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Books > Money & Finance > Investment & securities
Law and the Financial System: Securitization and Asset Backed
Securities provides students and practitioners with a comprehensive
source of materials and references for understanding the process
and issues that surround the conversion of illiquid financial
assets into tradable securities. The book begins with an overview
of the financial system and the place of securitization in the
system. The book focuses on the process and law of securitization
and is derived largely from Tamar Frankel's treaties,
Securitization (2nd ed. 2005). The book concludes with a global
view of securitization and an assessment of the impact and future
of securitizing financial assets. The legal text is enhanced with
case studies and simulation exercises that bring context and
practical application to the subject. Study questions covering law,
business and public policy provide students with an opportunity to
discuss and debate areas where answers are complex and often
indeterminate. Simulation exercises enable students to test their
own ideas with their peers using real world examples. The book can
be used as a stand alone course on securitization or as a
supplementary text for courses on financial regulation.
Practitioners will find the book a useful desk reference. This is
the second book co-authored by Mark Fagan and Tamar Frankel. The
first was "Trust and Honesty in the Real World" (2007). About the
authors: Tamar Frankel authored Fiduciary Law (2008), Trust and
Honesty, America's Business Culture at a Crossroad (2006),
Securitization (2d.ed 2006), The Regulation of Money Managers (2d
ed. 2001 with Ann Taylor Schwing), and more than 70 articles. A
long-time member of the Boston University School of Law faculty,
Professor Frankel was a visiting scholar at the Securities and
Exchange Commission and at the Brookings Institution. A native of
Israel, Professor Frankel served in the Israeli Air Force, was an
assistant attorney general for Israel's Ministry of Justice and the
legal advisor of the State of Israel Bonds Organization in Europe.
She practiced in Israel, Boston and Washington, D.C. and is a
member of the Massachusetts Bar, the American Law Institute, and
The American Bar Foundation. Mr. Fagan's research centers on the
role of regulation in competitive markets. He has written about the
impact of deregulation in the financial, transportation and
electricity sectors. He teaches courses and guest lectures at
Boston University School of Law and at Harvard Kennedy School. He
has been a frequent seminar speaker at Harvard Kennedy School's
Mossavar-Rahmani Center for Business and Government; recent topics
include the subprime disaster, securitization, Ponzi schemes, and
financial bubbles. Mark Fagan is a founding partner of Norbridge,
Inc. a general management consulting firm. He works with clients in
the transportation, telecommunications and utility industries as
they grapple with increasing shareholder value in a deregulated
world. Prior to Norbridge, he was a Vice President of Mercer
Management Consulting.
The Handbook of Research on E-Portfolios is the single source for
comprehensive coverage of the major themes of e-portfolios,
addressing all of the major issues, from concept to technology to
implementation. It is the first reference publication to provide a
complete investigation on a variety of e-portfolio uses through
case studies and supporting technologies, and also explains the
conceptual thinking behind current uses and potential uses not yet
implemented. Over 70 international experts with countless years of
experience lend this handbook the credibility that assures its
readers of its extensive, recent, and reliable content. ""The
Handbook of Research on E-Portfolios"" is the first handbook to
investigate commercial and academic e-portfolio systems -
home-grown, off the shelf, and open source - and to supply
proof-of-concept evidence of successful systems.
In the wake of the 2008 global financial crisis, the regulation of
the world's enormous derivatives markets assumed center stage on
the international public policy agenda. Critics argued that loose
regulation had contributed to the momentous crisis, but lasting
reform has been difficult to implement since. Despite the global
importance of derivatives markets, they remain mysterious and
obscure to many. In Governing the World's Biggest Market, Eric
Helleiner, Stefano Pagliari, and Irene Spagna have gathered an
international cast of contributors to rectify this relative
neglect. They examine how G20 governments have developed a
coordinated international agenda to enhance control over these
markets, which had been allowed to grow largely unchecked before
the crisis. In analyzing this reform agenda, they advance three
core arguments: first, the agenda to rein in these enormous markets
has many limitations; second, the reform process has been plagued
by delays, inconsistencies, and tensions that fragment the
governance of these markets; and third, the politics driving the
reforms have been extremely complicated. An authoritative overview
of how this vast system is governed, Governing the World's Biggest
Market looks at how the goals, limitations, and outcomes of
post-crisis initiatives to regulate these markets have been
influenced by a complex combination of transnational, inter-state,
and domestic political dynamics. Moreover, this volume emphasizes
how crucial regulatory reform is to stabilizing the global economy
long-term.
This book is an important addition to the emerging body of new work
on capital. Its primary contribution is in analysing capital
investment choice as a process. The understanding of this process
requires some modification and significant extension to the
standard neo-classical economic tools.Capital and Uncertainty is a
non-mathematical text, modernizing and adding to the existing
thought in this area, with insights from game theory, rational
choice under uncertainty and new institutional economics. Dr Runge
also draws upon 25 years of business experience in setting out a
thorough and immensely practical exposition of the risk/return
trade-off and how major capital investment decisions are made
within firms. Topics studied include: the nature of capital
investment decisions entrepreneurship and the market order capital
investment choice processes capital investment models capital
decisions: choices between strategies Economists, industrial
organisation specialists, business academics and practitioners
alike will all find this book of immense interest and use.
In the midst of globalization, technological change and economic
anxiety, we have deep doubts about how well that task of investor
protection is being performed. In the U.S., the focus is on the
Securities & Exchange Commission. Part of the explanation is
economic and political: the failure to know the right balance
between investor protection and capital formation, and the
resulting battle among interest groups over their preferred
solutions. This book's main claim, however, is that regulation is
also frustrated at nearly every turn by human nature, as exhibited
both on the buy-side (investors) and sell-side (corporate
executives, bankers, stockbrokers). There is plenty of savvy and
guile, but also ample hope, fear, ego, overconfidence, social
contagion and the like that persistently filter and distort the
messages regulators try to send. This book is the first sustained
effort to link the key initiatives of securities regulation with
our burgeoning awareness in the social sciences of how people and
organizations really behave in economic settings. It examines why
corporate fraud occurs and how best to deter it and compensate its
victims; the search for an edge via insider trading; the disclosure
apparatus and its gatekeepers; sales efforts and manipulation in
Ponzi schemes, internet scams, private offerings and crowdfunding;
and how this all helps explain the recent global financial crisis.
It ends by turning these insights back on the task of regulation
itself, and the strategies (and frustrations) of making regulation
work in a financial world that is at once increasingly
sophisticated yet deeply human and incurably flawed.
Intangible assets are of growing importance to corporate
competitiveness and economic performance. They include R&D,
human capital, innovation in products and in organisation,
trademarks and patents, networking and software. This path-breaking
book provides a theoretical and empirical analysis of intangible
investment and its effect on public policy in Europe. The authors
find that the growing importance of intangibles is transforming the
direction of public policies in Europe, particularly industrial,
R&D, competition and trade policies. They conclude that
government policies must recognise the fact that intangible
investment is becoming the key element in bringing about durable
growth and accord at least the same priority to intangible factors
as to physical investment. This work should be essential reading
for students interested in this new field of economic analysis,
national and international policymakers, and industrialists
involved in the non-physical economy.
This book explores whether foreign direct investment (FDI) can
contribute to the competitiveness of industries in Central Europe
and to narrowing the gap between these transition economies and
countries within the European Union. The Czech Republic, Hungary,
Slovakia and Slovenia have attracted substantial FDI since the
beginning of their transition to a market economy. Using exhaustive
empirical data, the authors demonstrate that foreign investment
enterprises in Central Europe have higher allocative efficiency,
promote macro- and microeconomic restructuring and foster the
restructuring of the manufacturing sector in accordance with the
host countries' comparative advantages. The case of Austria is used
to demonstrate the possible benefits of FDI. On the other hand,
high foreign penetration leads to the concentration of production
and exports and makes the economy more vulnerable to external
shocks. In addition, there may be unwelcome pressures on economic
policy in order to maintain the country's position as a frequented
investment target. However, the analysis in this book suggests
that, on the whole, economies in transition can become more
competitive more rapidly and more profoundly with the help of
foreign direct investment. This book will be of interest to
students and scholars of international economics, European studies,
economies of transition and international business.
This important and timely book examines the impact of different
financial systems on investment. It considers the increasing
effects of globalization on the relationship between national
financial systems and investment, which is especially relevant in
light of the recent Asian crisis. Marc Schaberg explores the way in
which countries finance investment and the institutional
arrangements which are in place for channelling finance to
investment projects. He specifically examines the patterns of
sources and uses of funds in non-financial enterprise sectors in
the US, UK, France, Japan and Germany. Using time series data and
econometric tests, he measures and categorises the financial
systems of these countries. He also assesses the empirical evidence
to question the commonly held assumption that financial systems are
converging. Globalization and the Erosion of National Financial
Systems will be welcomed by students and scholars working in the
areas of money and banking as well as by financial economists.
Economics is an integral aspect to every successful society, yet
basic financial practices have gone unchanged for decades.
Analyzing unconventional finance methods can provide new ways to
ensure personal financial futures on an individual level, as well
as boosting international economies. Alternative Decision-Making
Models for Financial Portfolio Management: Emerging Research and
Opportunities is an essential reference source that discusses
methods and techniques that make financial administration more
efficient for professionals in economic fields. Featuring relevant
topics such as mean-variance portfolio theory, decision tree
analysis, risk protection strategies, and asset-liability
management, this publication is ideal for academicians, students,
economists, and researchers that would like to stay current on new
and innovative methods to transform the financial realm.
The guide technicians turn to for answers--tuned up to provide an
advantage in today's global economy The face of investing has
significantly changed in the 30 years since this book's first
publication, but one essential component of the markets has
not--human behavior. Whether you're trading cornerstone commodities
or innovative investment products, observing how investors
responded to past events through technical analysis is your key to
forecasting when to buy and sell in the future. This fully updated
fifth edition shows you how to maximize your profits in today's
complex markets by tailoring your application of this powerful
tool. Tens of thousands of individual and professional investors
have used the guidance in this book to grow their wealth by
understanding, interpreting, and forecasting significant moves in
both individual stocks and entire markets. This new edition
streamlines its time-honored, profit-driven approach, while
updating every chapter with new examples, tables, charts, and
comments that reflect the real-world situations you encounter in
everyday trading. Required reading among many professionals, this
authoritative resource now features: Brand-new chapters that
analyze and explain secular trends with unique technical indicators
that measure investor confidence, as well as an introduction to
Pring's new Special K indicator Expanded coverage on the
profit-making opportunities ETFs create in international markets,
sectors, and commodities Practical advice for avoiding false,
contratrend signals that may arise in short-term time spans
Additional material on price patterns, candlestick charts, relative
strength, momentum, sentiment indicators, and global stock markets
Properly reading and balancing the variety of indicators used in
technical analysis is an art, and no other book better illustrates
the repeatable steps you need to take to master it. When used with
patience and discipline, Technical Analysis Explained, Fifth
Edition, will make you a better decision maker and increase your
chances of greater profits.
The most common way of constructing portfolios is to use
traditional asset allocation strategies, which match the client s
risk appetite to a weighted allocation strategy of fixed income,
equities, and other types of assets. This method focuses on how the
money is allocated, rather than on future returns.
The Sortino method presents an innovative change from this
traditional approach. Rather than using the client s risk as the
main factor, this method uses the client s desired return.
Only book to describe the Sortino method and Desired Target Return
in a way that enables portfolio managers to adopt the method
Software to implement the portfolio construction method is
included free of charge to book buyers on a password protected
Elsevier website. Book buyers can use the software to construct
portfolios using this method right away, in real time. They can
also load in their current portfolios and measure them against
these measures.
The Sortino method has been tested over 20 years at the Pension
Research Institute. Portfolio managers can be confident of the
success of the method, even returns in the economic crisis, in
whichthe method has still beaten all S&P benchmarks."
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