Since the 1997 Asian financial crisis, East Asia has implemented a number of initiatives designed to strengthen monetary and financial cooperation, bolstering the regions resilience to economic and financial vulnerabilities. One such initiative is the ASEAN+3 Information Exchange and Policy Dialogue, which includes development of early warning systems (EWS) for financial crises. This book examines efforts to develop EWS models. Specifically, the book analyzes the current understanding of the causes of currency and banking crises, describes recent progress in developing and applying EWS models for currency and banking crises, reviews methodolgical issues, assesses the predictive power of EWS models and also highlights areas where further research is required to make these models more effective tools for policy analysis. The case studies apply both parametric and nonparametric approaches to EWS modleing using data from six East Asian countries. STIJIN CLAESSENS Professor of International Finance, University of Amsterdam, The Netherlands MORRIS GOLDSTEIN Dennis Weatherstone Senior Fellow, Institute for International Economics, USA HYUNSOO JOO Strategist, Tong Yang Investment Bank, Korea YOUNGHOON KOO Managing Director, Lotte Economic Research Center, Korea SEUNGJAE LEE Research Analyst, Early Warning System Team, Korea Center for International Finance, Korea CHANG SEOK OH Chief Strategist & Head, Early Warning System Team, Korea Center for International Finance, Korea JOSE ANTONIO TAN III Consultant, Asian Development Bank, Philippines JUZHONG ZHUANG Principal Economist, Asian Development Bank, Philippines
The third volume in a series of three focuses on myth in everyday organizational life. The mythical narratives presented in this volume serve as metaphors of an organizational issue that can take inspiration from or be better understood through the myth to reveal an archetypal dimension of organizing and organizations. FREDERIC BILL is a Researcher and Senior Lecturer at the School of Management and Economics, Växjö University, Sweden. His research deals with entrepreneurship and business development and he has a PhD in Business Administration DAVID M. BOJE is Professor, and Endowed Bank of America Professor in Business Administration in the Management Department at New Mexico State University, USA PETER CASE is Professor of Organization Studies, Bristol Business School, University of the West of England, UK MAGNUS FORSLUND is Assistant professor at School of Management& Economics, Växjö University, Sweden LENA FRITZEN is Associated Professor in pedagogy at Växjö University, Sweden HEATHER HOPFL is Professor of Management at the University of Essex, UK ANDERS HYTTER has a PhD in Business Administration, and is a Researcher and Senior Lecturer at the School of Management and Economics, Växjö University, Sweden KRZYSZTOF KLINCEWICZ is lecturer at the School of Management, University of Warsaw and a chartered marketer of the Chartered Institute of Marketing, experienced in business development in IT industry MONIKA KOSTERA is Ordinary Professor in Management, Professor at Växjö University, Sweden and Warsaw University, Poland ANNA LINDA MUSACCHIO ADORISIO is currently visiting at New Mexico State University, USA, working on a research fellowship awarded by the Swiss National Science Foundation HENRIETTA NILSON has many years of experience running and managing businesses. Since completing her Masters degree in Finance she has worked as a business developer and consultant for different organizations and companies PERNILLA NILLSON is a PhD student at Umeå School of Business, Sweden. In her doctoral thesis work she is focusing upon gendered aspects of Organisational Identity processes in business advice PETER PELZER is working as independent consultant for banks and as visiting reader at the University for Humanistics, Utrecht, The Netherlands PRZEMYSLAW PIATKOWSKI graduated from Warsaw University School of Management and is currently writing a doctoral thesis, an ethnography of the Catholic prelature of Opus Dei, at the University of Essex, UK CHRISTINA SCHWABENLAND completed a PhD at the University of East London into stories about the founding of voluntary organizations in the UK and in India. She is now teaching and researching at London Metropolitan University, UK JO TYLER is Assistant Professor at Pennsylvania State University, USA
A guide to the growing importance of extreme value risk theory, methods, and applications in the financial sector Presenting a uniquely accessible guide, Extreme Events in Finance: A Handbook of Extreme Value Theory and Its Applications features a combination of the theory, methods, and applications of extreme value theory (EVT) in finance and a practical understanding of market behavior including both ordinary and extraordinary conditions. Beginning with a fascinating history of EVTs and financial modeling, the handbook introduces the historical implications that resulted in the applications and then clearly examines the fundamental results of EVT in finance. After dealing with these theoretical results, the handbook focuses on the EVT methods critical for data analysis. Finally, the handbook features the practical applications and techniques and how these can be implemented in financial markets. Extreme Events in Finance: A Handbook of Extreme Value Theory and Its Applications includes: • Over 40 contributions from international experts in the areas of finance, statistics, economics, business, insurance, and risk management • Topical discussions on univariate and multivariate case extremes as well as regulation in financial markets • Extensive references in order to provide readers with resources for further study • Discussions on using R packages to compute the value of risk and related quantities The book is a valuable reference for practitioners in financial markets such as financial institutions, investment funds, and corporate treasuries, financial engineers, quantitative analysts, regulators, risk managers, large-scale consultancy groups, and insurers. Extreme Events in Finance: A Handbook of Extreme Value Theory and Its Applications is also a useful textbook for postgraduate courses on the methodology of EVTs in finance. François Longin, PhD, is Professor in the Department of Finance at ESSEC Business School, France. He has been working on the applications of extreme value theory to financial markets for many years, and his research has been applied by financial institutions in the risk management area including market, credit, and operational risks. His research works can be found in scientific journals such as The Journal of Finance. Dr. Longin is currently a financial consultant with expertise covering risk management for financial institutions and portfolio management for asset management firms.
Modern Credit Risk Management: From Theory to Practice is a practical guide to the latest risk management tools and techniques applied in the market to assess and manage credit risks at bank, sovereign, corporate and structured finance level. It strongly advocates the importance of sound credit risk management and how this can be achieved with prudent origination, credit risk policies, approval process, setting of meaningful limits and underwriting criteria. The book discusses the various quantitative techniques used to assess and manage credit risk, including methods to estimate default probabilities, credit value at risk approaches and credit exposure analysis. Basel I, II and III are covered, as are the true meaning of credit ratings, how these are assigned, their limitations, the drivers of downgrades and upgrades, and how credit ratings should be used in practise is explained. Modern Credit Risk Management not only discusses credit risk from a quantitative angle but further explains how important the qualitative and legal assessment is. Credit risk transfer and mitigation techniques and tools are explained, netting, ISDA master agreement, schedule and CSA, centralised counterparty clearing and margin collateral are all covered, as are overcollateralization, covenants and events of default. Credit derivatives are also explained, Total Return Swaps (TRS), Credit Linked Notes (CLN) and Credit Default Swaps (CDS). Furthermore, the author discusses what we have learned from the financial crisis of 2007 and sovereign crisis of 2010 and how credit risk management has evolved. Finally the book looks at the new regulatory environment, looking beyond Basel to the European Union (EU) Capital Requirements Regulation and Directive (CRR-CRD) IV, the Dodd-Frank Wall Street Reform and Consumer Protection Act. This book presents a fully up to date resource for credit risk practitioners everywhere, outlining the latest best practices, and providing both quantitative and qualitative insights. It will be a welcome addition to any risk library, and is a must-have reference for credit risk practitioners. Dr. Panayiota Koulafetis has held a number of positions in the Investment Banking, Asset Management, Rating Agency and Energy Trading Sectors. At Moodys Investors Service Ltd she led rating analysis and provided surveillance on a wide range of Structured Finance transactions across different jurisdictions: Commercial Mortgage Backed Securities (CMBS), Asset Backed Securities (ABS), Residential Mortgage Backed Securities (RMBS), Whole Business transactions/Corporate Securitisation, Small Medium Enterprises (SMEs) and Lease transactions. At the Securitization department of Nomura International plc she dealt with various transactions across different asset classes. She was also a Senior Structurer at Duke Energy, structuring mainly Energy Derivatives and dealing with complex option structures. She has also held Quantitative Research and Risk Management roles at Westdeutsche Landesbank (WestLB) Asset Management Ltd and Southern Company. Dr. Koulafetis is a regular speaker at academic and industry conferences and has published in academic journals and practitioner periodicals. She holds a PhD in Finance from Cass Business School and an MSc in Business Finance from Brunel University and a BSc (Hons) in Business Administration from University of Piraeus in Greece. Dr. Koulafetis works as a consultant and also lectures at the School of Economics and Finance at Queen Mary University of London and at the School of Management and Business at Kings College London.
This book provides a comprehensive and practical guide to Islamic finance. It covers a broad range of important topics including Islamic banking, capital markets, Takaful, wealth management, Fintech in Islamic finance, compliance and governance issues. It begins by introducing Islamic banking, covering its objectives, principles and evolution, before moving on to discuss the religious foundations of Islamic finance. The prohibition of Riba and Gharar and Islamic contracts are explored, before Islamic deposits, and financing are discussed in practice. A comparative analysis is provided between Islamic banking products and services in a range of counties throughout the world. Information technology including fintech, payment and settlement networks, opportunities and challenges are also addressed. Corporate governance, Islamic capital markets, and Islamic insurance (Takaful) are all explored, before concluding with a chapter on wealth management and Islamic investment funds. It features case studies based on the authors own experiences consulting with Islamic financial institutions. Ideal for those looking to improve their understanding of practical Islamic financing models, contracts, product structures and product features, this book will appeal to both students and practitioners in Islamic finance and banking, those based in Islamic financial institutions, and those based in conventional financial institutions who may be looking to enter the Islamic financial market. Dr Nafis Alam is an Associate Professor of Finance at Henley Business School, University of Reading Malaysia. His research is focused on banking regulation, corporate finance, Islamic banking & finance and financial intermediation. He has co-authored five books in Islamic Finance, including an Encyclopedia of Islamic Finance. Lokesh Gupta has 17 years of experience in Financial Solution Consulting and Implementation. Currently, he is involved in Asset Liability Management, Basel III, Reporting Data Mart Development, as well as Remittance & Payments Solution implementations in South East Asia region. He has co-authored four books in Islamic Finance and has published papers in various magazines. Professor Bala Shanmugam is an academic advisor to FedUni, Malaysia, as well as Adjunct Professor at Asia e University, Malaysia. Professor Shanmugam has extensive industry experience and has served as Consultant to many Financial Institutions, including the World Bank. He is also on the Editorial Boards of various journals in Banking and Finance domain.
This book concentrates on exchange rates and their macroeconomic consequences, analytical and empirical issues relating to currency crises and policy responses and monetary and financial cooperation in Asia. It is truely pan-Asia-focused with chapters on China, Japan, Korea, India and Southeast Asia. GRAHAM BIRD Professor at the Department of Economics and Director of the Surrey Centre for International Economics Studies (SCIES), University of Surrey, UK AMIT GHOSH Assistant Professor at the Department of Economics, Illinois Wesleyan University, Bloomington, Illinois, USA JIE LI Assistant Professor at the Central University of Finance and Economics, China, and Director, CUFE Research Center for Foreign Reserves, Beijing, China ALICE OUYANG Assistant Professor in China Academy of Public Finance and Public Policy at the Central University of Finance and Economics, Beijing, China MAKARAND PARAULKAR Deputy Chief Operating Officer at Bradford College, The University of Adelaide, Adelaide, Australia VICTOR PONTINES Lecturer of Economics and Public Policy at Carnegie Mellon University and H. John Heinz III School of Public Policy and Management, Adelaide, Australia CHUNG-HUA SHEN Professor at the Department of Finance, National Taiwan University, Taipei, Taiwan REZA SIREGAR International Economic Consultant at the International Monetary Fund Singapore Regional Training Institute, Singapore THOMAS D. WILLETT Director at the Claremont Institute for Economic Policy Studies, USA and Horton Professor, School of Politics and Economics at Claremont Graduate University, Claremont, California, USA
Chinas unprecedented growth has transformed the lives of its people and impacted economies across the globe. The financial system supported this growth by providing cheap loans to boost investment and, in a virtuous cycle, rapid growth insured that these loans could be repaid. However, in recent years, this virtuous cycle has turned vicious. The financial system has continued to lend freely and cheaply as the economy has slowed, and the risk of crisis has mounted. In response, the government has initiated the most ambitious financial reforms in twenty years. Financial markets, businesses and governments are concerned about these risks and are struggling to understand what the reforms will mean for China and the rest of the world. Debt and Distortion: Risks and Reforms in the Chinese Financial System addresses the need for an up-to-date and accessible, yet comprehensive analysis of Chinas financial system and related reforms. It will take a systematic look at Chinas financial system: how it worked in the past and how it will work in the future; why reforms are needed; what risks they bring; and their impact on China and the rest of the world. By analyzing the topic in terms of a few fundamental distortions, this book makes an otherwise complex topic accessible while simultaneously providing new insights. These distortions provide a simple framework for understanding the nature of the Chinese financial system and its future prospects. Reform in China will transform the worlds second largest economy and impact everything from Peruvian copper mines to the London housing market. Business people, government officials, financiers and informed citizens would all benefit from understanding how changes in Chinas financial system will shape the global economy in the coming decades. Paul Armstrong-Taylor is Resident Professor of International Economics at John Hopkins School of Advanced International Studies, Nanjing University, China, where he teaches classes on finance, strategy and the Chinese economy. Previously, he was Visiting Professor of Economics and Finance at the Antai School of Economics and Management, Shanghai Jiaotong University. His professional experience includes positions as a consultant at Monitor Group and London Economics, and as an investment banker at Morgan Stanley. Paul received his BA and MPhil in Economics from Cambridge University, and his PhD in Economics from Harvard University. His research interests include the Chinese economy, game theory, business strategy and finance. He has published numerous articles on China and the economy for academic and non-academic media, and has spoken at a number of events, including The China Economics Forum and the Annual US-China Business Council Conference in Shanghai.
The most complete, up to date guide to risk management in finance Risk Management and Financial Institutions explains all aspects of financial risk and financial institution regulation, helping readers better understand the financial markets and potential dangers. This new fourth edition has been updated to reflect the major developments in the industry, including the finalization of Basel III, the fundamental review of the trading book, SEFs, CCPs, and the new rules affecting derivatives markets. There are new chapters on enterprise risk management and scenario analysis. Readers learn the different types of risk, how and where they appear in different types of institutions, and how the regulatory structure of each institution affects risk management practices. Comprehensive ancillary materials include software, practice questions, and all necessary teaching supplements, facilitating more complete understanding and providing an ultimate learning resource. All financial professionals need a thorough background in risk and the interlacing connections between financial institutions to better understand the market, defend against systemic dangers, and perform their jobs. This book provides a complete picture of the risk management industry and practice, with the most up to date information. Understand how risk affects different types of financial institutions Learn the different types of risk and how they are managed Study the most current regulatory issues that deal with risk Risk management is paramount with the dangers inherent in the financial system, and a deep understanding is essential for anyone working in the finance industry; today, risk management is part of everyones job. For complete information and comprehensive coverage of the latest industry issues and practices, Risk Management and Financial Institutions is an informative, authoritative guide. JOHN C. HULL is the Maple Financial Professor of Derivatives and Risk Management at the Joseph L. Rotman School of Management, University of Toronto, and codirector of Rotmans Master of Finance program. He has been a consultant to many North American, Japanese, and European fi nancial institutions, and is the author of three books, which are widely used by both practitioners and academics, and an associate editor of eight academic journals.
Was sind die Herausforderungen, vor denen Konzerncontroller künftig stehen? Grundlegende Aspekte sind dabei sowohl die Integration neuer Trends im Konzerncontrolling als auch die Definition neuer Rollenbilder. In diesem Buch zeigen ausgewiesene Experten, welche Veränderungen durch z. B. digitale Transformation oder BEPS bei Verrechnungspreisen anstehen. Konzepte und Praxisbeispiele, die auf die Kernfunktionen des Konzerncontrollings eingehen, werden ebenso aufzeigt wie der Wandel der Controllingorganisation als Ganzes sowie die Gestaltung einer modernen IT-Landschaft. Inhalte: Relevante Entwicklungstendenzen und Trends im Konzerncontrolling Rollenverständnis des Konzerncontrollers Moderne Planungs- und Steuerungskonzepte Auswirkung der Digitalisierung auf das Controlling Optimale Gestaltung von Verrechnungspreisen Nutzen von SAP S/4HANA Jörg Leyk ist Partner im Competence Center Controlling & Finance bei Horváth & Partners Management Consultants und Leiter des Büros in Hamburg.
The Business Godfather Treatment provides practical strategies business owners can implement right away to start increasing their business wealth. The Business Godfather Treatment is for owners of companies with up to $20 million in revenue who are looking to get more out of their businesses and build real wealth. The best investment a business owner can make is in his own business. The Business Godfather Treatment provides entertaining and thought-provoking insights into business ownership as a way of life and inspiration to create do-it-yourself wealth. This street-smart handbook shows business owners how to apply the business wealth-building strategies developed and used by the Business Godfather over the past three decades for his clients and his own businesses as a business attorney, business consultant, and business owner. Learn how to give yourself The Business Godfather Treatment. This book comes complete with exercises and Business Godfather commentary that provide you with the wisdom to enjoy your business more. Whether you are preparing your business for finance or sale or want to learn how to find and invest in the best business opportunities, The Business Godfather Treatment provides a clear road map for how you can get more out of your business and your life. 1. Language: English. Narrator: Chris Koomey. Audio sample: http://samples.audible.de/bk/acx0/054174de/bk_rhde_002536_sample.mp3. Digital audiobook in aax.
The University Edition of Valuation 4e offers students and professors up-to-date information on valuing companies. It contains all the revisions of the main edition, plus end of chapter questions for the needs of the classroom. The authors are all current or former consultants of McKinsey & Companys corporate finance practice. Collectively they have more than 50 years of experience in consulting and financial education. McKinsey & Company is a management-consulting firm that helps leading corporations and organizations make distinctive, lasting, and substantial improvements in their performance. Over the past seven decades, the firms primary objective has remained constant: to serve as an organizations most trusted external advisor on critical issues facing senior management. With consultants deployed from over 80 offices in more than 40 countries, McKinsey advises companies on strategic, operational, organizational, financial, and technological issues. The firm has extensive experience in all major industry sectors and primary functional areas, as well as in-depth expertise in high-priority areas for todays business leaders. Tim Koller is a partner in McKinseys New York office. He leads the firms Corporate Performance Center and is a member of the leadership group of the firms global corporate finance practice. In his 20 years in consulting Tim has served clients in North America and Europe on corporate strategy and capital markets, M&A transactions, and value-based management. He leads the firms research activities in valuation and capital markets. He was formerly with Stern Stewart & Company, and Mobil Corporation. He received his MBA from the University of Chicago. Marc Goedhart is an associate principal in McKinseys Amsterdam office and a member of the leadership group of the firms corporate finance practice in Europe. Marc has served clients across Europe on portfolio restructuring, capital markets, and M&A transactions. He taught finance as an assistant professor at Erasmus University in Rotterdam, where he also earned a PhD in finance. David Wessels is an adjunct professor of finance at the Wharton School of the University of Pennsylvania. Named by Business Week as one of Americas top business school instructors, he teaches courses on investment banking and corporate valuation at the MBA and Executive MBA levels. David is also a director in Whartons executive education group, serving on the executive development faculties of several Fortune 500 companies. David, a former consultant with McKinsey, received his PhD from the University of California at Los Angeles.
Pro Spring updates the perennial bestseller with the latest that the Spring Framework 4 has to offer. Now in its fourth edition, this popular book is by far the most comprehensive and definitive treatment of Spring available. With Pro Spring , you’ll learn Spring basics and core topics, and share the authors’ insights and real–world experiences with remoting, Hibernate, and EJB. Beyond the basics, youll learn how to leverage the Spring Framework to build the various tiers or parts of an enterprise Java application: transactions, web and presentation tiers, deployment, and much more. A full sample application allows you to apply many of the technologies and techniques covered in this book and see how they work together. The agile, lightweight, open-source Spring Framework continues to be the de facto leading enterprise Java application development framework for todays Java programmers and developers. It works with other leading open-source, agile, and lightweight Java technologies such as Hibernate, Groovy, MyBatis, and more. Spring now works with Java EE and JPA 2 as well. After reading this definitive book, youll be armed with the power of Spring to build complex Spring applications, top to bottom. Clarence Ho is the Senior Java Architect of a HK-based software consultancy firm, SkywideSoft Technology Limited (www.skywidesoft.com). Having been worked in the IT field for over 20 years, Clarence had been the team leader of many in-house application development projects, as well as providing consultancy services on enterprise solutions to clients. Clarence started programming with Java in 2001, and then heavily involved in the design and development of JEE applications with technologies including EJB, Spring Framework, Hibernate, JMS, WS, etc., beginning from 2005. Since then, Clarence had made up his mind in becoming a Java Enterprise Architect. Currently Clarence is working as a consultant for an international finance institution, contributing in various areas including Java EE architectural design, education, provide recommendations on technology solutions as well as application development best practice. When have spare time, Clarence enjoys playing sports (jogging, swimming, soccer, hiking, etc.), reading, movies, hang out with friends, etc.