Securitization is widely used around the world, and structured products are one of the largest fixed-income asset classes. This textbook guides readers through the complexity of this financial technique and first introduces them to the mechanics of securitization and makes the key concepts, techniques and logic of this field accessible for teachers and students alike. Further, the textbook presents a systematic economic analysis of securitization, asking and answering why it exists, how it works, why it has failed, how complex structures operate, why they are so complex, and many other related questions. The author offers a unique approach, and combines detailed discussions of theoretical economics models with advanced empirical research in order to confront them to the perspective of an experienced practitioner in this market.

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.

It's not hard to understand why options trading continues to grow in popularity, especially among sophisticated investors with large stock portfolios. Options are a cheaper and therefore, inherently less risky way of speculating on the price movements of stocks or other under-lying goods, yet, due to their volatility, they provide more price action per dollar than do stocks. And, when traded in conjunction with stock portfolios, options can significantly enhance an investor's ability to manipulate the risk and return characteristics of their entire investment. Yet, despite these and other advantages of options, many investors shy away from this highly lucrative type of speculation because of the seeming impenetrability of many of its underlying concepts and technical principles.
Now in a book that demystifies options for financial professionals, Professor Robert W. Kolb, one of the nation's leading authorities on the subject, provides readers with a solid grounding in the principles and practices of options trading. An excellent resource for investors who need to quickly get up to speed in options, Understanding Options offers a balanced presentation that builds swiftly from the most basic concepts and terms to advanced trading strategies and techniques. Written in plain English and filled with real-life examples and case studies, it schools readers in:
* All essential terms, concepts, principles, and practices
* Popular trading techniques and their payoffs
* Option strategies
* Option hedging
* Formal trading models, including the Binomial and Merton models
* Options on stock indexes, foreign currency, and futures
* Option pricing in both the American and European markets
* The options approach to corporate securities
* And much more

Concise yet comprehensive, authoritative yet highly accessible, Understanding Options gives you everything you need to feel right at home in the lucrative world of options.
Comprehensive, practical, authoritative--the fastest, most accessible route to the lucrative world of options
From the basics of what an option is to advanced techniques for profiting from options in a variety of markets, Understanding Options covers all the bases. Written by a leading international authority on options trading, this practical, hands-on guide offers detailed, step-by-step coverage of option trading techniques and their payoffs, option strategies, European and American option pricing, option hedging, and much more. It also explores options on stock indexes, foreign currency, and futures, and takes a close look at the options approach to corporate securities.
A concise, yet comprehensive, introduction to options for financial professionals
* Gets you quickly up and running with all the essential knowledge you need to break into the options markets
* Featuring a balanced presentation that moves swiftly from basic terms and concepts to advanced trading models
* Packed with easy-to-follow examples and case studies that lucidly illustrate all points covered

Financial education offers definite and profitable rewards.

Numerous readers of "GOLD AHEAD" have reported unexpected and valuable results from things learned which they had the opportunity to use at once to their financial betterment.

Such results are important. They show that the clearer our insight, the better we take advantage of our opportunities. But, after all, far greater results will come later. Such knowledge can be carried through life always available to help promote the owner's financial welfare.

Plans of study recommended for self development groups, school and college classes, families and individuals follow. A detailed study of each tale with the questions prepared for this purpose is recommended.

Exchange Traded Funds (ETF's) are a relatively new open- ended investment vehicle. Launched in 1993, their appeal as an important and unique financial product has compelled institutional and retail investors to look anew at their almost endless possibilities. This has led to their dramatic expansion. Meziani draws from his academic and corporate expertise to straddle both theory and practice. Using this book, practitioners, academics and students alike will find a thorough explanation of the theoretical ideas underlying ETF's, along with their detailed analysis, communicated in practical and clear terms.

With the fast pace of communications and change in today's global marketplace, investing in equities has become increasingly complex. Communicating a clear, concise, meaningful message to investors is critical. Dr. Higgins and his contributing authors provide a broad set of perspectives, lessons learned, and best practices in global investor relations. They examine the fundamentals of investor relations from a theoretical and practical perspective. They explore individual company strategies and challenges for investor relations in unique and meaningful situations--all from their own vantages and experiences at six topflight corporations with world-class investor relations organizations: AT&T, Schering-Plough, BASF, Reuters, Sony, and Toyota. Readers will get detailed pragmatic insights into the way IR is done in these important, highly visible corporations, plus the results of a unique five-year study of global strategy communications, complete with ideas and concepts they can use immediately in developing and influencing investor relations in their own organizations.

But Higgins' book is more than a collection of company studies. Impinging upon the strategic and financial communications of virtually every global corporation are institutional, market, and technological forces that are shaping the current practice of investor relations. The book examines these forces and their impact on strategic financial communications. It also explores the theoretical and empirical foundations underlying the practice of investor relations and presents a conceptual model--a strategic perspective--for viewing and analyzing best practices. In addition, the book presents the results of a recent survey of global investor relations practices in the U.S., U.K., France, Germany, and Japan, plus two new studies of the latest communication technologies in U.S. companies.

This volume focuses on recent pricing puzzles in investments. The valuation of Internet companies, effects of firm size in takeover studies, and long-run performance of mergers in the telecommunications industry are all seen as riddles for the Efficient Markets Hypothesis. Explanations may be found in studies of the effects of differences in investor risk/return preferences, information and liquidity. Also featured are studies describing recent innovations in corporate finance, such as an experimental study of discount rates, an analysis of issues related to the estimation of internal cash flows, corporate payout policy, and the use of convertible and warrant bonds by Japanese firms.

Shortly before of the beginning of the global financial crisis of 2008 REITs were introduced in several European countries based on their success in mature markets like the US, Australia and some Asian countries. While the history of REITs in Europe has been relatively brief, REITs are well on the way to become an industry standard as a real estate investment financial vehicle not only in Europe but throughout the developed world. This book provides both academics and decision makers an introduction to the economics of REITs beyond tax transparency, an overview of the mature REITs markets, and a closer reflection of the development of different REIT-structures in Europe including the history, regulation and markets of each country.

Given the explosion of interest in mathematical methods for solving problems in finance and trading, a great deal of research and development is taking place in universities, large brokerage firms, and in the supporting trading software industry. Mathematical advances have been made both analytically and numerically in finding practical solutions.

This book provides a comprehensive overview of existing and original material, about what mathematics when allied with Mathematica can do for finance. Sophisticated theories are presented systematically in a user-friendly style, and a powerful combination of mathematical rigor and Mathematica programming. Three kinds of solution methods are emphasized: symbolic, numerical, and Monte-- Carlo. Nowadays, only good personal computers are required to handle the symbolic and numerical methods that are developed in this book.

Key features: * No previous knowledge of Mathematica programming is required * The symbolic, numeric, data management and graphic capabilities of Mathematica are fully utilized * Monte--Carlo solutions of scalar and multivariable SDEs are developed and utilized heavily in discussing trading issues such as Black--Scholes hedging * Black--Scholes and Dupire PDEs are solved symbolically and numerically * Fast numerical solutions to free boundary problems with details of their Mathematica realizations are provided * Comprehensive study of optimal portfolio diversification, including an original theory of optimal portfolio hedging under non-Log-Normal asset price dynamics is presented

The book is designed for the academic community of instructors and students, and most importantly, will meet the everyday trading needs of quantitatively inclined professional and individual investors.

This book provides an introduction to investment appraisal and presents a range of methods and models, some of which are not widely known, or at least not well covered by other textbooks. Each approach is thoroughly described, evaluated and illustrated using examples, with its assumptions and limitations analyzed in terms of their implications for investment decision-making practice. Investment decisions are of vital importance to all companies. Getting these decisions right is crucial but, due to a complex and dynamic business environment, this remains a challenging management task. Effective appraisal methods are valuable tools in supporting investment decision-making. As organisations continue to seek a competitive edge, it is increasingly important that management accountants and strategic decision-makers have a sound knowledge of these tools.

"The successful entrepreneur must confront and overcome legal, financial, and business obstacles. Marc J. Lane has done a wonderful job of addressing all of these in one very readable and sensible book."—Thomas Morsch, Director, Small Business Opportunity Center, Northwestern University School of Law

Advising Entrepreneurs helps you address the special needs of your entrepreneurial clients. With the growing interest in starting small businesses, entrepreneurs are looking for expert advice and guidance to help them overcome the legal, tax, and financial challenges they face.

This book outlines solutions and ideas that you can use to steer your entrepreneurial clients through the rough waters of starting a new business. From getting a business on its feet to preparing for an IPO, you will learn the different strategies and options available to your clients.

The role of a financial advisor has expanded in scope and importance with the growth of new businesses. Take this opportunity to broaden your financial planning skills and learn how to advise your entrepreneurial clients in the best way possible.

In 1892, John Elliott Tappan, a twenty-four year old Minneapolis lawyer, was worried how people saved their money. Out of these concerns, Investors Syndicate was born, one of the first of a new type of financial institution designed to meet the savings needs of the average person. Here is the story of this financial pioneer, whose innovation has today grown into one of the nation's largest financial services companies, American Express Financial Advisors. The book draws on Tappan's diaries, business correspondence, and various family oral histories. Tappan's life, work and ideas chronicle the changes in spending and savings, work and leisure, the culture of politics and money, that have given rise to our modern notions of consumer finance.

The establishment of the Shanghai Stock Exchange in December 1990 was a landmark in China's institutional transformation. With this in mind, the authors consider the factors relating to institutional change - such as changes in the financial system, the scale and structure of stock market, operational efficiency and the regulatory system of the stock market. During the course of its development the Chinese stock market has experienced speculation, dramatic fluctuations and violations of market regulations of frequent and diverse natures. There is therefore, urgent need for the discussion contained within this volume of best procedure policies for the establishment of a properly ordered and regulated market. The authors assess the operational performance of listed companies, and changes in the external environment such as the impact of China's accession to the WTO on the stock market. The authors find that WTO accession will have a more serious impact on the more heavily protected agricultural sector and on capital-intensive industries such as automobile, instruments, cotton and wheat to name a few. They argue that the fundamental reason for the inefficiency of China's stock market is the weakness of the competitive mechanism leading to imperfect competition and rent-seeking activity. This book will be of great interest to academics and researchers of Asian studies and money and finance. Multinational enterprise managers, as well as brokers, dealers, business economists and others involved in the global financial markets will also find this book of value.

China is an increasingly influential emerging economy that is currently attracting the attention of academics, practitioners, and policy makers. The efficient allocation of financial resources is a key determinant of economic growth. Therefore, the development of a capital market is set to play a crucial role in China's ascension toward becoming one of the largest economies in the world. As a transitional economy with a unique institutional background, China also offers an interesting research setting providing new insights for finance and accounting literature. This book features cutting edge research on critical issues relating to the experiences and challenges of China's capital market development. The contributors include leading academics from the US, UK, Europe, and China. Topics covered include venture capital, executive remuneration, real estate market, information environment, institutional investors, banking, corporate governance, and financial media.

This book will make better investors of people who have a lot, a little or absolutely no experience in the stock market, but want to use their intelligence, common sense, and knowledge and curiosity about the world to make better and more profitable investment decisions. There is no simple formula for successful investing. Successful investing is part common sense, hard work, knowledge, and art form. Hopefully what follows will impart some of these qualities to those who read it.

Although I am a professional investor, I wrote this book in an easy to understand style. As my college professors can attest, I was a poor student of finance and accounting-I found the subjects extremely boring. Once in the working world, though, I discovered that finance was exciting and dynamic. However, having been through the drudgery of textbook and classroom learning, I wanted to write a book for others that would make finance and investing easy to understand, interesting, useful, and relevant.

This book will primarily address the skills and knowledge needed to successfully invest in publicly traded stocks, but some of the topics discussed will also aid the reader in evaluating investments in other asset types, such as real estate, private businesses, and fixed income instruments, such as bonds.

This text aims to provide practical models and methods for the quantitative analysis of financial asset prices, construction of various portfolios, and computer-assisted trading systems. In particular, it should be helpful reading for "Quants" (quantitatively-inclined analysts) in financial industries, financial engineers in investment banks; securities companies, derivative-trading companies, and software houses who are developing portfolio trading systems; graduate students and specialists in the areas of finance, business, hardbound economics, statistics, financial engineering; investors who are interested in Japanese financial markets. Throughout the book the emphasis is placed on the originality and usefulness of models and methods for the construction of portfolios and investment decision making, and examples are provided to demonstrate, analysis, models for Japanese financial markets.