This innovative book analyses the role and importance of investment in knowledge and fixed capital as two distinct sources of technological change. It provides a balance to most of the recent literature on technological change, which focuses almost exclusively on R&D and intangible investment in innovation and technological assets. The author shows how innovative investment in fixed capital still represents a central part of innovation in firms. The book begins by reviewing the major economic approaches to technology and innovation. It discusses the progressive shift from capital (embodied) investment to disembodied investment including R&D and design. Using one of the most extensive data sources, Rinaldo Evangelista empirically tests whether disembodied technological activities are more important than traditional investment in productive capital. Perhaps surprisingly, the evidence suggests that fixed productive capital emerges as the most relevant and widespread source of investment in innovation across firms and industrial sectors. The author concludes that even in high-tech industries embodied and disembodied technological activities are complementary rather than substitutive. This book will be welcomed by those interested in technological and innovation studies, industrial organization and business strategy.

A leader's role in the management of change is a critical issue for successful outcomes of strategic initiatives. Globalization and economic instability have prompted an increase in organizational changes related to downsizing and restructuring in order to improve financial performance and organizational competitiveness. Researchers agree that a leader's inability to fully understand what is needed in order to guide their organization through successful change can be a reason for failure. Proper planning and management of change can reduce the likelihood of failure, promote change effectiveness, and increase employee engagement. Yet, change in organizations must be viewed as a continuous activity that affects both organizational and individual outcomes. If change management can be considered as an event induced by socio-cultural factors, the cultural variable gains greater significance when applied to the quality of the relationship between a leader and their team. Many organizations today are on the verge of internationalization. It is here that the cultural context can affect behaviors and, in the same way, leadership style. The research presented in this book by an eminent group of scholars explores the influence of culture - ethnic, regional, religious - on how leaders manage change within organizations.

This title was first published in 2001. This work is a response to criticisms that investment liberalization in the APEC region is not moving quickly enough. It commences with a historical overview of APEC's process for investment liberalization and a description of current foreign direct investment policies for each of the APEC economies. It then argues that there are significant constraints to further liberalization arising from economic development concerns in the developing countries and political considerations in both developed and developing countries in the region. It also suggests that a truly liberalized investment environment would involve the removal of investment incentives. Again, there are political and institutional reasons that make this difficult. With several suggestions for further research that should better inform policy makers, this is an informative insight into the complex issues involved in the liberalization process in the APEC region.

This title was first published in 2002: A detailed and critical analysis of the various legal problems that arise when banks are in serious financial difficulty, Banks in Crisis offers an invaluable, international perspective on the concept and causes of bank failure. It takes an authoritative and much-needed look at a number of key issues including: - Effective bank regulation as an instrument in the possible prevention of banking crises, with particular reference to the role of the Financial Services Authority in the UK, and the impact of the Financial Services and Markets Act 2000 - The role of the Bank of England in the new regulatory landscape, with particular reference to its function as lender of last resort - The legal controls on those involved in the management of banks - Insolvency procedures and bank liquidation - The use of depositor protection schemes. By drawing conclusions and weighing up the methods available to promote stability, prevent failure and promote rescues where appropriate, Banks in Crisis is an essential read and a welcome addition to this crucial area of research.

First published in 1998, this organizational and professional socialization of trainee chartered accountants reports the findings of an ICAEW funded research project which explored the training and socialization of trainee accountants in two Big Six firms in the UK. The background to the research, particularly the under-researched nature of the socialization of accountants, is outlined. The research issues are located within the institutional context of the accounting profession in the UK and the academic literature on the professions and professional socialization. The main research findings reported concern. The main research findings reported concern the development of trainees' understandings of their professional indentity; the role of formal processes and informal norms within socialization; the relationship of professional identity to notions of client service, firm identity, divisionalization, and career success.

Master the process of effectively marketing alternative investments-a critical but overlooked aspect of ensuring fund success Investment funds with great performance and potential often fail for one simple reason-the enormous challenge for investor relations (IR) and fundraising professionals to raise the necessary capital to make the fund profitable. The only book to tackle this critical issue, Marketing Alternative Investments builds on the experiential wisdom and best practices from numerous thought leaders in the industry and provides a comprehensive look at investor-centric marketing and fundraising strategy. Whether you work in hedge funds, private equity, or are aspiring to be part of one, you'll gain invaluable insights into understanding investors and the investment landscape to create a successful marketing campaign. Marketing Alternative Investments is organized into three sections: * Fundamentals of Alternative Investments Marketing, which focuses on understanding the major investor categories including endowments, foundations, pension funds, family offices, and sovereign wealth funds * Fundraising in Practice, including pre-marketing and marketing processes, investor documentation, presentations and pitches, relationship management, and due diligence * Other Considerations in Marketing Alternatives, including technology, regulations governing fundraising, and the value of diversity. Effective fundraising and investor relations is key to the growth of alternative investments. This thorough guide delivers the information, insight, tools, and best practices for strategically marketing alternative investments.

This book covers nine countries of ASEAN and the East Asian area, including major Asian countries, and compares their respective policies to attract Foreign Direct Investments (FDI). Through comparative study of FDI promotion policies, this book will give policy makers in the area of FDI promotion an overview and comparison of the FDI policies of other countries. In addition, researchers at graduate, post-graduate or professional level will gain from the econometric methodology and detailed definitions of various spillover effects (horizontal and vertical), which will be beneficial to their research. In addition to FDI policy comparison, this book focuses on the various spillover effects of FDI. It separates it into categories: own productivity effects; intra-industry spillover effects; and inter-industry spillover effects (forward and backward linkage effects). While most other studies have only taken econometric tests on own-productivity and intra-industry spillovers, a key advantage to this book is that it also covers the separate effects of inter-industry linkages. Through policy comparison and econometric tests on various spillover effects on economic growth, employment and exports, this book will give policy makers and researchers an innovative and constructive guide to FDI.

The world of finance has been revolutionized in the last twenty years by factors such as the liberalization and subsequent integration of global financial markets and the advances in computing and communications technology. These important changes have led to a stream of financial innovations and theoretical breakthroughs in the area of pricing diverse financial instruments. More than ever before, we witness a process where international securities are traded in a global marketplace.This comprehensive collection encompasses the most recent contributions in the area of international securities. It includes the most important articles on current issues and future development in this key area of international finance. It will be an essential source of reference to researchers, students and practitioners alike.

First published in 1990, this is the first text to offer a goegraphicand regional study of venture capitalism. Although the importance of this type of capitalism in creating and nurturing small firms has long been recognized, it does not have a uniform global character. Drawing on previously unused data, Green's book offers a geographic comparison which displays the diverse forms of venture capitalist markets from the well established to the newly emerging and the rapidly dissapearing.

Options Markets presents an authoritative collection of the most important articles and papers on derivatives published during the last 35 years. These three volumes offer a unique and convenient resource for the reader to review the most important research at the frontier of this rapidly expanding area of financial economics. Topics include the theory, pricing and empirical evidence on equity derivatives, fixed-income derivatives, exotics, real options, numerical methods and risk management.As a comprehensive and integrated collection of articles, Options Markets is an invaluable companion to intermediate and advanced textbooks on derivatives. The historical perspective provided in this collection and the distinctiveness of its articles will appeal to both the applied and the theoretical researcher seeking fresh insights into derivatives.

A detailed look at the common characteristics found in most successful traders

While there are a variety of approaches to trading in the financial markets, profitable traders tend to share similar underlying characteristics. Most have a methodology that they believe will prove profitable over the long run and are willing to endure short-term setbacks. If you're looking to make the most of your time in today's markets, you need to understand what separates the best from the rest. And with "Trade Like a Casino, " you'll gain the knowledge needed to excel at this challenging endeavor.

Engaging and informative, this reliable guide identifies and explains the key techniques and mental processes characteristic of successful traders. It reveals that successful traders operate very much like a casino in that they develop a method that gives them "positive expectancy" and they unflappably implement the method in the face of changing, and oftentimes volatile, market conditions. Page by page, the book explores the intricacies of methodology, mental control, and flexibility that allow traders to develop and maintain the casino-like edge.Reveals how many successful traders tend to follow the same general principles, even if their approach to trading may differExplores how to account for the risk of being wrong and the market moving against youDiscusses how to develop an approach that combines trade selection with sound risk management, avoids emotional attachment to positions, exploits volatility cycles, and focuses on market action

Regardless of how you approach markets, the insights found here will help improve the way you trade by putting you in a better position to distinguish the differences between successful and unsuccessful traders.

Identifies and appraises public and private finance and investment mechanisms that deliver sustainable infrastructure investment globally, nationally and regionally Infrastructure investment will grow in the wake of the Covid 19 pandemic as governments seek to stimulate their economies

This book investigates the legitimacy of the current Australian Financial Services Licensee-Authorised Representative (AFSL-AR) licensing model, as specified in the Commonwealth Corporations Act 2001. The book rectifies the deficiency in scholarly attention to this matter by developing a new conceptualised framework for the financial planning discipline. It takes into account theories in agency, legislation, legitimacy and the independent individual regulatory regimes in other professions; thereafter integrating this framework with the financial planning theory to examine the legitimacy, or what was found to be the illegitimacy of licensing advisers via multiple third party conflicted commercially oriented licensees. This book makes a very useful reference to understanding financial planning licencing model in Australia.

This revised and fully expanded edition of Understanding Investments continues to incorporate the elements of traditional textbooks on investments, but goes further in that the material is presented from an intuitive, practical point of view, and the supplementary material included in each chapter lends itself to both class discussion and further reading by students. It provides the essential tools to navigate complex, global financial markets and instruments including relevant (and classic) academic research and market perspectives. The author has developed a number of key innovative features. One unique feature is its economic angle, whereby each chapter includes a section dedicated to the economic analysis of that chapter's material. Additionally, all chapters contain sections on strategies that investors can apply in specific situations and the pros and cons of each are also discussed. The book provides further clarification of some of the concepts discussed in the previous edition, thereby offering a more detailed analysis and discussion, with more real-world examples. The author has added new, shorter text boxes, labeled "Market Flash" to highlight the use of, or changes in current practices in the field; updates on strategies as applied by professionals; provision of useful information for an investor; updates on regulations; and anything else that might be relevant in discussing and applying a concept. This second edition also includes new sections on core issues in the field of investments, such as alternative investments, disruptive technologies, and future trends in investment management. This textbook is intended for undergraduate students majoring or minoring in finance and also for students in economics and related disciplines who wish to take an elective course in finance or investments.

With the entry of the United Kingdom into the European Economic Community on 1 January 1973, the opportunity presented itself for a study of open-end investment funds in the enlarged Community. The resulting book, which in a way is a natural sequel to the study Investment and Unit Trusts in Britain and America. (Elek: London, 1968), in which Dr Corner collaborated with Mr H. Burton, has been a long time in preparation, simply because of the sheer volume of statistical material- in particular, consistent sets of reports and accounts of all the EEC and Swiss investment funds - which has had to be collected. As a result, some of the analysis is based on what will inevitably be somewhat dated material at the time of publication. Unfortunately this is a handicap suffered by all such statistical work, unless one has large financial and manpower resources. We have done our best to update certain key statistics wherever this has been possible.

This volume seeks a better understanding of the issues and options involved in the generation and transfer of technology to poor small farmers. It is intended to provide a fresh opportunity to develop guidelines for the future design and implementation of rural development investment projects.

Quantitative Modeling of Derivative Securities demonstrates how to take the basic ideas of arbitrage theory and apply them - in a very concrete way - to the design and analysis of financial products. Based primarily (but not exclusively) on the analysis of derivatives, the book emphasizes relative-value and hedging ideas applied to different financial instruments. Using a "financial engineering approach," the theory is developed progressively, focusing on specific aspects of pricing and hedging and with problems that the technical analyst or trader has to consider in practice. More than just an introductory text, the reader who has mastered the contents of this one book will have breached the gap separating the novice from the technical and research literature.

China leads the world when it comes to investment and influence on the African continent. The extent of Chinese investment in Africa is well known and much has been written about China's foray into Africa. However, most of the available material has approached this issue by looking at China as the 'New Colonialist' - more interested in Africa's vast natural resources than working in partnership for sustained development. Whilst China's interest in Africa's resources is evident, it is just half of the story. China's foray into Africa goes beyond its appetite for natural resources and into the realm of geo-politics and international political economics. For example, China is all too aware of how it can cultivate Africa's support on global issues at the United Nations and at other international fora. Breaking free from the binary arguments and analysis which characterize this topic, Professor Abdulai presents a refreshing perspective that China's foray into Africa can produce win-win outcomes for China and Africa - if Africans really know what they want from China. Hitherto, each African country has tended to engage China with an individual bucket list; acting in isolation and not as part of a wider continent (indeed Africa and the African Union does not yet have a coordinated policy towards China). For Africa to be able to do that it needs to know where China is coming from, the factors that contributed to its awakening and success, and the benefits and possible pitfalls of this foray, in order to better position itself for a win-win engagement with China. This book will be a valuable read for policy makers, think-tanks and students of Africa-China studies programmes alike.

The Foundations of Pension Finance presents in two authoritative volumes a selection of the most important published articles on systems of retirement income provision - an area that is of vital importance for the future of the economy in general and the financial system in particular. The collection makes a very important contribution towards a better understanding of the various factors which influence the outcomes arising from systems of retirement income provision. The fields of pension finance and pension economics are fortunate in having benefited from penetrating contributions from a range of distinguished scholars. The volumes are divided into five sections. The first section features material relevant to the role of pensions in the broad overall development of financing arrangements in the context of the economy as a whole. The second focuses more closely on pension provision in the context of capital markets. The third looks at pensions as they affect the economic behaviour of the personal sector, while the fourth is a companion piece examining the link between pensions and corporate finance. The final section examines important issues in pension reform facing government. This book will be essential reading for economists concerned with pensions and the problems of old age, financial economists as well as practitioners involved in the pension industry.

The book is an economic history of the South Sea Bubble. It combines economic theory and quantitative analysis with historical evidence in order to provide a rounded account. It brings together scholarship from a variety of different fields to update the existing historical work on the Bubble. Up until now, economic history research has not been integrated into mainstream histories of 1720. Technical work on share prices and ledgers has been inaccessible to a wider audience. As well as providing new evidence against the gambling mania argument, the book also interprets the existing economic history scholarship for non-specialists.

This title was first published in 2003. Among the major challenges transition economies are facing is how to cope with globalization. Foreign direct investment (FDI) has proved the most dynamic (defensive and offensive) response, as an integration and network tool, yet outward FDI has so far been overlooked in research. The vitality of outward FDI as an entry mode to the global economy is discussed in this authoritative volume from various angles, beginning with the context of the development strategy and the transition process. The experiences of the Slovene way of internationalization are compared with those of other transition economies. Readers will learn about the size, geographical distribution, trends and sectoral allocation of such outward FDI (OFDI) as well as the major motives, barriers and problems. The book also responds to questions about the extent to which outward FDI is instrumental in development/transition, EU accession and competitiveness strengthening. Based on extensive empirical research and focused case studies, the volume provides valuable lessons for other EU candidate countries and transition economies, while managerial experiences in entering Central and Eastern European markets offer universal internationalization lessons.

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

As pension fund systems decrease and dependency ratios increase, risk management is becoming more complex in public and private pension plans. Pension Fund Risk Management: Financial and Actuarial Modeling sheds new light on the current state of pension fund risk management and provides new technical tools for addressing pension risk from an integrated point of view.

Divided into four parts, the book first presents the correct measurement of risk in pension funds, fund dynamics under a performance-oriented arrangement, an attribution model for monitoring the performance and risk of a defined benefit (DB) pension fund, and an optimal investment problem of a defined contribution (DC) pension fund under inflationary risk. It also describes a pension plan from a dynamic optimization viewpoint, the optimal asset allocation of U.S. pension funds, the identification of stakeholders risks, value-at-risk (VaR) methodology, and various effects on the asset allocation of DB pension schemes.

The second section focuses on the effects of uncertainty on employer-provided DB private pension plan liabilities; wage-based lump sum payments by death, retirement, or dismissal by the employer; fundamental retirement changes; occupational pension insurance in Germany; and longevity risk securitization in pension schemes.

In the third part, the book examines employers risks, accountability rules and regulations, useful actuarial analysis instruments, risk-based solvency regime in the Netherlands, and the impact of the 2008 global financial crisis on pension participants.

The final part covers DB pension freezes and terminations of plans, the two-pillar social security system of Italy, the Greek social security system, the effect of a company s unfunded pension liabilities on its stock market valuation, and the returns of Spanish balanced pension plans and portfolio performance.

With contributions from well-known, international academics and professionals, this book will assist pension fund executives, risk managers, consultants, and academic researchers in attaining a clear picture of the integration of risks in the pension world. It offers a comprehensive, contemporary account of how to handle the risks involved with pension funds.

"The way that Big Money got to be Big Money was by also being the 'Smart Money', and so it is worth paying attention to how the Big Money traders behave. That's the essence of what Larry Williams has to teach us in this book. And it's not just what the Smart Money says or thinks, but how they behave in terms of their trading that we should pay attention to. Larry shows us how to listen to that message."
--Tom McClellan, Editor of "The McClellan Market Report"

"Finally, an insider's take on what really goes on behind the scenes in commodity trading. Larry writes his view of trading, as only he knows it, from his twenty-five years of experience."
--James Altucher, author of "Trade Like a Hedge Fund"

Successful trader Larry Williams reveals industry secrets that help investors and traders successfully invest and trade side-by-side with the largest commercial interests in the world. You'll be introduced to the COT (Commitment of Traders) report, the best resource for achieving trading success, learn exactly what the information it contains means, and plan for maximizing profits by acting on reported actions.

Improve financial product control operations with this comprehensive reference Effective Product Control provides detailed "how-to" guidance for the product control function, serving as a control standards primary reference for both internal and external stakeholders. Coverage includes tasks, roles, and functions, presented in an accessible way for introductory readers, while also offering best practice and improvement examples for the seasoned professional. Readers will learn how to handle risk exposure, exception reports, PNL, and more, and better grasp the relevant regulation, compliance rules, and standards. Key touch points include risk management, audit, accounting, treasury, trading and product sales, along with an examination of taxation and regulatory interaction including SOX, control review, valuations, and liquidity levels. Teaching and student ancillary materials include lecture slides, case studies, questions and answers, and functional documents that facilitate fundamental understanding. Product control within financial services organizations monitors trades, trade patterns, and entire portfolios to assess the remits and risks being taken, acting as the primary conduit between the trading desk and risk management, accounting, auditing, and financial functions. This book gives readers a foundation in product control, with detailed guidance toward every aspect of the function. * Gain a deeper understanding of common product controller tasks * Structure an effective and efficient product control function * Carry out audit and regulatory review more effectively * Understand product control's role within the financial institution Product controllers' primary responsibility is to ensure that traders operate within their assigned remits, and mark their books to market prices. The practice is crucial, but often poorly understood. For product control staff looking to enhance their skills and improve operational processes, Effective Product Control is the complete guide to the function.