases Tips on when to buy, when to sell, and when to let it ride A look at common investing mistakes and how to avoid them Guidance on managing your portfolio for long-term success A rundown of best practices on investing in cryptocurrency

There has been increasing Asian interest in Latin America in recent years, beginning with Japanese investment in the 1980s, and continuing into the present decade when there is growing investment by China. This book examines the nature and extent of Asian business and related activity in Latin America. It shows how investment is not just from Japan and China, with Korea and India also involved, and with Taiwan directly competing with China. It explores activity in the minerals and energy sector, and also in trade and other areas. It demonstrates how Asian activity has a wide impact on the countries of both South America and the Caribbean, making them less exclusively "the United States' backyard"; how different countries are affected differently by Asian activity; and how the growing links with Asia increasingly open up the possibility of greater Latin American activity in Asia.

This unique volume presents a trailblazing project of country risk analysis for international investments. It develops an innovative range of tools and techniques on the cutting edge of financial theories and practices for assessing and incorporating country/political risk in cross-border investment strategies. These tools and techniques address the nature of country risk as a broad concept that comprises an underlying combination of economics, finance, geopolitics, sociology, and history.

Maximize your chances of investment success with this accessible and profitable guide which pulls away the curtain to put you on a level footing with the professionals - and points out where the pros can get it wrong. Never in history has it been easier for private investors to get involved in the market, and changes in technology, regulation and access to information mean that the advantage experts may have had is fast disappearing. Written by Matthew Partridge, a financial journalist for the UK's leading investment magazine, Investing Explained is filled with real life examples and plain English summaries of research produced by banks and academics to separate fact from fiction when it comes to investment clichés. Investing Explained covers the basics for beginner investors and includes more in-depth advice for those with more experience. Benefit from an overview of behavioural psychology (and how you can profit from the irrational behaviour of others), advice on fintech apps and cryptocurrencies, and the impact of a political or economic crisis on your investments. Access the stock market with this invaluable guide and build an investment portfolio which can secure your financial future.

This book provides coherent theoretical and empirical analysis of firms' investment and financing decisions. It assesses the role of uncertainty, financial imperfections, corporate governance and taxation. Evidence is obtained using several unique and high quality microeconomic data-sets, which explore features seldom addressed. Overall, the empirical results confirm theoretical precedents. Some firms are indeed financially constrained, for fixed investment as well as for R&D projects. The 'free cash-flow' hypothesis holds, that is managers divert excess funds away for their own interests, but less so in closely controlled companies. In accordance with the real option theory, the results suggest that uncertainty leads firms to adopt a 'wait and see' strategy which eventually reduces investment, especially for irreversible investment. Corporate governance features are shown to affect managers, discipline and companies' restructuring plans. Finally, different tax reforms are evaluated, and an alternative tax structure that would stimulate growth is proposed. Scholars, including those with an interest in microeconomics and econometrics, and staff within central banks and national and international organisations will also find the book of interest, as will policymakers and decision-makers concerned with the role of financing, corporate governance and taxation on firm's decisions.

This book is essential in understanding, investing and risk managing the holy grail of investments - structured products. The book begins by introducing structured products by way of a basic guide so that readers will be able to understand a payoff graphic, read a termsheet or assess a payoff formula, before moving on to the key asset classes and their peculiarities. Readers will then move on to the more advanced subjects such as structured products construction and behaviour during their lifetime. It also explains how to avoid important pitfalls in products across all asset classes, pitfalls that have led to huge losses over recent years, including detailed coverage of counterparty risk, the fall of Lehman Brothers and other key aspects of the financial crisis related to structured products. The second part of the book presents an original approach to implementing structured products in a portfolio.

Key features include: A comprehensive list of factors an investor needs to take into consideration before investing. This makes it a great help to any buyer of structured products;Unbiased advice on product investments across several asset classes: equities, fixed income, foreign exchange and commodities;Guidance on how to implement structured products in a portfolio context;A comprehensive questionnaire that will help investors to define their own investment preferences, allowing for a greater precision when facing investment decisions;An original approach determining the typical distribution of returns for major product types, essential for product classification and optimal portfolio implementation purposes;Written in a fresh, clear and understandable style, with many figures illustrating the products and very little mathematics.

This book will enable you to better comprehend the use of structured products in everyday banking, quickly analyzing a product, assessing which of your clients it suits, and recognizing its major pitfalls. You will be able to see the added value versus the cost of a product and if the payoff is compatible with the market expectations.

Hedge funds are in the news and on the minds of sophisticated investors more than ever. Investors have questions about how the funds are structured, where the assets are allocated, and whether hedge funds can truly act as a hedge against market risk. The answers are all here in "Investing in Hedge Funds."

Until recently, much of what makes hedge funds tick has been closely guarded--the intellectual property of Wall Street's investment elite. In this updated and revised text, Joseph G. Nicholas, founder and chairman of the leading industry information provider Hedge Fund Research, Inc., travels inside the hedge fund marketplace to explain the alternative investment strategies of top fund managers, providing clear descriptions of how to access these funds and where they're headed. It's a complete guide that everyone investing in hedge funds should study closely.

This book provides a broad introduction of modern asset pricing theory with equal treatments for both discrete-time and continuous-time modeling. Both the no-arbitrage and the general equilibrium approaches of asset pricing theory are treated coherently within the general equilibrium framework.The analyses and coverage are up to date, comprehensive and in-depth. Topics include microeconomic foundation of asset pricing theory, the no-arbitrage principle and fundamental theorem, risk measurement and risk management, sequential portfolio choice, equity premium decomposition, option pricing, bond pricing and term structure of interest rates. The merits and limitations are expounded with respect to allocation and information market efficiency, along with the classical expectations hypothesis concerning the information content of yield curve and bond prices. Efforts are also made towards the resolution of several well-documented puzzles in empirical finance, which include the equity premium puzzle, the risk free rate puzzle, and the money-ness bias phenomenon of Black-Scholes option pricing model.The theory is self-contained and unified in presentation. The inclusion of proofs and derivations to enhance the transparency of the underlying arguments and conditions for the validity of the economic theory makes an ideal advanced textbook or reference book for graduate students specializing in financial economics and quantitative finance. The explanations are detailed enough to capture the interest of those curious readers, and complete enough to provide necessary background material needed to explore further the subject and research literature.