A Financial Times Book of the Year 2020! Should companies be run for profit or purpose? In this ground-breaking book, acclaimed finance professor and TED speaker Alex Edmans shows it's not an either-or choice. Drawing from real-life examples spanning industries and countries, Edmans demonstrates that purpose-driven businesses are consistently more successful in the long-term. But a purposeful company must navigate difficult trade-offs and take tough decisions. Edmans provides a roadmap for company leaders to put purpose into practice, and overcome the hurdles that hold many back. He explains how investors can discern which companies are truly purposeful and how to engage with them to unleash value for both shareholders and society. And he highlights the role that citizens can play in reshaping business to improve our world. This edition has been thoroughly updated to include the pandemic, the latest research, and new insights on how to make purpose a reality.

Praise for "Market Neutral Strategies"

"Elucidates the sources of potential alpha for a breadth of strategies, as well as the origins of prior miscues." --Edgar J. Sullivan, Ph.D., CFA, Managing Director, General Motors Asset Management

"A comprehensive, thought-leading treatment of market neutral investing."--Thomas F. Obsitnik, CFA, Investment Advisor, Eli Lilly and Company

"This excellent and highly relevant publication provides practical answers to practical problems." --Hans de Ruiter, Senior Portfolio Manager, ABP Investments

"A wealth of insights about market neutral investing from a range of real-life practitioners."--Rick Harper, Chief Executive Officer, Superannuation Funds of South Australia

"Bruce Jacobs and Ken Levy blazed the trail for institutional market neutral investing; now they illuminate it."--Richard M. Ennis, CFA, Principal, Ennis Knupp + Associates

"Jacobs and Levy handle the complex subject of market neutral investing at a level the intelligent investor will understand."--Leola Ross, Ph.D., CFA, Senior Research Analyst, Russell Investment Group

"A comprehensive book on market neutral investing, and a roadmap of pitfalls that many would find only by stumbling into them."--Robert D. Arnott, Chairman, Research Affiliates, LLC and Editor, "Financial Analysts Journal"

"A comprehensive review of market neutral strategies, drawing on the theoretical and hands-on knowledge of industry experts.,"--Harry M. Markowitz, 1990 Nobel Laureate in Economics

"Anyone who plans to invest in market neutral strategies should read this book." --Brian Bruce, Editor-In-Chief, "The Journal of Investing"

"Contains intuitive, informative, andinsightful discussions of major market neutral strategies--an invaluable resource."--Professor Narayan Y. Naik, Director, Centre for Hedge Fund Research and Education, London Business School

"Jacobs and Levy are clear, focused, sharp and insightful...a 'must read' for any serious investor."--Les Balzer, Professor of Finance, The University of New South Wales and Head of Research, Hedge Funds of Australia Limited

"A must read. Investors who know how to integrate short positions with long positions are at a major advantage." --Edward M. Miller, Research Professor of Economics and Finance, University of New Orleans

"Transparency is rare in financial markets, but you will find it in this book. I highly recommend it." --Meir Statman, Glenn Klimek Professor of Finance, Santa Clara University

"Jacobs and Levy have provided awesome thought leadership. This book gives readers an insider's look at market neutral investing."--Wayne H. Wagner, Chairman, Plexus Group, Inc.

""Market Neutral Strategies" illuminates for the serious investor the techniques, benefits, and risks of various methods of market neutral investing." --Edward O. Thorp, Ph.D., Edward O. Thorp Associates, Author of "Beat the Dealer"

We're all familiar with "choice overload," whether on a trip to the grocery store, or while flipping through satellite TV channels. And while it's human to want all of the options, the surprising truth is that the more choice we have, the less satisfied we are. And nowhere is this more true - or more dangerous - than in our investments. Despite the troubled global economy, there are tens of thousands of mutual funds, hedge funds, exchange-traded funds, and other vehicles waiting to take your money. For help, individual and institutional investors alike turn to financial managers, though they are often no better equipped than the average person to assess and manage risk. In "The Investor's Paradox," hedge fund expert Brian Portnoy explains how to sift through today's diverse investment choices and solve even the most daunting portfolio problems. Drawing on cutting-edge research in behavioral economics, social psychology and choice theory, Portnoy lays bare the biases that interfere with good decision-making, and gives readers a set of basic tools they can use to tell the good from the bad. Along the way, he demystifies hedge funds, cuts through the labyrinth of the modern financial supermarket, and debunks popular myths, including the idea that mutual funds can "beat the market."

The editors of this volume provide a comprehensive and in-depth collection of articles on financial and investment issues in emerging capital markets. The collection offers coverage of all major emerging countries as well as all major topics related to emerging market finance.

By presenting general, conceptual essays as well as technical, specific essays in a coherent framework, the book attempts to broaden the traditional finance and international finance literature to include emerging market countries where markets are more rigid, segmented, or fragmented than developed market countries. Researchers, graduate students, finance professionals, investors, and policy makers will find this volume useful.

This timely book examines the quiet revolution that is currently unfolding in Latin America and its likely consequences for U.S. trade and investment with and within that region. Receiving meager coverage by America's media, a virtual sea of change has taken place in Latin America during the past few years. Democratically elected leaders have labored to extricate their economies from the debt-laden stagnation of the lost decade by pursuing far-reaching stabilization and liberalization reform programs. Under President George Bush's proposed Enterprise Initiative for the Americas (EAI) and negotiations toward the formation of a North American Free Trade Area (NAFTA) with Mexico, U.S. economic policy toward Latin America is now in the midst of a dramatic revision that seeks to rectify the neglect of the past and replace it with active encouragement of economic and political change. The authors investigate the forces behind the lost decade in Latin America, the adjustment efforts that have emerged in its wake, and the enhanced potential of Latin economies as trade partners and investment outlets under the EAI and NAFTA. They look at these developments in the light of regionalizing trends afoot in the global economy at large and argue that stronger ties with Latin America are essential to the future well-being of the United States.

After outlining the emergence of global economic regionalism and its likely impact upon the United States and Latin America, the authors trace the origins of the latter's lost decade to the debt crisis of the early 1980s, the inadequacy of past international strategies to manage it, and the adoption of strenuous adjustment programs by Latin nations to deal with both debt repayment and the legacy of misguided development approaches. They show how the EAI is meant to accelerate the movement toward reliance upon free-market forces in Latin America and how the United States is likely to benefit from closer economic ties with the countries of that region. A full account of NAFTA's proposed liberalization of trade between the United States and Mexico follows, as the authors investigate its origins, examine Mexico's adjustment record, and list the gains that both nations are likely to realize under a free-trade accord. They then look at two sets of Latin economies, the first of which is formed by Chile, Venezuela, Bolivia, and Colombia and the second comprised of Brazil, Argentina, and Peru. While the former are prepared for economic integration with the United States, major problems impair the ability of the latter to become full-fledged participants in an economic pact with the United States. The analysis presented in the book should be of substantial value to businessmen, students of world affairs, as well as those with a specific interest in U.S.-Latin relations.

In Just 18 Months, Nicolas Darvas Turned $25,000 into Over $2 Million...
This is How He Did It...
...and How You Can Do it Too
With just fifty pounds sterling to his name, at the age of 23, Nicolas Darvas fled his native Hungary using a forged exit visa, to escape the Nazis. A dancer by trade, he toured nightclubs and other venues, making a living as a performer.
While on tour in 1952, a Toronto nightclub offered Darvas $3000 worth of stock in a Canadian mining company, instead of his normal cash payment. He accepted the offer, and within two months, made an $8000 profit.
When this happened, Darvas became very interested in the stock market.
Seeing the potential for easy money in the stock market, but realizing that his initial success was based on luck, over the next several years, Darvas became committed to conquering Wall Street. He read as much as he possibly could about the stock market. He analyzed company balance sheets, studied analyst forecasts, and read dozens of investment newsletters.
This book is the result of that study, including how Darvas used his system to take a $25,000 investment and turn it into a $2.25 million fortune in just 18 months.
Nicolas Darvas wasn't a professional stock trader. He was a dancer. Yet, his unique approach to stock trading, which allowed him to make money regardless of whether the market rose or fell, enabled him to make a fortune.
Will this system work for you? Yes
Unlike most stock trading systems, Darvas' unique strategies work, regardless of the economy or other market conditions. In fact, thanks to modern day analysis tools, his system works as well today as it ever has.
Every day, people make money in the stock market. You can too

Assessing the Energy Efficiency of Pumps and Pump Units, developed in cooperation with Europump, is the first book available providing the background, methodology, and assessment tools for understanding and calculating energy efficiency for pumps and extended products (pumps+motors+drives). Responding to new EU requirements for pump efficiency, and US DOE exploratory work in setting pump energy efficiency guidelines, this book provides explanation, derivation, and illustration of PA and EPA methods for assessing energy efficiency. It surveys legislation related to pump energy efficiencies, provides background on pump and motor efficiencies, and describes the concept of Energy Efficiency Index (EEI) for circulators and single and multi-pump systems.

Dr. Sekhar offers comprehensive knowledge on the mutual fund industry in India and provides ready-made practical information for investors. He presents an overview of investment patterns for both public and private sector mutual funds, and analyses the performance of selected schemes using various measures of risk.

Used extensively by professionals, organizations, and universities, Analysis of Investments and Management of Portfolios combines solid theory with practical application. This edition of the established and well-respected text has been developed and tailored especially for courses across the UK, Europe, the Middle East and Africa. Filled with real-world illustrations and hands-on applications, this text takes a rigorous, empirical approach to teaching topics such as investment instruments, capital markets, behavioural finance, hedge funds, and international investment. It also emphasizes how investment practice and theory are influenced by globalization.

Where institutions and individuals averagely invest the majority of their assets in money-market and fixed-income instruments, interest rate risk management could be seen as the single most important global financial issue. However, the majority of the key techniques used by most investors were developed several decades ago, and the advantages of multi-factor models are not fully recognised by many researchers and practitioners. This book provides clear and practical insight into bond portfolios and portfolio management through key empirical analysis. The authors use extensive sets of empirical data to describe the value potentially added by more recent techniques to manage interest rate risk relative to traditional techniques and to present empirical evidence of such an added value. Beginning with a description of the simplest models and moving on to the most complex, the authors offer key recommendations for the future of rate risk management.

Buy good companies. Don't overpay. Do nothing. Some people love to make successful investing seem more complicated than it really is. In this anthology of essays and letters written between 2010-20, leading fund manager Terry Smith delights in debunking the many myths of investing - and making the case for simply buying the best companies in the world. These are businesses that generate serious amounts of cash and know what to do with it. The result is a powerful compounding of returns that is almost impossible to beat. Even better, they aren't going anywhere. Most have survived the Great Depression and two world wars. With his trademark razor-sharp wit, Smith not only reveals what these high-quality companies really look like and where to find them (as well as how to discover impostors), but also: - why you should avoid companies that abuse the English language - how most share buybacks actually destroy value - what investors can learn from the Tour de France - why ETFs are much riskier than most realise - how ESG investors often end up with investments that are far from green or ethical - his ten golden rules for investment - and much, much more. Backed up by the analytical rigour that made his name with the cult classic, Accounting for Growth (1992), the result is a hugely enjoyable and eye-opening tour through some of the most important topics in the world of investing - as well as a treasure trove of practical insights on how to make your money work for you. No investor's bookshelf is complete without it.

This book offers 14 contributions that examine key questions in bank decision-taking,constitution of confidence in banks and risk management practices from Early Modernity to the twentieth century. It explores how the various mechanisms of bank decision taking changed over time. Chapters also analyse the types of risk management techniques used, the contributory factors to the constitution of confidence and the methods that banking historians can use to analyse and describe bankers risk management and decision taking - from system theory to behavioural finance, new institutional economics to praxeology and convention theory to network analysis. The different methodological approaches are put to the test in case studies based on archive material from four hundred years of banking in order to connect banking history more closely to political and cultural history.

Value-Based Working Capital Management analyzes the causes and effects of improper cash flow management between entrepreneurial organizations with varying levels of risk. This work looks at the motives and criteria for decision-making by entrepreneurs in their efforts to protect the financial security of their businesses and manage financial liquidity. Michalski argues that businesses exposed to greater risk need a different approach to managing liquidity levels.

Income Investing Today

Income Investing Today details a safe alternative to the downside risks inherent in the stock market--income securities that can provide a 7% to 8% annual cash income. With this book, fixed income expert Richard Lehmann outlines income investing concepts you need to understand, various investment vehicles, and investment strategies that will help you build a safe, diversified portfolio of investments.

The investment vehicles he explains range well beyond traditional fixed income securities or creditor instruments such as bonds, to include hybrids, REITs, mutual funds, and more. He shows that the key to building a steady, growth-oriented income portfolio is to diversify over a variety of securities that depend on different drivers--that is, portfolios that are not vulnerable to any one specific economic factor such as interest rates.

The ideal guide for individual investors saving for retirement and seeking more safety in their portfolios, Income Investing Today shows how a diversified collection of income securities can equal or exceed the returns from common stock with much lower risk.