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The proceedings of the'Economics and Business Competitiveness International Conference'(EBCICON) provides a selection of papers, either research results or literature reviews, on business transformation in the digital era. Nine major subject areas, comprising accounting and governance, customer relations, entrepreneurship, environmental issues, finance and investment, human capital, industrial revolution 4.0, international issues, and operations and supply chain management are presented in the proceedings. These papers will provide new insights into the knowledge and practice of business and economics in the digital era. Therefore, parties involved in business and economics such as academics, practitioners, business leaders, and others will be interested in the contents of the proceedings.

Management Science is often confronted with optimization problems characterised by weak underlying theoretical models and complex constraints. Among them, one finds data analysis, pattern recognition (classification, multidimensional analysis, discriminant analysis) as well as modelling (forecasting, confirmatory analysis, expert system design). In recent years, biomimetic approaches have received growing attention from Marketing, Finance and Human Resource researchers and executives as effective tools for practically handling such problems. Biomimetic approaches include a variety of heuristic methods - such as neural networks, genetic algorithms, immunitary nets, cellular automata - that simulate nature's way of solving complex problems and, thus, can be considered as numerical transpositions of true life problem solving. Bio-Mimetic Approaches in Management Science presents a selection of recent papers on biomimetic approaches and their application to Management Science. Most of these papers were presented at the last ACSEG/CAEMS International Congresses (Approches Connexionnistes en Sciences Economiques et de Gestion/Connectionnist Approaches in Economics and Management Science). All papers combine the discussion of conceptual issues with illustrative empirical applications, and contain detailed information on the way heuristics are practically implemented. The advantages and limits of the biomimetic approaches are discussed in several of the papers, either by comparing these approaches with more classical methods (logit models, clustering), or by investigating specific issues like overfitting and robustness. Synthesizing overviews are provided, as well as new tools for coping with some of the limitations of biomimetic methods.

Insurance companies, as well as banks and thrift institutions, have traditionally reported assets and liabilities on the basis of their amortized cost, or book value. But following the turmoil in securities markets due to highly volatile interest rate fluctuations in the 1980s and the early 1990s, and problems caused by inadequate liquidity, in the mid-1990s the Financial Accounting Standards Board (FASB) issued a new ruling calling for financial intermediaries to report the fair, or market, value of most assets. Called FAS 115, this new standard is the first step in the eventual change to valuing all the assets and liabilities belonging to financial intermediaries under the fair value accounting method. Thus, these changes will pose tremendous future implications for three key business measures of a financial intermediary: Solvency: if the fair values of assets and liabilities are out-of-step, then healthy companies may report negative net worth and insolvent companies may appear to be in sound financial condition. Reported Earnings: if the fair values of assets and liabilities are out of step, then reported earnings will not accurately represent the financial operations of the company. Risk Management: FASB recently postponed the implementation of its new rules on accounting for the use of derivatives instruments. However, if the final set of rules for figuring the fair value of derivatives is not carefully crafted, it may be possible that companies prudently hedging their risks are subject to penalties in their financial reports, while companies taking greater risks appear to have less volatile financial performance. Compared to banks and other financial intermediaries, life insurance companies have the longest term and most complex liabilities, and hence the new FASB requirement poses the most severe challenges to the life insurance industry. The lessons learned from the debate amonglife insurance academics and professionals about how respond to the fair value reporting rule will be instructive to their counterparts in other sectors of the insurance industry, as well as those involved with other financial institutions. Of particular note are the two papers which comprise Part III. The first provides examples of the fair valuing of annuity contracts, while the second offers examples of the fair valuing of term insurance products. As the papers collected in The Fair Value of Insurance Business extend and update some of the issues treated in a previous Salomon Center conference volume, The Fair Value of Insurance Liabilities, this new volume may be viewed as a companion to the earlier book.

The first section of the book contains seven original essays, arranged in order to coincide with Bill's (chronological) professional career. These essays cover a wide variety of real estate topics, including valuation theory, definition of market value, market analysis, the appraisal process, role of the appraiser as an expert witness, valuation under environmental contamination, and international real estate issues. The second section of the book reprints eleven of Bill's most influential papers, selected with the help of forty of his colleagues. These articles, written by Bill and various co-authors, represent only a portion of his contributions to real estate theory and practice. They are'classics'in real estate education. The final section contains personal reflections by colleagues, family and friends of Bill. One of Bill's most influential publications is his classic text,'Income Property Valuation', and is frequently cited in the testimonials. These testimonials provide clear evidence that Bill was an excellent teacher and real estate professional. He truly cared about his students and colleagues and worked hard to move the real estate profession forward.

This text comprises a selection of papers that provide state-of-the-art insights into research focusing on dimensions of bank strategy, governance and the role of credit rating agencies that were presented at the European Association of University Teachers of Banking and Finance Conference, September 2010.

This book provides indispensable knowledge for practitioners in aircraft financing. It presents an innovative framework that treats valuation analysis as a systematic effort in problem-solving directed at rational financial decision-making. It incorporates much of the modern approach to financial investment decision-making. It proposes essential tools of flexibility, adaptability, and commonality of aircraft financial analyses that apply to an almost infinite variety of valuation problem situations. Once these connections have been introduced, the reader will be equipped with an understanding of the underlying concepts of aircraft valuation processes and techniques and the subsequent financing alternatives available to fund aircraft assets. This is an essential book for airline professionals, aircraft leasing companies, consultants, bankers, government officials, and students of aircraft finance. It is an approachable resource for those without a formal background in finance.

This book explores how ​the sharing economy models present opportunities and also pose challenges in achieving sustainable development at the base of the pyramid. Through a 3S Framework (sharing, socialization, and social intermediation) and Reformative-Transformative classification, this book demonstrates how sharing economy models offer the potential for more inclusive and sustainable development. The book includes case studies on sharing economy models that offer products and services for free or at prices more affordable than traditional options, while also finding ways toward economic sustainability and inclusive growth. This book identifies how local resources, community social capital, and bricolage could be leveraged in the development of sharing economy models that take into account the specificities of particular communities while ensuring that the solutions can be quickly modified and replicated. Further, this book highlights that sharing economy modelsleverage the digital revolution to take advantage of cheaper computational capacity and global connectivity, while rapidly adapting to engage with those that have less digital literacy at the base of the pyramid. This edited book aims to present analyses of sharing economy models at the base of the pyramid, identifying characteristics that can be particularly important for sustainable development and barriers that would need to be overcome to realize its full potential. The chapters in this book are contributed by a wide range of academics and scholars who are experts in the field.

Bachelor Thesis from the year 2021 in the subject Business economics - Investment and Finance, grade: 1,7, University of applied sciences Frankfurt a. M., language: English, abstract: This bachelor thesis examines the challenges of ESG ratings and attempts to find a solution to these explored challenges. To answer this question, a theoretical definition of ESG and SRI is given first, followed by a discussion of ratings'theoretical background, standards, and rating agencies'traditional procedures. The classic challenges of ratings are also considered. The differences to ESG ratings are then discussed, and sustainability ratings and sustainability rating agencies are examined. In the following part, the individual challenges of ESG ratings discussed theoretically are described. After the theoretical foundations, the challenges are clarified in an analysis. The analysis refers to two different industries. Based on the results, possible solutions are proposed and discussed. A conclusion is followed. Sustainability has been a highly debated topic for a long time. Waste separation, the purchase of regional food, electricity supply options and the fight against plastic waste are indispensable topics for society. The matter has not yet played such a significant role in financial investments, but interest is growing. Millennials are open to sustainable investments. This area of interest is shown by a representative YouGov study commissioned by the fund company Deka. Nevertheless, only six per cent of investors own sustainable investments. This occurrence is maybe because the topic is complex for investors to grasp. There is even a lack of a generally valid definition of sustainability. There are indeed several quality seals that make orientation easier, but there are no standards. The EU Commission wants to change that and is working on critical criteria for sustainable investments, but it will be some time before these are fully implemented throughout the EU.

In this book Carola Normann-Tschampel develops an enhanced understanding of the relevance of Value-Based Management (VBM) to management practice in Mittelstand. A theory-practice gap is identified based on a unique overview of the field of research. The empirical investigation focuses on three specifically identified areas of management (strategic decision-making, objectives, attitudes) and uses a specific research approach. The insights gained from taking an interpretive stance towards owner-managers'practical experience provide a valuable basis to further address the overall research gap.

The bailouts during the recent financial crisis enraged the public. They felt unfair—and counterproductive: people who take risks must be allowed to fail. If we reward firms that make irresponsible investments, costing taxpayers billions of dollars, aren't we encouraging them to continue to act irresponsibly, setting the stage for future crises? And beyond the ethics of it was the question of whether the government even had the authority to bail out failing firms like Bear Stearns and AIG. The answer, according to Eric A. Posner, is no. The federal government freely and frequently violated the law with the bailouts—but it did so in the public interest. An understandable lack of sympathy toward Wall Street has obscured the fact that bailouts have happened throughout economic history and are unavoidable in any modern, market-based economy. And they're actually good. Contrary to popular belief, the financial system cannot operate properly unless the government stands ready to bail out banks and other firms. During the recent crisis, Posner agues, the law didn't give federal agencies sufficient power to rescue the financial system. The legal constraints were damaging, but harm was limited because the agencies—with a few exceptions—violated or improvised elaborate evasions of the law. Yet the agencies also abused their power. If illegal actions were what it took to advance the public interest, Posner argues, we ought to change the law, but we need to do so in a way that also prevents agencies from misusing their authority. In the aftermath of the crisis, confusion about what agencies did do, should have done, and were allowed to do, has prevented a clear and realistic assessment and may hamper our response to future crises. Taking up the common objections raised by both right and left, Posner argues that future bailouts will occur. Acknowledging that inevitability, we can and must look ahead and carefully assess our policy options before we need them.

The Handbook of International Financial Management brings together a wide range of topical expertise on issues of immediate relevance to finance directors, bankers, advisers and consultants with the support of a powerful editorial board representing international financial institutions. The book is divided into 6 parts. The first looks at the world scene in which international finance is operated, the second at capital structures and financing, part 3, insurance and compensation trading. Part 4 covers investment appraisal and corporate financial policies, followed by an assessment of risks involved in part 5. The final section deals with international tax planning.

In recent years the capital markets have developed into ever more complex areas, and banks have competed with each other to develop more sophisticated and innovative methods of financing. The pace of this innovation has often outstripped the development of rules for financial reporting. Off balance sheet finance is one particular area where the standard-setters are only now catching up. The Accounting Standards Board recently published a further exposure draft on the subject. FRED 4 - Reporting the substance of transactions - and Part 1 discusses in detail how it will affect the accounting treatment of various forms of off balance sheet finance. The exposure draft is reproduced in full in Part 2. Off Balance Sheet Finance will be an indispensable guide for bankers, other financiers, accountants and lawyers.

Since its establishment in 1965, Business Economics has been an essential resource for those who use economics in the workplace. Its consistent intent has been to distinguish itself from academic journals by focusing on what is useful to practitioners of economics in their everyday work, and it has risen to become the leading forum for debating solutions to critical business problems, analyzing key business and economic issues, and sharing of best-practice models, tools, and hands-on techniques. In celebration of the journal's anniversary, The Best of'Business Economics'brings together forty of the best articles from half a century of publication: those that pushed boundaries, challenged conventional wisdom, and redefined the way practitioners and academics approached their work. Much of the insight afforded in this collection on the uses and limitations of economics are as fresh and useful today as when they were published. Featuring award-winning articles and the world's premier economists, this collection is an essential addition to any economics library.

Christopher Oertel studies the impact of public policy measures on the German real estate market and confirms the assumptions, which imply that a city can influence its economic position in relation to nearby cities in the short run by making use of this tax instrument. His analyses begin with an examination of the German residential real estate market from a consumption good perspective. The findings indicate that the home-ownership allowance had a distorting effect by capitalizing into residential real estate prices, although at lower than expected rates. Then the author studies the German residential real estate market from an investment good perspective. Investigating an important amendment of the German tenancy legislation, there is a positive, yet insignificant relationship between the tenancy law reform act and the development of the cap rate. The analysis is completed by focussing on the German office market and investigating how its rental levels and gross purchase prices areaffected by changes in the municipal trade tax multiplier.

Market volatility and competition have each played a significant role in altering the state of banking over the last twenty years. During the 1980s and 1990s banks have been exposed to new types of risks with far different characteristics and magnitudes than those dealt with in the early days of banking. Erik Banks seeks to explore the qualitative and quantitative aspects of risks attributable to financial instruments in today's markets, which are so much a part of banking business throughout the world. Banks describes the credit risks encountered in dealing with financial instruments and establishes a framework for quantifying the risks and applies framework and concepts on a product-by-product basis.

Italian Banking and Financial Law provides a thorough overview of the banking sector in Italy, offering historical perspectives, insight into current developments and suggestions for future evolution.

A practical, must-read guide to candlestick charting techniques Japanese candlestick charting is a highly effective method for timing the market for short-term profits. Unlike most western techniques—moving average, relative strength index, MACD, stochastic, Bollinger bands, or Elliot waves—candlestick charting signals are based on very close analysis of product price, producing accurate buy or sell signals between two and ten periods earlier than other techniques. In The Power of Japanese Candlestick Charts, noted author and futures trading expert Fred Tam offers a full and sophisticated range of charting techniques using candlestick methodology. Written by Fred K. H. Tam, a noted pioneer in exploring the Japanese candlestick methodology Ideal for anyone who wants to invest or trade in both the futures and stock markets Includes hundreds of illustrated charts The Power of Japanese Candlestick Charts is a comprehensive and valuable guide to candlestick charting that is perfect for analysts, stock or day traders, and short-term position traders.

Private online digital currency systems offer people accessible, convenient, and inexpensive everyday financial tools outside of traditional bank-owned and operated platforms. Digital currency systems facilitate local and international fund transfers, online and offline payments, and simple cash-to-digital everyday financial products without the need for a conventional bank account of any retail bank product. Over the past several years, Bitcoin has grown into an efficient person-to-person and person-to-business payment system without the backing of any bank or financial institution. This phenomenon is producing a new level of an on- and offline commerce and a society much more attuned to digital currency systems. The Digital Currency Challenge details how new 2007-2008 U.S. legal issues surrounding digital currency products forced companies from the U.S. market and caused the Treasury Department to enact stricter regulations. Mullan profiles new and innovative present day digital currency systems, such as Bitcoin, and illustrates how software designers and monetary theorists use new technology to circumvent current U.S. regulations. This work also explains how new digital currency systems are not just software products, but tools providing financial freedom to people in countries all around the world.

New research and investment strategies for asset managers in precious metals In this handy new e-book, bestselling author David M. Darst provides valuable perspective on the role and positioning of gold and other precious metals within an economic, financial, and portfolio context. It covers the advantages and disadvantages, risks and rewards of investing in precious metals and sheds light on the key factors that drive prices, including supply and demand forces, inflation and deflation, geopolitical conditions, interest rates, and the global monetary system. The book also offers detailed information on specific vehicles that provide exposure to precious metals, as well as sources of further information available in print and online. Portfolio Investment Opportunities in Precious Metals gives investors the information they need to make intelligent investment decisions in precious metals. Covers key factors investors need to know about precious metals, including advantages, risks, and investment performance Written by David M. Darst, CFA, the bestselling author of The Little Book That Saves Your Assets Perfect for individual investors, financial advisors, and CFAs interested in the role that precious metals play in investment portfolios

This book explores theoretical and practical implications of reflecting the fair value of liabilities for insurance companies. In addition, the contributions discuss the disclosure of these values to the financial and regulatory communities and auditing firms which are actually calculating this illusive but important variable. It combines contributions by distinguished practitioners from the insurance, accounting and finance fields, with those of prominent academics. One of the central themes of the collection is that adequate disclosure of the true economic value of insurance company liabilities is both possible and desirable. Wherever possible, the insurance valuation process is wedded with modern financial theory. For example, the use of option pricing theory is applied to insurance companies, where the true value of the firm's liabilities is a critical variable. Methods such as cash flow, earned profit and indirect discount are explored.

One of the fast growing elements of the Internet is electronic commerce, which refers to the use of electronic means to conduct business transactions within or across business entities. Nearly 80 percent of all Fortune 500 companies have been doing their core business through the Internet. Many issues, and societal implications of electronic commerce, are the subjects of recent research. A supply chain consists of all the entities and activities that enable the production, distribution, and delivery of products and services to consumers. Research in designing and managing supply chains has rapidly expanded during the last decade. In addition, increased and accessible computing power and modeling capabilities have spurred this growth, enabling researchers to simultaneously consider the many interrelated variables and decisions of a supply chain in a single tractable model.

Charles H. Ferguson, who electrified the world with his Oscar-winning documentary Inside Job, now explains how a predator elite took over the country, step by step, and he exposes the networks of academic, financial, and political influence, in all recent administrations, that prepared the predators'path to conquest. Over the last several decades, the United States has undergone one of the most radical social and economic transformations in its history. · Finance has become America's dominant industry, while manufacturing, even for high technology industries, has nearly disappeared. · The financial sector has become increasingly criminalized, with the widespread fraud that caused the housing bubble going completely unpunished. · Federal tax collections as a share of GDP are at their lowest level in sixty years, with the wealthy and highly profitable corporations enjoying the greatest tax reductions. · Most shockingly, the United States, so long the beacon of opportunity for the ambitious poor, has become one of the world's most unequal and unfair societies. If you're smart and a hard worker, but your parents aren't rich, you're now better off being born in Munich, Germany or in Singapore than in Cleveland, Ohio or New York. This radical shift did not happen by accident. Ferguson shows how, since the Reagan administration in the 1980s, both major political parties have become captives of the moneyed elite. It was the Clinton administration that dismantled the regulatory controls that protected the average citizen from avaricious financiers. It was the Bush team that destroyed the federal revenue base with its grotesquely skewed tax cuts for the rich. And it is the Obama White House that has allowed financial criminals to continue to operate unchecked, even after supposed “reforms” installed after the collapse of 2008. Predator Nation reveals how once-revered figures like Alan Greenspan and Larry Summers became mere courtiers to the elite. Based on many newly released court filings, it details the extent of the crimes—there is no other word—committed in the frenzied chase for wealth that caused the financial crisis. And, finally, it lays out a plan of action for how we might take back our country and the American dream.

In iCommodity Derivatives: Markets and Applications, /i Neil Schofield provides a complete and accessible reference for anyone working in, or studying commodity markets and their associated derivatives. Dealing primarily with over the counter structures, the book provides extensive coverage of both hard and soft commodities, including gold, crude oil, electricity, plastics, emissions and agriculturals. Using structures unique to the individual market, each chapter includes an explanation of the commodity and an analysis of its physical market, discussion on the typical patterns of demand and supply and the main factors that will influence the price of the commodity, and the main products. Each chapter focuses on how the products could be used along the physical supply chain and seeks to identify the main market risks and how they can be hedged. The book then brings into perspective how the structuring banks hedge their own resultant exposure and examines the attraction of OTC investment structures for the wholesale market. iCommodity Derivatives: Markets and Applications/i is essential reading for those wishing to learn about the main features of the commodity markets, the mechanics of derivatives, and how they are applied.

Usually, private equity firms take control of firms which are privately held, and tend to act hidden. But, in recent years, the rising phenomenon of private investments in publicly listed companies, so-called PIPEs, could be observed. At first, this seems to be inconsistent but, it could become a perfect way to generate good returns. This book gives an overview about the PIPE market, and then focuses on the role of private equity funds. How do they invest in publicly listed firms? And what are their motivations? Is the overall performance of PIPE deals superior to those of traditional private deals? PIPE deals have much in common with typical venture capital deals with regard to the young and high-risk nature of target companies, and the minority ownership position. Surprisingly, buyout funds are relatively more engaged in PIPEs than venture funds are. The author analyzes deal sizes, industry sectors, holding periods, IRRs and multiples of public deals, and comparable private deals with a unique data sample on transaction level. Finally, he discusses other possible motives for private equity firms to engage in these deals: improved liquidity, fast process of deal execution, access to certain markets, avoidance of takeover premiums and the thesis of an escape-strategy for surplus investment money.

Major challenges for life insurance companies have been posed by an unprecedented wave of mergers and acquisitions in the insurance industry and the emergence of non-traditional competitors such as banks, mutual fund companies and investment advisory firms. This is the first book to analyze the determinants of firm performance in the life insurance industry by identifying the `best practices'employed by leading insurers to succeed in this dynamic business environment. The book draws upon data from insurer financial statements as well as upon an extensive survey of life insurer management practices and strategic choices in distribution systems, information technology, mergers and acquisitions, human resources and financial strategies. Generic strategies such as cost leadership, customer focus, and product differentiation are analyzed as well as strategic practices specific to the insurance industry. Best practices are identified by measuring the economic efficiency of insurers and by comparing firms across the industry. Both cost and revenue efficiency are measured relative to best practice efficient frontiers consisting of the industry's dominant life insurance firms. Economies of scale and the effects of mergers and acquisitions on efficiency are also analyzed. Financial strategies are examined with specific reference to pricing policy, valuation of assets and liabilities, and the current state of firm-level risk management systems. The benchmarks established are the result of extensive fieldwork that identifies key financial risks and methodologies to both measure and manage them at the firm level. The results discussed in the book indicate that firm performance is significantly correlated with management practices and strategic choices. Thus, life insurers can improve profitability by adopting optimal combinations of strategies. The book contains important new material on the effects of strategic choices in product distributionsystems, information technology, mergers and acquisitions, human resources, and financial risk management policies. In the area of efficiency, the methodology provides a new approach for identifying peer groups of insurers and measuring the performance of individual insurers relative to their peer group. On the topics of risk and pricing, new insights are offered relative to current methodologies and in regard to areas where improvement is clearly warranted. The book concludes with an analysis of the future opportunities and challenges in the life insurance industry facing managers, and the strategic options available to them to cope with these changes.

With over 50,000 copies in print for the first edition, Kaeppel's insight has undoubtedly made its mark in the options world. Now, he strikes again with an updated and more comprehensive look at those pesky mistakes that traders continue to make in trading options. In easy-to-understand terms, he systematically breaks down each problem and offers concrete and practical solutions to overcome it in the future. There are big profits to be made in options trading. By avoiding the four most common and most costly mistakes the majority of traders make, you'll be set to win big. System and software developer Jay Kaeppel helps you thoroughly understand each mistake before showing you how to avoid them in future trades. In this new, color edition, you'll find: More in-depth analysis of the four biggest mistakes including volatility calculations, risk/reward relationships, calendar spreads, etc. More real world examples with varying scenarios updated to reflect today's market More graphs and tables to better illustrate Kaeppel's concepts More detailed discussion on the nature of options trading and how to create a consistently winning strategy Concise and to-the-point, here's an action plan you can read and put into place immediately to become a more profitable trader.

A classic collection of titles from one of the world's greatest financial writers One of the foremost financial writers of his generation, the late Peter Bernstein had the unique ability to synthesize intellectual history and economics with the theory and practice of investment management. Now, with the Peter L. Bernstein Classics Collection e-bundle, you will be able to enjoy some of the most important and critically acclaimed books by this engaging investment writer—Capital Ideas, Against the Gods, The Power of Gold, and Capital Ideas Evolving. Capital Ideas and Capital Ideas Evolving traces the origins of modern Wall Street, from the pioneering work of early scholars and the development of new theories in risk, valuation, and investment returns, to the actual implementation of these theories in the real world of investment management Against the Gods skillfully explores one of the most profound issues of our time—the role of risk in our society—in a non-technical and accessible style The Power of Gold tells the story of how history's most coveted, celebrated, and inglorious asset has inspired romantic myths, daring explorations, and titanic struggles for money and power Engaging and informative, Peter L. Bernstein Classics Collection puts the insights of one of the greatest financial writers of our time at your fingertips.

With the Bologna Accords a bachelor-master-doctor curriculum has been introduced in various countries with the intention that students may enter the job market already at the bachelor level. Since financial Institutions provide non negligible job opportunities also for mathematicians, and scientists in general, it appeared to be appropriate to have a financial mathematics course already at the bachelor level in mathematics. Most mathematical techniques in use in financial mathematics are related to continuous time models and require thus notions from stochastic analysis that bachelor students do in general not possess. Basic notions and methodologies in use in financial mathematics can however be transmitted to students also without the technicalities from stochastic analysis by using discrete time (multi-period) models for which general notions from Probability suffice and these are generally familiar to students not only from science courses, but also from economics with quantitative curricula. There do not exists many textbooks for multi-period models and the present volume is intended to fill in this gap. It deals with the basic topics in financial mathematics and, for each topic, there is a theoretical section and a problem section. The latter includes a great variety of possible problems with complete solution.

Financial meltdown, a deep recession, and political polarization—combined with strong growth outside the United States—have led to a global bubble of pessimism surrounding America's economic prospects. Bloated with debt, and outpaced by China and other emerging markets, the United States has been left for dead as an economic force. But in this time of grim predictions, Daniel Gross, Yahoo! financial columnist and author of Dumb Money, offers a refreshingly optimistic take on our nation's economic prospects, examining the positive trends that point to a better, stronger future. Widely respected for his Newsweek and Slate coverage of the crash and the recovery, Daniel Gross shows that much of the talk about decline is misplaced. In the wake of the crash, rather than accept the inevitability of a Japan-style lost decade, America's businesses and institutions tapped into the very strengths that built the nation's economy into a global powerhouse in the first place: speed, ingenuity, adaptability, pragmatism, entrepreneurship, and, most significant, an ability to engage with the world. As the United States wallowed in self-pity, the world continued to see promise in what America has to offer—buying exports, investing in the United States, and adopting American companies and business models as their own. Global growth, it turns out, is not a zero-sum game. Better, Stronger, Faster is an account of the remarkable reconstruction and reorientation that started in March 2009, a period that Gross compares to March 1933—as both marked the start of unexpected recoveries. As the U.S. public sector undertook aggressive fiscal and monetary actions, the private sector sprang into action. Companies large and small restructured, tapped into long-dormant internal resources, and invested for growth, at home and abroad. Between 2009 and 2011, as Europe struggled with a cascade of crises, the U.S. got back on its feet—and began to run. Through stories of innovative solutions devised by policy makers, businesses, investors, and consumers, Gross explains how America has the potential to emerge from this period, not as the unrivaled ruler of the global economy but as a healthier leader and an enabler of sustainable growth.

Five years ago the world lost one of its most prolific insurance scholars, Dr. Robert I. Mehr. His death in 1988 signalled the passing of not only a gifted writer and researcher, but also a pioneering teacher, mentor, and friend. The essays compiled within this volume are intended as an appropriate tribute to this occasionally outrageous individual who touched the lives of so many within the insurance community. Bob Mehr was a teacher who expected and demanded nothing less than perfect scholarship and flawless, efficient writing. Among alumni of the University of lllinois insurance doctoral program, stories still abound of late night and early morning sessions in which students and professor painstakingly debated precise words and phrases for dissertations, journal articles, and textbooks. Bob's respect for language was both immense and contagious, if at times more than a little compulsive. He joked that he could not read letters or novels without pencil in hand for editing. Bob's respect for his doctoral students was equally evident. The confidence he displayed in his students'abilities was sometimes startling, but'competence assumed'often begot'competence in fact.'The accomplishments and records amassed by the many who studied with Bob Mehr are impressive and ongoing. On the dedication page in his final textbook, Fundamentals of Insurance, Bob spoke of his affection for those he called his'academic progeny'and wished them happiness as they build their own academic families.

The thirteenth edition of McGregor's Who Owns Whom presents a summary of the annual report of every company listed on the Johannesburg stock exchange, plus those on the stock exchanges of Harare, Windhoek and Gaberone. For each company, the data presented include: ultimate controlling shareholder, shareholders above 1%, directors, addresses of registered offices, nature of business, year end, number of employees, capital structure, financial statistics and ratios, subsidiaries, associated companies and investments. Comprehensive indexes reveal the ownership of approximately 16,000 companies, the share portfolios of major S.African investors, and the cross-directorships of 4000 directors of listed companies. Detailed schedules provide additional data including newly listed companies, companies recently delisted, companies categorised by sector, companies listed by financial year end, company name changes, unit trusts, mines working results, and much more.

European Accountancy Yearbook is the first annual reference work to focus on the emerging Pan-European accounting scene. Following numerous international mergers and syndicate formations large accountancy firms are competing to provide services to international corporations and businesses with cross-border trade. The Yearbook provides a one-stop reference source allowing financial directors of these companies to find out which accountancy firms are providing what services and where. It will also provide great assistance to other accountancy and financial services organisations to evaluate the state of the fast growing European market, and to assess competitors or possible partners. The Yearbook includes profiles of all the major firms showing the international coverage, their services offered, fee income, partners, branch offices, etc. In addition the Yearbook includes invaluable reference data such as country by country accountancy scene overview, corporate tax rates, E.C. directives, etc.

Publisher's Note The third edition of Financial Services in Wales The data provided in this publication to correct to (formerly entitled Corporate Financial Services in the best of the Publishers knowledge and belief at Wales) has been completely revised and updated the time of going to press at the end of 1990. via questionnaires sent to all the second edition's entrants and via telephone follow-up where No responsibility can be accepted either by the necessary. Many new organisations have also publishers or the sponsors of this directory for any been added, reflecting the continueing dynamic action taken by a reader as a result of using this growth of the Welsh financial services sector. directory. Once again the Publishers would like to thank all As a matter of sensible business practice, any those organisations which contributed data for reader choosing to make further use of the publication in the directory, as well as the information given in this publication is advised to advertisers and -in particular -the sponsors, the take specific professional advice to cover the names of which are listed on the title page of the particular course of action he may wish to follow. directory. 2 unlike some other regions Wales is not overheated and continues to offer great opportunities for FOREWORD companies in this sector looking to expand or re­ locate. I look foward to outstanding future growth.

Financial crises have occurred throughout history, resulting in the loss of national and international public and personal wealth, creating political uncertainty and shaking the foundations of the national, regional and international economic and social order. This book provides answers to the basic questions of what could have caused some of the more recent regional financial crises, what their key characteristics were, how they could have been prevented, what lessons national governments, central bankers and the International Monetary Fund (IMF) have learned and how such crises could be prevented in the future. The authors include current and former cabinet members of national governments, central bankers, IMF officials, scholars and practicing economists in both national and multilateral organizations, all of whom have either participated in the management of the various types of financial crises they analyze and discuss and/or have made major contributions to their understanding, including recommendations of how they could be avoided in the future.

Repo, from sale and repurchase agreement, is one for the oldest and widely used instruments in global capital markets. It is a vital ingredient in the smooth and efficient running of the financial markets, and is used by all market participants including central banks, commercial banks, fund managers and corporates. This book is a comprehensive, detailed and authoritative description of the repo instrument. Written by a former repo trader, it covers applications and analysis of the various different instruments used in the repo markets. It also places the repo markets in the overall context of the money markets and banking asset-liability management.

AARP Digital Editions offer you practical tips, proven solutions, and expert guidance. Reverse Mortgages and Linked Securities is a contributed title comprising many of the leading minds in the Home Equity Conversion Mortgages (HECM) industry, including reverse mortgage lenders, institutional investors, underwriters, attorneys, and regulators. This book begins with a brief history of reverse mortgages, and quickly moves on to discuss how the industry has evolved-detailing the players in these markets as well as the process. It discusses the securitization of reverse mortgages and other linked securities and includes coverage of pricing techniques and risk mitigation. This reliable resource also takes the time to cover the current regulatory environment of the HECM market, which is constantly changing due to the current state of the real estate market. Highlights specific strategies that will allow institutional investors to benefit from the resurgence of reverse mortgages and linked securities One of the only guides to reverse mortgages and linked securities targeted towards institutional investors interested in securitized products If you want to make the most of reverse mortgages and linked securities, take the time to read this book.

AARP Digital Editions offer you practical tips, proven solutions, and expert guidance. The hedge fund industry has been reeling in the wake of recent Ponzi schemes and insider trading scandals as well as the loss of billions of dollars in assets under management due to fund closures. Getting Started in Hedge Funds, Third Edition focuses on the current state of the industry; how hedge funds did or did not survive the subprime and subsequent credit crisis; and, what the future holds for investors. Getting Started in Hedge Funds, Third Edition also provides readers with a brief overview of the industry's history, and describes the inner-workings of these complex investment vehicles, including how to start a hedge fund, and what new regulations means for managers and investors. Profiles 10 highly successful hedge fund managers Addresses the Madoff scandal, as well as other lesser known Ponzi schemes, and analyzes the ripple effect felt throughout the industry as a result of these and other scandals Despite the performance of some of these funds in the last few years, hedge funds are here to stay. In this Third Edition, Getting Started in Hedge Funds, Strachman provides an updated'how-to'guide for investors interested in hedge funds in this era of'new normal.'

The efficiency, safety, and soundness of financial markets depend on the operation of core infrastructure--exchanges, central counter-parties, and central securities depositories. How these institutions are governed critically affects their performance. Yet, despite their importance, there is little certainty, still less a global consensus, about their governance. Running the World's Markets examines how markets are, and should be, run. Utilizing a wide variety of arguments and examples from throughout the world, Ruben Lee identifies and evaluates the similarities and differences between exchanges, central counter-parties, and central securities depositories. Drawing on knowledge and experience from various disciplines, including business, economics, finance, law, politics, and regulation, Lee employs a range of methodologies to tackle different goals. Conceptual analysis is used to examine theoretical issues, survey evidence to describe key aspects of how market infrastructure institutions are governed and regulated globally, and case studies to detail the particular situations and decisions at specific institutions. The combination of these approaches provides a unique and rich foundation for evaluating the complex issues raised. Lee analyzes efficient forms of governance, how regulatory powers should be allocated, and whether regulatory intervention in governance is desirable. He presents guidelines for identifying the optimal governance model for any market infrastructure institution within the context of its specific environment. Running the World's Markets provides a definitive and peerless reference for how to govern and regulate financial markets.

Trust, as a key factor in business relationship, cannot be bought or ordered. Also, trust cannot be replaced through control mechanisms. Rather, it is a fragile psychological construct which develops through mainly intransparent reasons. Trust research is, therefore, vital for an analysis of business to consumer relations. The present work is connected with the comprehensive and long continuing scientific examination of trust in and between organizations as well as between organizations and customers. The banking industry serves a field of research in which trust plays a key role. The question is to find out how banks can strengthen customers'trust. The work especially focuses on the question whether customers trust their bank due to performance and service quality or reputation (reputation being defined as the result of experienced and approved performance quality). On the other hand, the work also deals with the possibility that trust depends on entirely different reasons like the trust propensity of each individual. Thus, organizations can only partially influence their customers'trust by their own measures. Based on these aspects, the author formulates the central research question of her work: Which trust building measures should the appropriate policy of a bank consist of? This is a very challenging question as it includes existing long-range trends and traditions as well as experience, publicly communicated values as well as concrete transaction and service experiences of customers including their personal historical backgrounds. The author seeks a comprehensive empirical approach and successfully applies this method to her research question.

Competition between market centers is a driving force for innovation, dynamic growth, and reasonable pricing structures. Consolidating the order flow amasses liquidity, sharpens price discovery, and lowers trading costs. Can competition remain vibrant in a consolidated environment? How does inter-market competition play out with respect to trading decisions and listing decisions? What will the primary sources of competition be in the future? What impacts will follow from the NYSE's acquisition of Archipelago, and NASDAQ's acquisition of INET? Will exchanges further consolidate in Europe? What does consolidation imply about the efficient use of technology, the effective handling of institutional order flow, and overall market quality? These are some of the questions that were addressed at this conference.

John Bogle puts our obsession with financial success in perspective Throughout his legendary career, John C. Bogle-founder of the Vanguard Mutual Fund Group and creator of the first index mutual fund-has helped investors build wealth the right way and led a tireless campaign to restore common sense to the investment world. Along the way, he's seen how destructive an obsession with financial success can be. Now, with Enough., he puts this dilemma in perspective. Inspired in large measure by the hundreds of lectures Bogle has delivered to professional groups and college students in recent years, Enough. seeks, paraphrasing Kurt Vonnegut,'to poison our minds with a little humanity.'Page by page, Bogle thoughtfully considers what'enough'actually means as it relates to money, business, and life. Reveals Bogle's unparalleled insights on money and what we should consider as the true treasures in our lives Details the values we should emulate in our business and professional callings Contains thought-provoking life lessons regarding our individual roles in society Written in a straightforward and accessible style, this unique book examines what it truly means to have'enough'in world increasingly focused on status and score-keeping.

Businomics connects the dots between the economy and everyday business decisions including: Staffing levels Inventory Capital expenditures Financial structure Investments

These 101 questions, including twenty-five case studies, will challenge you to master the essential aspects of successful trading. Be sure to work through this companion volume to Entries & Exits: Visits to Sixteen Trading Rooms before you risk a dollar in the markets. Each of the seven chapters in this Study Guide for Entries & Exits—Organization, Psychology, Markets, Trading Tactics, Money Management & Record-Keeping, Case Studies, and Traders Speak—covers a major area of trading. Every chapter includes a rating scale, allowing you to measure your competence level. Now, you can discover and fill dangerous gaps in your knowledge without risking any money. The comments in the back of the book provide detailed explanations of the right and wrong answers to the multiple-choice questions. A large number of those questions and the case histories in this Study Guide were contributed by the traders interviewed in Entries & Exits, combining both books into a single, powerful tool for developing effective trading skills. Use Dr. Elder's Study Guide together with Entries & Exits to learn how to make the most of market opportunities.

Mutual funds are the dominant form of investment companies in the United States today, with approximately $7 trillion in assets under management. Over the past half century an important body of academic research has addressed various issues about the nature of these companies. These works focus on a wide range of topics, including fund performance, investment style, and expense issues, among others. MUTUAL FUNDS: Fifty Years of Research Findings is designed for the academic researcher interested in the various issues surrounding mutual funds and for the practitioner interested in funds for investment purposes. The authors briefly trace the historical evolution of funds, present important aspects of the Investment Company Act of 1940, and then summarize a substantial portion of the academic literature which has been written over the past five decades.'This book presents an outstanding wealth of information on mutual funds in a remarkably readable format. It is probably the most comprehensive work currently available on funds. The book sheds light on the numerous issues surrounding mutual fund performance and pricing and is an important resource for any serious investor.'Kathleen A. Wayner, Bowling Portfolio Management, President and CEO

A decade ago, computer scientist Douglas Hofstadter coined the term innumeracy, which aptly described the widespread ailment of poor quantitative thinking in American society. So, in What the Numbers Say, Derrick Niederman and David Boyum present clear and comprehensible methods to help us process and calculate our way through the world of “data smog” that we live in. Avoiding abstruse formulations and equations, Niederman and Boyum anchor their presentations in the real world by covering a particular quantitative idea in relation to a context–like probability in the stock market or interest-rate percentages. And while this information is useful toward helping us to be more financially adept, What the Numbers Say is not merely about money. We learn why there were such dramatic polling swings in the 2000 U.S. presidential election and why the system of scoring for women's figure skating was so controversial in the 2002 Winter Olympics, showing us that good quantitative thinking skills are not only practical but fun.

The convertible bond market has recently gained increasing significance on a global basis with particularly notable growth among very fast growing companies hungry for capital. Philips'Convertible Bond Markets is a comprehensive assessment of this market place, illustrating clearly how investors of all risk persuasions may best utilise the instrument. It will be of great interest both to academics and to professionals including equity fund managers, bond fund managers,'swaps'teams, stock loan departments, risk controllers, treasurers and proprietary traders.

During the 1980s, deregulation became adopted as a slogan and set of practices which by setting market forces free could increase the efficiency of market systems. This was particularly the case in the financial services where national systems which had been closed through government and industry collaboration were now opened up to more internal and international competition. This book examines the consequences of deregulation in retail financial services. It shows that organisation and actors sought to adapt to this process, often with unexpected results.

This book is different from all other books on Life Insurance by at least one of the following characteristics 1-4. 1. The treatment of life insurances at three different levels: time-capital, present value and price level. We call time-capital any distribution of a capital over time: (•) is the time-capital with amounts Cl, ~,..., C at moments Tl, T,..•, T resp. N 2 N For instance, let (x) be a life at instant 0 with future lifetime X. Then the whole oO oO life insurance A is the time-capital (I,X). The whole life annuity ä is the x x time-capital (1,0) + (1,1) + (1,2) +... + (I,'X), where'X is the integer part ofX. The present value at 0 of time-capital (•) is the random variable T1 T TN Cl V + ~ v, +... + CNV. (••) In particular, the present value ofA 00 and ä 00 is x x 0 0 2 A = ~ and ä = 1 + v + v +... + v'X resp. x x The price (or premium) of a time-capital is the expectation of its present value. In particular, the price ofA 00 and äx 00 is x 2 A = E(~) and ä = E(I + v + v +... + v'X) resp.

The first reference work ever to be awarded the Eccles Prize for Excellence in Economic Writing from Columbia Business School. Continuing in the tradition of The New Palgrave, this 3-volume set provides an unparalleled guide to modern money, banking and finance. In over 1,000 substantial essays by leading academic and professional authorities, it provides the most comprehensive analysis available of contemporary theory and the fast-evolving global monetary and financial framework. In its scope and depth of coverage, it is indispensable for the academic and practitioner alike.