At the height of the 1990s boom, Jack Grubman, one of the most successful analysts in Wall Street proclaimed ‘what used to be conflicts of interest are now synergies’. This myopia contributed dramatically to the elevation of a culture in which greed was deified, oversight denigrated and misfeasance justified. Since the fall of the markets and the implosion of confidence in the American corporate business model, one man has proved instrumental in deconstructing the rhetoric of the 1990s: Eliot Spitzer, the combative Attorney General of New York. In the process, his innovative application of state law has reconfigured the governance of Wall Street. Over the past three years the pursuit of transparency and accountability in the structure of the markets has propelled Spitzer to the forefront of regulatory policy. His investigations into tainted analyst research, the mutual funds industry, the governance of the New York Stock Exchange and the insurance industry have focused attention not just on corrupted individuals but also the complicity of the financial structure itself. Spitzer exploited the inherent conflicts of interest to the full, forcing regulators to adopt a much more proactive approach and creating a national platform for his own wider political ambitions. Now holding the Democratic nomination for the Governorship of New York, Spitzer has begun a path for higher national office. This groundbreaking book features exclusive access with many of the key actors in these changes to the governance of Wall Street. It examines how Eliot Spitzer exploited gaps in the regulatory framework to capture the corporate reform agenda and explores the implications of his actions on policy formation and recalibration. Key incidents include: changing the terms of reference governing analyst research; the defenestration of Dick Grasso’s tenure over the NYSE (which is now being heard in state court in New York); and the battles for control between the former Chairman of the Securities Exchange Commission, Harvey Pitt, and Spitzer. The book details not only the contested, contingent and interdependent connections between the American political and financial systems but reveals how Spitzer’s manipulation of those connections have proved instrumental in enhancing his own wider political ambitions.
In the fast changing business and financial markets, the role of operations manager is crucially important to any organisation. As automated processes increase and settlement cycles shorten, the demands on operations managers to embrace change and to become cost effective contributors to the bottom line increases. This book follows on from Fundamentals of Global Operations Management, 2e (0470026537). Author David Loader explores the challenges of being a good supervisor and manager in an environment of constant change, variable workloads and pressure to deliver quality services cost-effectively. He covers the key aspects of the role, which include managing risk, people and clients.
Brownian Motion Calculus presents the basics of Stochastic Calculus with a focus on the valuation of financial derivatives. It is intended as an accessible introduction to the technical literature. A clear distinction has been made between the mathematics that is convenient for a first introduction, and the more rigorous underpinnings which are best studied from the selected technical references. The inclusion of fully worked out exercises makes the book attractive for self study. Standard probability theory and ordinary calculus are the prerequisites. Summary slides for revision and teaching can be found on the book website.
In Financial Risk Taking, trader and psychologist Mike Elvin explores the complex relationship between human behaviour patterns and the markets, offering the reader a context in which to assess their own strengths and weaknesses as investors. The book offers an apposite and uncomplicated system of skills development in the form of competences and competencies that can be applied anywhere along the continuum from casual investor to full-time day trader. Elvin presents a Comprehensive Model of Trading Competence (the MOT) as well as the concepts of analysis and refutation, the paramouncy principle, and self-sabotaging behaviours such as the Santa Claus syndrome and Bohica effect. Areas covered include: Emotions – are they functional or disabling? How do the mechanisms of fear, greed and panic work? Motivation and perception – how do belief paradigms affect perception and performance? What perceptual errors influence decisions to the trader's detriment? Information processing and risk assessment – how does information overload affect Stress How does stress affect investment decisions? Technological and mathematical anxiety – why do we avoid learning the skills we most need? What levels of ability are required? Can psychological and biological theories assist in our understanding of investors' performance?
Governing the Corporation is a unique forum combining the insights of some of the most influential minds involved in the governance of global financial markets with internationally recognised academics and practitioners. Divided into three sections, the book first examines changes to the regulation of markets and assesses the global implications of the export of Sarbanes-Oxley for financial sector governance. The second section examines the challenges facing the professions with critical analysis from leading lawyers and accountants. The final section calculates the effectiveness of state and self-regulatory policy and posits the importance of institutionalising an ethical framework tied to incentives. Each section of the book features contributions from regulators, practitioners and academics from a range of disciplines, including finance, political science, criminology, law and philosophy.
Fixed income attribution is by its very nature a complex and mathematically demanding topic, and there is little information available on this area. Fixed Income Attribution has been written to fill this tremendous void. This comprehensive resource contains both theoretical and practical information about running and understanding fixed income attribution, including the mathematics of attribution, practical limitations, benchmarks, presentation tools, and choosing and running an attribution system. Filled with insightful examples and expert advice, Fixed Income Attribution is the perfect source of information for those working in this complex environment.
This is the fourteenth volume in an annual series in which leading economists provide a concise and accessible evaluation of major developments in trade and trade policy. Examines key issues pertinent to the multinational trading system, as well as regional trade arrangements and policy developments at the national level Analyses trade policy in areas such as Malaysia, Trinidad and Tobago as well as revealing the national security concerns that have become a dominant influence on US trade policy since 2001 Includes a special focus on the Doha Round where contributors evaluate the winners and losers from trade liberalisation and investigate the cotton initiative of the WTO's Doha Development Agenda
The bursting of the ‘dotcom bubble’ and the terrorist attacks of September 11, 2001, have brought into question received wisdom about strategy. This volume reviews the lessons to be learnt from these events, and proposes that, as a result, strategy in the twenty-first century will have to develop along new lines. Comprising a series of outstanding contributions by experts in the field, the collection focuses on changes that are occurring in how strategy is viewed, formulated and analysed, and looks forward to the future of strategic management. It discusses the emergence of new modes of thinking, new models, and new processes, and lays foundations on which strategy can build in future.
This book is an invaluable desk reference for facilitators, leaders, coaches and anyone who wants to engage in more effective learning and decision-making conversations. It offers over 1700 rich questions that you can borrow or adapt to improve your inquiry skills, and provides clear frameworks that point to when, where, and why particular questions are most useful.
Sony vs. Samsung is business history at its best! It explores the divergent fortunes of these two electronics giants in the last decade and identifies the true reasons behind Sony's decline and Samsung's rise. Contrary to popular belief, Chang shows that success (or failure) does not simply arise from different strategies. Rather, it emerges from major decisions that are deeply rooted in the companies' organizational processes and their executives' political behavior. This book is a must-read for any senior executive. —Constantinos Markides, Robert P. Bauman Professor of Strategic Leadership and Chairman, Strategy Department, London Business School «Sea-Jin Chang has produced that rarity in a business book–one that is as valuable to practicing managers as it is insightful to academic researchers. In this fascinating comparison of two modern global giants, he applies his high resolution research microscope to their changing fortunes by dissecting their contrasting strategies, and providing interesting insights into their divergent organizational processes and management practices. This is a very valuable contribution to the international business literature. It will end up in as many corporate boardrooms as faculty seminars.» —Christopher A. Bartlett, Thomas D. Casserly Professor Emeritus, Harvard Business School «Sea-Jin Chang has written a fascinating comparison of Sony and Samsung that will be valuable to anyone interested in strategy, organizations or international business. The interwoven and very detailed case studies of two very different companies in overlapping industries illuminate problems such as adaptation to technological change (analog to digital), organizational flexibility and globalization. His attempt to analyze both strategic development and implementation is successful and very useful. Both academics and practitioners will learn a lot from this book.» —Stephen J. Kobrin, William Wurster Professor of Multinational Management, The Wharton School, University of Pennsylvania «Refreshingly original and entertaining, this book analyzes major strategic decisions of Samsung and Sony and highlights organizational processes and top management leadership that have shaped their performances. This is a must-read for all executives who want to understand the strengths and weaknesses of Asian competitors. It also provides penetrating insights to other Asian companies with global ambitions.» —Myoung Woo Lee, President and CEO, iriver