Banking, Finance & Accountancy 2011

Banking, Finance & Accountancy 2011

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NEW FINANCE HIGHLIGHTS FOR PROFESSIONALS

See No Evil

Investment Beliefs

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Getting Between the Balance Sheets

St James’s Place Tax Guide 2011-2012

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Banking, Finance & Accountancy 2011

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KEY TO SYMBOLS New

Title available as an ebook

CONTENTS Banking Palgrave Macmillan Studies in Banking and and Financial Institutions Series

Inspection copy available

Web resource available

Title is, or comes with, a CD-ROM/DVD

Welcome to the new Palgrave Macmillan Banking, Finance and Accountancy Catalogue 2011.

2 4

Monetary Economics

10

Quantitative Methods

11

Finance and Financial Markets

14

Finance and Capital Markets Series

21

Financial Management

22

International Finance

25

Public Finance

28

Accounting

29

Reference

31

Teaching and Researching in Higher Education

33

Universities into the 21st Century Series

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Study Skills

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Index

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2011 is going to be another exciting year for our Finance team. We have some distinguished books coming out, written by renowned financiers and international experts in the field. Highlights include the thoughtprovoking Minding the Markets by David Tuckett (endorsed by Mervyn King and George Akerlof) and the Asset and Liability Management Handbook edited by Gautam Mitra and Katharina Schwaiger. We are also proud to announce the 40th edition of the annual St. James’s Place Tax Guide, marking four decades of trusted tax-saving advice. Please see inside for the special pre-publication discount offer.

Our scholarly programme features influential series such as the highly topical Palgrave Macmillan Studies in Banking and Financial Institutions, presenting new research into issues affecting banking systems globally. For professionals, the Finance and Capital Markets Series gives high-quality, cutting-edge and practical information on the latest developments in the financial world.

For lecturers, we are publishing two new textbooks on quantitative methods in 2011: Econometrics by Example, by Damodar Gujarati and Applied Econometrics, 2nd edition by Dimitrios Asteriou and Stephen G. Hall. The applied nature of these texts makes them particularly suited to MBA and finance courses.

If you would like to find out more about our 2011 publications or discuss ideas for new books please visit www.palgrave.com/finance or contact us directly.

Best wishes, Professional & Scholarly Books Lisa von Fircks, Executive Editor| l.vonfircks@palgrave.com Ria Purser, Marketing Executive | r.purser@palgrave.com College Textbooks Martin Drewe, Publisher | m.drewe@palgrave.com Hannah Burnell, Marketing Executive | h.burnell@palgrave.com

For a complete list of titles, please visit www.palgrave.com.

Prices are correct at the time of print.

Our catalogues and the packaging they are delivered in are recyclable - when you have finished with this catalogue please recycle it. Printed by an ISO 14001 (Environmental Standard) accredited printer on paper from a managed source to PEFC standard, and printed using vegetable-based ink.

BANKING

The Management of Consumer Credit

Banking

Preludes to the Icelandic Financial Crisis

Theory and Practice 2nd edition

Edited by Robert Z. Aliber, Professor of International Economics and Finance, University of Chicago Graduate School of Business, USA and Gylfi Zoega, Professor of Economics, University of Iceland

Iceland became one of the symbols of the global financial crisis. It provides an ideal test case for the perceptions of economists, in particular their ability to anticipate crises. The book contains papers and reports, written prior to the collapse of Iceland’s financial system, about the economy. What did and didn’t they see coming, and why?

Contents: Introduction; R.Aliber / Summary of Papers; G.Zoega / Privatisation and Deregulation: A Chronology of Events; T.Olaf Sigurjonsson / PART I: INTERNATIONAL ORGANIZATIONS AND THE CENTRAL BANK OF ICELAND / International Monetary Fund, Article IV Consultations 2004-2008 / OECD Policy Brief 2008 / Central Bank of Iceland, Financial Stability Reports 20058 / PART II: OTHER PAPERS AND REPORTS / Fitch Report, February 2006 / Iceland’s Geyser Crisis; L.Christiansen / Financial Stability in Iceland; F.Mishkin & T.T.Herbertsson / The Internationalization of Iceland’s Financial Sector; F.M.Baldursson & R.Portes / The Collapse of Iceland’s Banks: the Predictable End of a Non-viable Business Model; W.Buiter & A.Sibert / Iceland on the Brink?; D.Gros / Events in Iceland: Skating on Thin Ice; T.Gylfason / A Spending Spree; G.Zoega / Monetary Turbulence and the Icelandic Economy; R.Z.Aliber / PART III: LESSONS FOR OTHER COUNTRIES / Overbanked and Undersized: Lessons from Iceland; A.Sibert January 2011 376pp 110 figures and 31 b/w tables Hardback £70.00

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Interest Rate Models, Asset Allocation and Quantitative Techniques for Central Banks and Sovereign Wealth Funds Edited by Arjan B. Berkelaar, Principle Investment Officer and Head of Multi Asset Class Investment Strategies, World Bank, USA, Joachim Coche, Senior Asset Management Specialist, Bank for International Settlements, Switzerland and Ken Nyholm, Senior Economist, European Central Bank, Germany

Steven Finlay, Head of Analytics, HML, UK

This book explains how financial institutions, such as banks and finance houses, manage their portfolios of credit cards, loans, mortgages and other types of retail credit agreements. The second edition has been substantially updated, with new chapters on capital requirements, Basel II, scorecard and portfolio monitoring.

Contents: Consumer Credit Management: An Introduction / Organizational Matters / Marketing / Predicting Consumer Behaviour / Customer Acquisition / Customer Management / Collections (Early Stage Delinquency) / Debt Recovery (Late Stage Delinquency) / Fraud / Funding and Provision / Capital Requirements / Appendix A: Predictive Models of Consumer Behaviour / Appendix B: Scorecard and Portfolio Monitoring / Appendix C. US and UK Legislation / Appendix D: Recommended Reading / Bibliography / Index April 2010 280pp 20 figures and 13 b/w tables Hardback £65.00

216x138mm 978-0-230-23830-5

ebook available from: Palgrave Connect Economics & Finance Collections, Myilibrary, NetLibrary, Ebook Library, ebooks.com, Ebrary, Dawson ERA

This edited volume contains essential readings for financial analysts and market practitioners working at Central Banks and Sovereign Wealth Funds. It presents the reader with state-of-the-art methods that are directly implementable, and industry ‘best-practices’ as followed by leading institutions in their field.

Contents: PART I: INTEREST RATE MODELLING AND FORECASTING / PART II: PORTFOLIO OPTIMISATION TECHNIQUES / PART III: ASSET CLASS MODELLING AND QUANTITATIVE TECHNIQUES A Full Table of Contents is Available at: www.palgrave.com November 2009 408pp tables, figures and graphs Hardback £74.00

216x138mm 978-0-230-24012-4

ebook available from: Palgrave Connect Economics & Finance Collections, Dawson ERA, ebooks.com, Ebook Library, Ebrary, Myilibrary, NetLibrary

216x138mm 978-0-230-27692-5

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BANKING

Central Bank Reserves and Sovereign Wealth Management Edited by Arjan B. Berkelaar, Principle Investment Officer and Head of Multi Asset Class Investment Strategies, World Bank, USA, Joachim Coche, Senior Asset Management Specialist, Bank for International Settlements, Switzerland and Ken Nyholm, Senior Economist, European Central Bank, Germany

This is an edited collection of essential readings on Reserves Management and Sovereign Wealth Management, from the recent SAA conference organized by the Bank for International Settlements, the European Central Bank and the World Bank Treasury. It offers an exchange of views on technical and implemental issues of financial models.

Contents: List of Illustrations / Preface / Introduction / About the Editors / Notes on Contributors / Dinner Speech: Asset Allocation in a General Equilibrium Framework; B.Litterman / PART I: CENTRAL BANK RESERVES MANAGEMENT / Global Reserves Management; K.Rybinski & U.Krynska / Conceptual Issues in Central Bank Strategic Asset Allocation; A.Joia & J.Coche / Strategic Asset Allocation: Balancing Short-Term Liquidity Needs and Real Capital Preservation; J.Bonza, N.Gomez & R.Pabon / Asset Liability Management for Central Banks; U.Kisoen / Combating Intervention Risks; S.Fisher / Reserves Adequacy and Diversification; V.Sahakyan & J.Coche / PART II: SOVEREIGN WEALTH MANAGEMENT / Asset Allocation and Portfolio Construction for Sovereign Wealth Managers; F.Weinberger, B.Lee & D.Rogal / A Note on Portfolio Choice for Sovereign Wealth Funds; B.Scherer / Portfolio Choice for Oil Based Sovereign Wealth Funds; B.Scherer / Strategic Investment and Risk Management for Sovereign Wealth Funds; S.Claessens & J.Kreuser / Optimal Scale and Asset Allocation for SWF: China’s Case; Y.Zhang, X.Wei & Y.Hou / The Impact of Sovereign Wealth Funds on Global Financial Markets; M.Fidora & R.Beck / Public Investment Funds and Value-Based Generational Accounting; R.Molenaar, R.Hoevenaars & E.Ponds / Notes / Bibliography / Appendix / Index December 2009 416pp graphs and tables Hardback £74.00

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Portfolio and Risk Management for Central Banks and Sovereign Wealth Funds Edited by Joachim Coche, Senior Asset Management Specialist, Bank for International Settlements, Switzerland, Ken Nyholm, Senior Economist, European Central Bank, Germany and Gabriel Petre, Senior Investment Strategist, World Bank Treasury, The World Bank, USA

This book contains original readings on Reserves Management for central banks and sovereign wealth funds. It aims to outline best practice in respect of strategic asset allocation, facilitating knowledge-sharing across organizations and encouraging collaboration and dialogue between reserves and asset management specialists in the organizations.

Contents: Asset-Liability Management for Central Banks: an Overview; Y.Romanyuk / Dynamic Behavioural Approach to Strategic Asset Allocation; J.L.Barros Fernandes & P.M.Fonseca de Cacella / Dynamic Strategic Asset Allocation: Conditional Expected Returns and Parametric Portfolio Optimization; C.Jeffery, K.Somefun & E.van den Heiligenberg / Inflation Hedging for LongTerm Investors; A.P.Attie & S.K.Roache / Active Portfolio Management of Currency Baskets; A.Reveiz / The BlackLitterman Model in Central Banking Practice; T.Petrović / Liquidity, Risk Management, and the Credit Crisis of 2007 - 2009; B.W.Golub & C.C.Crum / Alternative Investments in SWF and Central Bank Portfolios; S.Jain & K.Acuña / Forecasting a Large Dimensional Covariance Matrix of a Portfolio of Different Asset Classes; L.Lam, L.Fung & I.Yu / A Performance Attribution Methodology for Fixed Income Portfolios; J.R.Ornelas, P.J.Campos de Carvalho, A.F.de A da Silva Junior & I.Ribeiro Damaso Maia / A Sovereign Asset-Liability Framework with Multiple Risk Factors for External Reserves Management - Reserve Bank of India; H.Bhattacharya, J.Kreuser & S.Sivakumar / The Zeus Project: A Financial Tool for Public Investors; I.Ribeiro Damaso Maia & P.Fonseca de Cacella December 2010 288pp 53 figures and 40 b/w tables Hardback £65.00

Currency Internationalization: Global Experiences and Implications for the Renminbi Edited by Wensheng Peng, Head of China Research, Barclays Capital and Chang Shu, Researcher, Hong Kong Monetary Authority

This is the first book to collect academic studies examining issues related to the potential internationalization of the Renminbi. It considers policy implications, documents the rising regional importance of the Renminbi and discusses key issues in the increasing use of the Renminbi in international trade and finance.

Contents: List of Figures / List of Tables / Notes on Contributors / Foreword / PART I: INTERNATIONAL EXPERIENCES / Global Roles of Currencies / External Use of the African Rand / Internationalizing a Currency: The Case of the Australian Dollar / Foreign Exchange Liberalization and its Implications: The Case of the Korean Won / PART II: ISSUES ON INTERNATIONAL USE OF RENMINBI / The Potential of the Renminbi as an International Currency / Pros and Cons of International Use of the RMB for China / Renminbi Internationalization: Empirical and Policy Analysis / The Effects of the Internationalization of Renminbi on the Finance Industry of China / Internationalization of the Renminbi and its Implications for Monetary Policy / Impact of the Renminbi Exchange Rate on Asian Currencies / Notes / Bibliography / Index November 2009 264pp 216x138mm 63 b/w tables, 23 figures, 9 graphs, 2 illustrations and 22 charts Hardback £65.00 978-0-230-58049-7

ebook available from: Palgrave Connect Economics & Finance Collections, Dawson ERA, ebooks.com, Ebook Library, Ebrary, Myilibrary, NetLibrary

216x138mm 978-0-230-27353-5

978-0-230-58089-3

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BANKING Palgrave Macmillan Studies in Banking and Financial Institutions Series Editor: Philip Molyneux Features international research on contemporary themes in the banking industry. It includes studies of banking systems in particular countries or regions, as well as studies of issues which impact and influence banking systems globally.

Banking in Latin America After the Great Financial Crisis Gianfranco A. Vento, Associate Professor of Banking and Finance, Guglielmo Marconi University, Italy

This book is the first to provide a rigorous analytical evaluation of the banking sector developments in Latin America, including the impact of the crisis. It looks at the monetary policies, regulations and capital markets of the different Latin American countries, and the region’s place in the global economy.

Contents: PART I: KEY ISSUES ON LATIN AMERICAN ECONOMIC AND FINANCIAL SYSTEMS / An Overview of Latin American Economies / Economic Performance of Latin American Countries during the 2000s / Banking and Financial Systems in Latin American Countries: An Overview / PART II: BANKING AND FINANCIAL INDUSTRIES IN SOME LATIN AMERICAN COUNTRIES / Banking and Financial Systems in Argentina / Banking and Financial Systems in Brazil / Banking and Financial Systems in Chile / Banking and Financial Systems in Costa Rica / Banking and Financial Systems in Mexico / Banking and Financial Systems in Peru / Banking and Financial Systems in Salvador / Banking and Financial Systems in Venezuela / Banking and Financial Systems in Other Latin American Countries / PART III: THE PERSPECTIVES OF BANKING IN LATIN AMERICA AFTER THE CRISIS / Financial System Efficiency / Efficiency in Latin American Banking / Latin American Commercial Banks in Microfinance / Banking in Latin America after the Great Financial Crisis: Current Development and Prospects / Bibliography / Web sites May 2011 Hardback

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224pp £65.00

European Banking

Emerging Asia

Enlargement, Structural Changes and Recent Developments

Essays on Crises, Capital Flows, FDI and Exchange Rate

Özlem Olgu, Assistant Professor of Accounting and Finance, Koç University, Turkey

Ramkishen S. Rajan, Associate Professor, School of Public Policy, George Mason University, USA

Despite considerable progress on political and economic convergence over the last decade, financial structures of individual countries within the EU remain diverse. This book considers the future prospects of the banking industry in the context of enlargement, application of the IFRS and a potential new member country, Turkey.

This book on the different aspects of international economic policy covers financial crises, reserve accumulation, capital flows and currency wars as well as issues relating to foreign direct investment and developments in China and India.

Contents: Introduction / Creating a Functioning European Union / Enlargement of the European Union / Macroeconomic Structure of the EU Countries / Banking Structures of the EU Countries / Financial Integration, Efficiency and Balance Sheet Structure at European Banking Sector / Global Financial Crisis and State of European Banking Sector / Turkey- A Prospective Member Country / Concluding Remarks June 2011 265pp 62 figures and 50 b/w tables Hardback £65.00

216x138mm 978-0-230-23171-9

Contents: PART I: CRISIS, CAPITAL FLOWS AND EXCHANGE RATES IN ASIA / Booms and Busts in Private Capital Flows to Emerging Asia since the 1990s / Asia as a Source of Capital (with R.Hattari) / Will the US Dollar Remain the Single Global Currency? (with S.Gopalan) / Exchange Rate Regimes in Asia / East Asia and the Real Exchange Rate (with J.H.Beverinotti) / PART II: EXCHANGE RATE VOLATILITY, CRISES AND CONTROLS IN EMERGING ECONOMIES / The Problem with Exchange Rate Volatility / Capital Controls: No Longer Unorthodox / Reconsidering the Tobin Tax / Sovereign Debt Defaults: Concerns and Lessons / Banking Sector Internationalisation in Asia (with S.Gopalan) / PART III: ASIA AND THE GLOBAL FINANCIAL ARCHITECTURE / The Global Financial Crisis of 2008-09: Implications for Emerging Asia / Sequencing of Regional Cooperation in Asia: The Real and Financial Dimensions / Revisiting Asian Monetary and Financial Cooperation / The Idea and Reality of the Asian Currency Unit (ACU) / Asia in the G20: Monetary and Financial Considerations (with S.Gopalan) / PART IV: MONETARY AND FINANCIAL ISSUES IN INDIA / The Global Financial Crisis and the Bank Lending Channel (with M.S.Islam) / Macroeconomic Management during a Period of Plenty in India / Post Global Financial Crisis: Heating up of the Inflation Debate in India (with V.Yanamandra) / India’s International Reserves: How Diversified? (with S.Gopalan) / The Importance of Remittances in India and South Asia (with S.Gopalan) / PART V: FOREIGN DIRECT INVESTMENT ISSUES IN ASIA / Foreign Portfolio versus Foreign Direct Investment Flows: Are they So Different? / Intra-Asian Foreign Direct Investment Flows (with R.Hattari) / Revisiting India’s Foreign Direct Investment Numbers (with S.Gopalan) / Attracting Foreign Direct Investment: The Role of Financial and Fiscal Incentives / Global Competition for Foreign Direct Investment and Investment Promotion June 2011 208pp 27 b/w tables and 40 figures Hardback £60.00

216x138mm 978-0-230-23845-9

216x138mm 978-0-230-24017-9

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BANKING

Banking in China

Japan’s Financial Slump

2nd edition

Collapse of the Monitoring System under Institutional and Transition Failures

Violaine Cousin, Credit Analyst, Germany

Contents: Introduction / PART I OVERVIEW / Banking System Features and History / PART II INFRASTRUCTURE AND THE STATE / The State as Regulator / The State and the Banking Safety Net / Further Roles of the State / State Interference / PART III DEMAND / Financial Intermediation / New Forms of Financial Intermediation / PART IV SUPPLY / Large Commercial Banks / Smaller Commercial Banks / Foreign Banks / Rural Financial Institutions / PART V RISKS / Non-Performing Loans / Capital Adequacy and Risk Management / Corporate Governance / Chinese Banks and the Wider World / Crisis withstanding Ability of the Chinese Banks / Conclusion April 2011 352pp 83 b/w tables and 14 figures Hardback £65.00

Power and Politics

Yasushi Suzuki, Professor of Finance, Ritsumeikan Asia Pacific University, Japan

‘This book offers an in-depth analysis of the Chinese financial sector.’ - Efmag (Finance, Marketing & Distribution Magazine) Chinese banks have been making headlines recently, but what lies beneath? Banking in China appears different.

What explains the current arrangement? What can we expect from such a banking industry in the future? This book answers these two questions in a fully revised second edition and contributes to a new understanding of Chinese banks.

The Nigerian Banking Sector Reforms Seth Apati, Economist

This book evaluates the salient features of Japanese relation-based banking, particularly in the post war period, and Anglo-American mode of banking to explain the nature and extent of transition failure that caused prolonged financial and economic slump in Japan.

Contents: Introduction and Summary / Theoretical Framework and Basic Analysis of Monitoring Activities / Characteristics of the ‘Traditional’ Japanese and AngloAmerican Financial Systems / Economic Environmental Changes and Institutional Changes / The LTCB Collapse: A Case Study / Intensified Uncertainty: The Political and Economic Reality of the 1997-98 Financial Crisis and Prolonged Financial Stagnation in Japan / Transition Failure / Conclusions / Bibliography April 2011 240pp 24 figures and 23 b/w tables Hardback £65.00

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This is the first comprehensive book on the politics and economics of financial sector consolidation in an emerging market in West Africa. It draws on the author’s twenty years experience working with multinationals in this oil-rich zone, to address key issues and examine banking reform in one of the world’s fastest- growing economies.

Contents: Preface / Banking Reforms in Emerging Markets: An Introduction / The Nigerian Banking System: The Case for Reforms / Restructuring the Regulator / Does Size Matter? The Quest for Trans-National Banks / Policy on the Run: Inflation, Currency Redenomination and Bank Manipulation / Revaluation / Politics of Banking Reforms / Corporate Governance and Restructuring / The Road Ahead: Sustainability of Bank Reforms / Bibliography / Index March 2011 224pp 7 b/w tables and 8 figures Hardback £65.00

216x138mm 978-0-230-27841-7

216x138mm 978-0-230-27269-9

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BANKING Palgrave Macmillan Studies in Banking and Financial Institutions cont...

Regulation and Instability in U.S. Commercial Banking A History of Crises Jill Hendrickson, Associate Professor of Economics, University of St Thomas, USA

The historical response to bank crises has always been more regulation.

A pattern emerges that some may find surprising: regulation often contributes to bank instability. It suppresses competition and effective response to market changes and encourages bankers to take on additional risk. This book offers a valuable history lesson for policy makers.

Contents: Commercial Bank Instability / Theories of Bank Regulation / Antebellum Banking: 1781-1863 / National Banking Era: 1864-1912 / Era of Instability and Change: 1913-1944 / Postwar Banking Era and Regulatory Response: 1945-1999 / Banking and Crisis in the TwentyFirst Century: 2000-2010 / Lessons From the History of U.S. Banking and Regulation December 2010 312pp 216x138mm 50 figures, 48 b/w tables and 1 map Hardback £65.00 978-0-230-28066-3

Money, Banking and Financial Markets in Central and Eastern Europe

Risk Tolerance in Financial Decision Making Edited by Caterina Lucarelli, Associate Professor, Department of Economics, Polytechnic University of Marche, Italy and Gianni Brighetti, Associate Professor, Department of Psychology, University of Bologna, Italy

20 Years of Transition Edited by Roman Matousek, Professor of Finance and Director, Research Centre for EMEA Banking, Finance and Economics, London Metropolitan University, UK

This book provides a deep insight into the market changes and policy challenges that transition economies have undergone in the last twenty years. It not only comments on and evaluates the development of financial markets in transition economies, but also highlights the key obstacles to full integration of financial markets into the EU market.

Contents: Introduction / The Spread of the Financial Crisis to Central and Eastern Europe: Evidence from the BIS Data; D.Mihaljek / Are Product Market Structures Affected

by Banking Concentration: Evidence from Transition Countries; F.Coricelli & M.Marc / Financing Constraints, Credit, Rationing, and Financing Obstacles: Evidence From firm Level Data in South Eastern Europe; I.Hashi & V.Z.Toç / Efficiency, Persistence and Predictability of Central European Stock Markets; L.Krištoufek / Non-Linear Stock Market Comovement in Central and East European Countries; B.Harrison & W.Moore / Cross-Country Versus Cross-Regional Convergence in the European Union: An Empirical Exploration; M.Workie / Price- and NewsBased Measures of Financial Integration Among New EU Member States and the Euro Area; J.Babecký, J.Feait, L.Komárek & Z.Komárková / Exports and Economic Growth of East European Economies 1996-2007; S.Naghshpour & B.S.Sergi / Inflation Convergence in The New EU Member States From Central and Eastern Europe; A.M.Spiru / Persistent Differential Inflation Rates in The New Euro Member Countries: The Phillips Curve Before and After Adopting the Euro; M.Senjur / Implications of Volatility for Uncovered Interest Parity Testing; A.Horobet, S.Dumitrescu & D.G.Dumitrescu

This book sheds light on the emotional side of risk taking behaviour using an innovative cross-disciplinary approach, mixing financial competences with psychology and affective neuroscience. In doing so, it shows the implications for market participants and regulators in terms of transparency and communication between intermediaries and customers.

Contents: Introduction / The Role of Risk in the Investment Decision Process: Traditional vs Behavioural Finance; C.Mazzoli & N.Marinelli / Household Behaviour and Debt Decisions; D.Vandone / The Traditional Approach to Evaluate the Risk Tolerance for Investment Decisions; C.Mazzoli & N.Marinelli / Fallacy of Traditional Measures for a Responsible Borrowing; D.Vandone / Decision Making: Psychological Perspective; C.Ottaviani, V.Nucifora, R.Borlimi & Brighetti / The Layout of the Empirical Analysis; Lucarelli, C.Ottaviani & D.Vandone / The Indicators of Risk; Lucarelli & G.Palomba / Results on the Investment Side; Lucarelli & G.Palomba / The Determinants of Households Indebtedness and OverIndebtedness: An Empirical Analysis Focussing on Risk Attitudes; D.Vandone / The Implication for Market Participants and for Regulators; Brighetti, Lucarelli & D.Vandone / Annex 1: The Questionnaire December 2010 288pp 53 b/w tables and 27 figures Hardback £65.00

216x138mm 978-0-230-28113-4

November 2010 304pp 216x138mm 64 b/w tables, 23 charts and 4 figures Hardback £65.00 978-0-230-23168-9

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BANKING

The Evolution of Nordic Finance

The Swedish Financial Revolution Edited by Anders Ögren, Assistant Professor, EHFF Institute for Research in Economic and Business History, Stockholm School of Economics, UK

Steffen E. Andersen, Freelance Writer

The book describes the birth and growth of financial institutions and stock exchanges in Scandinavia and Finland from 1656 to 2010, including their banking crises and the history of banking regulation. It argues that quantitative regulations cannot, in the long run, produce the desired results and bear the seeds of future financial crises.

Contents: Introduction: What’s it all About? / SwedenFinland, 1650-1814: Wilderness Replaced by Confusion / Denmark-Norway in the Age of Globalization, 1736-1814 / Denmark, 1814-1918: A Dismembered Country / Finland, 1809-1917: A Changed World / Norway, 18141918: From Province to Nationhood / Sweden, 1814-1916: First Banking Acts in the Nordics / Denmark, 1918-2010: Towards Financial Abyss and Back / Finland, 1918-2010: A Quick Adaptor / Norway, 1918-2010: Saved by the North Sea / Sweden: Too Good to Be True. 1918-2009 / A Few Reflections November 2010 312pp 84 b/w tables and 7 tables Hardback £65.00

216x138mm 978-0-230-24155-8

How did Sweden go from a financially backward country to one with a well functioning financial system? Why did this financial revolution occur after the mid-nineteenth century and not before?

This book discusses the role of politics and economics in this change and what it means for economic development, market integration and financial crises.

Contents: Notes on Contributors / The Swedish Financial Revolution: An In-Depth Study; A.Ögren / The Early Modern Financial System and the Informal Credit Market; K.Nyberg / The Revolution of a Market for Household Savers, 1820-1910; K.Lilja / The Growth and Characteristics of Bank Lending, 1860–1910; T.Petersson / The Modernization of the Bank of Sweden, 1850-1880; A.Ögren / The Evolution of Secondary Financial Markets, 1820-1920; H.Lindgren / Financial Market Integration, 1830-1890; H.Lobell / Incorporation and Financial Modernization; O.Broberg / The Financial Revolution and the Insurance Industry; M.Lönnborg & M.Olsson / The State and the Financial System - Regulation and Regime Change around 1900; M.Larsson / Institutional Clash and Financial Fragility: Sweden’s Financial Crises; H.Sjögren & S.Knutsen / What We Can Learn from the Swedish Financial Revolution: An International Comparison; A.Ögren & R.Sylla / Notes / Bibliography / Index February 2010 248pp 19 figures and 10 b/w tables Hardback £65.00

216x138mm 978-0-230-23404-8

EU Payments Integration The Tale of SEPA, PSD and Other Milestones Along the Road Ruth Wandhöfer, Head of Payments Strategy and Market Policy, Citi

‘I very much welcome this timely and informative contribution to the debate on the integration of the Euro payments market.’

- Gertrude TumpelGugerell, Member of the European Central Bank’s Executive Board ‘We are at a critical point in the evolution of the European payments landscape. This book comes at the right time to address the key strategic issues for the payments industry in Europe and in a broader global context.’ - Gerard Hartsink, Chair of the European Payments Council An inside view of the forces which shaped SEPA and the PSD written from the unique perspective of someone closely involved throughout the process.

It uncovers the strategic, legal and practical implications of the full harmonization agenda and provides an assessment of where these initiatives stand today, including key lessons learned.

Contents: List of Tables / List of Figures / Foreword; G.Tumpel-Gugerell / About the Author / Acknowledgements / Glossary / Title I – The Opening Act: The beginning of the end … or just the end of the beginning? / Title II – EU Financial Regulation Explained: The Powers and the Pitfalls / Title III – SEPA: A reaction to EU Regulatory Activism: A New Hope / Title IV – PSD – a Parallel Universe to SEPA: The Odyssey from the First Beginnings to the Final Text / Title V – From Publication to Transposition - The Directive Dilemma: The Road to Nowhere / Title VI – SEPA: From Design to Launch: Finding Your Way through the SEPA Jungle / Title VII – Postlude: The Future for European Payments in a Global Context / Conclusions / Useful Websites / Notes / Index October 2010 312pp 216x138mm 10 b/w tables, 22 figures and 2 maps Hardback £65.00 978-0-230-24347-7

1000s of scholarly ebooks available at www.palgraveconnect.com, ask your librarian to request a trial

7

BANKING Palgrave Macmillan Studies in Banking and Financial Institutions cont...

Corporate and Social Transformation of Money and Banking Breaking the Serfdom Edited by Simon Mouatt, Senior Lecturer in Economics, Southampton Business School, UK and Carl Adams, Principal Lecturer, School of Computing, University of Portsmouth, UK

As the real economy is increasingly digitalized, banking lags behind.

It is thus not well placed to support the new economy.

The book provides some perspective on the changes taking place, identifying the systemic weaknesses in the traditional financial infrastructure, and proposing some radical rethinking to address systemic financial instability.

Contents: Introduction; C.Adams & S.Mouatt / PART ONE: THEORY / Monetary Monopoly as Structural Cause for Systemic Financial Instability?; B.Lietaer / Marx’s Big Idea; N.Potts / When is a Financial Crisis not a Financial Crisis?; N.Potts / The Dissolution of the Financial State; S.Mouatt / The Corporate Subjugation of Money and Banking; S.Mouatt / PART TWO: THE EVIDENCE / The Emergence of Non-Banks: E-Commerce Driven Competition in the Financial Sector; C.Adams / Changing Payment Systems; C.Adams / Ascendant Corporate Monies: Electronic Money in an Electronic World; C.Adams / Complementary Currencies at Work; B.Lietaer / PART THREE: THE FUTURE / Towards an Ecology of Complementary Currencies; B.Lietaer / The StateIssue of Currency without Usury; P.Challen, S.Mouatt & R.Shakespeare / The Future: Competition from the Technology Arena; C.Adams / A Complementary and Competitive Monetary System for the Future?; C.Adams & S.Mouatt October 2010 264pp 12 figures and 4 b/w tables Hardback £65.00

8

New Issues in Financial and Credit Markets

New Issues in Financial Institutions Management

Edited by Franco Fiordelisi, Professor of Banking and Finance, University of Rome III, Italy, Philip Molyneux, Professor of Banking and Finance, Bangor Business School, Bangor University, UK and Daniele Previati, Professor of Banking and Finance, University of Roma III, Italy

This collection of conference papers presents a contemporary insight into key trends impacting on the global financial sector post crisis and highlights new policy and research areas affecting banks and other financial institutions.

The four main themes are: financial crises, credit activity, capital markets and risk management.

Contents: PART I: FINANCIAL CRISES / PART II: THE LENDING BUSINESS: MARKETS AND INSTRUMENTS / PART III: CAPITAL MARKETS AND RISK MANAGEMENT A Full Table of Contents is Available at: www.palgrave.com October 2010 240 pp 216x138mm 38 b/w tables, 37 figures, 3 charts and 8 graphs Hardback £65.00 978-0-230-27544-7

Edited by Franco Fiordelisi, Professor of Banking and Finance, University of Rome III, Italy, Philip Molyneux, Professor of Banking and Finance, Bangor Business School, Bangor University, UK and Daniele Previati, Professor of Banking and Finance, University of Roma III, Italy

This book examines new issues in financial markets and institutions raised by the global economic crisis that began in 2007. The four main themes are: management, innovation and technology in banking; efficiency and productivity; consolidation; and corporate governance issues.

Contents: PART I: BANK MANAGEMENT, INNOVATION AND TECHNOLOGY / / PART II: EFFICIENCY AND PRODUCTIVITY OF FINANCIAL INTERMEDIARIES / PART III: CONSOLIDATION IN THE FINANCIAL SECTOR / PART IV: CORPORATE GOVERNANCE ISSUES A Full Table of Contents is Available at: www.palgrave.com October 2010 320pp 71 b/w tables and 31 figures Hardback £65.00

216x138mm 978-0-230-27810-3

216x138mm 978-0-230-27594-2

Order securely online at www.palgrave.com or telephone +44 (0)1256 302866

BANKING

The Myth of Too Big To Fail Imad A. Moosa, Professor of Finance, Monash University, Australia

The book presents arguments against the taxpayers’-funded bailing out of failed financial institutions, and puts forward suggestions to circumvent the TBTF problem, including some preventive measures. It ultimately argues that a failing financial institution should be allowed to fail without fearing an apocalyptic outcome.

Contents: The Doctrine of TBT / The History of TBTF and High-Profile Episodes / Far too Big and Politically Connected / The Obesity of the Financial Sector / Worthy of a Bailout: To be or Not to Be / Why too Big to Fail is Too Outrageous to Accept / Dealing with the Menace of TBTF / Forget about Basel II October 2010 11 figures Hardback

240pp

216x138mm

£65.00

978-0-230-27776-2

Financial Markets and Organizational Technologies

Financial Instability Toolkit for Interpreting Boom and Bust Cycles

System Architectures, Practices and Risks in the Era of Deregulation

Vincenzo D’Apice, Economist, Research Department, Italian Banking Association and Giovanni Ferri, Professor of Economics, University of Bari, Italy

Edited by AlexandrosAndreas Kyrtsis, Professor of Sociology, University of Athens, Greece

This book is a valuable companion for everyone who is interested in the historical context of the co-evolution of financial markets and information technologies in the last thirty years.

The contributors analyze system architectures and solution technologies in banking and finance by focusing on the particularities of certain practices and risks.

Contents: List of Figures / List of Tables / Preface / Notes on Contributors / Introduction: Financial Deregulation and Technological Change; A-A.Kyrtsis / The Eurodollar Revolution in Financial Technology: Deregulation, Innovation and Structural Change in Western Banking; S.Battilossi / Tensions between Economic Policies, Technology, and Banker’s Professional Perceptions; J.Pixley / Opening the Black-Box of Global Finance; D.MacKenzie / Data Banking: Computing and Flexibility in Swiss Banks 1960-1990; D.Gugerli / Is the Future of ATM Past?; B.Bátiz-Lazo & C.Reese / Understanding the Characteristics of Techno-Innovation in an Era of SelfRegulated Financial Services; S.V.Scott / Organizational Diversity, Network Topologies and the Manageability of Banks; A-A.Kyrtsis / Author and Name Index / Subject Index July 2010 264pp 8 figures and 5 b/w tables Hardback £65.00

This book explains what is behind the wave of increasingly frequent and severe financial crises since the 1980s.

It links theoretical and policy misconceptions to explain, in plain words, why and how global finance needs fixing.

Otherwise, the world may not withstand the next, even bigger, financial crisis.

Contents: Foreword; F.Allen / Introduction / PART I: UNDERSTANDING FINANCIAL CRISES / Theories of Financial Crises / Macro Models of Financial Crises / Micro Models of Financial Crises / Transmission Channels of Financial Crises / International Monetary Fund / PART II: LIBERALIZATION, CRISES AND MEGA CORPORATE BANKRUPTCIES / The Great Depression / From Bretton Woods to Financial Globalization / Recent Financial Crises / Mega-Bankruptcies of the Early 2000s / PART III: THE GREAT CRISIS OF 2007-2009 / The Great Crisis of 2007-2009 / Crisis in Academic Economics / Conclusions and Perspectives May 2010 248pp 55 figures and 3 b/w tables Hardback £65.00

216x138mm 978-0-230-24811-3

216x138mm 978-0-230-23405-5

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9

BANKING • MONETARY ECONOMICS

Consolidation in the European Financial Industry Edited by Roberto Bottiglia, Full Professor of Banking and Finance, Faculty of Economics, University of Verona, Italy, Elisabetta Gualandri, Full Professor of Banking and Finance, University of Modena and Reggio Emilia, Italy and Gian Nereo Mazzocco, Full Professor of Banking and Finance, Faculty of Economics, University of Udine, Italy

Globalization and the financial crisis highlight the problems caused by worldwide banking organizations and force financial groups to reassess their development strategies. This book discusses the impact of the crisis on the consolidation process in the European financial industry and the need for regulation and financial supervision.

Contents: List of Tables, Figures and Boxes / Preface / Acknowledgements / Notes on Contributors / Acronyms and Abbreviations / Consolidation in the Financial Industry; R.Bottiglia, E.Gualandri & G.N.Mazzocco / M & A in Banking: A Literature Review; E.Geretto / M & A in Banking: Measurement of Some Effects; E.Geretto & G.N.Mazzocco / M & A and Equity Risk in the EMU Financial Sector; R.Ferretti, F.Pattarin & V.Venturelli / M & A Activity among Major European Banking Groups; R.Bottiglia & L.Chiaramonte / Financial Crisis and Ownership of Global Banks; R.Bottiglia & A.Paltrinieri / Bank Size, Consolidation and Operational Risk; V.De Crescenzo & F.Pichler / Supervision of European Insurance Groups; A.Dreassi & S.Miani / Cross-border Groups: Supervision after the Crisis; S.Cotterli & E.Gualandri / Consolidation in the Stock Exchange Industry; G.Chesini / Measuring Value in Stock Exchange Mergers; J.Floreani & M.Polato / Necessary Reforms for Book–Entry Securities; A.V.Guccione / Notes / References / Index

Monetary Economics

Central Banking and Financialization A Romanian Account of how Eastern Europe became Subprime Daniela Gabor, Senior Lecturer, Bristol Business School, University of the West of England, UK

This book explores the causes and effects of the rise of neoliberalism in Eastern Europe in the aftermath of the collapse of the Soviet Union. It provides a political economy analysis of the role of central banks, and identifies them as a key actor in the production and dissemination of the neoliberal economic policies.

Contents: Introduction / The Political Economy of Central Banking: from Keynesianism to Inflation Targeting / The ‘Gradualist’ Years: 1990-1996 / The Dawn of a New Era: 1997-2005 / Inflation Targeting in the Run-up to the Crisis / Coping in the Subprime Region / Conclusion and Implications / Bibliography November 2010 272pp 11 b/w tables and 45 figures Hardback £65.00

216x138mm 978-0-230-27615-4

Studies in Economic Transition Series Editor: Jens Hölscher

Money and Calculation Economic and Sociological Perspectives Edited by Massimo Amato, Luigi Doria and Luca Fantacci, all at Bocconi University, Italy

Money is an important instrument of calculation: as a unit of account and means of payment, it serves the purpose of exchange. Yet, it is increasingly becoming itself an object of exchange and calculation on financial markets, which tend less to the production and exchange of real goods. The question therefore is: has the economy lost its measure?

Contents: Introduction; M.Amato, L.Doria & L.Fantacci / Money is the Scribe of a Market Economy; J.Cartelier / Money without Value, Accounting without Measure: How Economic Theory can Better Fit the Economic and Monetary System We Live; Y.Biondi / Silence is Gold. Some Preliminary Notes on Money, Speech, and Calculation; M.Amato / What Kind of Calculation is Implied in the Money Rate of Interest?; L.Fantacci / A Time and a Place for Everything: Foundations of Commodity Money; D.Bryan & M.Rafferty / Calculating Life and Money as Resources; L.Doria / Repressed Futures: Financial Derivatives’ Theological Unconscious; B.Maurer / Representing and Modelling: The Case of Portfolio Management; H.Kalthoff & U.Vormbusch / Brief Encounters: Calculation and the Interaction Order of Anonymous Electronic Markets; A.Preda September 2010 232pp 1 table and 1 figure Hardback £60.00

216x138mm 978-0-230-27777-9

Bocconi on Management

March 2010 264pp 216x138mm 64 b/w tables, 15 figures and 4 illustrations Hardback £65.00 978-0-230-23322-5

ebook available from: Palgrave Connect Economics & Finance Collections, Myilibrary, NetLibrary, Ebook Library, ebooks.com, Ebrary, Dawson ERA

Please use the following ISBN to order all titles in this series: Hardback: 978-1-4039-4872-4

10

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MONETARY ECONOMICS • QUANTITATIVE METHODS

The Rise and Fall of an Economic Empire

David Laidler’s Contributions to Economics

With Lessons for Aspiring Economies Colin Read, Professor of Economics and Finance, SUNY College at Plattsburgh, USA

We have seen many empires come and go.

From the Roman Empire to the British Empire, we are now witnessing the decline of the US as a superpower. How do economic innovations foster global economic dominance, and how does the natural evolution of an economic empire eventually bring about its demise and replacement by other economic superpowers?

Contents: Introduction / PART I: FROM 10,000 B.C. TO 1776 – THE DISCOVERY OF ECONOMIES OF SCALE / An Economic Prehistory to Economic Emperors / Barter, Economic Emperors, and the Decentralized Marketplace / Specialization and Surpluses / The First Industrial Revolution / Colonialism Puts Sugar in Our Tea / PART II: A SECOND INDUSTRIAL REVOLUTION / A Declaration of Economic Independence / An Economic Bill of Rights / Dominance Through Economics / Private Solutions to Public Problems / PART III: THE NEW MERCANTILISTS / The Consumer as King / A New Colonialism / Dependency Economics / PART IV: ASPIRING NATIONS / Transfer of Technology / Economic Imitation is the Sincerest Form of Flattery / Heckscher, Ohlin, and Two Billion / Hungry and Willing to Work for Change / PART V: GROWING PAINS / Complex Economic Systems / Herding Cats and Chaos Theory / Too Big to Fail / Private Property Gives Way to the Public Good / The Winner’s Curse / PART VI: A NEW ECONOMIC ORDER / The Politics of a Consumption Economy / Gradual Economic Marginalization / A New Economic Order / Convergence / PART VII: FROM WHERE HAVE WE COME, AND WHERE WILL WE GO? / The Dance of Demographics / Steady State and Sustainability / Economic Darwinism and Dinosaurs / Prescriptions for Relevance / Conclusions September 2010 312pp 24 figures Hardback £26.00

234x156mm 978-0-230-27370-2

Edited by Robert Leeson, Associate Professor of Economics, Murdoch University, Australia

This book provides a collection of essays by leading economists in honour of David Laidler’s contributions to the field of macroeconomics, with important essays on central banking, monetary policy implementation, inflation targeting, monetary theory, monetary framework debates, and the mathematical theory of banking.

Contents: Preface / Foreword / Interview / Biographical Sketches / David Laidler on Monetarism / David Laidler’s Contributions to the History of Monetary Economics / Laidler’s Monetarism / What is Good Government? David Laidler’s Views / Milton Friedman Tradeoffs in Monetary Policy / From Money Targeting to Inflation Targeting: The Change in the Role of Money in the Conduct of Monetary Policy / Monetary Institutions and Monetary Theory: Reflections on the History of Monetary Economics / Monetary Policy Implementation: A Microstructure Approach / Monetarism and Market Clearing / Less Than an Ideal Type: Varieties of Real Bills Doctrines / Hans Neisser’s Views on Money and Structural Change, and Modern ‘Quantity Theory’ Implications / Harry Johnson, Keynes and Keynesian Economics / Hawtreyan ‘Credit Deadlock’ or Keynesian ‘Liquidity Trap’? Lessons for Japan from the Great Depression February 2010 392pp 3 charts, 7 figures and 7 tables Hardback £74.00

234x156mm 978-0-230-01898-3

ebook available from: Palgrave Connect Economics & Finance Collections, Myilibrary, NetLibrary, Ebook Library, ebooks.com, Ebrary, Dawson ERA

Quantitative Methods

Applied Econometrics 2nd edition Dimitrios Asteriou, Associate Professor, Department of Business Administration, Hellenic Open University, Greece and Stephen G. Hall, Professor of Economics, University of Leicester, UK

The second edition of this highly successful text refines existing strengths and adds significant new material expanding the scope of the book and making it a more flexible teaching tool. In addition to providing instructions for performing all tests in EViews and Microfit, the book now includes instructions for STATA. Contents: Introduction / PART I: STATISTICAL BACKGROUND AND BASIC DATA HANDLING / Fundamental Concepts / The Structure of Economic Data and Basic Data Handling / PART II: THE CLASSICAL LINEAR REGRESSION MODEL / Simple Regression / Multiple Regression / PART III: VIOLATING THE ASSUMPTIONS OF THE CLRM / Multicollinearity / Heteroskedasticity / Autocorrelation / Misspecification: Wrong Regressors, Measurement Errors and Wrong Functional Forms / PART IV: TOPICS IN ECONOMETRICS / Dummy Variables / Dynamic Econometric Models / Simultaneous Equation Models / Limited Dependent Variable Regression Models / PART V: TIME SERIES ECONOMETRICS / ARIMA Models and the Box–Jenkins Methodology / Modelling the Variance: ARCH–GARCH models / Vector Autoregressive (VAR) Models and Causality Tests / Non-stationarity and Unit Root Tests / Cointegration and Error-correction Models / Identification in Standard and Cointegrated Systems / Solving models / PART VI: PANEL DATA ECONOMETRICS / Traditional Panel Data Models / Dynamic Heterogeneous Panels / Non-stationary Panels / PART VII: USING ECONOMETRIC SOFTWARE / Practicalities using EViews, Microfit and STATA May 2011 528pp 152 b/w tables and 65 figures Paperback £34.99

246x189mm 978-0-230-27182-1

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11

QUANTITATIVE METHODS HIGHLIGHT

Econometrics by Example Damodar Gujarati, Emeritus Professor of Economics, US Military Academy, West Point, New York, USA

A major new introductory text for students who wish to focus on practical applications of econometric theory.

Econometrics by Example applies a unique approach to the subject, being example-led rather than theory-led; each chapter contains only one or two examples discussed in depth. Written by a bestselling textbook author, renowned for his accessible and engaging writing style, it is ideal for undergraduate students and also valuable for master’s and MBA students who need a practical focus.

Contents: PART I: THE LINEAR REGRESSION MODEL / The Linear Regression Model / Functional Forms of Regression Models / Qualitative Explanatory Variables Regression Models / PART II: CRITICAL EVALUATION OF THE CLASSICAL LINEAR REGRESSION MODEL / Regression Diagnostic I: Multicollinearity / Regression Diagnostic II: Heteroscedasticity / Regression Diagnostic III: Autocorrelation / Regression Diagnostic IV: Model Specification Errors / PART III: REGRESSION MODELS WITH CROSS-SECTIONAL DATA / Categorical Dependent Variable Models: The Logit and Probit Models / Multinomial Regression Models / Original Regression Models / Limited Dependent Variable Regression Models / Modeling Count Data: The Poisson and Negative Binomial Regression Models / PART IV: TOPICS IN TIME SERIES ECONOMETRICS / Stationary and Nonstationary Time Series / Cointegration and Error Correction Models / Asset Price Volatility: The Arch and Garch Models / Economic Forecasting with Arima and VAR Models / Panel Data Regression Models / Survival Analysis / Invariables April 2011 400pp 149 b/w tables and 32 graphs Paperback £39.99

246x189mm 978-0-230-29039-6

Financial Econometrics Modeling

Financial Econometrics Modeling

Market Microstructure, Factor Models and Financial Risk Measures

Derivatives Pricing, Hedge Funds and Term Structure Models

Edited by Greg N. Gregoriou, Professor of Finance and Razvan Pascalau, Assistant Professor of Economics, both at State University of New York (Plattsburgh), USA

Edited by Greg N. Gregoriou, Professor of Finance and Razvan Pascalau, Assistant Professor of Economics, both at State University of New York (Plattsburgh), USA

This book proposes new methods to build optimal portfolios and to analyze market liquidity and volatility under market microstructure effects, as well as new financial risk measures using parametric and non-parametric techniques. In particular, it investigates the market microstructure of foreign exchange and futures markets.

This book proposes new tools and models to price options, assess market volatility, and investigate the market efficiency hypothesis. In particular, it considers new models for hedge funds and derivatives of derivatives, and adds to the literature of testing for the efficiency of markets both theoretically and empirically.

Contents: PART I: MARKET MICROSTRUCTURE DYNAMICS / Fourier Method for Covariance Estimation and Dynamic Asset Allocation Under Microstructure Effects; M.E.Mancino & S.Sanfelici / Market Liquidity, Stock Characteristics and Order Cancellations: The Case of Fleeting Orders; B.Chakrabarty & K.Tyurin / Market Microstructure of Foreign Exchange Markets; Y.Hashimoto & T.Ito / The Intraday Analysis of Volatility, Volume and Spreads: A Review with Applications to Futures Markets; D.Fantazzani / PART II: PRICING MODELS AND FINANCIAL RISK MEASURES / The Consumption-Based Capital Asset Pricing Model (CCAPM), Habit-based Consumption, and the Equity Premium in an Australian Context; D.E.Allen & L.Demello / Testing the Lower Partial Moment Asset Pricing Models in Emerging Markets; J.Iqbal, R.D.Brooks & D.U.A.Galagedera / Asset Pricing, the Fama-French Factor Model and the implications of Quantile Regression Analysis; D.E.Allen, A.Kumar Singh & R.Powell / On the Effects of Liquidity and Trading Activity to Forecast Downside Risk; L. Sanchis-Marco & A.Rubia / Econometric Methods for Portfolio Selection with Time Varying Value-At-Risk; E.W.Rengifo & J.V.K.Rombouts / A Risk and Forecasting Analysis of West Texas Intermediate Prices; D.E.Allen & A.K.Singh

Contents: PART I: DERIVATIVES PRICING AND HEDGE FUNDS / The Operation of Hedge Funds - Econometric Evidence, Dynamic Modeling and Regulatory Tasks; W.Semmler & R.Chappe / Inferring Risk-Averse Probability Distributions from Option Prices using Implied Binomial Trees; T.Arnold, T.Falcon Crack & A.Schwartz / Pricing the Derivatives of Derivatives using Toxic Assets as an Example; C.V.Currie / A General Efficient Framework For Pricing Options Using Exponential Time Integration Schemes; M.Bhuruth, R.Boojhawon, A.Gopaul & Y.Desire Tangman / GARCH; R.Pascalau, C.Thomann & G.N.Gregoriou / Essays in Nonlinear Financial Integration Modeling: The Philippine Stock Market Case; M.El-Hedi Arouri & F.Jawadi / PART II: TERM STRUCTURE MODELS / Latent Factors of the Term Structure: a Macroeconomic Interpretation of Curvature; M.Modena / The Econometrics of Testing for Efficiency in the Financial Markets; A.Hughes Hallett & C.Richter / Interest Rate Models: Continuous and Discrete Time; C-Y. Hsiao & W.Semmler / Does the Expectations Hypothesis Hold in Emerging Markets? An Application to the Middle East Treasury Securities; S.Hakim & S.Neave November 2010 232pp 216x138mm 23 graphs, 39 b/w tables and 25 figures Hardback £65.00 978-0-230-28363-3

December 2010 280pp 216x138mm 55 b/w tables, 66 graphs and 4 figures Hardback £65.00 978-0-230-28362-6

12

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QUANTITATIVE METHODS

Nonlinear Financial Econometrics

Nonlinear Financial Econometrics

Forecasting Models, Computational and Bayesian Models

Markov Switching Models, Persistence and Nonlinear Cointegration

Edited by Greg N. Gregoriou, Professor of Finance and Razvan Pascalau, Assistant Professor of Economics, both at State University of New York (Plattsburgh), USA

A Primer for Unit Root Testing

This book proposes new methods to value equity and model the Markowitz efficient frontier using Markov switching models and provide new evidence and solutions to capture the persistence observed in stock returns across developed and emerging markets.

Contents: PART I: FORECASTING MODELS / The Yield of Constant Maturity 10-Year U.S. Treasury Notes: Stumbling Towards an Accurate Forecast; R.Weißbach, W.Poniatowski & G.Zimmermann / Estimating the APT Factor Sensitivities Using Quantile Regression; Z.Adams, R.Füss, P.Grüber, U.Hommel & H.Wohlenberg / Financial Risk Forecasting with Non-Stationarity; H.K.K.Tung & M.C.S.Wong / International Portfolio Choice: A Spanning Approach; B.Tims & R.Mahieu / Quantification of Risk and Return for Portfolio Optimization: A Comparison of Forecasting Models; N.S.Thomaidis, E.Roumpis & V.Karavas / Hedging Effectiveness in The Index Futures Market; L.Copeland & Y.Zhu / PART II: COMPUTATIONAL AND BAYESIAN METHODS / A Bayesian Framework for Explaining the Rate Spread on Corporate Bonds; O.Chakroun & R.Ben-Abdallah / GARCH, Outliers and Forecasting Volatility; P.H.Franses & D.van Dijk / Is There a Relation between Discrete Time GARCH and Continuous Time Diffusion Models?; T.Bali / The Recursive Fitting of Multivariate Complex Subset ARMA Models in Financial Econometrics; J.Penm & R.D.Terrell

Contents: PART I: MARKOV SWITCHING MODELS / Valuing Equity when Discounted Cash-Flows are Markov; J.Berkowitz / Markov Switching Mean-Variance Efficient Frontier Dynamics: Theory and International Evidence; M.Guidolin & F.Ria / A Markov Regime-Switching Model of Stock Return Volatility: Evidence from Chinese Markets; T.C.Chiang, Z.Qiao & W.-K.Wong / PART II: PERSISTENCE AND NONLINEAR COINTEGRATION / Nonlinear Persistence and Cointegration; C.Gourieroux & J.Jasiak / Fractionally Integrated Models for Volatility: A Review; D.Fantazzani / An Explanation for Persistence in Share Prices and their Associated Returns; D.Bond & K.A.Dyson / Nonlinear Shift Contagion Modelling: Further Evidence from High Frequency Stock Data; M.El Hedi Arouri, F.Jawadi, W.Couhichi & D.K.Nguyen / Selection of the Extended State-Space VECM Modelling, Using the Bootstrap; J.Penm & R.D. Terrell / Nonlinear Cointegration and Nonlinear Error Correction Models: Theory and Empirical Applications for Oil and Stock Markets; M.El Hedi Arouri, F.Jawadi & D.K.Nguyen

216x138mm

‘I would like to congratulate you on writing what I consider to be the most accessible and helpful book on the subject of Time Series Analysis.’ - Professor Abdul Ghaffar Mughal, Central Asian Academy, Tashkent, Uzbekistan

Edited by Greg N. Gregoriou, Professor of Finance and Razvan Pascalau, Assistant Professor of Economics, both at State University of New York (Plattsburgh), USA

This book investigates several competing forecasting models for interest rates, financial returns, and realized volatility, addresses the usefulness of nonlinear models for hedging purposes, and proposes new computational techniques to estimate financial processes.

December 2010 224pp tables, graphs and figures Hardback £65.00

Kerry Patterson, Professor of Economics, University of Reading, UK

December 2010 216pp graphs, tables and figures Hardback £65.00

This book gives an authoritative overview of the literature on non-stationarity, integration and unit roots, providing direction and guidance. It also provides detailed examples to show how the techniques can be applied in practical situations and the pitfalls to avoid.

Contents: List of Figures / Symbols and Abbreviations / Preface / An Introduction to Probability and Random Variables / Time Series Concepts / Dependence / Convergence / An Introduction to Random Walks / Brownian Motion: Basic Concepts / Brownian Motion: Differentiation and Integration / Some Examples of Unit Root Tests / Glossary / References March 2010 Hardback

302pp £70.00

216x138mm 978-1-4039-0204-7

Palgrave Texts in Econometrics Series Editor: Kerry Patterson ebook available from: Palgrave Connect Economics & Finance Collections, Myilibrary, NetLibrary, Ebook Library, ebooks.com, Ebrary, Dawson ERA

216x138mm 978-0-230-28364-0

978-0-230-28365-7

1000s of scholarly ebooks available at www.palgraveconnect.com, ask your librarian to request a trial

13

QUANTITATIVE METHODS • FINANCE AND FINANCIAL MARKETS

Essential Quantitative Methods

Quantitative Methods

For Business, Management and Finance 4th edition

For Business, Management and Finance 3rd edition

Les Oakshott, Senior Teaching Fellow and Practice Link Manager, Warwick Business School, University of Warwick, UK

Comprehensive and practical, this text is packed with real-world examples and case studies. Focused on problem-solving and completely updated for the fourth edition, it is supported by extensive online resources.

Contents: Preface / Notes / Acknowledgements / PART I: MATHEMATICAL APPLICATIONS / Revision Mathematics / Keeping up with Change: Index Numbers / Choosing Wisely: Investment Appraisal / PART II: COLLECTING & INTERPRETING DATA / Collecting Data: Surveys and Samples / Finding Patterns in Data: Charts and Tables / Making Sense of Data: Averages and Measures of Spread / PART III: PROBABILITY & STATISTICS / Taking a Chance: Probablility / The Shape of Data: Probability Distributions / Interpreting with Confidence: Analysis of Sample Data / Checking Ideas: Testing a Hypothesis / Cause and Effect: Correlation and Regression / PART IV: DECISION MAKING TECHNIQUES / How to Make Good Decisions / Forecasting: Time Series Analysis / Making the Most of Things: Linear Programming / Planning Large Projects: Network Analysis / Managing Stock Levels: Materials Mangement and Inventory Control / Taking Account of Randomness / Appendices / Index March 2009 528pp 246x189mm 80 colour tables, 20 diagrams and 50 graphs Paperback £35.99 978-0-230-21818-5

Louise Swift, Statistician, University of Anglia, UK and Sally Piff, Tutor in Quantitative Methods, School of Management, University of East Anglia, UK

‘...an excellent introduction to the quantitative methods used in business.

Swift and Piff have succeeded in preparing a well written and comprehensive textbook which requires no prior knowledge of statistics and maths.’ - Konstantinos Tolikas, Lecturer in Finance, Cardiff Business School, UK Contents: PART I: ESSENTIAL MATHS / Numbers and Symbols / Simplifying Expressions / Solving Problems / Modelling Using Straight Lines / PART II: MORE MATHS / Some Special Equations / Modelling Using Curves / Rates of Change / PART III: DESCRIBING DATA / Pictures of Data / Summarising Data / PART IV: PROBABILITY / Measuring Uncertainty / Numerical Outcomes / Continuous Numerical Outcomes / Some More Probability Distributions / PART V: STATISTICS / Estimation / Testing Hypotheses / Correlation & Regression / Comparing Two Populations / Nonparametric Methods / Categorical Data / Forecasting / Statistics in Practice / PART VI: BUSINESS MODELLING / Linear Programming Models / Planning Projects / Models for Inventory Control / Time and Money / Decision Making / Simulating Reality / Controlling Quality / STATISTICAL TABLES / Cumulative Binomial Probabilities / Cumulative Standard Normal Probabilities / Percentage Points of the Standard Normal Distribution / Random Digits / Percentage Points of the t Distribution / Percentage Points of the x2 Distribution March 2010 856pp 247x188mm 50 graphs, 100 colour tables and 50 diagrams Paperback £39.99 978-0-230-21824-6

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Finance and Financial Markets

The Future of Insurance Regulation and Supervision A Global Perspective Edited by Patrick M. Liedtke, Secretary General and Managing Director, Geneva Association, Switzerland and Jan Monkiewicz, Professor of Financial Management, Warshaw University of Technology, Poland

Written by leading academics, researchers and insurance industry experts, this book offers a diversified perspective on how the regulatory and supervisory framework for the insurance sector will develop over the coming years. It is supported by The Geneva Association, the world-leading insurance think-tank of the private industry.

Contents: PART I: THE GLOBAL FRAMEWORK / PART II: THE SUPERVISORY DIMENSION / PART III: MARKET DIMENSION / PART IV: STAKEHOLDER PROTECTION / PART V: DEVELOPED MARKETS PERSPECTIVE / PART VI: EMERGING MARKETS PERSPECTIVE / PART VII: INTERNATIONAL ISSUES Contributors include: M.Aguilera-Verduzco, J.Arkell, P.Brahin, P.Braumüller, R.Curtis, E.Denters, M.Eling, M.Flamée, Y.Hayasaki, A.Houben, N.Jassaud, B.L.Kading, D.Kessler, J.Kwon, M.Mächler, L.Madeiros, D.Masciandaro, M.Monkiewicz Marc Quintyn, M.Ramella, P.Rymaszewski, S.Schich, H.Schmeiser, S.Tennyson, I.Tower, M.Teunissen, K.Van Hulle, T.M.Vaughan, A.Warzilek, P.Windels & W.Zheng A Full Table of Contents is Available at: www.palgrave.com May 2011 480pp 46 figures and 21 b/w tables Hardback £125.00

234x156mm 978-0-230-29269-7

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FINANCE AND FINANCIAL MARKETS

Global Financial Crisis: The Ethical Issues

HIGHLIGHT

Edited by Ned Dobos, Research Fellow, Charles Sturt University and University of Melbourne, Australia, Christian Barry, Senior Research Fellow, Australian National University and Thomas Pogge, Leitner Professor of Philosophy and International Affairs, Yale University USA

Minding the Markets David Tuckett, Fellow of the Institute of Psychoanalysis, UK, and Professor, University College London, UK. Recently honoured with a Sigourney Award for Psychoanalysis, the highest prize in his field.

Tuckett looks beyond behavioural economics and enters a world full of emotion, imagination and fantasy ‘Minding the Markets is a real contribution... a book the world really needs.’ - George Akerlof, Nobel Laureate and American Economist ‘Read this book if you want to understand the behaviour of financial markets’ – Mervyn King, Governor of the Bank

of England In this groundbreaking book, Tuckett argues that most economists’ explanations of the financial crisis miss its essence; they ignore critical components of human psychology. He offers a deeper understanding of financial market behaviour and investment processes by recognizing the role played by unconscious needs and fears in all investment activity.

Contents:The Special Characteristics of Financial Assets / Methods / Four Fund Managers / Divided States / Finding Phantastic Objects / Experiencing News / Divided Masters / Experiencing Success and Failure / Emotional Finance / New Economic Thinking / Making Markets Safer

May 2011 Hardback

288pp £26.00

234x156mm 978-0-230-29985-6

The Global Financial Crisis is acknowledged to be the most severe economic downturn since the 1930s, and one that is unique in its underlying causes, its scope, and its wider social, political and economic implications. This volume explores some of the ethical issues that it has raised.

Contents: Notes on Contributors / Introduction; N.Dobos / Global Financial Institutions, Ethics and Market Fundamentalism; S.Miller / The Legitimacy of the Financial System and State Capitalism; N.Chomsky / Neoliberalism—Is This the End?; N.Dobos / Ethical Investing in an Age of Excessive Materialistic Self-Interest; J.C.Harrington / The Achilles Heel of Competitive/ Adversarial; T.Pogge / Financial Services Providers: Integrity Systems, Reputation, and the Triangle of Virtue; S.Miller / Who Must Pay for the Damage of the Global Financial Crisis; M.Peterson & C.Barry / Index April 2011 1 table Hardback Paperback

240pp

216x138mm

£60.00 £19.99

978-0-230-27663-5 978-0-230-29351-9

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15

FINANCE AND FINANCIAL MARKETS

Investment Beliefs

HIGHLIGHT

A Positive Approach to Institutional Investing Kees Koedijk, Professor of Financial Management and Dean, Faculty of Economics and Business Administration, Tilburg University, The Netherlands and Alfred Slager, Chief Investment Officer, Stork Pension Fund

Finance & Financial Markets 3rd edition Keith Pilbeam, Professor of International Economics and Finance, City University, London, UK

'Comprehensive, student-friendly text ...provides a terrific introduction for students on economics, finance and business programmes.' - John Goddard, Professor of Financial Economics, Bangor University, UK 'Pilbeam has created a comprehensive textbook that will skillfully guide students through the essential building blocks of modern finance.' - Gabriele M. Lepori, Assistant Professor, Department of Finance, Copenhagen Business School, Denmark Finance & Financial Markets is a comprehensive and accessible introduction to finance, making the operation of financial institutions, markets and instruments readily understandable for students on business, economics and finance courses and those wanting to understand the workings of the financial world.

Contents: The World of Finance / Financial Intermediation and Financial Markets / Financial Institutions / Monetary Policy and Interest Rate Determination / Domestic and International Money Markets / The Domestic and International Bond Market / Portfolio Analysis: Risk and Return in Financial Markets / The Capital Asset Pricing Model / Stockmarkets and Equities / The Efficiency of Financial Markets / The Foreign Exchange Market / Theories of Exchange Rate Determination / Financial Futures / Options / Option Pricing / Swap Markets / Financial Innovation and the Credit Crunch / Regulation of the Financial Sector

March 2010 544pp 246x189mm 70 figures and 80 tables Paperback £39.99 978-0-230-23321-8

‘This is an impressive contribution to trustee knowledge and understanding, written in an accessible manner with thoughtprovoking ideas and guides for action. I strongly recommend this book to trustees and investment professionals.’ - Professor Gordon L. Clark, University of Oxford, UK ‘Wonderful reading with a clear and well thought out message. Pension trustees and asset managers would be wise to carefully study the recommendations made as it will translate into enhanced performance and the avoidance of financial fiascos.’ - Professor Frank J. Fabozzi, Yale School of Management, USA, and Editor of The Journal of Portfolio Management Having the right investment beliefs and putting them into practice is key to delivering the right results. Decision makers in the investment industry should worry less about the stocks and products they pick for their clients and more about getting the big picture right; developing investment beliefs are instrumental in making the right choices.

Contents: Introduction / PART I: INVESTMENT BELIEFS: THE FUNDAMENTALS / Think Twice about Your Investment Philosophy / Uncovering Beliefs / Why Pension Investors and Asset Managers Differ / PART II: EXPLORING BELIEFS / Inefficiencies / Risk Premiums / Diversification / Investment Horizon / The Investment Process: Impact and Focus Decisions / Risk Management / Investment Style / Costs / Organization / Sustainability / PART III: EMBEDDING BELIEFS / How to Hit the Ground Running / (Re)engineering Your Own Beliefs / References December 2010 200 pp 22 figures and 24 b/w tables Hardback £26.00

234x156mm 978-0-230-28493-7

Take a look at the authors website, including videos and blog by visiting: investmentbeliefs.org

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FINANCE AND FINANCIAL MARKETS

HIGHLIGHT Asset and Liability Management Handbook Edited by Gautam Mitra and Katharina Schwaiger, both at CARISMA, Brunel University, UK, and OptiRisk Systems

‘Investors without liabilities don’t need assets. This is the central message from this timely book that offers the best in class thinking from leading academics and practitioners in the field of asset liability management. Anyone managing assets will need to read this book.’ - Professor Dr. Bernd Scherer, EDHEC Business School Member of EDHEC Risk Board Member London Quant Group, UK Recent years have shown an increase in development and acceptance of quantitative methods for asset and liability management strategies. This book presents state of the art quantitative decision models for three sectors: pension funds, insurance companies and banks, taking into account new regulations and the industries risks.

Contents: Background and Overview of ALM Models; G.Mitra & K.Schwaiger / PART I: ALM MODELS APPLIED TO BANKS / Bank Asset-Liability and Liquidity Risk Management; M.Choudhry / A Two-Factor HJM Interest Rate Model for Use in Asset Liability Management; S.K.Acar, R.Korn, K.Natcheva-Acar & J.Wenzel / PART II: ALM MODELS APPLIED TO INSURANCE COMPANIES / Long-Term Interest Rates and Consol Bond Valuation; E.Medova, M.Dempster & M.Villaverde / Asset-Liability Management Modelling with Risk Control by Stochastic Dominance; X.Yang, J.Gondzio & A.Grothey / PART III: ALM MODELS APPLIED TO PENSION FUNDS / 401K Pension Plans in the USA; F.Sortino / Pensions, Covenants and Insurance; C.Keating / Comparison of Employees Provident Funds in Malaysia, Sri Lanka, India and Thailand; S.S.Hussin, D.Roman, G.Mitra & W.K.W.Ahmad / Dynamic Risk Management; S.Jarvis / Turning Pension Plans into Pension Planes: What Investment Strategy Designers of Defined Contribution Pension Plans Can Learn from Commercial Aircraft Designers; D.Blake, A.Cairns & K.Dowd / Duration-Enhancing Overlay Strategies for Defined-Benefit Pension Plans; J.M.Mulvey, W.C.Kim & Yi.Ma / A Robust Optimization Approach to Pension Fund Management; G.Iyengar & A.K.C.Ma / Alternative Decision Models for Liability Determined Investment; K.Schwaiger, C.Lucas & G.Mitra / A Liability-Relative Drawdown Approach to Pension Asset Liability Management; A.Berkelaar & R.Kouwenberg / ALM in Defined Contribution Pension: A Stochastic Model with reference to Auto Choice Portfolio in NPS in India; H.Sadhak & S.Doss PART IV: ALM MODELS APPLIED TO OTHER AREAS / Planning for Retirement: Asset Liability Management for Individuals; M.A.H.Dempster & E.Medova / The Discretionary Wealth Hypothesis in an Arbitrage-Free Term Structure Approach to Asset-Liability Management; D.DiBartolomeo / Asset Liability Management in Private Wealth Management; N.Amenc, L.Martellini, V.Milhau & V.Ziemann / PART VI: DIRECTORY OF ALM SERVICE PROVIDERS / Company Details, Summary of Services and Products March 2011 Hardback

496pp £125.00

Private Equity The German Experience Paul Jowett, formerly Managing Partner, German Practice of L.E.K. Consulting until 2010, and has held positions at London Business School and Templeton College, University of Oxford, UK and Francoise Jowett, studied at Reims, Strasbourg and Munich Universities, and has held positions in recruitment and strategy consulting

This tells the story of the development of the private equity industry in Germany. It is the first comprehensive history of the private equity industry for any country, revealing the vicissitudes of private equity investing, warts and all. It is an engaging chronicle for anyone interested in the industry or the modern German economy.

Contents: List of Figures / List of Tables / Preface / Acknowledgements / Introduction / Minority Participations: 1965-1975 / The Failed Venture Capital Experiment: 1976-1991 / The Early Shoots: GENES Ventures & Matuschka/TVM / The First Phase: From Venture Capital to LBOs / The Second Phase: 3i, CVC, Bain, and Matuschka / The Third Phase: Trial and Error with LBOs / The Schroders’ Story of the 1980s / The 1984-1991 Experience in Retrospect / The Fourth Phase: Frustrating Times 1992-1994 / East German Adventures / The Fifth Phase: Retrenchment & Spin-offs: 1995-1996 / The Sixth Phase: The Tsunami Begins / The Seventh Phase: 2001: The Collapse and its Aftermath / The Eighth Phase: The Booming Market: 2004-2007 / The Ninth Phase: The Fall / What did Private Equity Ever do for Germany? / A Note on Sources January 2011 480pp 216x138mm 50 b/w photographs and 30 b/w tables Hardback £75.00 978-0-230-53776-7

234x156mm 978-0-230-27779-3

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17

FINANCE AND FINANCIAL MARKETS

Determinants of Financial Development Yongfu Huang, Tyndall Research Fellow, University of Cambridge, where he completed this research.

Since 2006, he has initiated and maintained the Financial Development Resources website, which is currently hosted at Cambridge. In May 2010, Dr Huang was selected by the Intergovernmental Panel on Climate Change (IPCC) for its Fifth Assessment Report (AR5 WGIII) as Lead Author, working on the cross-cutting investment and finance issues for tackling climate change

This book examines the emergence of both financial markets and carbon markets, and provides an in-depth investigation on the fundamental determinants of financial development. It looks at specific studies from an economic, political and geographical perspective.

Contents: Preface / Introduction / General Determinants of Financial Development / Private Investment and Financial Development / Political Institutions and Financial Development / Financial Reforms for Financial Development / Geographic Determinants of Carbon Markets / Conclusion / Bibliography November 2010 232pp 27 b/w tables and 9 figures Hardback £65.00

See No Evil

China After the Subprime Crisis

Uncovering The Truth Behind The Financial Crisis

Opportunities in The New Economic Landscape

Erik Banks, Senior Risk Advisor, UniCredit Group

The story of the recent global economic crisis is told in the words of the main players in the drama. Including quotes from bankers, rating agencies, housing agencies, regulators, politicians and media figures. Erik Banks’ latest book shows why we are doomed to experience further financial crises in the future.

Contents: Prologue: Crisis Redux / A Quick Recap / The US Banks Got It Wrong… / …And So Did the European Banks / The Fannie and Freddie Sinkhole / Fuel to the Fire I: The Rating Agencies / Fuel to the Fire II: Politicians and Lobbyists / A Handful of Sages / Fingerpointing and Apologies / Closing the Barn Door / Get Ready For The Next One… November 2010 248pp Hardback £26.00

234x156mm 978-0-230-27893-6

Chi Lo, Head of Research for Asia for a British private equity fund, Hong Kong, China

This book analyzes the post-subprime crisis world from the global, Asian and Chinese perspectives. It dispels some of the myths about the crisis’s effects on Asia and China; and exposes the ugly truth of bailout policies and their distortion and hindering of the world’s economic rebalancing effort in the post-subprime era.

Contents: Introduction / The Subprime Crisis is Not a Normal Crisis / Post-Subprime World Still Un-balanced / Subprime Lessons: East Meets West / Asia, a Sinful Bystander / China Becomes a Superpower? / Opportunity for Learning / Opportunity for Economic Expansion / Opportunity for Structural Changes / Risks Behind the Opportunities / More Crises Brewing? / The PostSubprime World / Bibliography October 2010 216pp 5 b/w tables and 82 graphs Hardback £65.00

216x138mm 978-0-230-28196-7

216x138mm 978-0-230-27367-2

The Political Economy of Sovereign Wealth Funds Edited by Xu Yi-chong, Research Professor, Centre of Governance and Public Policy, Griffith University, Australia and Gawdat Bahgat, Professor, Near East South Asia, Center for Strategic Studies, National Defense University, USA

Follow Palgrave Macmillan on Facebook®. Become a ‘fan’ of our Facebook® page to get the latest news, reviews and event invites. www.facebook.com/PalgraveMacmillan

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This book examines the origin, nature, the portfolio, organizational structure and operation of the seven largest SWFs from the perspective of the holding countries. Uniquely it tackles the issues from the perspectives of those non-OECD countries whose access to funds creates the most concern.

October 2010 288pp 8 b/w tables and 2 figures Hardback £57.50

216x138mm 978-0-230-24109-1

International Political Economy Series Series Editor: Timothy M. Shaw

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FINANCE AND FINANCIAL MARKETS

Credit Scoring, Response Modelling and Insurance Rating

The Venture Capital Investment Process

A Practical Guide to Forecasting Consumer Behaviour

Contents: Introduction / Project Planning / Sample Selection / Gathering and Preparing Data / Understanding Relationships In Data / Data Pre-Processing / Model Construction (Parameter Estimation) / Validation, Model Performance and Cut-off Strategy / Sample Bias and Reject Inference / Implementation and Monitoring / Further Topics / Bibliography October 2010 296pp 31 b/w tables and 32 figures Hardback £65.00

216x138mm 978-0-230-57704-6

Money Goes to Market Jacqueline Botterill, Assistant Professor, Brock University, Canada

This book explores the personal savings and credit discourses surrounding post-war British consumer culture. This cultural history highlights the contradictory meanings of home ownership, domesticity, women’s consumerism, and banking deregulation that underwrote unprecedented financial crisis and consumer indebtedness.

January 2010 Hardback

264pp £57.00

216x138mm 978-0-230-00867-0

Consumption and Public Life Series Editors: Frank Trentmann and Richard Wilk

Dilip K. Das, Professor of International Economics, School of Business, Contestoga College, Canada

The book provides one of the most comprehensive overviews of the internal and external challenges of processing venture capital deals, providing an eight stage investment model that breaks down each part of the deal into its own specific challenges and rewards.

Contents: Foreword / Introduction / An Overview of the Venture Capital Investment Process / Deal Generation / Initial Screening / Due Diligence Phase I and Internal Approval / Pre-Approval Completions / Due Diligence Phase II and Internal Approvals / Deal Completion / Monitoring / Exiting / New Frontiers in Venture Capital Investing September 2010 288pp 36pp figures Hardback £52.50

234x156mm 978-0-230-61288-4

The recent crisis has redrawn attention to financial globalization.

Dilip Das examines under what circumstances it can be welfare-enhancing and lead to rapid economic growth. Written in an accessible style, the book gives the latest insights on the topic.

Contents: The Evolution and Unfolding of Financial Globalization / Financial Globalization and the Shifting Sands of the Contemporary Financial Markets / Current Global Financial Crisis and the Approaching Recovery / Financial Globalization and the Integrating EmergingMarket Economies / Macroeconomic Ramifications of Financial Globalization / Sovereign-Wealth Funds: A Paradigm Shift in Capital Flows in the Global Economy July 2010 328pp 7 b/w tables and 1 figure Hardback £70.00

216x138mm 978-0-230-27860-8

Financial Institutions and Markets 2007-2008 — The Year of Crisis

Consumer Culture and Personal Finance

Growth, Integration, Innovation and Crisis

Darek Klonowski, Professor of Business Administration, Brandon University, Canada,

Steven Finlay, Head of Analytics, HML, UK

Every year, financial services organizations make billions of dollars worth of decisions using automated systems. For example, who to give a credit card too and the premium someone should pay for their home insurance. This book explains how the forecasting models, that lie at the heart of these systems, are developed and deployed.

Financial Globalization

Edited by George G. Kaufman, Professor of Business Administration, Loyola University, Chicago, USA and Robert R. Bliss, Professor, Calloway School of Business and Accountancy, Wake Forest University, USA

This book is a collection of research papers that contribute to the understanding of ongoing developments in financial institutions and markets both in the United States and globally.

November 2009 240pp Hardback £63.00

216x138mm 978-0-230-61927-2

ebook available from: Palgrave Connect Economics & Finance Collections, Myilibrary, NetLibrary, Ebook Library, ebooks.com, Dawson ERA, Ebrary

Anatomy of a Financial Crisis A Real Estate Bubble, Runaway Credit Markets, and Regulatory Failure Marc Jarsulic, Economist and Attorney who works in Washington, D.C., USA

An indepth look at the origins and development of the current financial crisis, from an economist and Washington insider. Jarsulic explains how a wide array of financial institutions, including mortgage banks, commercial banks, and investment banks created a credit bubble that supported nonprime mortgage lending and helped to inflate house prices.

April 2010 Hardback

208pp £44.00

234x156mm 978-0-230-61568-7

ebook available from: Palgrave Connect Economics & Finance Collections, Myilibrary, NetLibrary, Ebook Library, ebooks.com, Ebrary, Dawson ERA

ebook available from: Palgrave Connect Social Sciences Collections

1000s of scholarly ebooks available at www.palgraveconnect.com, ask your librarian to request a trial

19

FINANCE AND FINANCIAL MARKETS

Crisis

Progress-Driven Entrepreneurs, Private Equity Finance and Regulatory Issues

Cause, Containment and Cure 2nd edition

Zuhayr Mikdashi, Professor of Banking and Financial Systems, University of Lausanne, Switzerland

Thomas F. Huertas, Director Banking Sector, Financial Services Authority, UK

Analysis of the current financial/economic crisis from the Director of the Banking Sector at the FSA (Financial Services Authority). This new edition has been updated to take account of changes in regulation and legislation in the US, EU and UK. Many of these changes were in line with the recommendations made in the original edition Contents: Introduction / PART I: CAUSE / Rational Exuberance? The Great Moderation and the Search for Yield / Fair Weather Finance / PART II: CONTAINMENT / Conditional Containment / Moving Toward Meltdown: The Failure of Lehman Brothers and its Aftermath / Unconditional Containment / PART III: CURE / Better Resolution / Better Deposit Guarantee Schemes / Better Macroeconomic Policy / Better Regulation / Better Supervision / Conclusion: Toward a Globally Consistent Framework / Notes / References / Index June 2011 240pp 40 figures and 4 b/w tables Paperback £18.99

216x138mm 978-0-230-29831-6

Crisis Thomas F. Huertas, Director Banking Sector, Financial Services Authority, UK

The current crisis is emerging as the most severe downturn since the Great Depression. This book examines its cause, the efforts to contain the crisis and proposes a cure that will limit the risk that such crises could recur in the future.

216x138mm 978-0-230-23618-9

Analysis and Valuation 3rd edition Moorad Choudhry, Head of Treasury, Europe Arab Bank plc, London, UK, Didier Joannas, Regional Director, Thomas Reuters, North Asia, Gino Landuyt, Head of Treasury Sales, Europe Arab Bank plc, London, UK, Richard Pereira, Investment Actuary and Rod Pienaar, Executive Director, UBS AG Prime Services, London, UK Foreword by Vince Cable, MP

Durable business performance is crucially dependent on a stakeholders’ strategy and accessible entrepreneurial finance available within macro-economic and regulatory environments.

These reflections on issues and policies of progress are mainly concerned with enabling entrepreneurial risk-takers to operate within an optimal business environment.

Revised and updated guide to some of the most important issues in the capital markets today, with an emphasis on fixed-income instruments.

Fundamental concepts in equity market analysis, foreign exchange and money markets are also covered to provide a comprehensive overview.

Analysis and valuation techniques are given for practical application.

Contents: List of Exhibits & Boxes / About The Author / Acknowledgements / Foreword; S.Hayes / Preface / PART I: ENTREPRENEURS OVERCOMING SOCIETAL CHANGES / Case Studies / PART II: FINANCIERS AS BUSINESS DEVELOPERS / Diversity of Entrepreneurial Financiers / Strategies for Investee Companies / Transaction Approaches for Business Deals / Vying for Gain / PART III: INVESTMENT DYNAMICS / Private Equity as Wealth Recycler; B.Leleux / A Concluding Reflection / Index

Contents: PART I: INTRODUCTION / Introduction to Financial Market Instruments / Market-Determined Interest Rates and the Time Value of Money / The 20072008 Financial Market Crisis: Origins and Lessons Learned / PART II: DEBT CAPITAL MARKET CASH INSTRUMENTS / Money Market Instruments and Foreign Exchange / Fixed Income Securities I / Fixed Income Securities II: Interest Rate Risk / Fixed Income Securities II: / Option Adjusted Spread Analysis I / Interest Rate Modelling / Fitting the Yield Curve / Spline Methodology and Fitting the Yield Curve / Inflation-Index Bonds / PART III: STRUCTURED FINANCIAL PRODUCTS / Mortgage Backed Securities I / Mortgage Backed Securities II / Collateralized Debt Obligations / PART IV: DERIVATIVE INSTRUMENTS / Short Term Interest Rate Derivatives / Swaps / Option I / Options II / Options III / Credit Derivatives / PART V: EQUITY INSTRUMENT ANALYSIS / Introduction to Equity Instrument Analysis / Introduction to Financial Ratio Analysis / PART VI: RATE APPLICATIONS SOFTWARE / Rate Computer Software

December 2009 216pp Hardback £63.00

Cause, Containment and Cure

May 2010 240pp 40 figures and 4 b/w tables Hardback £65.00

‘Professor Mikdashi’s new book on entrepreneurship via the private equity route is propitiously timed...This book is rich in insights’ Samuel L. Hayes, Harvard Business School, USA

Capital Market Instruments

216x138mm 978-0-230-51498-0

ebook available from: Palgrave Connect Economics & Finance Collections, Myilibrary, NetLibrary, Ebook Library, ebooks.com, Ebrary, Dawson ERA

November 2009 576pp graphs, tables and screenshots Paperback £49.00

234x156mm 978-0-230-57603-2

ebook available from: Palgrave Connect Economics & Finance Collections, Myilibrary, NetLibrary, Ebook Library, ebooks.com, Ebrary, Dawson ERA

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FINANCE AND FINANCIAL MARKETS

An Introduction to Stock Exchange Investment 3rd Edition Janette Rutterford, Abbey National Professor of Financial Management with Marcus Davison, Lecturer in Finance, both at The Open University, UK

The latest edition of Janette Rutterford’s classic textbook has been updated to take account of all practical, technical and legal developments.

Now enhanced by a range of student-friendly features, the focus remains on the London Stock Exchange, but a global perspective is adopted where appropriate.

Contents: PART I: INVESTMENT BASICS / Products, Markets and Players / Investment Return and Risk / PART II: BONDS AND FIXED INCOME / Bonds and government securities / Bond Strategies / PART III: EQUITIES / Equities: Analysis and Valuation / Portfolio Theory / The Capital Asset Pricing Model / PART IV: RISK MANAGEMENT PRODUCTS / Financial Futures / Options / PART V: INSTITUTIONAL AND INTERNATIONAL INVESTMENT / Investing Institutions / International Investment / PART VI: STRATEGIES AND ISSUES / Investment objectives, Strategies and Performance / Current Issues in Investment Theory and Practice April 2007 Paperback

528pp £39.99

234x156mm 978-0-333-77802-9

Finance and Capital Markets Series

Dark Pools The Structure and Future of Off-Exchange Trading and Liquidity

Series Editor: Erik Banks Associate Editor: Gianluca Oricchio The Finance and Capital Markets Series is designed to bring you high-quality, cutting-edge information on the latest issues and developments in the financial world. These authoritative yet accessible books, written by experts in their field, provide clear, practical guidance not only for industry professionals, but also serve as a framework of current analysis for scholars and form a comprehensive reference resource for libraries.

Credit Treasury A Credit Pricing Guide in Liquid and Non-Liquid Markets Gianluca Oricchio, General Manager, Campus Bio-Medico University, Italy

This book presents the state-of-the-art with respect to credit risk evaluation and pricing within the contemporary global banking and financial system. It focuses on credit pricing in illiquid, liquid and hybrid markets. No one with any connection to the credit management business will be able to do without it.

Contents: Introduction / PART I: PRICING IN LIQUID MARKETS / Introduction / The Merton Structural Default Model / Nelson-Siegel: A Parametric Approach / PART II: PRICING IN NON LIQUID MARKETS / Introduction / Internal Rating and Pricing Models / PIT and TTC Rating Systems: Influence on the Insurance Pricing / Incorporating Market View in Pricing Models / Probability of Default / Transition Matrix State - Dependent Pricing Model / Usage Given Default (Exposure at Default) / Loss Given Default / Analytics of Pricing Models / Pricing of a Pre-Payment Option / PART III: HYBRID PRODUCTS / Introduction / Moody’s Approach / Standard and Poor’s Approach / PART IV: CONSISTENCY ANALYSIS BETWEEN EVA METRICS AND CREDIT PRICING / Introduction - Market Based Pricing vs EVA IRB Pricing Approach: A Consistent Framework March 2010 336pp 61 b/w tables and 78 figures

234x156mm

Hardback

978-0-230-27966-7

£135.00

Erik Banks, Senior Risk Advisor, UniCredit Group

‘This is an excellent book.

It is bang up-to-date, in what is a very fast changing area. It is clearly written, and provides a very comprehensive description of these markets and how they work. While it fully covers dark pools, its coverage is much wider than that - covering trading in equity markets more generally.’

- Professor Charles Sutcliffe, ICMA Centre, University of Reading, UK Dark Pools is a practical text dealing with the increasingly important topic of dark pools, or non-displayed, off-exchange trading and liquidity.

It discusses the development of the equity trading marketplace over the past two decades and how dark pools may evolve in a post-financial crisis world.

Contents: PART I: THE NATURE OF CATASTROPHE / Taxonomy of Risk / Catastrophes / Financial Catastrophe / PART II: THE RISK FRAMEWORK / The Risk Management Process / Models, Metrics and Limitations / PART III: PRACTICAL MANAGEMENT / Past Catastrophes / Lessons Learned and Prescriptive Measures / The Future of Risk Management / Notes / Bibliography / Index April 2010 22 figures Hardback

240pp

234x156mm

£130.00

978-0-230-23810-7

ebook available from: Palgrave Connect Economics & Finance Collections, Myilibrary, NetLibrary, Ebook Library, ebooks.com, Ebrary, Dawson ERA

1000s of scholarly ebooks available at www.palgraveconnect.com, ask your librarian to request a trial

21

FINANCE AND FINANCIAL MARKETS • FINANCIAL MANAGEMENT Finance and Capital Markets Series CONT...

Global Custody and Clearing Services

Financial Management

The global custody product was conceived out of changes to United States pension law. Today, service providers act for clients in many countries worldwide, handling assets across 100 countries of investment. The range of services is ever more sophisticated. Measured by the value of assets held under custody, it is a multi trillion dollar industry.

Contents: PART 1: AN INTRODUCTION TO CUSTODY AND CLEARING / A Brief History of Custody / Custody Today / Key Issues / Clearing and Settlement / PART 2: ASSET SERVICING / Asset Servicing Key Issues / Withholding Tax / OTC Derivatives / Trustee and Fund Accounting Services / Securies Financing and Lending / PART 3: MANAGING RISK / Vendor Landscape / Corporate Governance / Network Management / PART 4: TECHNOLOGY / Standards, Messaging and Mediation / PART 5: THE FUTURE / The Future December 2007 344pp Hardback £140.00

234x156mm 978-0-230-00700-0

ebook available from: Palgrave Connect Economics & Finance Collections, Ebook Library, Dawson ERA, ebooks.com, Myilibrary, NetLibrary

Please use the following ISBN(s) to order all titles in the series: Hardback: 978-0-333-96273-2 Paperback: 978-0-230-57608-7

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Eva R. Porras, formerly Academic Dean, Central European University Business School, Hungary and previously Director of Master Programs in Finance, Instituto de Empresa, Spain

Origins of Shareholder Advocacy Edited by Jonathan GS Koppell, Associate Professor of Politics and Management, Yale School of Management, USA, where he previously directed the Millstein Center for Corporate Governance and Performance. He is the author of World Rule and The Politics of QuasiGovernment

Ross McGill, Managing Director, T Consult and Globetax, UK and Naren Patel, Securities Industry Practitioner, UK

‘Its accessible style, coupled with excellent graphics and informed content, makes Global Custody and Clearing Services a worthwhile read for insiders and novices alike.’ - Securities & Investment Review

The Cost of Capital

This volume deals with issues of widespread interest including, the origins of investor rights in different markets, the political, legal and economic conditions that determine levels of shareholder participation, and the implications of variation in investor rights.

Contents: Introduction: Shareholder Advocacy: Historical Bedrock of Corporate Governance / J.Koppell, et al / DUTCH EAST INDIA COMPANY AND THE SHAREHOLDER AS AGGRIEVED PARTY / Putting Le Maire into Perspective: Business Organization and the Evolution of Corporate Governance in the Dutch Republic, 15901640; A.de Jong, O.Gelderblom & J.Jonker / Shareholder Activists Avant La Lettre: The ‘Complaining Participants’ in the Dutch East India Company; J.Matthijs de Jongh / The Great Expropriation: Understanding the Innovation of Permanent Capital in the Dutch and English East India Companies; A.Von Nordenflycht / OVERCOMING THE AGENCY CHALLENGE OF EARLY GLOBAL TRADE / The Rise and Fall of the Rishengchang Bank Model: Limiting Shareholder Influence to Attract Capital; R.Morck & F.Young / Institutions, Information, and Contracts: From Debt to Equity in Late Medieval Venice; Y.Gonzalez de Lara / Shareholders’ Rights in the Early Italian Companies: Agency Problems and Legal Strategies; C.Malberti / Compagnie des Indes, Governance and Bailout; R.Dibadj / Shareholder Activism in the Virginia Company of London, 1606 – 1624; T.W.Hall / SHAREHOLDER RIGHTS AND THE GROWTH OF INDUSTRIAL ECONOMIES / Corporate Governance and Stockholder/Stakeholder Activism in the United States, 1790-1860: New Data and Perspectives; R.Sylla & R.E.Wright / Origins of ‘Offensive’ Shareholder Activism in the United States; J.H.Armour & B.R.Cheffins / Contemporary Issues in Shareholder Advocacy; S.Davis January 2011 304pp 14 figures and 1 illustration Hardback £55.00

The relationship between risk, return and the cost of capital is contextualized by relating it to the needs of investors and borrowers, the historical evidence, and theories of choice and behaviour. The text spans financial theory, its empirical tests and applications to real-world financial problems while keeping an entertaining easy-to-read style.

Contents: A General Introduction to Risk, Return, and the Cost of Capital / The Components of the Cost of Capital and Alternative Models / Problems In Using the Models / Appendix: The CAPM / Caveats / Country Risk / Capital Structure Theories / The Optimal Capital Structure December 2010 264pp 31 b/w tables and 18 figures Hardback £26.00

234x156mm 978-0-230-20183-5

Money Makers Inside the New World of Finance and Business David Snider, Associate Consultant, Bain & Company and Chris Howard, President’s Associates Presidential Professor, Vice President for Strategic & Leadership Initiatives and Director of the Honors College Leadership Center, University of Oklahoma, USA and is a Rhodes Scholar

In the wake of global financial crisis the businesses driving our modern economy have changed. While elite fields of business and finance play a dominant role in the global economy, how they work remains a mystery to most outsiders. Money Makers reveals the selective and secretive industries of the private sector that drive the modern economy.

March 2010 Hardback

256 pp £18.99

234x156mm 978-0-230-61401-7

ebook available from: Waterstone’s, Dawson ERA, ebooks.com, Ebook Library, Ebrary, Myilibrary, NetLibrary

234x156mm 978-0-230-10732-8

Order securely online at www.palgrave.com or telephone +44 (0)1256 302866

FINANCIAL MANAGEMENT

The New International Money Game 7th edition Robert Z. Aliber, Professor of International Economics and Finance, University of Chicago Graduate School of Business, USA

‘Luckily for all of us, Bob Aliber has updated his monumental work - again. Since so much has happened since the last edition, there was much updating to do, and Aliber has done it well.

Isn’t it impossible for a book to be a basic, if not encyclopedic, reference work and yet still be sprightly written? Apparently not, for Aliber has done it—again.’ - Alan S. Blinder, Princeton University, USA The New International Money Game has been fully rewritten to take account of changes in the world economy, it provides a comprehensive overview of international financial developments, including both the structure of payments arrangements and the series of credit and asset bubbles and the financial crises.

April 2010 Hardback Paperback

376pp £75.00 £24.99

234x156mm 978-0-230-01894-5 978-0-230-01897-6

HIGHLIGHT Getting Between the Balance Sheets The Four Things Every Entrepreneur Should Know About Finance David Frodsham, CEO Coach, Advisor and Boardmember, Plusvite Ltd, UK and Heinrich Liechtenstein, Professor of Finance, IESE, Spain

‘A compelling read.’ - Andrea Traversone, Amadeus Capital Partners, UK ‘Excellent financial guide for entrepreneurs.’ - Dr. Hendrik Brandis, co-founder Earlybird and Chairman of the EVCA Venture Capital Council, Switzerland ‘Essential reading for every entrepreneur.’ - Andrew Fisher, CEO, Shazam Entertainment, UK For many entrepreneurs there is a mystique about finance -starting, growing and selling new ventures is tough enough. Yet with some focused financial knowledge you can run your company with less cash, grow it more quickly and make more money when it is sold. This book makes the dry world of finance easy to understand and relevant to entrepreneurs.

Contents: INTRODUCTION – A Financial Primer for Entrepreneurs / And the Winner is…

MissInge Fashions! / Cash is King / MissInge’s Balance Sheet / Balance Sheet Beauty / Crisis and Confusion / NFO and Working Capital / Grace Gets Some Help / Growing as Fast as Possible Without New Investment / The Bank Helps / Building a Cash-lean Company / Back at the Bank / Share Structures and Shareholders / MissInge’s Share Capital Problem / Options and Shares / Keeping Joe on Board / Valuing a Company / The Deal Runs Into Trouble / Preparing a Company For Sale / The Sale of MissInge Fashions / The Lessons of MissInge Fashions / MissInge’s P&L and Balance Sheet / Survey Results / P&L and Balance Sheet – An Accounting View November 2010 224pp 234x156mm 41 b/w tables, 27 diagrams and 71 graphs Hardback £26.00 978-0-230-25286-8

November 2010 224pp 234x156mm 41 b/w tables, 27 diagrams and 71 graphs Hardback £26.00 978-0-230-25286-8

1000s of scholarly ebooks available at www.palgraveconnect.com, ask your librarian to request a trial

23

FINANCIAL MANAGEMENT

Personal Investment

Manias, Panics and Crashes

Financial Management

Financial Planning in an Uncertain World

A History of Financial Crises 6th edition

4th edition

Edited by Mariana Mazzucato, Jonquil Lowe, Alan Shipman and Andrew Trigg

‘The authors unlock the doors to the secrets of what every private investor should know - how to secure a more certain tomorrow by embracing the risks and perils of a less-thancertain world today.’

David Kuo, Investment Expert, The Motley Fool, www.fool.co.uk This innovative teaching text provides an introduction to personal investment in a world defined by uncertainty. With a focus on risk, socioeconomic change and the regulatory framework, and a wealth of international case studies, the book covers all the key issues that affect personal investment decisions and their ultimate success or failure.

Contents: Themes in Personal Investment / Structure of the Book / PART ONE: PRODUCTS AND PLAYERS / From Saving to Investment / Investment Choices / PART TWO: STRATEGIES AND MARKETS / Risk-return Strategies / Markets and Players / PART THREE: BUBBLES AND THE ECONOMY / Economic Fluctuations / Bubbles and Investment Behaviour / PART FOUR: REGULATION AND THE LONG TERM / Regulating the Financial System / Investing for the Long Term March 2010 Paperback

448pp £37.99

246x189mm 978-0-230-24660-7

Co-published with The Open University

Charles P. Kindleberger, formerly Ford Professor of Economics, Massachusetts Institute of Technology, USA and Robert Z. Aliber, Professor of International Economics and Finance, University of Chicago Graduate School of Business, USA Foreword by Robert M. Solow

‘Robert Aliber has produced a superb update of the classic book byCharles Kindleberger which remains as relevant as ever.’ - Martin Wolf, Financial Times ‘...if what you’re after is a comprehensive guide to financial crises since the dawn of the modern era, buy Charles Kindleberger’s Manias, Panics and Crashes: A History of Financial Crises... an excellent read.’ - Edmund Conway, The Telegraph The sixth edition of Manias, Panics and Crashes, is a scholarly and entertaining account, highlighting the four waves of credit bubbles in the last thirty years. Most of these countries that have experienced a bubble also have received money from abroad, which has led to an appreciation of their currencies and an increase in asset prices.

Contents: Foreword; R.M.Solow / Financial Crisis: A Hardy Perennial / Anatomy of a Typical Crisis / Speculative Manias / Fueling the Flames: The Expansion of Credit / The Critical Stage / Euphoria and Economic Booms / Charlie Ponzi, Bernie Madoff, Frauds and Swindles / International Contagion / Bubble Contagion; Tokyo to Bangkok to New York / Policy Responses: Letting it Burn Out / Bagehot and the Lender of Last Resort for Liquidity Crises and Solvency Crises / The International Lender of Last Resort / The Uniqueness of the Lehman Brothers Crisis / The Three Most Tumultuous Decades / The Lessons of History / Appendix / Notes / Index June 2011 Paperback

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256pp £18.99

234x156mm 978-0-230-57597-4

Geoffrey Knott, formerly Principal Lecturer in Accounting, Norwich City College, UK

Financial Management is the ideal course text for business and management undergraduates and MBA students taking an introductory module in Financial Management.

The concise yet thorough style of the book makes it highly accessible for students coming to the subject for the first time.

April 2004 Paperback

384pp £36.99

246x189mm 978-1-4039-0382-2

Shipping Derivatives and Risk Management Amir Alizadeh, Director MSc Energy, Trade and Finance and Nikos Nomikos, both at Cass Business School - City University, UK

‘A thorough investigation of the fascinating shipping markets by experts in the field. A “must have” for practitioners and researchers in the commodity world.’ - Helyette Geman, Director, Commodity Finance Centre, Birkbeck College, University of London and ESCP-EAP, UK A comprehensive book on shipping derivatives and risk management which covers the theoretical and practical aspects of financial risk in shipping. The book provides a thorough overview of the practice of risk management in shipping with the use of theoretical examples and real-life applications.

April 2009 Hardback

528pp £75.00

216x138mm 978-0-230-21591-7

ebook available from: Palgrave Connect Economics & Finance Collections, Dawson ERA, Ebook Library, ebooks.com, Ebrary, Myilibrary, NetLibrary

Order securely online at www.palgrave.com or telephone +44 (0)1256 302866

FINANCIAL MANAGEMENT • INTERNATIONAL FINANCE

Mastering Financial Management John Whiteley, Business Consultant, Chartered Accountant and Writer

This book offers a unique blend of academic rigour and practical insight and uses examples and illustrations drawn from a wide range of real-life situations. Mastering Financial Management will help you to tease out meaning from company accounts, make your financial reports interesting and influential, manage budgets and motivate people to achieve targets, and much more. Ideal as a text for all students requiring an introduction to financial management and for business managers with no financial background.

Contents: Introduction / Understanding Accounts / Financial Reporting / The Budgeting Process / Controlling Working Capital / Financial Input into Management Decisions / Measures of Success / Phases of Business Life / Managing Bank Relations / Loan Capital, Overdrafts, and Working Capital Finance / Equity Capital / Appendices / Glossary / Further Reading / Index October 2003 Paperback

248pp £18.99

234x156mm 978-1-4039-1336-4

Palgrave Master Series (Business) Series Editor: Richard Pettinger

International Finance

Introduction to International Economics

International Financial Integration Competing Ideas and Policies in the Post-Bretton Woods Era Anthony M. Endres, Associate Professor, University of Auckland Business School, New Zealand

2nd edition Henk Jager, Professor of International Economics, University of Amsterdam, The Netherlands, Catrinus Jepma, Professor and Elise Kamphuis, both at University of Groningen, The Netherlands

Drawing on prominent contributions by economists to the debate on international monetary reform, this book provides an historical perspective on the plans, schemes and ideas on the international financial system.

An accessible introduction to international economics for students from a non-economics background. Its European focus and emphasis on real world examples make it particularly suited to a business oriented approach with examples from a number of different sectors to help cement understanding of key concepts.

Contents: Introduction / PART I: INTERNATIONAL TRADE AND FACTOR MOBILITY / The World Economy: Key Data and Concepts / International Trade Theory / International Production Factors, Foreign Direct Investment and the Multinational Enterprise / PART II: TRADE POLICY / Trade Policy: A Welfare Theory Analysis / Modern Arguments Relating to Protection / Trade Policy and Market Forms / The Practice of Protection / Business, Government and Lobbying / Economic Integration / PART III: BALANCE OF PAYMENTS, EXCHANGE RATES AND INTERNATIONAL CAPITAL FLOWS / The Balance of Payments and the Foreign Exchange Market / International Capital Flows / The Exchange Rate Explained / Exchange Rate Systems and Effects / Intenational Risk: Types and Hedges / PART IV: THE INTERNATIONAL MONETARY SYSTEM / International Monetary Cooperation / Monetary Obstacles to Economic Development 1: A Debt Crisis / Monetary Obstacles to Economic Development 2: Currency Crises / Extremely Fixed Exchange Rates August 2011 384pp 44 figures and 48 tables Paperback £34.99

Contents: A Qualitative Framework / Economists’ Initial Reactions to the Demise of the Bretton Woods System / Controversy Over Choice of Exchange Rate Regime / Choice of Capital Account Regime: When to Liberalize?/ International Financial Crises: Ideas and Policies / The IMF: Post-Bretton Woods Era Functions and Reform Issues / Currency Consolidation and Currency Unions / Epilogue November 2010 264pp Hardback £65.00

216x138mm 978-0-230-23226-6

246x189mm 978-0-230-20241-2

1000s of scholarly ebooks available at www.palgraveconnect.com, ask your librarian to request a trial

25

INTERNATIONAL FINANCE

The Global Crash Towards a New Global Financial Regime?

Edited by Leila Simona Talani, Director of Studies, Master in European and International Politics and Master in Research, European Studies and Modern Languages Department, University of Bath, UK

This book provides a comprehensive interdisciplinary account of the events leading to the financial crisis, its institutional causes and consequences, its economic characteristics and its socio-political implications. It offers an indepth assessment of the future of global financial stability.

Contents: Introduction; L.Talani / The Banking Crisis: Causes, Consequences and Remedies; P.Grauwe / The Moral Economy of Money and the Future of European Capitalism; S.Collignon / Reconsidering the Role of Ideas in Times of Crisis; E.Jones / Challenging the Dollar in International Monetary Relations? The Lost Opportunities of the Euro; H.Plaschke / Emerging Markets and the Global Financial Crisis; G.Fazio / Europe in the Global Financial Crisis; A.Cafruny / The Impact of the Global Financial Crisis on the City of London: Will the UK Finally Decide to Join EMU?; L.Talani / Conclusions: Towards a New Global Financial Regime?; L.Talani May 2010 208pp 27 figures and 7 tables Hardback £63.00

216x138mm 978-0-230-24341-5

ebook available from: Palgrave Connect Economics & Finance Collections, Myilibrary, NetLibrary, Ebook Library, ebooks.com, Ebrary, Dawson ERA

Understanding the Financial Crisis: Investment, Risk and Governance Edited by Steen Thomsen, Dierctor, Centre for Corporate Governance, Caspar Rose and Ole Risager, Professor of Economics, all at Copenhagen Business School, Denmark

Presenting experience, research and thought leadership from experts in various disciplines (from INSEAD, Stern Business School, Deutsche Bank and Allianz among others), this book explores why the financial crisis happened and presents recommendations for the building of a new, sustainable financial system.

Contents: List of Figures and Tables / Foreword; L.B.Falkenberg / Introduction: Macroeconomic Perspectives on the Financial Crisis: An Overview; O.Risager / PART I: REGULATION AND RISK MANAGEMENT / Overview: Regulation and Risk Governance; C.Rose / The Credit Crisis of 2007 and its Implications for Risk Management; J.Hull / Some Thoughts on the Role of Mathematical Models in Light of the Crisis; D.Lando / Enterprise Architectures for Investment Managers from a Risk Management Perspective; M.Schröter / PART II: REGULATION AND GOVERNANCE / Overview: Corporate Governance and the Financial Crisis; S.Thomsen / Avoiding International Financial Crises: An Incomplete Reform Agenda; J.Dermine / Reputational Risk and the Financial Crisis; I.Walter / Governance and the Financial Crisis; R.Adams / Governance, Risk and Compliance in the Financial Sector: An IT Perspective in Light of the Recent Financial Crisis; K.J.Nordgard / PART III: IN PRACTICE / Three Executive Interviews: Evidence from the Front Line of Investment Management; C.Rose May 2010 Paperback

26

232pp £39.99

240x170mm 978-87-993151-0-9

Operational Control in Asset Management Processes and Costs Edited by Michael Pinedo, Stern School of Business, USA

Leading academics and executives identify and discuss ways to reduce the level of costs in today’s investment management industry. Addresses such questions as: What role do costs play in the current market environment? What are the primary drivers of cost? How are costs reduced?

Contents: List of Figures and Tables / Foreword; L.B.Falkenberg / Global Asset Management; An Introduction to its Processes and Costs; M.Pinedo / PART I: PERSPECTIVES FROM INDUSTRY / A Best Practices Framework for Operational Infrastructure and Controls in Asset / Management; U.Alptuna, M.Hatzakis & Reha Tutuncu / Managing Costs at Investment Management Firms; A.Schneider / Lean Six Sigma in Asset Management; K.Arfelt / Management of Risk, Technology and Costs in a Multi-line Asset Management / Business; J.Biggs / Strategic and Tactical Cost Management in the Asset Management Industry; M.Cruz / Cost-effectiveness in the Asset Management Industry: An IT Operations Perspective; K.J.Nordgard& / L.Falkenberg / PART II: PERSPECTIVES FROM ACADEMIA / Cost Structure Patterns in the Asset Management Industry; D.Campbell & F.X.Frei / Transaction Costs and Asset Management; Y.Amihud & H.Mendelson / Does Strategic Outsourcing Create Financial Value?; A.Baruah, D.Mani & A.Whinston / A Stitch in Time ….; K.Dehnad May 2010 Paperback

224pp £39.99

240x170mm 978-87-993151-1-6

Order securely online at www.palgrave.com or telephone +44 (0)1256 302866

INTERNATIONAL FINANCE

Growth and Value Creation in Asset Management Edited by Paul Verdin, Professor of Strategy and Organization, Solvay Business School, Belgium

World-leading experts and specialists identify ways to enable growth in the investment management industry, post-crisis. Contributions by influential academics and executives collected in an edited volume, answering the most important questions facing the industry today on how to recover and grow after the meltdown.

Contents: List of Figures and Tables / Foreword; L.Falkenberg / Acknowledgments; P.Verdin / Introduction: Growth and Value Creation in Asset Management: Context and Overview; P.Verdin / PART I: GROWTH AND VALUE CREATION IN ASSET MANAGEMENT: STRUCTURE, REGULATION AND BUSINESS MODELS / Growth in the Global Institutional Asset Management Industry: Structure, Conduct, Performance; I.Walter / What Do We Know About the Mutual Fund Industry?; M.Massa / Regulatory Challenges for the European Asset Management Industry; K.Lannoo / PART II: OPPORTUNITIES AND STRATEGIES FOR GROWTH IN THE NEW FINANCIAL ENVIRONMENT / Keys to Growth in the New Normal; J.Elsner, M.Huber & P.Koch / After the Storm: Four Innovations Changing Investment Management; A.Schneider / Designing Products for Reluctant Investors: Applications of Behavioural Finance; A.Byrne / IT Strategy in Uncertain Times: Taking it From Alignment to Enabling Growth; P.Wanner / Operational Platform and Growth: A Strategic Challenge; J.Elsborg / PART III: GROWTH AND VALUE CREATION IN ASSET MANAGEMENT: A STRATEGIC PERSPECTIVE / Managing Growth and Strategic Risk; M.Schmit & L-S.Chao / Conclusion: The Strategic Imperative of Creating and Capturing Value; P.Verdin June 2010 Paperback

232pp £39.99

240x170mm 978-87-993151-2-3

An Introduction to Global Financial Markets 6th edition

Stephen Valdez, formerly Financial Trainer and Consultant and former Director of Profile Financial Training Plc., and Philip Molyneux, Professor of Banking and Finance, Bangor Business School, Bangor University, UK

‘A book that no international banker or banking academic should miss if he/she wants to stay up-to-date on banking developments on a rapidly changing banking landscape worldwide.’ - Alicia GarciaHerrero, Chief Economist for Emerging Markets, Economic Research, Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), Hong Kong Branch This book describes the various financial sectors in clear, easy to understand terms. It provides a broad and balanced introduction to financial markets across the world and comprehensive coverage of commercial and investment banking, foreign exchange, money and bond markets, stock markets and derivatives products.

Contents: Preface / Acknowledgements / PART I: INTRODUCTION / The Debt Merry-go-round / PART II: BANKING / Banking Background / The Role of the Central Bank / Commercial Banking / Investment Banking / PART III: SECURITIES MARKETS / The Money and Bond Markets / Stock Exchanges / Hedge Funds and Private Equity / Financial Crisis / PART IV: FOREIGN EXCHANGE AND EUROPEAN ECONOMIC AND MONETARY UNION / Foreign Exchange / European Economic and Monetary Union / PART V: DERIVATIVE PRODUCTS / Traded Options / Financial Futures / Other Derivative Products / PART VI: THE NEW TIGER ECONOMIES / The New Tiger Economies: China and India / PART VII: Trends in the Global Financial Markets / Key Trends / Glossary April 2010 528pp 50 b/w tables and 5 figures Paperback £29.99

€uro Crash The Implications of Monetary Failure in Europe Brendan Brown, Director and Head of Research, Mitsuibishi (UFJ) Securities International plc, UK

‘The majority of economic analysts, especially those in financial markets, follow governments, central banks and international institutions in trusting to largescale macroeconomic forecasts...Brendan Brown...belongs to the select band of commentators who prefer to derive their analysis from the market prices of key variables. For this reason alone he deserves our attention.’ - The Financial Times ‘...an insightful little book...’ - Welling@weeden. com This sequel to the author’s earlier well-received Euro On Trial, shows how European Monetary Union became a main engine of the global credit bubble and puts forward a set of remedies which would reduce the danger of further economic debacle emanating from serious flaws in the present policy-making framework of the European Central Bank.

Contents: Euro Indictment / Origins of the Euro-bubble / The Bursting of the Bubble / The Trial / What Remedies? / Bibliopgraphy / Index March 2010 Hardback

224pp £60.00

216x138mm 978-0-230-22910-5

ebook available from: Palgrave Connect Economics & Finance Collections, Myilibrary, NetLibrary, Ebook Library, ebooks.com, Ebrary, Dawson ERA

234x156mm 978-0-230-24309-5

1000s of scholarly ebooks available at www.palgraveconnect.com, ask your librarian to request a trial

27

INTERNATIONAL FINANCE • PUBLIC FINANCE

African Finance in the 21st Century Edited by Marc Quintyn, Division Chief, Africa and Geneviève Verdier, Economist, both at International Monetary Fund

With contributions by experts from official agencies in Africa, international financial institutions, the private sector, and academia, this book focuses on financial sector development in Sub-Saharan Africa and how institutions can play a more active role in economic development.

Contents: List of Tables of Figures / Notes on Contributors / Foreword; L.Lipschitz / Introduction and Overview; M.Quintyn & G.Verdier / PART I: FINANCE IN AFRICA - DEVELOPMENTS, DIAGNOSIS AND DETERMINANTS / The Finance-Growth Nexus: Theory, Evidence and Implications for Africa; S.Haber / Finance in Africa: A Diagnosis; P.Honohan / Developing a Sound Banking System; L.Kasekende / Financial Deepening in the CFA Franc Zone: Role of Institutions; D.Ghura, R.J.Singh & R.Kpodar / From Informal Finance to Formal Finance – Lessons from Linkage Efforts; E.Aryeetey & A.Pokuaa Fenny / Stock Markets in Africa; L.Senbet & I.Otchere / PART II: FINANCE IN AFRICA - POLICY ISSUES AND CASE STUDIES / Regulatory Frameworks in Sub-Saharan Africa: Ensuring Efficiency and Soundness; I.Lukonga & S.Kal Wajid / Building Supervisory Structures in Africa – An Analytical Framework; M.Quintyn & M.Taylor / Regional Financial Integration as an Engine for Financial Development; J.Wakeman-Linn & S.Wagh / Access to Finance in Africa – Consolidating the Positive Trends; J.Isern, E.Lahaye & A.Linthorst / Developing Credit Reporting in Africa: Opportunities and Challenges; N.Mylenko / Case Study on Microfinance Institutions in Madagascar: Policies for a Viable Sector; E.Andrianasolo / Financial Sector Development Program: the Case of Rwanda; C.Rusagara / Notes / Bibliography / Index December 2009 344pp 216x138mm 57 figures, 46 b/w tables and 4 illustrations Hardback £70.00 978-0-230-58050-3

International Finance 3rd edition Keith Pilbeam, Professor of International Economics and Finance, City University, London, UK

International Finance is a well-established and internationally renowned introduction to the subject for both undergraduate and postgraduate students. It provides comprehensive coverage of both traditional and modern theories relating to the balance of payments, exchange rate determination and the international monetary system. There is extensive use of data and empirical evidence to illustrate the relevance of theories and concepts discussed.

Contents: Introduction / PART I: BALANCE OF PAYMENTS THEORY AND PRACTICE / PART II: EXCHANGE RATE DETERMINATION: THEORY, EVIDENCE AND POLICY / PART III: THE INTERNATIONAL MONETARY SYSTEM November 2005 528pp Paperback £40.99

Comparative Contract Law Cases, Materials and Exercises Thomas Kadner Graziano, Professeur Ordinaire, University of Geneva, Switzerland

A guide to the principles of European private law enhanced by a practical approach designed to promote learning by doing. Students are introduced to comparative methodology by working through a series of scenarios to be solved, rigorously underpinned with helpful references to relevant cases and materials.

September 2009 536pp Paperback £36.99

28

246x189mm 978-1-4039-4837-3

Public Finance

Public Finance and Public Policy 3rd edition Jonathan Gruber, Massachusetts Institute of Technology, USA

Gruber’s Public Finance and Public Policy was the first text written to reflect current realities of public finance, with an emphasis on empirical work and coverage of transfer programs and social insurance. The third edition contains fully updated research and new coverage of tax, health and the ongoing debate of privatization.

Contents: PART I: BACKGROUND / Why Study Public Finance? / Theoretical Tools of Public Finance / Empirical Tools of Public Finance / Tools of Budget Analysis / PART II: EXTERNALITITES AND PUBLIC GOODS / Externalities: Problems and Solutions / Externalities in Action: Environmental and Health Externalities / Public Goods: Problems and Solutions / Cost/Benefit Analysis / Implementing Public Goods: Political Economy and Public Choice / State and Local Government Expenditures / Public Goods in Action: Education / PART III: SOCIAL INSURANCE AND REDISTRIBUTION / Social Insurance / Social Security / Unemployment Insurance, Workers’ Compensation and Disability Insurance / Health Insurance I: Health Economics and Private Health Insurance / Health Insurance II: Medicare and Medicaid / Income Distribution and Welfare / PART IV: TAXATION IN THEORY AND PRACTICE / Taxation in the U.S. and Around the World / The Equity Implications of Taxation Tax Incidence / Tax Inefficiencies and Their Implications for Optimal Taxation / Taxes on Labour Supply / Taxation of Savings / Taxes on Risk Taking and Wealth / Issues of Corporate Taxation / Tax Reform October 2010 Hardback

700pp £70.00

11x8mm 978-1-4292-1949-5

Published by Worth Publishers

246x171mm 978-0-230-57979-8

Order securely online at www.palgrave.com or telephone +44 (0)1256 302866

PUBLIC FINANCE • ACCOUNTING

Innovations in Financing Public Services

Consumer Credit in the United States

Country Case Studies

A Sociological Perspective from the 19th Century to the Present

Edited by Stephen J. Bailey, Professor of Public Sector Economics, Glasgow Caledonian University, UK, Pekka Valkama, Head of Research and Adjunct Professor, Department of Economics and Accounting and Ari-Veikko Anttiroiko, Adjunct Professor, Department of Regional Studies, both at University of Tampere, Finland

This book explores new forms of private, mutual municipal, public-private and ‘reverse’ state funding of public investments, co-payments and shared contributions, vouchers, and pooled public risk-financing. It includes case studies taken from the Nordic countries, UK, Spain, Slovenia, Slovakia, Turkey and South Korea.

Contents: Innovative Public Finance: Definition, Practice and Context; P.Valkama, A-V.Anttiroiko & S.J.Bailey / Beyond PFI: Procurement of Public Sector Infrastructure and the Evolving Plurality of Methods in the UK; D.Asenova, M.Beck & S.J.Bailey / Innovations in Private Sector Provision of Infrastructure in South Korea; S-T. Kim / The Distinctive Financing of Road Infrastructures in Spain: Evolution and Innovation; B.Acerete / Public Private Partnerships in Slovenia: Reverse Financial Innovations Enhancing the Public Role; N.Hrovatin / Local Government Funding Agencies: Lessons from Success and Failure; N.Anderson, S.J.Bailey & H.Pautz / Innovation in Local Government Risk Financing: Lessons from the UK and Nordic Experiences; J.Hood, B.Stein & P.Valkama / Innovations in Financing Higher Education in Slovakia; M.Beblavý, P.Mederly & E.Sičáková-Beblavá / Innovation in the Turkish Budgetary System: Recent Developments in Public Governance; H.Kirmanoglu & P.Akkoyunlu / Co-Payments: Innovations in the Balance between Public and Private Finance; S.J.Bailey / Vouchers as Innovative Funding of Public Services; P.Valkama, S.Bailey & I.C.Elliott / Public Service Vouchers in the UK and Finland; I.C. Elliott, P.Valkama & S.J.Bailey July 2010 312pp 32 b/w tables and 29 figures Hardback £65.00

216x138mm

Accounting

IFRSs - A Visual Approach 4th edition

Donncha Marron, Lecturer in Sociology, School of Applied Social Studies, Robert Gordon University, UK

Edited by KPMG

The object and scope of this book is the development of marketed consumer credit within the United States from the mid decades of the nineteenth century up until the present day.

Contents: Fishing for Sharks and Governing Small Loans / Consuming by Instalments: The Rise of Retail Credit / Assembling the Automobile, Reassembling Thrift / Mass Credit, Mass Society and their Discontents / Plastic Credit, Plastic Lifestyles / Credit Reporting and Consumer Surveillance / Risk and Technologies of Credit Scoring / Borrowing on the Fringe: The Fate of the Risky / Risk, Identity and the Consumer / Securing the Self / Conclusion: Taking Life December 2009 288pp Hardback £57.00

216x138mm 978-0-230-61518-2

Based on the International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB) in January 2010, this provides a simplified summary of the main elements - using diagrams for each of the Standards to help the reader visualize the key decisions and choices their application requires.

Contents: Preface to the 4th edition / List of Abbreviations / I. Introduction / II. International Financial Reporting Standards A Full Table of Contents is Available at: www.palgrave.com September 2010 224pp 100 figures Hardback £30.00

234x156mm 978-0-230-27566-9

ebook available from: Palgrave Connect Social Sciences Collections, Dawson ERA, ebooks.com, Ebook Library, Ebrary, Myilibrary, NetLibrary

Follow Palgrave Macmillan on Facebook®. Become a ‘fan’ of our Facebook® page to get the latest news, reviews and event invites. www.facebook.com/PalgraveMacmillan

978-0-230-24159-6

1000s of scholarly ebooks available at www.palgraveconnect.com, ask your librarian to request a trial

29

ACCOUNTING

HIGHLIGHT St James’s Place Tax Guide 2011–2012 40th edition Walter Sinclair, Tax Specialist with E. Barry Lipkin, Writer Preface by Sir Mark Weinberg Reviews of previous editions*: ‘The bestselling tax guide is back and it’s as authoritative as ever... gives practical guidance on tax issues, which would benefit both students and professionals alike.’ - Accounting Technician ‘No other manual compares...the complete A-Z on Tax.’ - The Times ‘The best book ever written on taxation.’ - The Daily Telegraph ‘Acknowledged among consumers and professionals alike as the best book on the subject.’ - The Independent ‘ Provides a complete guide to UK taxation...includes clear examples and explanations, tables and a glossary, with all items fully referenced and indexed for ease of use.’ - Tax Journal *Including editions of the book prior to it being published as the St. James’s Place Tax Guide

The fortieth annual edition of the leading guide to taxation in Britain. This practical and user-friendly guide is a bestseller with students, professionals, accountants and private individuals; explaining in simple terms how the UK tax system works and how best to minimise tax liabilities.

Contents: Preface; Sir M.Weinberg / Abbreviations / Introduction / This Year’s Tax Changes / The Basis of Your Tax Liability / Personal Reliefs / Annual Payments and Interest / Computing Your Income Tax Bill / Husband, Wife, Civil Partners and Children / Income from Land and Property / Income from Dividends and Interest / Life Assurance / Income from Employments and PAYE / Income from Businesses and Professions / Partnerships / Companies / Pensions / Miscellaneous Aspects / Returns, Assessments and Repayment Claims / Domicile and Residence / Tax on Foreign Income / Non-residents, Visitors and Immigrants / Capital Gains Tax / The Taxation of Trusts and Estates / Inheritance Tax / An Outline of VAT / Stamp Duty / Social Security / Tax Saving Hints / Tax Tables / Glossary / Index

Order your copy now at a special pre-publication price of just £21.99* plus P&P, please visit:www.palgrave.com/taxguide and enter WTAX2011a at the checkout. *Special offer price of £21.99 available until 15/07/2011. Price thereafter £34.99.

St James’s Place Tax Guide 2010–2011 39th edition Walter Sinclair, Tax Specialist with E. Barry Lipkin, Writer August 2010 Hardback

30

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Business Accounting An Introduction to Financial and Management Accounting Jill Collis, Reader in Accounting, Brunel University, UK and Roger Hussey, Dean of Odette School of Business, University of Windsor, Canada

Business Accounting covers financial and management accounting in a non-technical style, particularly suitable for non-specialist undergraduate and postgraduate students.

The active-learning approach seeks to convey an understanding of the subjectivity inherent in accounting and the ability to evaluate financial information.

Contents: Preface / PART ONE: THE WORLD OF ACCOUNTING AND FINANCE / Nature and Purpose of Accounting / Accounting Principles and Rules / Importance of Cash / PART TWO: FINANCIAL ACCOUNTING / The Accounting System / The Trial Balance / Measuring Financial Performance / Measuring Financial Position / Financial Statements of a Sole Trader / Financial Statements of a Partnership / Financial Statements of a Limited Company / Analysing Financial Statements / PART THREE: MANAGEMENT ACCOUNTING / Importance of Cost Information / Costing for Product Direct Costs / Costing for Indirect Costs / Costing for Specific Orders and Continuous Operations / Activity-based Costing / Marginal Costing / Budgetary Control / Standard Costing / Capital Investment Appraisal / Discounted Cash Flow / Appendix: Present Value Table / Acronyms / Glossary / Index August 2006 Paperback

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ACCOUNTING • REFERENCE

Mastering Accounting Skills 3rd edition Margaret Nicholson, RSA Chief Examiner for Book-keeping and Accounting, and an NVQ External Verifier, UK

A clear explanatory text designed for beginners with no prior knowledge or experience of the discipline. Step-by-step illustrations enable students to gain a real understanding of the principles and procedures of Book-keeping and Accounting.

July 2006 Paperback

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Palgrave Master Series

Mastering Communication

Reference

The Essential Financial Toolkit

Nicky Stanton, Management Consultant and Trainer in Management Development and Communication, UK

Everything You Always Wanted to Know About Finance But Were Afraid to Ask Javier Estrada, Professor of Finance, IESE Business School, Spain

Math and jargon make essential financial concepts seem intimidating, but that is simply because most books do not have the goal of being accessible to interested readers – this book does. In ten easy-toread chapters, it explains all the essential financial tools and concepts, fully illustrated with real-world examples and Excel implementations.

Key Concepts in Accounting and Finance

Contents: Tool 1: Returns / Tool 2: Mean Returns / Tool 3: Risk: Standard Deviation and Beta / Tool 4: Diversification and Correlation / Tool 5: Required Returns and the CAPM / Tool 6: Downside risk / Tool 7: Risk-Adjusted Returns / Tool 8: NPV and IRR / Tool 9: Multiples / Tool 10: Bonds / Appendix: Some Useful Excel Commands

Jonathan Sutherland and Diane Canwell, both Fulltime Writers, UK

November 2010 200pp 19 b/w tables and 5 figures Hardback £26.00

Key Concepts in Accounting and Finance is one of a range of comprehensive glossaries with entries arranged alphabetically for easy reference. All major concepts, terms, theories and theorists are incorporated and cross-referenced. Additional reading and Internet research opportunities are identified. More complex terminology is made clearer with numerous diagrams and illustrations.

With almost 600 key terms defined, the book represents a comprehensive must-have reference for anyone studying a business-related course or those simply wishing to understand what accounting and finance is all about. It will be especially useful as a revision aid.

5th edition

This book will help students improve their speaking, listening, reading and writing skills. It will give an understanding of the importance of good communication skills for their personal development and career. It is relevant to a variety of courses: HE, FE, Professional, Open University, A-level and International Baccalaureate.

July 2009 Paperback

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IESE Business Collection

Contents: Contains almost 600 Major Concepts, Terms, Theories and Theorists, Arranged Alphabetically March 2004 Paperback

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REFERENCE

The New Palgrave Dictionary of Economics

HIGHLIGHT

2nd edition

The Dictionary of Finance, Investment and Banking

Edited by Steven N. Durlauf, University of Wisconsin, USA and Lawrence E. Blume, Cornell University, USA

Erik Banks, Senior Risk Advisor,UniCredit Group

‘This practical, easy-to-use reference will be a valuable resource for academic libraries supporting financial courses and for public libraries supporting the financial sector of the business world.’ - Choice Reviews The Palgrave Macmillan Dictionary of Finance, Investment and Banking helps you understand and use financial language with more ease and confidence.

Compiled by a finance professional with real-world experience on three continents, it is a highly practical reference book containing the essential terminology of today’s international financial marketplace. It gives concise and clear definitions of well over 5,000 terms commonly used in the industry, covering the disciplines of accounting, banking, corporate finance, investment management and insurance.

The dictionary includes: • New terminology, reflecting developments following the global financial crisis • ‘Hot topics’ of Islamic finance, bank regulation, carbon/emissions trading, business law/ bankruptcy and structured products.

• International coverage, with terminology used in Europe, Asia and the USA • Technical and non-technical terms, colloquialisms, acronyms and foreign language terms • 190 essential formulae and 50 diagrams to aid understanding Companion website with extra features and information: www.palgrave.com/banks

Contents: Acknowledgements / The Author / Summary of Colloquialisms, Foreign Terms, and Acronyms / Introduction / Numeric / Entries A-Z / Selected References

December 2009 600pp 48 figures and 21 b/w tables Hardback £26.00

234x156mm 978-0-230-23829-9

‘Much has changed in the latest incarnation of this dictionary...More than 1,500 economists contributed almost 1,900 signed entries; more than 1,000 of the entries are new or ‘heavily revised’ and expanded. Along with the descriptions of economic method from earlier editions, this edition includes much information on ‘what those methods have found.’ It also offers new emphasis on advances that have occurred in microeconomics, Bayesian theory, game theory, and behavioral, international, and experimental economics...A regularly updated online version of the dictionary is available www.dictionaryofeconomics.com, with site license pricing based on institution type and FTE. Summing Up: Highly recommended.’ - Choice Written by over 1500 eminent contributors, this new edition of The New Palgrave Dictionary of Economics retains many classic essays of enduring importance and contains 1,872 articles. Published in eight print volumes and for the first time in online format, this is the definitive scholarly reference work for a new generation of economists.

Contents: Publishing History / Editors’ Preface / List of Entries A-Z / The Dictionary Volumes 1-8 / Appendices / Subject Index / Index / / Also available as a dynamic online resource. Visit www.dictionaryofeconomics.com to request a free trial.

May 2008 Hardback

7534pp £1850.00

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TEACHING AND RESEARCHING IN HIGHER EDUCATION TEACHING AND RESEARCHing IN HIGHER EDUCATION Universities into the 21st century

Becoming an Academic Lynn McAlpine, Professor of Higher Education Development, University of Oxford, UK and Gerlese Akerlind, Associate Professor and Director, Centre for Educational Development and Aacademic Methods, Australian National University, Australia

Series Editors: Noel Entwistle and Roger King Short, readable perspectives on higher education in a global setting.

To find out more, visit www.palgrave.com/UTC

Learning Development in Higher Education Edited by Peter Hartley, Professor of Education Development, University of Bradford, UK, John Hilsdon, Head of Learning Development, University of Plymouth, UK, Sandra Sinfield, Co-ordinator and Senior Lecturer in Learning Development, London Metropolitan University, UK, Christine Keenan, Learning and Teaching Fellow, Bournemouth University, UK and Michelle Verity, Head of Student Enterprise and Development, York St John University, UK

This book shows how Learning Development enhances the student experience and promotes active engagement. Written by staff from the UK’s largest collaborative Centre for Excellence in Teaching and Learning (CETL), the book includes important insights for everyone interested in supporting student retention, progression and success.

This book draws on research in Australia, Canada, UK, and US into the experiences of doctoral students, postdoctoral researchers and new academics. Each chapter develops researchinformed implications for policy and practice to support developing academics, and concludes with commentaries by early career academics, developers and administrators.

October 2010 224pp 2 b/w tables and 3 charts Paperback £21.99

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Global Inequalities and Higher Education Whose interests are we serving?

Edited by Elaine Unterhalter, Professor of Education and International Development, Institute of Education, University of London, UK and Vincent Carpentier, Senior Lecturer in History of Education, Institute of Education, University of London, UK

‘A strong feature of the book is that it is timely and fresh. The editors have done much work to connect to sensibilities of the global recession and the emerging effects in higher education and the developing world.’ - Dr Simon Marginson, Professor of Higher Education, University of Melbourne, Australia ‘...based on genuine scholarship rather than highclass journalism.’ - Times Higher Education Examines how higher education has contributed to widening inequalities and might contribute to change. By exploring questions of access, finance and pedagogy, it considers global higher education as a space for understanding the promises and pressures associated with competing demands for economic growth, equity, sustainability and democracy.

June 2010 344pp 6 graphs and 7 b/w tables Paperback £22.99

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November 2010 288pp 216x138mm 4 tables, 3 charts and 3 b/w photographs Paperback £22.99 978-0-230-24148-0

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TEACHING AND RESEARCHING IN HIGHER EDUCATION • STUDY SKILLS Universities into the 21st century CONT...

Understanding the International Student Experience Catherine Montgomery, Associate Director for Research, Centre for Excellence in Teaching and Learning, Northumbria University , UK

Presents a contemporary approach to the experience of international students in Higher Education. Using empirical and qualitative data, the book explores their social and cultural context and its impact on their learning experience.

Contents: Preface / PART I: THE CONTEXT / Culture in Higher Education / Research on the International Student Experience: A Cultural Landscape / PART II: THE RESEARCH / Student Voices, Student Lives: International Students in Context / International Student Networks: A Community of Practice? / International Students and Home Students: Worlds Apart? / Preparing for Life in a Global Community? / Concluding Comments to the Research / PART III: DISCUSSION / Paths Towards an International Experience for All: The Criticality of Discourse, Context and Internationalization at Home / Postscript / Appendix i / Appendix ii / List of References / Index January 2010 2 b/w tables Paperback

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Thinking Skills for Professionals Bryan Greetham, Honorary Fellow, University of Durham, UK

This book gives professionals and business people the essential tools to become better thinkers and decision-makers. It sets out simple methods and techniques to avoid poor decision making by developing our conceptual, creative and critical thinking skills, along with ways of incorporating them within our daily lives.

May 2010 312pp 4 line drawings and 1 table Paperback £14.99

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3rd edition Jill Collis, Senior Lecturer in Accounting, Kingston University Business School, UK, and Roger Hussey, Dean, Odette Business School, University of Windsor, Canada A practical, concise, straight forward guide. Covering the entire process from reviewing the literature to writing up results, it has balanced coverage of quantitative and qualitative methods and a practical trouble shooting section. It provides all the tools needed to successfully embark on research and applies theories to real life scenarios.

February 2009 376pp 30 graphs and 50 colour tables Paperback £34.99

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Researching Business and Management A Roadmap For Success Harvey Maylor, Lecturer in Operations and Project Management, School of Management, University of Bath, UK and Kate Blackmon, Lecturer in Operations Management, Saïd Business School, UK

An introductory text on the process of research in business and management. It will enable undergraduate, taught postgraduates and MBA students to develop the skills to carry out rigorous research, using a structured approach.

April 2005 Paperback

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Business Research

Study Skills

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JOURNALS

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PALGRAVE CONNECT

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INDEX A

C

African Finance in the 21st Century Quintyn Verdier 28 Aliber The New International Money Game 23 Aliber Zoega Preludes to the Icelandic Financial Crisis 2 Alizadeh Nomikos Shipping Derivatives and Risk Management 24 Amato Doria Fantacci Money and Calculation 10 Anatomy of a Financial Crisis Jarsulic 19 Andersen The Evolution of Nordic Finance 7 Apati The Nigerian Banking Sector Reforms 5 Applied Econometrics Asteriou Hall 11 Asset and Liability Management Handbook Mitra Schwaiger 17 Asteriou Hall Applied Econometrics 11

B Bailey Valkama Anttiroiko Innovations in Financing Public Services Banking in China Cousin Banking in Latin America Vento Banks Dark Pools Banks Dictionary of Finance, Investment and Banking Banks See No Evil Becoming an Academic McAlpine Akerlind Berkelaar Coche Nyholm Central Bank Reserves and Sovereign Wealth Management Berkelaar Coche Nyholm Interest Rate Models, Asset Allocation and Quantitative Techniques for Central Banks and Sovereign Wealth Funds Botterill Consumer Culture and Personal Finance Bottiglia Gualandri Mazzocco Consolidation in the European Financial Industry Brown Euro Crash Business Accounting Collis Hussey Business Research Collis Hussey

29 5 4 21 32 18 33

3

Capital Market Instruments Choudhry Landuyt Pereira 20 Central Bank Reserves and Sovereign Wealth Management Berkelaar Coche Nyholm 3 Central Banking and Financialization Gabor 10 China After the Subprime Crisis Lo 18 Choudhry Landuyt Pereira Capital Market Instruments 20 Coche Nyholm Petre Portfolio and Risk Management for Central Banks and Sovereign Wealth Funds 3 Collis Hussey Business Research 34 Collis Hussey Business Accounting 30 Comparative Contract Law Kadner Graziano 28 Consolidation in the European Financial Industry Bottiglia Gualandri Mazzocco 10 Consumer Credit in the United States Marron 29 Consumer Culture and Personal Finance Botterill 19 Corporate and Social Transformation of Money and Banking Mouatt Adams 8 The Cost of Capital Porras 22 Cousin Banking in China 5 Credit Scoring, Response Modelling and Insurance Rating Finlay 19 Credit Treasury Oricchio 21 Crisis Huertas 20 Currency Internationalization: Global Experiences and Implications for the Renminbi Peng Shu 3

D 2 19 10 27 30 34

D’Apice Ferri Financial Instability Dark Pools Banks Das Financial Globalization David Laidler’s Contributions to Economics Leeson Determinants of Financial Development Huang

9 21 19 11 18

Dictionary of Finance, Investment and Banking Banks Dobos Sturt Barry Global Financial Crisis: The Ethical Issues Durlauf Blume The New Palgrave Dictionary of Economics

32 15 32

E Economics by Example Gujarati 12 Emerging Asia Rajan 4 Endres International Financial Integration 25 The Essential Financial Toolkit Estrada 31 Essential Quantitative Methods Oakshott 14 Estrada The Essential Financial Toolkit 31 EU Payments Integration Wandhöfer 7 Euro Crash Brown 27 European Banking Olgu 4 The Evolution of Nordic Finance Andersen 7

F Finance & Financial Markets Pilbeam 16 Financial Econometrics Modeling: Derivatives Pricing, Hedge Funds and Term Structure Models Gregoriou Pascalau 12 Financial Econometrics Modeling: Market Microstructure, Factor Models and Financial Risk Measures Gregoriou Pascalau 12 Financial Globalization Das 19 Financial Instability D’Apice Ferri 9 Financial Institutions and Markets Kaufman Bliss 19 Financial Management Knott 24 Financial Markets and Organizational Technologies Kyrtsis 9 Finlay The Management of Consumer Credit 2 Finlay Credit Scoring, Response Modelling and Insurance Rating 19 Fiordelisi Molyneux Previati New Issues in Financial and Credit Markets 8 Fiordelisi Molyneux Previati New Issues in Financial Institutions Management 8 Frodsham Liechtenstein Getting Between the Balance Sheets 23

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INDEX The Future of Insurance Regulation and Supervision Liedtke Monkiewicz

14

G Gabor Central Banking and Financialization 10 Getting Between the Balance Sheets Frodsham Liechtenstein 23 The Global Crash Talani 26 Global Custody and Clearing Services McGill Patel 22 Global Financial Crisis: The Ethical Issues Dobos Sturt Barry 15 Global Inequalities and Higher Education Unterhalter Carpentier 33 Greetham Thinking Skills for Professionals 34 Greetham Thinking Skills for Professionals 34 Gregoriou Pascalau Financial Econometrics Modeling: Derivatives Pricing, Hedge Funds and Term Structure Models 12 Gregoriou Pascalau Financial Econometrics Modeling: Market Microstructure, Factor Models and Financial Risk Measures 12 Gregoriou Pascalau Nonlinear Financial Econometrics: Forecasting Models Computational and Bayesian Models 13 Gregoriou Pascalau Nonlinear Financial Econometrics: Markov Switching Models Persistence and Nonlinear Cointegration 13 Growth and Value Creation in Asset Management Verdin 27 Gruber Public Finance and Public Policy 28 Gujarati Economics by Example 12

H Hartley Hilsdon Sinfield Learning Development in Higher Education Hendrickson Regulation and Instability in U.S. Commercial Banking Huang Determinants of Financial Development Huertas Crisis

33 6 18 20

I IFRSs - A Visual Approach KPMG

38

29

Innovations in Financing Public Services Bailey Valkama Anttiroiko Interest Rate Models, Asset Allocation and Quantitative Techniques for Central Banks and Sovereign Wealth Funds Berkelaar Coche Nyholm International Finance Pilbeam International Financial Integration Endres An Introduction to Global Financial Markets Valdez Molyneux Introduction to International Economics Jager Jepma Kamphuis An Introduction to Stock Exchange Investment Rutterford Davison Investment Beliefs Koedijk Slager

29

2 28 25 27 25 21 16

J Jager Jepma Kamphuis Introduction to International Economics Japan’s Financial Slump Suzuki Jarsulic Anatomy of a Financial Crisis Jowett Jowett Private Equity

25 5 19 17

K Kadner Graziano Comparative Contract Law 28 Kaufman Bliss Financial Institutions and Markets 19 Key Concepts in Accounting and Finance Sutherland Canwell 31 Kindleberger Aliber Manias, Panics and Crashes 24 Klonowski The Venture Capital Investment Process 19 Knott Financial Management 24 Koedijk Slager Investment Beliefs 16 Koppell Origins of Shareholder Advocacy 22 KPMG IFRSs - A Visual Approach 29 Kyrtsis Financial Markets and Organizational Technologies 9

L Learning Development in Higher Education Hartley Hilsdon Sinfield

33

Leeson David Laidler’s Contributions to Economics Liedtke Monkiewicz The Future of Insurance Regulation and Supervision Lo China After the Subprime Crisis Lucarelli Brighetti Risk Tolerance in Financial Decision Making

11 14 18 6

M The Management of Consumer Credit Finlay 2 Manias, Panics and Crashes Kindleberger Aliber 24 Marron Consumer Credit in the United States 29 Mastering Accounting Skills Nicholson 31 Mastering Communication Stanton 31 Mastering Financial Management Whiteley 25 Matousek Money, Banking and Financial Markets in Central and Eastern Europe 6 Maylor Blackmon Researching Business and Management 34 Mazzucato Lowe Shipman Personal Investment 24 McAlpine Akerlind Becoming an Academic 33 McGill Patel Global Custody and Clearing Services 22 Mikdashi Progress-Driven Entrepreneurs, Private Equity Finance and Regulatory Issues 20 Minding the Markets Tuckett 15 Mitra Schwaiger Asset and Liability Management Handbook 17 Money and Calculation Amato Doria Fantacci 10 Money, Banking and Financial Markets in Central and Eastern Europe Matousek 6 Money Makers Snider Howard 22 Montgomery Understanding the International Student Experience 34 Moosa The Myth of Too Big To Fail 9 Mouatt Adams Corporate and Social Transformation of Money and Banking 8 The Myth of Too Big To Fail Moosa 9 The New International Money Game Aliber 23

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INDEX N New Issues in Financial and Credit Markets Fiordelisi Molyneux Previati 8 New Issues in Financial Institutions Management Fiordelisi Molyneux Previati 8 The New Palgrave Dictionary of Economics Durlauf Blume 32 Nicholson Mastering Accounting Skills 31 Nonlinear Financial Econometrics: Forecasting Models Computational and Bayesian Models Gregoriou Pascalau 13 Nonlinear Financial Econometrics: Markov Switching Models Persistence and Nonlinear Cointegration Gregoriou Pascalau 13

O Oakshott Essential Quantitative Methods Ögren The Swedish Financial Revolution Olgu European Banking Operational Control in Asset Management Pinedo Oricchio Credit Treasury Origins of Shareholder Advocacy Koppell

14 7 4 26 21 22

P Patterson A Primer for Unit Root Testing Peng Shu Currency Internationalization: Global Experiences and Implications for the Renminbi Personal Investment Mazzucato Lowe Shipman Pilbeam International Finance Pilbeam Finance & Financial Markets Pinedo Operational Control in Asset Management The Political Economy of Sovereign Wealth Funds Yi-chong Bahgat Porras The Cost of Capital Portfolio and Risk Management for Central Banks and Sovereign Wealth Funds Coche Nyholm Petre Preludes to the Icelandic Financial Crisis Aliber Zoega A Primer for Unit Root Testing Patterson

13

3 24 28 16 26 18 22

3

Private Equity Jowett Jowett Progress-Driven Entrepreneurs, Private Equity Finance and Regulatory Issues Mikdashi Public Finance and Public Policy Gruber

17

20 28

14 28

Thomsen Rose Risager Understanding the Financial Crisis: Investment, Risk and Governance

26

Tuckett Minding the Markets

15

U 4 11 6 34 11 6 21

Understanding the Financial Crisis: Investment, Risk and Governance Thomsen Rose Risager

26

Understanding the International Student Experience Montgomery

34

Unterhalter Carpentier Global Inequalities and Higher Education

33

V Valdez Molyneux An Introduction to Global Financial Markets Vento Banking in Latin America

S See No Evil Banks Shipping Derivatives and Risk Management Alizadeh Nomikos Sinclair Lipkin St James’s Place Tax Guide 2010-2011 Snider Howard Money Makers St James’s Place Tax Guide 2010-2011 Sinclair Lipkin Stanton Mastering Communication Sutherland Canwell Key Concepts in Accounting and Finance Suzuki Japan’s Financial Slump The Swedish Financial Revolution Ögren Swift Piff Quantitative Methods

26

The Nigerian Banking Sector Reforms Apati 5 Thinking Skills for Professionals Greetham 34

R Rajan Emerging Asia Read The Rise and Fall of an Economic Empire Regulation and Instability in U.S. Commercial Banking Hendrickson Researching Business and Management Maylor Blackmon The Rise and Fall of an Economic Empire Read Risk Tolerance in Financial Decision Making Lucarelli Brighetti Rutterford Davison An Introduction to Stock Exchange Investment

Talani The Global Crash

Thinking Skills for Professionals Greetham 34

Q Quantitative Methods Swift Piff Quintyn Verdier African Finance in the 21st Century

T

27 4

18

The Venture Capital Investment Process Klonowski

19

24

Verdin Growth and Value Creation in Asset Management

27

30 22 30 31 31 5 7 14

W Wandhöfer EU Payments Integration

7

Whiteley Mastering Financial Management 25

Y Yi-chong Bahgat The Political Economy of Sovereign Wealth Funds

18

2 13

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BESTSELLING INTRODUCTION IN THE FIELD

The third edition of this key introduction has been thoroughly updated in the wake of the recent financial crisis, and discusses the implications for the finance industry.

New to this edition: - New chapter on the banking crisis - Revised chapter on financial regulation - Increased coverage of behavioural finance and detail of the future of derivatives trading - A new case study in each chapter

New features to improve accessibility: - New design: 2 colour and larger format - Key concepts and on-page glossary - Improved referencing and expanded further reading and web links

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CATALOGUE ISBN: 978-0-230-32732-0

An interactive e-learning resource for students With the right tools, you can have sharper students Our innovative new online study skills resource will help your students to develop personal strategies to improve their study skills. skills4studycampus is an ideal way to engage with students and improve their learning experience.

By recommending skills4studycampus, you can help your students write better essays, have more creative ideas, use greater critical analysis, make the most of lectures and face exams with confidence. skills4studycampus focuses on the core skills required for success at university or college. The content has been adapted from The Study Skills Handbook by our experienced team, including the author Stella Cottrell, Director of Lifelong Learning at the University of Leeds, UK. skills4studycampus offers modules on:  Reading and Note-Making  Critical Thinking Skills  Writing Skills  Referencing and Understanding Plagiarism Enhanced core modules, as well as additional modules on Exam Skills and Presentations and Groupwork, will be available by Spring 2011.

To watch a free online demo of the site, please visit: www.skills4studycampus.com To arrange a trial please ask your librarian or library support manager to contact onlinesales@palgrave.com or phone +44 (0)207 0144225. We will also be happy to provide price information, including discounts on new modules for our existing subscribers.

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