Financial Innovation Philip Molyneux and Nidal Shamroukh Over the
past twenty years there has been a massive increase in the
development of new financial instruments, many of which have been
off-balance-sheet activities. These instruments have become
increasingly complex, placing higher demand on both the purchasers
and the creators of such instruments. The risks involved and the
penalties paid by those who have not adequately understood these
products are well known. This book discusses in detail, through a
blend of theory and empirical research, the processes of innovation
and the diffusion of new financial instruments. It relates the
theoretical approaches to innovation to current practice, producing
and testing models for innovation and the diffusion of new
financial products. Finance/Economic
General
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