Part of a series which focuses on advances in futures and options research, this volume discusses a variety of topics in the field of advances in futures and options research.

The importance of technology transfer for the competitive advantage of companies and the economic success of nations cannot be overstated. Technology is a determining element for firms and nations to increase productivity, to compete, and to prosper. In The Competitive Advantage of Regions and Nations, the authors stress that companies, investment promotion agencies, and government bodies cannot simply sit and wait until new technologies arrive in their domain. Rather, they need to manage the identification, assessment, attraction, absorption and application of new technologies. In this comprehensive book, Boris Ricken and George Malcotsis explain how technology transfer in Foreign Direct Investment (FDI) projects can be systematically managed. Using some 40 case studies as illustration, they give step-by-step guidance for managers. The explanation of theory in this book, together with the frameworks and cases delivering solutions to the various challenges of technology transfer will be highly appreciated by managers of companies, investment promotion agencies, and government bodies alike. It also offers students confronted with the topic an understandable study guide.

The second volume of the series contains a combination of theoretical and empirical studies of issues in financial economics, investments, and banking authored by leading researchers in the US and Europe. Specific topics examined include asset pricing, corporate governance, dividend policy, pricing of financial services, portfolio theory, interest rate risk, capital structure, diversification strategies, and credit risk modelling. In addition to theoretical and empirical papers included in the volume, two represent applied articles written from a regulatory perspective by practising regulators.

The evaluation of IT and its business value are recently the subject of many academic and business discussions, as business managers, management consultants and researchers regularly question whether and how the contribution of IT to business performance can be evaluated effectively. Investments in IT are growing extensively and business managers worry about the fact that the benefits of IT investments might not be as high as expected. This phenomenon is often called the IT investment paradox or the IT Black Hole: larges sums are invested in IT that seem to be swallowed by a large black hole without rendering many returns. Information Systems Evaluation Management discusses these issues among others, through its presentation of the most current research in the field of IS evaluation. It is an area of study that touches upon a variety of types of businesses and organization essentially all those who involve IT in their business practices.

1. Main Goals The theory of asset pricing has grown markedly more sophisticated in the last two decades, with the application of powerful mathematical tools such as probability theory, stochastic processes and numerical analysis. The main goal of this book is to provide a systematic exposition, with practical appli cations, of the no-arbitrage theory for asset pricing in financial engineering in the framework of a discrete time approach. The book should also serve well as a textbook on financial asset pricing. It should be accessible to a broad audi ence, in particular to practitioners in financial and related industries, as well as to students in MBA or graduate/advanced undergraduate programs in finance, financial engineering, financial econometrics, or financial information science. The no-arbitrage asset pricing theory is based on the simple and well ac cepted principle that financial asset prices are instantly adjusted at each mo ment in time in order not to allow an arbitrage opportunity. Here an arbitrage opportunity is an opportunity to have a portfolio of value aat an initial time lead to a positive terminal value with probability 1 (equivalently, at no risk), with money neither added nor subtracted from the portfolio in rebalancing dur ing the investment period. It is necessary for a portfolio of valueato include a short-sell position as well as a long-buy position of some assets.

This book is the first to combine the views of scholars with those of practitioners (mostly CEOs and C-level executives) on the topic of sustainability, technology and finance. Includes the top thought leaders from the worlds of practice and research. Readers will gain insights into how technology and digitalization can fundamentally reshape the way ESG is practiced.

The convertible bond market has recently gained increasing significance on a global basis with particularly notable growth among very fast growing companies hungry for capital. Philip's Convertible Bond Markets is a comprehensive assessment of this market place, illustrating clearly how investors of all risk persuasions may best utilise the instrument. It will be of great interest both to academics and to professionals including equity fund managers, bond fund managers, 'swaps' teams, stock loan departments, risk controllers, treasurers and proprietary traders.

Probabilistic and percentile/quantile functions play an important role in several applications, such as finance (Value-at-Risk), nuclear safety, and the environment. Recently, significant advances have been made in sensitivity analysis and optimization of probabilistic functions, which is the basis for construction of new efficient approaches. This book presents the state of the art in the theory of optimization of probabilistic functions and several engineering and finance applications, including material flow systems, production planning, Value-at-Risk, asset and liability management, and optimal trading strategies for financial derivatives (options). Audience: The book is a valuable source of information for faculty, students, researchers, and practitioners in financial engineering, operation research, optimization, computer science, and related areas.

Energy Price Risk is the practitioner's guide to optimizing company performance using the correct price risk strategies and tools. Based on the author's extensive experience in the commodity derivatives industry, it comprehensively covers the full spectrum of the energy complex, including crude oil, petroleum products, natural gas, LPG/LNG, and electricity. Using many worked examples, this book offers practical insights and solutions.

The analysis of investment decisions today draws upon a wide range of sources, from economics and finance to engineering economy and operations research. Dr. Beenhakker's book reflects this interdisciplinary approach, and without assuming prior knowledge of these fields or a sophisticated understanding of mathematics, provides professionals and upper-level students with the concepts and tools they need to make englightened investments in new ventures. Arranged to permit rapid review of an entire investment subject and written in a modular manner to allow readers to jump among chapters without losing their bearings, the book will help business managers deal intelligently with corporate financial and economic issues and government contracts. It will also help planners of the public sector incorporate the views of private industry in their own investment decision making. A unique, readable, comprehensive treatment for investment professionals and also for academics and their graduate-level students.

The analysis of investment decisions today draws upon a wide range of sources, from economics and finance to engineering economy and operations research. Dr. Beenhakker's book reflects this interdisciplinary approach, and without assuming prior knowledge of these fields or a sophisticated understanding of mathematics, provides professionals and upper-level students with the concepts and tools they need to make enlightened investments in new ventures. Arranged to permit rapid review of an entire investment subject and written in a modular manner to allow readers to jump among chapters without losing their bearings, the book will help business managers deal intelligently with corporate financial and economic issues and government contracts. It will also help planners of the public sector incorporate the views of private industry in their own investment decision making. A unique, readable, comprehensive treatment for investment professionals and also for academics and their graduate-level students.

Dr. Beenhakker begins with a study of financial statements and ratios, and covers annual reports, balance sheets, income and retained earnings statements, cash flow statements, and financial ratios. In Chapter 2 he looks at the valuation and investment problems when shares are under- or overvalued. He moves then to derivative securities, and in Chapter 4 to a discussion of diversification planning. In Chapter 5 he takes up the cost of capital, with special attention to risk, uncertainty, and certainty, and in Chapter 6 covers that and other topics in the context of project appraisal. Chapter 7 digs into programming and planning and covers topics such as the marginal cost of capital in capital budgeting, the optimal capital budget, capital rationing, and economic development plans. The book ends with a discussion of cost minimization problems, such as leasing and purchasing, replacement investments, expansion investments, decision trees, and the problem of how to ship quantities from supply to demand centers such that the total cost of transport is minimized. Five appendices provide readers with various tables and formulas to assist in their own calculations.

A gripping and entertaining memoir that shines a rare light on the people that are reshaping our world.

Veteran Morgan Stanley banker Alok Sama thought he’d seen it all. Then he found himself chief dealmaker at the most influential technology investor in the world: SoftBank, backer of Arm Holdings, Yahoo, Nvidia, TikTok, Uber, T-Mobile, Alibaba and WeWork.

The Money Trap is Sama’s thrilling, stranger-than-fiction story, detailing his experiences alongside SoftBank’s iconic founder Masayoshi Son – a visionary maverick who wants to be remembered as ‘the crazy guy who bet on the future’ and whose mission is ‘happiness for everyone’. Sama takes the reader on a wild ride as he consorts with billionaire CEOs and heads of state, negotiates mega-deals across the world and contends with a mysterious dark-arts smear campaign that takes a toll on his private life.

This fascinating and humorous saga provides a unique insider perspective on an industry that is disrupting our daily lives. Written with self-deprecating wit, unflinching honesty and searing introspection, The Money Trap is ultimately a morality tale: in life, as in technology investing, more money isn’t always the answer.

Eschewing a more theoretical approach, Portfolio Optimization shows how the mathematical tools of linear algebra and optimization can quickly and clearly formulate important ideas on the subject. This practical book extends the concepts of the Markowitz "budget constraint only" model to a linearly constrained model.

Only requiring elementary linear algebra, the text begins with the necessary and sufficient conditions for optimal quadratic minimization that is subject to linear equality constraints. It then develops the key properties of the efficient frontier, extends the results to problems with a risk-free asset, and presents Sharpe ratios and implied risk-free rates. After focusing on quadratic programming, the author discusses a constrained portfolio optimization problem and uses an algorithm to determine the entire (constrained) efficient frontier, its corner portfolios, the piecewise linear expected returns, and the piecewise quadratic variances. The final chapter illustrates infinitely many implied risk returns for certain market portfolios.

Drawing on the author 's experiences in the academic world and as a consultant to many financial institutions, this text provides a hands-on foundation in portfolio optimization. Although the author clearly describes how to implement each technique by hand, he includes several MATLAB programs designed to implement the methods and offers these programs on the accompanying CD-ROM.

A unique new approach to trading based on financial analysis and financial astrology

"Timing Solutions for Swing Traders: Successful Trading Using Technical Analysis and Financial Astrology" is a remarkable new book that introduces a revolutionary approach to non-day trading that combines the four basic dimensions of trend analysis--price patterns, volume, price momentum, and price moving averages--with a little financial astrology. Focusing on the essentials of technical analysis, the book is filled with examples of reliable indicators and formulas that traders can use to help develop their own styles of trading, specially tailored to their individual needs and interests.

Filled with real-life market examples to help you understand how to use the matrix of moving averages, how to apply different sets of time frame moving averages to form a trading decision, and how to determine the intermediate state of the market using the Queuing Theory (QMAC)--which dissects the interplay of long-term moving averages and helps anticipate major support and resistance levels--this book is packed with the information you need to maximize your trading potential.A dedicated trading guide for non-day tradersIncorporates examples and formulas to bring ideas to lifePresents an innovative new approach to trading that draws on the four core dimensions--price patterns, volume, price momentum, and price moving averages--for analyzing trends

Innovative and practical, "Timing Solutions for Swing Traders" is a hands-on guide to applying a remarkable new approach to trading.

The advent of new stock markets (the German Neuer Markt, the French Nouveau March??, the Italian Nuovo Mercato and Nasdaq Europe) has been one of the most important reforms of stock exchanges in Continental Europe in the 1990s. These stock markets aimed at attracting early stage, innovative and high-growth firms that would not have been viable candidates for public equity financing on the main markets of European stock exchanges. Of these new markets, the Neuer Markt emerged as Europe's answer to NASDAQ. However, Europe's new stock markets met with only limited success. Stock prices plummeted after the ending of the stock market bubble and new markets suffered from poor liquidity, insider trading scandals and accounting frauds. This volume provides an overview of the rise and fall of Europe's new stock markets. It contains twelve papers which investigate the characteristics, the ownership structure and the market performance of companies in the short and long run, In addition this volume examines the role of venture capitalists. New stock markets offered venture capitalists an attractive exit for their investments and helped to create a more vibrant venture capital industry in Europe. The private equity market in Europe today is as large as it was just before the advent of new stock markets. As such, the need for stock markets that allow private equity investors to divest their equity stakes in growth companies continues to exist.

Get a grip on NFTs and learn how to get in the game It's not often that a brand-new investment comes along that revolutionizes how we buy and sell digital assets. But that's what non-fungible tokens (NFTs) did. Built on blockchain tech, NFTs are shaking up the world of digital commodity investing. And you can get your slice of the pie before everyone jumps into the arena. In NFTs For Dummies, you'll find straightforward answers to critical aspects of the NFT phenomenon. You'll learn exactly what non-fungible tokens really are, how you can find them, and even how to create your own valuable NFTs. You'll also discover: How to find reliable and safe NFT marketplaces where you can be sure you're dealing with reputable buyers and sellers A peek behind the NFT curtain to see how NFTs work and what, exactly, you own when you buy or make an NFT Discussions of the kinds of digital properties that can be converted into an NFT Perfect for anyone who wants to learn about the market for buying, selling, and creating crypto collectibles, NFTs For Dummies is the only resource you'll need to get a handle on this cutting-edge tech and start making it work for you.

With the relaxation of capital controls in a large number of developed and developing countries and the globalization of capital markets, economies of emerging markets have attracted a great deal of attention. The objective of this book is to better understand the economic characteristics and shortcomings of emerging markets and provide a discussion of some of the policies which may have to be adopted in conjunction with financial reforms in developing countries in order to reduce the risk of another financial crisis. The book includes case study material.

The taxation of equity derivatives and financial products is analyzed in detail by Tony Rumble and his contributors, Mohammed Amin and Ed Kleinbard. The book covers the financial and tax technical analysis of issues relating to equity derivatives and financial products. Part I examines the derivatives building blocks and financial market/corporate finance drivers of the equity derivatives and financial products market, and includes case studies of typical and landmark transactions. Part II looks at the tax technical rules in each of the target countries and examines the specific products highlighted in the first part of the book.

Since financial myths exploded in the 1980s, the perspective of time creates a unique opportunity to update and expand the analysis begun in Glenn Yagos 1991 book, Junk Bonds: How High Yield Securities Restructured Corporate America (Oxford University Press). At the time of its publication, Junk Bonds drew controversial responses from the Federal Reserve and government agencies. In retrospect, the evidence clearly casts favorable light on the role of high yield securities. The research presented here demonstrates how financial innovations enabled capital access for industrial restructuring, capital and labor productivity gains, and improved global competitiveness. Enough time has now passed to allow this dispassionate empirical analysis to shear away the hype and hysteria that surrounded the Wall Street scandals, Washington controversies, and media frenzy of the time.

Beyond Junk Bonds provides a one-stop data, reference and case study presentation of the firms and securities in the contemporary high yield market and the financial innovations that spurred growth in the nineties and will continue to finance the future. The high yield market incubated successive waves of financial technologies that now proliferate beyond junk bonds to all the dimensions and dynamics of global debt and equity capital markets. It charts the recovery of the market in the 1990s, the recent wave of fallen angels, distressed credits and defaults, and suggests how the high yield market will be recreated in the global market of the 21st century. It explicates the linkages between the high yield market, and other credit and equity markets in managing a firms capital structure to execute its business strategy. The weakening of the U. S. economy in 2001 and the huge shock to Wall Street from the terrorist attacks of September 11 witnessed a historic increase in the yield to maturity of high yield bonds. Despite the volatility in the flow of funds to high yield mutual funds and occasionally sharp increases in non-investment grade debt yields, the asset class has been one of the best performing fixed income investments of the past decades. In fact, high yield bonds offer an attractive risk-reward ratio competitive with more traditional asset classes.

Anyone active in corporate finance, financial institutions and capital markets will find this book a must read for interpreting and understanding the recent history both of the high yield marketplace and its interaction with private equity, public equity, and fixed income markets. This new perspective recalling the ten years after the explosion of financial myths in the 1980's offers a unique opportunity to update and continue the arguments that were presented in Glen Yago's 1991 book, Junk Bonds: How High Yield Securities Restructured Corporate America. Beyond Junk Bonds provides a comprehensive presentation of the firms and securities represented in the high yield market. In addition, there are examples of the firms and institutions who are benefitting from the "new cycle", both in the US and abroad.

* Covers a wide array of behavioural finance topics, including a rich selection of academic research, as well as theory drawn from established and emerging areas * Very accessible writing style helps students who are not finance specialists understand the concepts, while still retaining the attention of those with more in-depth knowledge * Experiential examples and end-of-chapter questions help students test their understanding * New content on fintech and cryptocurrencies, the role of social media in investing, generational biases, and the covid-19 pandemic * A dedicated chapter on the physiology of investment explores the latest research from genetics and neuroscience in informing investment behaviour, with new content on generational biases * More international examples, including from Asia and Africa, increasing the book's relevance for globally focused behavioural finance courses * Online supplements comprising student quizzes and an instructor manual and slides for lecturers.