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Continuous-time models in corporate finance, banking, and insurance
\" Continuous-Time Models in Corporate Finance synthesizes four decades of research to show how stochastic calculus can be used in corporate finance. Combining mathematical rigor with economic intuition, Santiago Moreno-Bromberg and Jean-Charles Rochet analyze corporate decisions such as dividend distribution, the issuance of securities, and capital structure and default. They pay particular attention to financial intermediaries, including banks and insurance companies. The authors begin by recalling the ways that option-pricing techniques can be employed for the pricing of corporate debt and equity. They then present the dynamic model of the trade-off between taxes and bankruptcy costs and derive implications for optimal capital structure. The core chapter introduces the workhorse liquidity-management model--where liquidity and risk management decisions are made in order to minimize the costs of external finance. This model is used to study corporate finance decisions and specific features of banks and insurance companies. The book concludes by presenting the dynamic agency model, where financial frictions stem from the lack of interest alignment between a firm's manager and its financiers. The appendix contains an overview of the main mathematical tools used throughout the book. Requiring some familiarity with stochastic calculus methods, Continuous-Time Models in Corporate Finance will be useful for students, researchers, and professionals who want to develop dynamic models of firms' financial decisions. \"-- Provided by publisher.
Book
The Guangdong Model and Taxation in China
This book explores the formation, development, and characteristics of modern China's finance, focusing especially on Guangdong province as a case study to illustrate both the macro-level trends and the micro-level reality. The chronological range of this book is mainly from the late Qing period to the early Republican Era ending in 1937, when the full-scale Second Sino-Japanese War broke out. After the concept of modern finance was introduced to China for the first time in the late Qing period, the efforts to build modern finance continued in the Republican Era both nationally and locally. But this process was interrupted by the outbreak of the war against Japan in 1937 and, having been derailed, did not subsequently recover due to the subsequent civil war between the Kuomintang and the Chinese Communist Party. This interrupted process of financial modernization was resumed with Reform and Opening-up, launched in 1978. Therefore, in order to illustrate the structural transformation and persistent characteristics of China’s fiscal system, this book also includes discussions of the early Qing period and current Chinese finance.
eBook
The Corporate Financiers : Williams, Alchian, Demsets, Jensen and Meckling
\"The Corporate Financiers is the fifth book in a series of discussions about the great minds in the history and theory of finance. While the series addresses the contributions of scholars in our understanding of modern finance, this volume presents the ways in which a corporation creates value. More than two centuries ago, Adam Smith explained the concept of division of labor and the efficiencies of specialization as the mechanism in which a firm creates value. However, corporations now find themselves outsourcing some processes to other firms as an alternative way to create value. There must be other economic forces at work than simply the internal efficiencies of a firm. We begin by describing the work of a rather obscure scholar named John Burr Williams who demonstrated in 1938 how the earnings of a firm are capitalized into corporate value through its stock price. We then delve into the inner workings of the modern corporation by describing the contributions of Nobel Memorial Prize winners Ronald Coase and Oliver Williamson. More than any others, these scholars created a renewed appreciation for our understanding of the institutional detail of the modern corporation in reducing costs and increasing efficiency. While Coase and Williamson provided meaningful descriptions of the advantage of a corporation, they did not offer prescriptions for the avenues the corporation can create more value in an era when new technologies make outsourcing and telecommuting increasingly possible. Michael Jensen and William Meckling describe in greater detail the nature of the implicit contracts a corporation employs, and recommend remedies to various problems that arise when the goals of the corporation are not aligned with the incentives of its agents. We also describe the further nuances to these relationships as offered by Armen Alchian and Harold Demsetz. We treat the lives of these extraordinary individuals who looked at a very familiar problem in a sufficiently novel light to change the way all look at corporations ever since. That is the test of genius\"-- Provided by publisher.
Book
The External Wealth of Nations Revisited
This paper documents the evolution of international financial integration since the global financial crisis using an updated dataset on external assets and liabilities, covering 212 economies for the period 1970–2015. It finds that the growth in cross-border positions in relation to world GDP has come to a halt. This reflects much weaker capital flows to and from advanced economies, with diminished cross-border banking activity, and an increase in the weight of emerging economies in global GDP, as these economies have lower external assets and liabilities than advanced economies. Cross-border FDI positions have continued to expand, unlike positions in portfolio instruments and other investment. This expansion reflects primarily positions vis-à-vis financial centers, suggesting that the complexity of the corporate structure of large multinational corporations is playing an important role. The paper also explores the cross-country drivers of foreign ownership of domestic debt securities, highlighting in particular the role of the euro debt crisis in explaining its evolution.
Journal Article
Recent Econometric Techniques for Macroeconomic and Financial Data
The book is divided into two parts: The first part applies econometrics to the field of macroeconomics, discussing trend/cycle decomposition, growth analysis, monetary policy and international trade. The second part applies econometrics to a wide range of topics in financial economics, including price dynamics in equity, commodity and foreign exchange markets and portfolio analysis. The book is essential reading for scholars, students, and practitioners in government and financial institutions interested in applying recent econometric time series methods to financial and economic data.
Paper
Internal rating systems and the bank-firm relationship : valuing company networks
\"In response to the complexity of the corporate environment and competition, companies are seeking a new organizational set to maintain their competitive advantage. Various empirical studies have been conducted which demonstrate firms' abilities to increase value through network creation. From a lender's point of view, a member of a network deserves more attention and a better rating because it is seen as innovative in pursuing internationalization and overcoming a size gap and any capital shortage. This book provides the conceptual and operational tools for understanding the mechanisms for assigning a rating to a network of companies. In it, the author explores the rating systems of corporate networks and analyses the link between rating and an enterprise network. The first part of the book investigates the criteria for the classification of networks and the methods and types of inter-company connections. The second part of the book configures possible paths of rating assignments in relation to the quantification of a corporate network. The third part of the book addresses practical guidelines for quantifying the award-network and proposes possible ways of rating assignment. Finally, the author offers insight and practical guidelines for the quantification of the \"premium network\", examining the real worth of network rating to a corporation. This book offers theoretical and practical insight into a topic of significance to anyone with an interest in credit and risk management, banking, accounting and finance. It is an excellent source of research for students and teachers alike, and a valuable reference work for undergraduate, post-graduate and PhD students in relevant subjects\"-- Provided by publisher.
Book
Benefit Transfer of Environmental and Resource Values
This book provides a comprehensive review of environmental benefit transfer methods, issues and challenges, covering topics relevant to researchers and practitioners. Early chapters provide accessible introductory materials suitable for non-economists. These chapters also detail how benefit transfer is used within the policy process. Later chapters cover more advanced topics suited to valuation researchers, graduate students and those with similar knowledge of economic and statistical theory and methods. This book provides the most complete coverage of environmental benefit transfer methods available in a single location.The book targets a wide audience, including undergraduate and graduate students, practitioners in economics and other disciplines looking for a one-stop handbook covering benefit transfer topics and those who wish to apply or evaluate benefit transfer methods. It is designed for those both with and without training in economics
eBook
Young money : 4 proven actions to design your wealth while you still can
\"Rising star and financial guru Dasarte Yarnway shows readers that you don't have to wait to build intergenerational wealth until you're older, have a better job or more stability - the time to start is now. In most personal finance books you'll read, almost redundantly, that the road to wealth is made up of 80% behavior and 20% application. You'll also read that building wealth is about the long game and planning for the future. The overwhelming majority of successful financial planners know this to be true - so why are the bulk of young Americans still fixated on the get rich quick mentality? Because they haven't received adequate advice on how to identify their true motivations for building wealth - until now. In order to build wealth that lasts for generations, we must access our deepest desires, whether that is sharing with our community, security for our family, or leaving behind a legacy. This book is designed to help people under 30 envision building multigenerational wealth by committing to a mindset of discipline that goes beyond retirement planning but instead, plan for a legacy. Yarnway walks readers through the different decades of their life, from the \"roaring twenties\" through the \"thrifty fifties and beyond,\" explicitly showing how readers will be building intergenerational wealth at each stage. Wealth building isn't something that can be left until later - financial stability depends on the disciplined mindset that is created now\"-- Provided by publisher.
Book
The Role of Smallholder Farms in Food and Nutrition Security - Le rôle des petites exploitations agricoles dans la sécurité alimentaire et nutritionnelle
This book is a compilation of works by experts in food and nutrition security, following their participation to a workshop on \"Local level food and nutrition security and the role of subsistence/smallholder farms\", held in Seville on 9–10 September 2015, as part of the Expo Milan 2015 under the theme \"Feeding the planet, energy for life\". It discusses the current role of smallholders in connection with food security and poverty reduction in developing countries. It addresses their opportunities and constraints, by analysing the availability, access to and utilisation of production factors. Due to the relevance of smallholder farms, enhancing their production capacities and their economic and social resilience could produce positive impacts on food security and nutrition at a number of levels.
Paper