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As a result of prevailing monetary conditions since the global financial crisis, the world has witnessed unprecedented growth in global corporate credit markets. Yet, despite the trillions of dollars put to work in the debt capital markets, corporate credit is still an unfamiliar concept to most investors compared to other asset classes, such as equities and commodities. Every red-top newspaper and 24-hour news service is happy to report the latest twitch in the Dow, FTSE or Stoxx indices but momentous moves in the iBoxx or iTraxx go unmentioned. And whereas many a talking head is happy to pose as an equity analyst, few feel comfortable venturing into the arcana of credit. Yet the corporate credit market, as the authors of this new book show, is both materially larger than its equity peer and has shown more attractive risk/reward characteristics over the last 90-odd years. In Opening Credit, career credit professionals, Justin McGowan and Duncan Sankey, aim to redress this by drawing on their more than 50 years' collective experience in the field to elucidate a practitioner’s approach to corporate credit investment. Whilst explaining the basics of traditional credit analysis and affirming its value, McGowan and Sankey also caution against its shortcomings. They demonstrate the need both to penetrate the veil of accounting to get to the economic reality behind the annuals and interim numbers and to analyse the individuals that drive them - the key executives and board members. They employ a range of cogent and easy-to-follow case studies to illustrate the value of their executive- and governance-led approach, which places management front and centre in understanding corporate credit. Opening Credit will appeal to all those seeking a better understanding of corporate credit, including analysts looking to develop their skills, fund managers (especially those with an eye to SRI), bankers, IFAs, financial journalists, academics and students of finance.
'This book should be on the reading list of every graduate course in monetary economics. The distinguished contributors not only examine and discuss the nature of money and the conduct of monetary policy in a modern credit economy, but also take an historical perspective through the writings of Cassel, Wicksell, Sraffa and Hicks, as well as Keynes and Kaldor, and extend the theory of money endogeneity (or "horizontalism") to the open economy and economic growth. Interested readers have a feast before them.' - A.P. Thirlwall, University of Kent at Canterbury, UK The horizontalist perspective is an extension of the post-Keynesian approach, that has hitherto focused on a theory of credit and money. This book extends horizontalism beyond its traditional boundaries and makes it consistent with the post-Keynesian theories of output and the open economy. The authors compare and contrast the horizontalist position with various orthodox and non-orthodox views on money. They argue that horizontalism is perfectly compatible with liquidity preference, credit constraints, and a flexible interest-rate mark-up, and address recent developments in banking that reinforce the validity of a horizontal schedule of credit-money. The overall intention is to place horizontalism within the current heterodox tradition as a general theory of the creation of money that is consistent with the post-Keynesian view on macroeconomic policy.
Keeping in pace with the changing accounting practices, this revised edition of Advanced Accounts - Volume II provides a contemporary and comprehensive presentation of accounting concepts and applications.
Consumer Credit and the American Economy examines the economics, behavioral science, sociology, history, institutions, law, and regulation of consumer credit in the United States. After discussing the origins and various kinds of consumer credit available in today's marketplace, this book reviews at some length the long run growth of consumer credit to explore the widely held belief that somehow consumer credit has risen "too fast for too long." It then turns to demand and supply with chapters discussing neoclassical theories of demand, new behavioral economics, and evidence on production costs and why consumer credit might seem expensive compared to some other kinds of credit like government finance. This discussion includes review of the economics of risk management and funding sources, as well discussion of the economic theory of why some people might be limited in their credit search, the phenomenon of credit rationing. This examination includes review of issues of risk management through mathematical methods of borrower screening known as credit scoring and financial market sources of funding for offerings of consumer credit. The book then discusses technological change in credit granting. It examines how modern automated information systems called credit reporting agencies, or more popularly "credit bureaus," reduce the costs of information acquisition and permit greater credit availability at less cost. This discussion is followed by examination of the logical offspring of technology, the ubiquitous credit card that permits consumers access to both payments and credit services worldwide virtually instantly. After a chapter on institutions that have arisen to supply credit to individuals for whom mainstream credit is often unavailable, including "payday loans" and other small dollar sources of loans, discussion turns to legal structure and the regulation of consumer credit. There are separate chapters on the theories behind the two main thrusts of federal regulation to this point, fairness for all and financial disclosure. Following these chapters, there is another on state regulation that has long focused on marketplace access and pricing. Before a final concluding chapter, another chapter focuses on two noncredit marketplace products that are closely related to credit. The first of them, debt protection including credit insurance and other forms of credit protection, is economically a complement. The second product, consumer leasing, is a substitute for credit use in many situations, especially involving acquisition of automobiles. This chapter is followed by a full review of consumer bankruptcy, what happens in the worst of cases when consumers find themselves unable to repay their loans. Because of the importance of consumer credit in consumers' financial affairs, the intended audience includes anyone interested in these issues, not only specialists who spend much of their time focused on them. For this reason, the authors have carefully avoided academic jargon and the mathematics that is the modern language of economics. It also examines the psychological, sociological, historical, and especially legal traditions that go into fully understanding what has led to the demand for consumer credit and to what the markets and institutions that provide these products have become today.
Seventeen essays examine the career and films of director Stanley Kubrick from a variety of perspectives. Part I focuses on his early career, including his first newsreels, his photography for Look magazine, and his earliest films (Fear and Desire, Killer's Kiss). Part II examines his major or most popular films (Paths of Glory, The Shining, 2001: A Space Odyssey). Part III provides a thorough case study of Eyes Wide Shut, with four very different essays focusing on the film's use of sound, its representation of gender, its carnivalesque qualities, and its phenomenological nature. Finally, Part IV discusses Kubrick's ongoing legacy and his impact on contemporary filmmakers. Instructors considering this book for use in a course may request an examination copy here.
In this new and expanded edition of The Art Direction Handbook, author Michael Rizzo now covers art direction for television, in addition to updated coverage of film design. This comprehensive, professional manual details the set-up of the art department and the day-to-day job duties: scouting for locations, research, executing the design concept, supervising scenery construction, and surviving production. Beyond that, there is an emphasis on not just how to do the job, but how to succeed and secure other jobs. Rounding out the text is an extensive collection of useful forms and checklists, as well as interviews with prominent art directors.
Television scholarship has substantially ignored programming aimed at Black audiences despite a few sweeping histories and critiques. In this volume, the first of its kind, contributors examine the televisual diversity, complexity, and cultural imperatives manifest in programming directed at a Black and marginalized audience. Watching While Black considers its subject from an entirely new angle in an attempt to understand the lives, motivations, distinctions, kindred lines, and individuality of various Black groups and suggest what television might be like if such diversity permeated beyond specialized enclaves. It looks at the macro structures of ownership, producing, casting, and advertising that all inform production, and then delves into television programming crafted to appeal to black audiences—historic and contemporary, domestic and worldwide. Chapters rethink such historically significant programs as Roots and Black Journal, such seemingly innocuous programs as Fat Albert and bro’Town, and such contemporary and culturally complicated programs as Noah’s Arc, Treme, and The Boondocks. The book makes a case for the centrality of these programs while always recognizing the racial dynamics that continue to shape Black representation on the small screen. Painting a decidedly introspective portrait across forty years of Black television, Watching While Black sheds much-needed light on under-examined demographics, broadens common audience considerations, and gives deference to the the preferences of audiences and producers of Black-targeted programming.