Are the unconventional accommodative monetary policies in place since 2008 pulling Western economies into a black hole?
Jacques Ninet asks precisely this question of these policies as he investigates their origins, effectiveness and permanency. Starting with the neoliberal revolution of the 1980s, Ninet shows how growing wealth disparities and their counterpart, growing indebtedness, have created financial
instability and triggered recurring crises. Central banks have become the only game in town, but as they have reached the zero-lower bound in the US and even crossed it in Europe and Japan, they are now in great danger, and they are carrying with them the whole house of cards.
Ideally suited for researchers, professionals and students of finance and economics, this book shows that very little would be needed to restore economic order, and it demonstrates how such efforts could be carried out in conjunction with efforts towards ecological transition and the restoration of
social justice.
This is a collection of 21 articles that deal with the frontiers in financial theory of economics. Most aspects of finance are covered - domestic corporate and investment issues as well as questions and problems of topical value in international finance. It includes topics such as: initial public
offerings, debt restructuring, mergers, dividend policy, stock returns, capital structure, measures of risk aversion, microstructure of equity markets, agency cost and employee stock ownership, international takeover bidding, futures and forward contracts in currency markets, offshore loans, and
market efficiency.
A systemic risk event that leads to significant losses in banks that are significant financial institutions can expose them to insolvency, significant volatility and impose serious negative impact on a country’s economy, as witnessed during the 2008 financial crash. The viral spread of
operational losses through global markets by interconnected multinational banks can be referred to as idiosyncratic viral loss theory.
Operational Risk Management in Banks and Idiosyncratic Loss Theory: A Leadership Perspective identifies important considerations that can bolster effective risk management practices in comprehensive enterprise-wide risk, fraud control, going beyond minimum risk assessment required by banking
regulators as well as independent risk identification and management. These considerations towards improving risk management practices may help reduce systemic operational losses spread virally in banks.
Operational Risk Management in Banks and Idiosyncratic Loss Theory is a useful tool for scholars, bank practitioners, regulators, and accountants to understand the behaviour of idiosyncratic viral losses in banks and in the use of effective risk management practices. Bank practitioners and
regulators can leverage the suggestions made by the panel of sector experts and bank leaders to construct action plans and training programs.
Advances in Financial Economics publishes peer reviewed quality manuscripts on any aspects of financial economics including corporate finance, financial institutions and markets and microeconomics.
In 1978, the citizens of California took the historic step of voting for
Proposition 13, thus reducing property taxes by 57%. Already known
as a trend setting state, California’s tax revolt was no different,
as similar tax revisions quickly spread across the United States of
America. In California, state and local governments struggled to find
a way to manage the loss in revenue. On many occasions budget
cuts were the solution. Library budgets were frequently the target of
those cuts.
Proposition 13 - America’s Second Great Tax Revolt details how
libraries prioritized, managed and reacted to hardships in this new
world, and have done so in California for the last forty years where
Proposition 13 is still the law. Library and information science
professionals were facing budget cuts that were as high as 65%
with little to no guarantee of what future budgets were to be. The
actions they took, and the rationale behind those actions, offer
significant lessons to be learned by the library community on both
an academic and practitioner level.
Exploring the intended and unintended consequences of
Proposition 13, this book provides an insightful understanding of
how to manage a library budget given a difficult funding situation. It
examines the thought processes behind government financing and
spending priorities, and considers how libraries can organize, and
participate in activism to influence decision makers.
The finance industry is currently going through a digital revolution, with new and developing technology transforming the world of banking and financial services beyond recognition. Banks and financial institutions worldwide recognize the pressing need to innovate to avoid disruption or displacement
by highly agile and often smaller fintech companies. Reinventing Banking and Finance is an essential guide for finance professionals to current trends in fintech, innovation frameworks, the challenges of outsourcing or embedding innovation, and how to effectively collaborate with other
organizations.Beginning with the history and background of how banking got to the era of fintech, the book provides a thorough overview of the global fintech ecosystem and the drivers behind innovation in technologies, business models and distribution channels. Examples of key institutions and
interviews with innovators and experts shine a light on key financial innovation hubs in UK, US, China, Israel and more, and offer advice for institutions looking to choose the right market for their needs. Covering genuine innovations in AI, machine learning, blockchain and digital identity,
Reinventing Banking and Finance offers expert insight into navigating the complex and multi-layered finance industry.
This volume consists of original research articles examining timely issues in financial services, asset pricing, and hedging. The articles in the first part of the volume deal with methods for assessing the safety and soundness of banks, rationales for and economic consequences of bank mergers,
valuation effects of lender environmental liability, option-theoretic explanations of the closed-end mutual fund discount, and contingent-claims analysis of price-matching refunds. Articles in the second part of the volume study consumption smoothing and the equity premium puzzle, the yield spread
of tax-deductible preferred stock, fitting a jump-diffusion model of currency futures options, duration effects on hedge ratios of currency futures, and dynamics between foreign exchange and stock markets in Southeast Asian economies.
This volume covers such topics as financial distress and capital structure choice; optimal capital structure and valuation of the firm in multiperiod context; regression tests of the present value model of stock prices; and, intra-industry information transfers and stock repurchases.
Rethinking Finance in the Face of New Challenges provides an overview of the new research perspectives devoted to financial activity, reconsidering the opposition between orthodox and heterodox schools of finance. The purpose is to identify new theoretical and practical issues around the concepts of
values, radical uncertainty, and financial instability, but also to examine the consequences of the financialisation process on the dynamics of organisations and markets, as well as on value production mechanisms.
This fifteenth volume of Critical Studies on Corporate Responsibility, Governance and Sustainability begins by exploring the globalisation and financialisation of economies, central banks and corporate strategies before switching to focus on financial value as a historically situated social
construct. The book then examines the relationship between finance, social value and sustainable development and presents several avenues for reflection with a view to a paradigmatic renewal of research and teaching in finance.
At a time when an unprecedented infectious and sanitary crisis is generating disastrous financial, economic, social and societal repercussions, the work presented in this book will stimulate reflection and contribute to the renewal of a Finance that now has to face many new social, societal and
environmental challenges.
Financial markets have developed rapidly since the 1980s, crossing national borders, and a new financial order has emerged. As a result of increasing competition in this new market, financial institutions and companies have had to improve and renew themselves. The emergence of new financial products
has become essential. One of the recent trends observed in financial markets is in financial innovation, with the purpose of ensuring markets are efficient and competitive, along with increasing profitability and reducing risk.
Strategic Outlook in Business and Finance Innovation: Multidimensional Policies for Emerging Economies, edited by Hasan Dinçer and Serhat Yüksel, brings together new theoretical frameworks and develops appropriate strategies to improve the performance of firms globally.
Vital issues are examined, including customer retention policies, generating new products based on customer needs, clarifying organizational goals, active participation of all organization for idea generation, analysing industry trends and benchmarking in competitive market environments.
In this collection, global perspectives are offered with contributions and examples from Asia, Eastern Europe, Latin America and Africa, as well as other emerging economies, which give illuminating insights for scholars of business, management and finance.