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Showing 1 - 25 of 32 matches in All Departments
This book proposes new methods to value equity and model the Markowitz efficient frontier using Markov switching models and provide new evidence and solutions to capture the persistence observed in stock returns across developed and emerging markets.
It is now a well-know fact that mergers and acquisitions activity
comes in waves. The most recent wave, the 5th takeover wave of the
1990s, was characterized by an unprecedented number of corporate
restructurings in terms of mergers and acquisitions (M&As),
public-to-private transactions, spin-offs and divestitures, and
leveraged recapitalizations. Following the collapse of the stock
market in March 2000, M&A activity slumped dramatically, but
this pause ended in the second half of 2004 when takeover deals
occurred again quite frequently. Indeed, some observers wonder
whether the 6th takeover wave has started. The takeover wave in the
1990s was particularly remarkable in terms of size and geographical
dispersion. For the first time, Continental European firms were as
eager to participate as their US and UK counterparts, and M&A
activity in Europe hit levels similar to those experienced in the
US. Due to its financial impact and the unprecedented activity in
Continental Europe, the 5th takeover wave of the 1990s and recent
takeover activity (in biotech, utilities, pharmaceuticals) have
triggered a great deal of interesting academic research. This
volume brings together a selection of insightful papers. An
impressive group of international authors address the following
themes: takeover regulation; the cyclical pattern of the M&A
markets and probable causes and effects; methods to determine the
performance of success of M&A actions; cross border deals;
means of payment and its effects; studies of hostile bids; high
leverage takeovers and delistings.
With about $450 billion in assets, funds of hedge funds are the
most recent darling of investors. While hedge funds carry high risk
for the promise of high returns they are designed for the very rich
and for large institutional investors such as pension funds. A Fund
of Hedge Funds (FOF) spreads investments among a number of hedge
funds to reduce risk and provide diversification, while maintaining
the potential for higher than average returns. Odds are that some
pension fund of yours is invested heavily in these products, and
more recently these FOFs have been opened to more and more
individual investors in offshore jurisdictions with lower minimum
entry levels. Since this is a new and extremely fast-moving
financial phenomenon, academic research has just begun in earnest,
and this is the first book to present rigorous academic research by
some of the leading lights in academic finance, carefully analyzing
the broad array of issues involved in FOFs.
Although emerging market economies consist of 50% of the global population, they are relatively unknown. Filling this knowledge gap, Emerging Markets: Performance, Analysis and Innovation compiles the latest research by noteworthy academics and money managers from around the world. With a focus on both traditional emerging markets and new areas, such as the Balkan, Middle East, and North African regions, it looks at how these markets can serve as drivers of portfolios and a significant force over the long term. This noteworthy collection sheds some light on what lies ahead for emerging markets with the most up-to-date research from academics and practitioners. It covers general issues in emerging markets and provides in-depth studies of regional markets experiencing transition, including the European Union, Latin America, and the Middle East. The book also explores Asian and Indian markets as well as financial instruments, such as bonds and funds, relative to these markets. It concludes with chapters on regulations, corporate governance, and corruption.
Explores the Origin of the Recent Banking Crisis and how to Preclude Future Crises Shedding new light on the recent worldwide banking debacle, The Banking Crisis Handbook presents possible remedies as to what should have been done prior, during, and after the crisis. With contributions from well-known academics and professionals, the book contains exclusive, new research that will undoubtedly assist bank executives, risk management departments, and other financial professionals to attain a clear picture of the banking crisis and prevent future banking collapses. The first part of the book explains how the crisis originated. It discusses the role of subprime mortgages, shadow banks, ineffective risk management, poor financial regulations, and hedge funds in causing the collapse of financial systems. The second section examines how the crisis affected the global market as well as individual countries and regions, such as Asia and Greece. In the final part, the book explores short- and long-term solutions, including government intervention, financial regulations, efficient bank default risk approaches, and methods to evaluate credit risk. It also looks at when government intervention in financial markets can be ethically justified.
After the cooling off of IPOs since the dot com bubble, Google has
rekindled the fire for IPOs. This IPO reader contains new articles
exclusive to this reader by leading academics from around the world
dealing with quantitative and qualitative analyses of this
increasingly popular and important area of finance. Articles
address new methods of IPO performance, international IPOs, IPO
evaluation, IPO underwriting, evaluation and bookbuilding. Although
numerous articles are technical in nature, with econometric and
statistical models, particular attention has been directed towards
the understanding and the applicability of the results as well as
theoretical development in this area. This reader will assist
researchers, academics, and graduate students to further understand
the latest research on IPOs.
Until recently, only the United States had an active venture
capital market. This is changing rapidly, as many other countries
have experienced rapid growth in venture capital financing over the
past five years. This book contains new scientific articles
showcasing the latest research on venture capital in Europe.
Venture capital investment remains a hot topic with portfolio
managers, individual investors, academics worldwide. This book
examines in detail all the major issues regarding venture capital
investment: contracting, financing, regulation, valuation, etc. and
identifies new trends in the venture capital arena.
Contains incisive articles dealing with quantitative and qualitative analyses of hedge funds.
As pension fund systems decrease and dependency ratios increase, risk management is becoming more complex in public and private pension plans. Pension Fund Risk Management: Financial and Actuarial Modeling sheds new light on the current state of pension fund risk management and provides new technical tools for addressing pension risk from an integrated point of view. Divided into four parts, the book first presents the correct measurement of risk in pension funds, fund dynamics under a performance-oriented arrangement, an attribution model for monitoring the performance and risk of a defined benefit (DB) pension fund, and an optimal investment problem of a defined contribution (DC) pension fund under inflationary risk. It also describes a pension plan from a dynamic optimization viewpoint, the optimal asset allocation of U.S. pension funds, the identification of stakeholders risks, value-at-risk (VaR) methodology, and various effects on the asset allocation of DB pension schemes. The second section focuses on the effects of uncertainty on employer-provided DB private pension plan liabilities; wage-based lump sum payments by death, retirement, or dismissal by the employer; fundamental retirement changes; occupational pension insurance in Germany; and longevity risk securitization in pension schemes. In the third part, the book examines employers risks, accountability rules and regulations, useful actuarial analysis instruments, risk-based solvency regime in the Netherlands, and the impact of the 2008 global financial crisis on pension participants. The final part covers DB pension freezes and terminations of plans, the two-pillar social security system of Italy, the Greek social security system, the effect of a company s unfunded pension liabilities on its stock market valuation, and the returns of Spanish balanced pension plans and portfolio performance. With contributions from well-known, international academics and professionals, this book will assist pension fund executives, risk managers, consultants, and academic researchers in attaining a clear picture of the integration of risks in the pension world. It offers a comprehensive, contemporary account of how to handle the risks involved with pension funds.
Explores the Origin of the Recent Banking Crisis and how to Preclude Future Crises Shedding new light on the recent worldwide banking debacle, The Banking Crisis Handbook presents possible remedies as to what should have been done prior, during, and after the crisis. With contributions from well-known academics and professionals, the book contains exclusive, new research that will undoubtedly assist bank executives, risk management departments, and other financial professionals to attain a clear picture of the banking crisis and prevent future banking collapses. The first part of the book explains how the crisis originated. It discusses the role of subprime mortgages, shadow banks, ineffective risk management, poor financial regulations, and hedge funds in causing the collapse of financial systems. The second section examines how the crisis affected the global market as well as individual countries and regions, such as Asia and Greece. In the final part, the book explores short- and long-term solutions, including government intervention, financial regulations, efficient bank default risk approaches, and methods to evaluate credit risk. It also looks at when government intervention in financial markets can be ethically justified.
Although emerging market economies consist of 50% of the global population, they are relatively unknown. Filling this knowledge gap, Emerging Markets: Performance, Analysis and Innovation compiles the latest research by noteworthy academics and money managers from around the world. With a focus on both traditional emerging markets and new areas, such as the Balkan, Middle East, and North African regions, it looks at how these markets can serve as drivers of portfolios and a significant force over the long term. This noteworthy collection sheds some light on what lies ahead for emerging markets with the most up-to-date research from academics and practitioners. It covers general issues in emerging markets and provides in-depth studies of regional markets experiencing transition, including the European Union, Latin America, and the Middle East. The book also explores Asian and Indian markets as well as financial instruments, such as bonds and funds, relative to these markets. It concludes with chapters on regulations, corporate governance, and corruption.
Corporate Governance and regulatory presssures have been much in
the news lately. How they affect the bottom line of corporations
has been difficult to quantify, and research is just beginning to
be published that addresses this crucial question. This book is the
first collection for new research about the impact of takeover
regulation and corporate governance on M&A financial results.
It will be essential reading to any M&A specialist, an
investment banker, a hedge fund manager, a private equity director,
or a venture capitalist. Also a must read for financial analysts
who follow M&A targets. The book presents research from around
the world so it provides a global perspective on this important
topic.
Up-to-Date Research Sheds New Light on This Area Taking into account the ongoing worldwide financial crisis, Stock Market Volatility provides insight to better understand volatility in various stock markets. This timely volume is one of the first to draw on a range of international authorities who offer their expertise on market volatility in developed, emerging, and frontier economies. The expert contributors cover stock market volatility modeling, portfolio management, hedge fund volatility, and volatility in developed countries and emerging markets. They present some of the vocational aspects, emphasizing the equity markets. The book approaches the material from the practitioner's viewpoint and familiarizes readers with how volatility is linked to speculation, trading volume, and information arrival. It also discusses recent trends in forecasting volatility, along with the newly cultivated trading platform of volatility derivatives. Given the current state of high levels of volatility in global stock markets, money managers, financial institutions, investment banks, financial analysts, and others need to improve their understanding of volatility. Examining key aspects of stock market volatility, this comprehensive reference offers novel suggestions for accurately assessing the field.
Up-to-Date Research Sheds New Light on This Area Taking into account the ongoing worldwide financial crisis, Stock Market Volatility provides insight to better understand volatility in various stock markets. This timely volume is one of the first to draw on a range of international authorities who offer their expertise on market volatility in developed, emerging, and frontier economies. The expert contributors cover stock market volatility modeling, portfolio management, hedge fund volatility, and volatility in developed countries and emerging markets. They present some of the vocational aspects, emphasizing the equity markets. The book approaches the material from the practitioner's viewpoint and familiarizes readers with how volatility is linked to speculation, trading volume, and information arrival. It also discusses recent trends in forecasting volatility, along with the newly cultivated trading platform of volatility derivatives. Given the current state of high levels of volatility in global stock markets, money managers, financial institutions, investment banks, financial analysts, and others need to improve their understanding of volatility. Examining key aspects of stock market volatility, this comprehensive reference offers novel suggestions for accurately assessing the field.
Essential Reading on an Expanding Phenomenon The recent growth in mergers and acquisitions worldwide has been accompanied by a resurgence in insider trading on a scale not witnessed since the 1980s takeovers boom. Given the greater emphasis on insider trading in the global securities markets, this text combines the latest law and finance research on this ever-intriguing area with timely, expert perspectives to comprehensively cover the established US, European, and Asia-Pacific securities markets, as well as the key emerging markets of Brazil and the greater China region. Addresses These Fundamental Questions: What are the relative costs and benefits of insider trading? What is the rationale for criminalizing insider trading? Should insider trading that causes security prices to rise be subjected to harsher criminal and civil sanctions than trading that decreases securities costs? Examines Newsworthy and Recent Case Histories This text brings together econometric analysis of insider trading with qualitative papers that focus on insider trading regulation. This combination of legal and economic perspectives makes Insider Trading: Regulation and Analysis a useful reference not only for financial academics, but also securities attorneys and managers and those involved with corporate governance. Recently, the SEC Chairman called insider trading a major risk for US financial markets - a public acknowledgement that the prosecution of insider trading is a priority for the US Securities and Exchange Commission. This speaks to the need for this publication as a guide to the wide-reaching and highly relevant area of insider trading. .
Essential Reading on an Expanding Phenomenon The recent growth in mergers and acquisitions worldwide has been accompanied by a resurgence in insider trading on a scale not witnessed since the 1980s takeovers boom. Given the greater emphasis on insider trading in the global securities markets, this text combines the latest law and finance research on this ever-intriguing area with timely, expert perspectives to comprehensively cover the established US, European, and Asia-Pacific securities markets, as well as the key emerging markets of Brazil and the greater China region. Addresses These Fundamental Questions: What are the relative costs and benefits of insider trading? What is the rationale for criminalizing insider trading? Should insider trading that causes security prices to rise be subjected to harsher criminal and civil sanctions than trading that decreases securities costs? Examines Newsworthy and Recent Case Histories This text brings together econometric analysis of insider trading with qualitative papers that focus on insider trading regulation. This combination of legal and economic perspectives makes Insider Trading: Regulation and Analysis a useful reference not only for financial academics, but also securities attorneys and managers and those involved with corporate governance. Recently, the SEC Chairman called insider trading a major risk for US financial markets - a public acknowledgement that the prosecution of insider trading is a priority for the US Securities and Exchange Commission. This speaks to the need for this publication as a guide to the wide-reaching and highly relevant area of insider trading. .
Asia'smiraculous recovery from the 1997 crisis ushered in
unexpected transformations to its economies and financial sectors.
Thereasonsmany Asian countries are growing above 6%, with
double-digit growth for a year or two in-between, are investigated
by this extensive research collection.The "Handbook of Asian
Finance" covers the most interesting issues raised by these growth
rates. From real estate prices and the effects of trading
technologies for practitioners to tax evasion, market manipulation,
and corporate governance issues, expert scholars analyze the ways
that the region is performing. Offering broader and deeper coverage
than other handbooks, the "Handbook of Asian Finance" explains what
is going on in Asia today.
This comprehensive examination of short selling, which is a bet
on stocks declining in value, explores the ways that this strategy
drives financial markets. Its focus on short selling by region, its
consideration of the history and regulations of short selling, and
its mixture of industry and academic perspectives clarify the uses
of short selling and dispel notions of its destructive
implications. With contributions from around the world, this volume
sheds new light on the ways short selling uncovers market forces
and can yield profitable trades.
Handbook of Frontier Markets: Evidence from Asia and International Comparative Studies provides novel insights from academic perspectives about the behavior of investors and prices in several frontier markets. It explores finance issues usually reserved for developed and emerging markets in order to gauge whether these issues are relevant and how they manifest themselves in frontier markets. Frontier markets have now become a popular investment class among institutional investors internationally, with major financial services providers establishing index-benchmarks for this market-category. The anticipation for frontier markets is optimistic uncertainty, and many people believe that, given their growth rates, these markets will be economic success stories. Irrespective of their degrees of success, The Handbook of Frontier Markets can help ensure that the increasing international investment diverted to them will aid in their greater integration within the global financial system.
This book proposes new methods to value equity and model the Markowitz efficient frontier using Markov switching models and provide new evidence and solutions to capture the persistence observed in stock returns across developed and emerging markets.
The Handbook of Investors' Behavior during Financial Crises provides fundamental information about investor behavior during turbulent periods, such the 2000 dot com crash and the 2008 global financial crisis. Contributors share the same behavioral finance tools and techniques while analyzing behaviors across a variety of market structures and asset classes. The volume provides novel insights about the influence and effects of regional differences in market design. Its distinctive approach to studies of financial crises is of key importance in our contemporary financial landscape, even more so since the accelerated process of globalization has rendered the outbreak of financial crises internationally more commonplace compared to previous decades.
Handbook of Frontier Markets: The European and African Evidence provides novel insights from academic perspectives about the behavior of investors and prices in several frontier markets. It explores finance issues usually reserved for developed and emerging markets in order to gauge whether these issues are relevant and how they manifest themselves in frontier markets. Frontier markets have now become a popular investment class among institutional investors internationally, with major financial services providers establishing index-benchmarks for this market-category. The anticipation for frontier markets is optimistic uncertainty, and many people believe that, given their growth rates, these markets will be economic success stories. Irrespective of their degrees of success, The Handbook of Frontier Markets can help ensure that the increasing international investment diverted to them will aid in their greater integration within the global financial system.
International taxation is evolving in response to globalization,
capital mobility, and the increased trade in services, and
introduces international tax practitioner, student and researcher
to the theory, practice, and international examples of the changing
landscape.
This comprehensive examination of high frequency trading looks beyond mathematical models, which are the subject of most HFT books, to the mechanics of the marketplace. In 25 chapters, researchers probe the intricate nature of high frequency market dynamics, market structure, back-office processes, and regulation. They look deeply into computing infrastructure, describing data sources, formats, and required processing rates as well as software architecture and current technologies. They also create contexts, explaining the historical rise of automated trading systems, corresponding technological advances in hardware and software, and the evolution of the trading landscape. Developed for students and professionals who want more than discussions on the econometrics of the modelling process, The Handbook of High Frequency Trading explains the entirety of this controversial trading strategy.
The use of financial concepts and tools to shape development is hardly new, but their recent adoption by advocates of sustainable environmental management has created opportunities for innovation in business and regulatory groups. The Handbook of Environmental and Sustainable Finance summarizes the latest trends and attitudes in environmental finance, balancing empirical research with theory and applications. It captures the evolution of environmental finance from a niche scholarly field to a mainstream subdiscipline, and it provides glimpses of future directions for research. Covering implications from the Kyoto and Paris Protocols, it presents an intellectually cohesive examination of problems, opportunities, and metrics worldwide. |
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