Mergers & acquisitions are an essential instrument of strategic corporate management for companies of all sizes. The success of an M&A project highly depends on an optimal transaction preparation, fast execution and the experience of all parties involved. Due to numerous endogenous and exogenous influences, no two M&A transactions are alike at the detailed level. This book is designed as a practical M&A guide for students and professionals alike. In addition to dealing with important basics of mergers & acquisitions, the focus is on a structured and in-depth examination of the individual process steps of a typical company sale. At various points in this book, specific differences between a company sale of medium-sized companies (mid-caps) and large companies (large-caps) are discussed in detail.

A number of dramatic changes are currently reshaping infrastructure, a sector that investors and asset managers have traditionally considered to be a safe harbor in the field of alternative investments. Understanding the future of infrastructure is indispensable to guaranteeing a sustainable future for our planet and the welfare of the world's population, and enhancing our knowledge of this asset class is one important step we can take toward reaching this crucial goal. This book collects a series of contributions by a group of Bocconi University researchers under the Antin IP Associate Professorship in Infrastructure Finance, which cover the key megatrends that are expected to reshape the way we think about infrastructure, and the implications for infrastructure investors and asset managers. Its goal is to improve and disseminate the culture of infrastructure among academics, professionals and policymakers. The main focus is on Europe and the European Union, and specifically on three key sectors: power and energy, transportation infrastructure, and telecoms / ICT.

"One of the best books I have read on investing in years. " -Bill Ackman, founder and CEO, Pershing Square Capital Management From a successful investor and a contributor to Barron's and Fortune comes a once-in-a-lifetime book that gives modern investors what they need most: a fresh guide to making money in a stock market now dominated by tech stocks. Technological change is reshaping the economy in a way not witnessed since Henry Ford introduced the assembly line. A little more than ten years ago, only two of the ten most valuable publicly traded companies in the world were digital enterprises-today, they comprise eight of the top ten. Investors around the world are struggling to understand the Digital Age and how they can use the stock market to profit from it. Author Adam Seessel understands. Several years ago, he watched his old-school portfolio built using traditional value investing principles decline while the market, driven by "expensive" tech stocks, advanced. Determined to reverse course, he set off in search of a new investment paradigm, one that remained true to the discipline that Ben Graham gave us a century ago while reflecting the new realities of the Digital Age. In this "helpful take on playing the stock market" (Publishers Weekly), Seessel introduces a refreshed value-based framework that any investor, professional or amateur, can use to beat the modern market. Like all sectors, the tech sector follows certain rules. We can study these rules, understand them, and invest accordingly. The world is changing, and we can profit from it. Approaching tech this way, the economy's current changes and the rapid rise of tech stocks are not reasons to be frightened or disoriented-they're reasons to be excited. Infused with the same kind of optimism and common sense that inspired Benjamin Graham's The Intelligent Investor and Peter Lynch's One Up on Wall Street, Where the Money Is ushers in a new era of modern value investing.

This book presents new approaches to fixed income modeling and portfolio management techniques. Taking into account the latest mathematical and econometric developments in finance, it analyzes the hedging securities and structured instruments that are offered by banks, since recent research in the field of fixed incomes and financial markets has raised awareness for changes in market risk management strategies. The book offers a valuable resource for all researchers and practitioners interested in the theory behind fixed income instruments, and in their applications in financial portfolio management.

A Wall Street Journal besteller and a USA Today Best Book of 2020 Named Energy Writer of the Year for The New Map by the American Energy Society "A master class on how the world works." -NPR Pulitzer Prize-winning author and global energy expert, Daniel Yergin offers a revelatory new account of how energy revolutions, climate battles, and geopolitics are mapping our future The world is being shaken by the collision of energy, climate change, and the clashing power of nations in a time of global crisis. Out of this tumult is emerging a new map of energy and geopolitics. The "shale revolution" in oil and gas has transformed the American economy, ending the "era of shortage" but introducing a turbulent new era. Almost overnight, the United States has become the world's number one energy powerhouse. Yet concern about energy's role in climate change is challenging the global economy and way of life, accelerating a second energy revolution in the search for a low-carbon future. All of this has been made starker and more urgent by the coronavirus pandemic and the economic dark age that it has wrought. World politics is being upended, as a new cold war develops between the United States and China, and the rivalry grows more dangerous with Russia, which is pivoting east toward Beijing. Vladimir Putin and China's Xi Jinping are converging both on energy and on challenging American leadership, as China projects its power and influence in all directions. The South China Sea, claimed by China and the world's most critical trade route, could become the arena where the United States and China directly collide. The map of the Middle East, which was laid down after World War I, is being challenged by jihadists, revolutionary Iran, ethnic and religious clashes, and restive populations. But the region has also been shocked by the two recent oil price collapses--and by the very question of oil's future in the rest of this century. A master storyteller and global energy expert, Daniel Yergin takes the reader on an utterly riveting and timely journey across the world's new map. He illuminates the great energy and geopolitical questions in an era of rising political turbulence and points to the profound challenges that lie ahead.

"It has been said that in theory, theory translates into practice, but in practice it never does. This breakthrough book defies this conventional wisdom in a unique way. It is a must read for anyone interested in structuring derivatives products." — Dr Peter Carr, Principal, Banc of America Securities

"Harry Kat has done a masterful job explaining the world of exotic options and the role that these options play in building structured securities. Dr Kat conveys the essence of these products from the perspective of a very experienced financial engineer but in a fashion that the less experienced reader can easily follow and understand. In this, Dr Kat has shown himself to be a marvellous teacher. I'm confident that this book will prove to be one of the classics to be read by future generations of financial engineers." — John F. Marshall, Principal, Marshall, Tucker & Associates, and Founding Executive Director, International Association of Financial Engineers

"This is a refreshingly new and different book about putting together structured equity products. It is not a book about deriving formulas but a book about applying formulas. The emphasis on hedging costs and alternative ways of reducing those costs by modifying the structure will be appreciated both by those who actually manufacture and sell these products and those who buy them." — Don Chance, First Union Professor, Virginia Tech

"This book is about applications, about solving real business problems with derivatives.... Contrary to many other books in the field, the approach is managerial rather than abstractly mathematical, aimed at practitioners instead of applied mathematicians. Professor Kat's book contains all the mathematics required. However, the mathematical aspects play a purely supportive role, not the starring role. Bravo!"
— Anthony F. Herbst, University of Texas at El Paso, Founding Editor, The Journal of Financial Engineering

"It is certainly a unique book, much more useful that most new books on derivatives. In a nutshell, this book is very creatively done and a great resource for professionals."
— Mark Rubinstein, Paul Stephens Professor of Applied Investment Analysis, University of California at Berkeley

Latin America has been a complex laboratory for the development of international investment law. While some governments and non-state actors have remained true to the Latin American tradition of resistance towards the international investment law regime, other governments and actors have sought to accommodate said regime in the region. Consequently, a profusion of theories and doctrines, too often embedded in clashing narratives, has emerged. In Latin America, the practice of international investment law is the vivid amalgamation of the practice of governments sometimes resisting and sometimes welcoming mainstream approaches; the practice of lawyers assisting foreign investors from outside and within the region; and the practice of civil society, indigenous peoples and other actors in their struggle for human rights and sustainable development. Latin America and international investment law describes the complex roles that governments have played vis-a-vis foreign investors and investments; the refreshing but clashing forces that international organizations, corporations, civil society, and indigenous peoples have brought to the field; and the contribution that Latin America has made to the development of the theory and practice of international investment law, notably in fields in which the Latin American experience has been traumatic: human rights and sustainable development. Latin American scholars have been contributing to the theory of international investment law for over a century; resting on the shoulders of true giants, this volume aims at pushing this contribution a little further. -- .

Measure market sentiment and predict market trends.

Contrary opinion is the opposite opinion of the sentiment held by the majority. If eighty percent of traders are bearish then a bullish view would be a contrary opinion. As developer of the Bullish Consensus, R. Earl Hadady has fine-tuned sentiment, measuring the opinion of a specific majority, to a calculable figure. Traders can now develop a winning trading plan around the Bullish Consensus and buy or sell as warranted by its numbers.

Examines in-depth the workings of the futures markets and how market sentiment affects those markets.
* Demonstrates that the trend of the market is actually a reflection of the trend of market sentiment

Earl Hadady (Glendora, CA) is the author of the first edition of Contrary Opinion: How to Use it for Profit in Trading Commodity Futures. Mr. Hadady is a renowned expert in contrary opinion.

Extending Financial Inclusion in Africa unveils the genesis and transformation of Africa's financial sector and its ability to provide finance for all. Contributors of the Book traverse the whole spectrum of African financial systems, examining their depth and breadth and empirically evaluating their appropriateness and effectiveness to achieve inclusive financial services.

Mastering Options: Effective and Profitable Strategies for Investors is essential reading for beginners to the world of options. It explains the essentials of option and hedging strategies that will empower you to earn attractive profits.Primarily aimed at undergraduates and retail investors, it opens the door to a world of unlimited profits with limited risk. In concise language, augmented by relevant graphics, the key trading tools available to investors using online option trading platforms, are explained in detail. Chapter by chapter, this book builds up a complete understanding of the essential building blocks of options investing, including covering key charting techniques using technical analysis tools. Here's what you learn from Mastering Options: The characteristics of an option. Types of options and common terms. The underlying principles of options investing. Insights into why you should invest in options. Option strategies that consistently make profits whilst managing risk exposure. Case studies illustrating each strategy. This book exposes the myth that investing in financial options is an impenetrable mystery.

In "Six Sizzling Markets, " seasoned financial veteran Pran Tiku lays out a detailed and balanced case for investing in the emerging economics of Brazil, Russia, India, China (BRIC), South Korea, and Mexico. Along the way, he analyzes each nation's investment opportunities on the basis of eight tenets and takes a detailed look at the most lucrative industries within those countries. Filled with in-depth insights and expert advice, "Six Sizzling Markets" can help you profit from promising emerging world markets.

Praise for "Free Cash Flow and Shareholder Yield"

""Free Cash Flow and Shareholder Yield" provides a provocative solution to the profound paradigm shift now redefining valuation standards for markets around the globe. In commonsense terms, it defines how the investment community has begun the journey of shifting to the more dependable, robust metric of free cash flow."
--Rob Brown, Chief Investment Officer, Genworth Financial Asset Management, Inc.

This graph tells a singularly compelling story of the changing order of the drivers of total equity returns. In "Free Cash Flow and Shareholder Yield," you will learn how this story is the key to informed investing in an evolving global marketplace.

If the last financial crisis cost you money, you may be wondering whether you should continue investing in the market. After all, you have bills to pay and a job to keep-and you can't spend all your free time crunching numbers.

With the help of an expert, you can control your financial future by making small shifts in what you are already doing. Author Coreen T. Sol, Chartered Financial Analyst, gives you the tools you need to

avoid mistakes that could cost you money;

find good alternative investments;

maximize the benefits of a retirement plan; and

write your own investment policy statement.

This guidebook provides bold-faced terms and a glossary, along with instructions that make understanding the market fun and easy. You'll have to do some homework, but you can start taking simple steps to accomplish your dreams with the guidance in Practically Investing.

Does the stock market overreact? Recent capital market turbulences have cast doubt whether the behaviour of stock markets is in line with rational investor behaviour. To which extent stock returns are predictable is the question at the heart of the controversy between the paradigms of rational asset pricing and behavioural finance. This new and revised edition discusses the empirical evidence from both perspectives. Theory and empirical analysis are blended with feedback from security analysts to offer a road towards a deeper understanding of the underlying forces to drive performance in the stock market.

In his book "Irrational Exuberance" Robert Shiller offered an analysis of the US stock market in 2000. The focus of his book was the level of the stock market, which he thought to be overvalued at the time. This monograph offers a complementary analysis of the cross section of stock returns.

For courses in options, futures, and derivatives. To be financially literate in today's market, business students must have a solid understanding of derivatives concepts and instruments and the uses of those instruments in corporations. The Third Edition has an accessible mathematical presentation, and more importantly, helps students gain intuition by linking theories and concepts together with an engaging narrative that emphasizes the core economic principles underlying the pricing and uses of derivatives. The third edition has been updated to include new data and examples throughout.

The battle of national, state, and local governments to attract investment has been a high priority for decades. For example, US state and local governments give almost $50 billion in location incentives and over $70 billion in total subsidies annually. Developing countries often pay even more for investments despite the fact they are less able to afford to do so. Using case studies from around the world, and at all levels of government, Thomas shows that investment incentives are rarely a good policy, especially for countries lacking education and an infrastructure. Finally, he analyzes the myriad methods of controlling incentives with an emphasis on the EU's comprehensive and largely successful state aid rules, illustrated by an extended case study of Ireland.

Trying to trade stock, bond, commodity and currency markets without intermarket awareness is like trying to drive a car without looking out the side and rear windows—very dangerous. In this guide to intermarket analysis, the author uses years of experience in technical analysis plus extensive charts to clearly demonstrate the interrelationshps that exist among the various market sectors and their importance. You'll learn how to use activity in surrounding markets in the same way that most people employ traditional technical indicators for directional clues. Shows the analyst how to focus outward, rather than inward, to provide a more rational understanding of technical forces at work in the marketplace.

Emerging economies have faced new challenges and opportunities in banking and finance in the post-crisis era under increasing uncertainty. This edited volume of International Finance Review contains original papers that examine rising challenges facing emerging financial markets and institutions. It covers issues such as global banking, risk and contagion, stock market behaviour, global financing for firms, and financial inclusion in the major emerging economies. Particular emphasis on banking is given to the impact of foreign banks on lending by domestic banks, bank loan pricing behaviour with corporate default risk, determinants of nonperforming loans and their macrofinancial implications, foreign bank activities of emerging market entry, international financial shock transmission through the foreign bank lending channel via internal capital markets, and spillover effects of global monetary shocks from an advanced to an emerging economy. Additional emphasis on stock market behaviour and financing is given to emerging stock markets under policy uncertainty from advanced economies, extended multifactor models for emerging stock markets, asymmetric volatility and herd behaviour in geopolitical crises, trade financing as an important cause of the recent trade collapse, determinants of capital structure, and social and financial inclusion in the major emerging markets. This volume also provides significant insight and important policy implications for market participants, researchers, and policy makers in emerging market finance.

Using a range of case-studies, this book analyzes corporate governance relationships between several African countries and the international community, providing an ethical assessment of issues surrounding globalization and adherence to external governance mechanisms. Employing a methodological approach, Corporate Governance in Africa critiques occidental perspectives of corporate governance in relation to the needs of separate states, and the contradictions that arise when local cultures are not taken in to consideration. With case studies from Egypt, Ghana, Nigeria, South Africa, Kenya and The Gambia the book presents a comprehensive view of North, East, West and South Africa with contributions from global experts in the field. The authors critique the transformations deemed necessary for governance procedures in order to facilitate confidence and inward investment for these African states.

The must-have book for all futures traders

In Fundamental Analysis, the legendary Jack D. Schwager has produced the most comprehensive, in-depth book ever written on the use of fundamental analysis for futures trading. In what is destined to become the bible of the futures industry, Schwager has poured out insights gathered during his long career as a trader, researcher, bestselling writer, and highly regarded authority in the field.

This book is packed with invaluable information you'll use every trading day. "Futures guru Jack Schwager has created the definitive source on using fundamental analysis for price forecasting that no trader can afford to be without." —Tom Baldwin Chairman, Baldwin Group

"This book won't make you a great commodities trader instantly, but it will teach you what you must know to start." —Jim Rogers Author, Investment Biker

"Jack Schwager always provides clear and compelling material on the often opaque subject of futures trading." —Richard Dennis President, Dennis Trading Group

"Jack Schwager's deep knowledge of the markets and his extensive network of personal contacts throughout the industry have set him apart as the definitive market chronicler of our age." —Ed Seykota

Fundamental Analysis is the first book in the Schwager on Futures series—the definitive source on the futures market for the next century that no trader will want to be without.

Jack Schwager is one of the most important and visible figures in the futures industry today. His Market Wizards and New Market Wizards are two of the bestselling finance titles of all time. Now Schwager has created the most comprehensive guide ever for using fundamental analysis for futures trading. The much-awaited Schwager on Futures series greatly expands and updates material first contained in his A Complete Guide to the Futures Markets, which has been the bible of the industry for the past decade.

In this first volume of the series, Fundamental Analysis, Schwager shows traders how to apply analytical techniques to actual price forecasting and trading in virtually all futures contracts currently traded. In chapter after chapter, Schwager draws on what he has learned during his legendary career as a successful trader, researcher, and bestselling investment author to dispense priceless insights.

Explains how to apply the techniques of technical analysis to fundamental data—information not found elsewhere

• Shows how regression analysis works and tells how to use it as a tool for price forecasting
• Includes step-by-step instruction on how to build a forecast model
• Contains a 13-chapter section illustrating the applications of fundamental techniques to individual markets and market groups
• Outlines how to analyze seasonal fluctuations, including seasonal price charts of 27 active markets

Numerous charts, tables, and examples illustrate all key concepts, and the text itself is written in the clear, nontechnical style that has helped make Jack Schwager one of today's most widely read and highly regarded investment writers.

This book analyses and discusses bonds and bond portfolios. Different yields and duration measures are investigated for negative and positive interest rates. The transition from a single bond to a bond portfolio leads to the equation for the internal rate of return. Its solution is analysed and compared to different approaches proposed in the financial industry. The impact of different yield scenarios on a model bond portfolio is illustrated. Market and credit risk are introduced as independent sources of risk. Different concepts for assessing credit markets are described. Lastly, an overview of the benchmark industry is offered and an introduction to convertible bonds is given. This second edition also includes a chapter on multi-currency portfolios as well as a discussion on currency hedging. This book is a valuable resource not only for students and researchers but also for professionals in the financial industry.

Active 130/30 Extensions is the newest wave of disciplined investment strategies that involves asymmetric decision-making on long/short portfolio decisions, concentrated investment risk-taking in contrast to diversification, systematic portfolio risk management, and flexibility in portfolio design. This strategy is the building block for a number of 130/30 and 120/20 investment strategies offered to institutional and sophisticated high net worth individual investors who want to manage their portfolios actively and aggressively to outperform the market.

This book offers an updated primer on the valuation of digital intangibles, a trending class of immaterial assets. Startups like successful unicorns, as well as consolidated firms desperately working to re-engineer their business models, are now trying to go digital and to reap higher returns by exploiting new intangibles. This book is innovative in its design and concept since it tackles a frontier topic with an original methodology, combining academic rigor with practical insights. Evaluation issues are increasingly based on an analytical comprehension of augmented business models and virtual function analysis, nurtured by real-time big data. The impact of digitalization on scalable business models is the main competitive advantage factor of the BigTechs and other Unicorns, representing a target for startups and the reengineering of traditional firms. The transition from the Internet to the metaverse represents the last frontier, showing how 3D virtual and augmented reality impacts social networking. The second edition of this book updates the contents of the first edition while comprehensively introduces these innovative topics--such as the metaverse, cloud storage, multi-sided digital platforms, ESG-compliance, and value co-creation patterns of digitized stakeholders--and demonstrates how best practices can be applied to specific asset appraisals, making it of interest to researchers, students, and practitioners alike.

In "Securities Finance," editors Frank Fabozzi and Steven Mann assemble a group of prominent practitioners in the securities finance industry to provide readers with an enhanced understanding of the various arrangements in the securities finance market. Divided into three comprehensive parts--Securities Lending, Bond Financing via the Repo Market, and Equity Financing Alternatives to Securities Lending--this book covers a wide range of securities finance issues, including alternative routes to the securities lending market, evaluating risks in securities lending transactions, U.S. and European repo markets, dollar rolls and their impact on MBS valuation and strategies, derivatives for financing equity positions and equity repos, and more. Filled with in-depth insight and expert advice, "Securities Finance" contains the information readers need to succeed in this rapidly expanding market.