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Neoclassical Finance provides a concise and powerful account of the underlying principles of modern finance, drawing on a generation of theoretical and empirical advances in the field. Stephen Ross developed the no arbitrage principle, tying asset pricing to the simple proposition that there are no free lunches in financial markets, and jointly with John Cox he developed the related concept of risk-neutral pricing. In this book Ross makes a strong case that these concepts are the fundamental pillars of modern finance and, in particular, of market efficiency. In an efficient market prices reflect the information possessed by the market and, as a consequence, trading schemes using commonly available information to beat the market are doomed to fail. By stark contrast, the currently popular stance offered by behavioral finance, fueled by a number of apparent anomalies in the financial markets, regards market prices as subject to the psychological whims of investors. But without any appeal to psychology, Ross shows that neoclassical theory provides a simple and rich explanation that resolves many of the anomalies on which behavioral finance has been fixated. Based on the inaugural Princeton Lectures in Finance, sponsored by the Bendheim Center for Finance of Princeton University, this elegant book represents a major contribution to the ongoing debate on market efficiency, and serves as a useful primer on the fundamentals of finance for both scholars and practitioners.
Cost of Capital in Litigation addresses cost of capital issues in litigation and discusses major decisions, highlighting how to avoid errors that have often been made by experts. The book helps the attorney and valuation expert understand the decisions within the context of the theory of cost of capital and includes a chapter on cross-examining experts on cost of capital issues. Throughout, there are citation to relevant material and cross-reference to Cost of Capital: Applications and Examples, Fourth Edition.
The impetus for this work emerged from Savall’s belief that there is a doubleloop interaction between social and economic factors in organizations, between behaviors and structures, and between the quality of life in organizations and their economic performance. When managers underestimate this dynamic interaction, the resulting tension ultimately manifests in lowered performance and increased costs, what he refers to as the “hidden costs” of organizational life. Only by delving into the depths of these organizational dynamics can we hope to fully understand – and create the basis for improving – organizational performance. The Qualimetrics Approach presents a different and challenging way of thinking about analyzing organizations, one that draws together quantitative information, financial analysis and qualitative insights into organizational dynamics. As Savall and Zardet argue, to gain a true understanding of what is happening in organizations, intervener-researchers must focus on all three perspectives, as ignoring any one of them will lead to incomplete understandings. Their approach underscores the importance of using qualitative data to validate quantitative depictions (“the numbers”) of organizational performance in understanding the construction of financial statements. The strength of Savall and Zardet’s approach is that it pushes us to go deeper, to fully understand the narratives underlying the numbers and the social construction of our financial assessments.
In An Engine, Not a Camera, Donald MacKenzie argues that the emergence of modern economic theories of finance affected financial markets in fundamental ways. These new, Nobel Prize-winning theories, based on elegant mathematical models of markets, were not simply external analyses but intrinsic parts of economic processes. Paraphrasing Milton Friedman, MacKenzie says that economic models are an engine of inquiry rather than a camera to reproduce empirical facts. More than that, the emergence of an authoritative theory of financial markets altered those markets fundamentally. For example, in 1970, there was almost no trading in financial derivatives such as "futures." By June of 2004, derivatives contracts totaling $273 trillion were outstanding worldwide. MacKenzie suggests that this growth could never have happened without the development of theories that gave derivatives legitimacy and explained their complexities. MacKenzie examines the role played by finance theory in the two most serious crises to hit the world's financial markets in recent years: the stock market crash of 1987 and the market turmoil that engulfed the hedge fund Long-Term Capital Management in 1998. He also looks at finance theory that is somewhat beyond the mainstream—chaos theorist Benoit Mandelbrot's model of "wild" randomness. MacKenzie's pioneering work in the social studies of finance will interest anyone who wants to understand how America's financial markets have grown into their current form.
An essential guide to venture capital Studies have shown that venture capital backed entrepreneurial firms are on average significantly more successful than non-venture capital backed entrepreneurial firms in terms of innovativeness, profitability, and share price performance upon going public. Understanding the various aspects of venture capital is something anyone in any industry should be familiar with. This reliable resource provides a comprehensive view of venture capital by describing the current state of research and best practices in this arena. Issues addressed include sources of capital-such as angel investment, corporate funds, and government funds-financial contracts and monitoring, and the efficiency implications of VC investment, to name a few. Opens with a review of alternative forms of venture capital Highlights the structure of venture capital investments Examines the role venture capitalists play in adding value to their investee firms This informative guide will help you discover the true potential of venture capital.
'India and the Global Financial Crisis' offers a collection of key speeches delivered by Reddy during his tenure as Governor of the Reserve Bank of India, and provides insights into the challenges facing the management of India's calibrated integration within the global economy.
"This comprehensive resource presents the views of China's most highly respected economists, bankers, and policy makers--along with opinions from Western authorities--on the current state of banking and finance in China. Tracing the history of China's banking and finance system and looking toward its future, the book offers valuable insight for financial service providers, bankers, private equity and hedge fund managers, and equity research and credit analysts."--Publisher's website.
A revealing examination of the often misunderstood history of contemporary financial markets.
In this theoretically original work, two distinguished authors explore the mutual interdependence of states and firms throughout the world. They show how global structural changes - in finance, technology, knowledge and politics - often impel governments to seek the help and cooperation of managers of multinational enterprises. Yet, as Professors Stopford and Strange demonstrate, this is constrained by each country's economic resources, its social structures and its political history. Based on grass-roots research into the experience of over 50 multinationals and more than 100 investment projects in three developing countries- Brazil, Malaysia and Kenya - the authors develop a matrix of agendas. They present the impact on projects of the multiple factors affecting the bargaining relationships between the government and the foreign firm at different times and in a variety of economic sectors. In conclusion they offer some guidelines for actions to both governments and firms and some points to future interdisciplinary research.