Capital Allocation

This book presents an integrated framework for risk measurement, capital management and value creation in banks. Moving from the measurement of the risks facing a bank, it defines criteria and rules t

This book is a complimentary follow-on book to Operational Risk Control with Basel II. While the previous book focuses on operational risk, Economic Capital Allocation provides an overview of credit

Managing Bank Capital explains proven techniques available in the management of bank capital that will help maximize shareholder value. This second edition has been fully updated to incorporate signif

China is an increasingly influential emerging economy that is currently attracting the attention of academics, practitioners, and policy makers. The efficient allocation of financial resources is a ke

Although globalisation is seen by many as the key economic trend, restrictions on international capital movements remain the norm in international finance. In 1996, 144 out of 186 countries maintained capital controls (IMF). Yet the vast majority of economists object to most controls on capital movement, arguing that they distort the allocation of capital and allow opportunities for fraud. What leads governments to impose restrictions on international capital movements? In this study of capital controls, Gunther Schulze uses a public choice model to explain this behaviour. He considers the many aspects of capital controls, including: quantitative measurements of capital controls, evasion, misinvoicing, the interaction between an investigating government and an evader, and the role capital controls play in helping governments meet their macroeconomic objectives. In addition to the theoretical and policy discussions the book also contains a comprehensive survey of the existing literature

Although globalisation is seen by many as the key economic trend, restrictions on international capital movements remain the norm in international finance. In 1996, 144 out of 186 countries maintained capital controls (IMF). Yet the vast majority of economists object to most controls on capital movement, arguing that they distort the allocation of capital and allow opportunities for fraud. What leads governments to impose restrictions on international capital movements? In this study of capital controls, Gunther Schulze uses a public choice model to explain this behaviour. He considers the many aspects of capital controls, including: quantitative measurements of capital controls, evasion, misinvoicing, the interaction between an investigating government and an evader, and the role capital controls play in helping governments meet their macroeconomic objectives. In addition to the theoretical and policy discussions the book also contains a comprehensive survey of the existing literature

«補齊巴菲特投資學失落的一角««從公司的財務報表，看穿巴菲特價值投資的真諦««傳奇公司波克夏海瑟威，財務翻身歷史大揭密«史上最成功的投資者──巴菲特，把一間瀕臨倒閉的公司變為最有價值企業的祕密，都在這裡！ 市面上這麼多以巴菲特和其投資主題的書，你或許讀過《雪球：巴菲特傳》一探他的人生哲學，你可能看過《巴菲特寫給股東的信》了解他的經營理念，但是，關於他所持有的傳奇公司波克夏海瑟威的財務分析，卻是少之又少！本書就是在為巴菲特研究，填補這塊被忽略卻重要的遺珠。鎖定波克夏早期（1955～1985）主要投資的財報和年報分析，透過最真實的基本面數據，呈現巴菲特在經營波克夏的資產配置與投資方針。 ◎體現價值的傳奇公司，從倒閉危機到世界前十的財務演變史巴菲特最著名的投資，就是波克夏海瑟威。而這，也是巴菲特最挫敗的一次投資。在巴菲特入主之前，它已陷入了嚴重的營運困境，包含獲利情況不佳與國外廉價勞動力競爭所影響，雖然公司管理階層已透過關閉廠房和再投資現代設備來止損，但市場依舊不看好它，使得當時它的股價被低估了。價值投資者巴菲特，正是看準了這個機會，開始對波克夏進行投資。巴菲特治理波克夏自1965至1985年，大致可以分為四個階段： 1.波克夏的轉型期調整波克夏資產結構，有效的削減成本、出售設備、減少存貨，加上將資金轉移到股票投資上，取得成為傳奇的第一筆投資奠基資金。2.波克夏的收購期：運用前期的資金與貸款，收購保險公司、銀行等產業，並藉由這些產業的低成本浮存金（買保險或存款時可暫時供公司運用的資金）的使用權，得以投資在股票、債券，藉此取得更多資金或再進行收購。3.波克夏的擴張期：從公司內部創立新部門，以及收購有價值的保險公司，組成擁有大量浮存金的保險事業體，藉此獲得充足資金幫助波克夏繼續擴張。4.波克夏的複利期：波克夏運用其所投資和收購的公司，再進行有價證券的投資和公司收購，賺取複利投資資金，例如：波克夏投資的藍籌印花，藍籌印花再投資時思糖果、魏斯可金融公司等，帶來如滾雪球般的更多資金。 而後續，波克夏持續不斷隨著巴菲特的投資與收購，不斷壯大至今。 ◎巴菲特從4項財務數據找出投資標的，幫波克夏成功翻身！在本書中，顯現了巴菲特早期投資的特色，有別於當今為人所熟知的「企業治理」、「護城河」等巴菲特投資原則，在投資初期的他，更加看

This book examines cost-of-capital models and their application in the context of managerial finance. This includes the use of hurdle rates in capital allocation decisions, as well as target returns i

Three Decades of Investment and Business Insights from the Berkshire Hathaway ShareholderFor decades, thousands of people have gathered in Omaha, Nebraska for the Berkshire Hathaway AGM, and quizzed Warren Buffett and Charlie Munger on everything from the psychology of successful investors to the future of Coca-Cola and Apple. But unless you attended, for manyyears you only had access to what people could remember and report back from the meetings.In 2018, Berkshire released the archives of the annual meetings going back to 1994. Alex Morris—an equities analyst and financial writer—watched hundreds of hours of video from these annual meetings (as well as the six AGMs held since 2018), covering more than 1,700 questions asked by Berkshire Hathaway shareholders over the past 31 years. He then gathered, organized and edited the most interesting material into a comprehensive and accessible form. Buffett and Munger Unscripted is the result.From the art of intelligent capital allocation to t

The shareholder letters of corporate leaders are a rich source of business and investing wisdom. There is no more authoritative resource on subjects ranging from leadership and management to capital allocation and company culture. But with thousands of shareholder letters written every year, how can investors and students of the corporate world sift this vast swathe to unearth the best insights?Dear Shareholder is the solution!In this masterly new collection, Lawrence A.Cunningham, business expert and acclaimed editor of The Essays of Warren Buffett, presents the finest writers in the genre of the shareholder letter, and the most significant excerpts from their total output. Skillfully curated, edited and arranged, these letters showcase the ultimate in business and investment knowledge from an all-star team. Dear Shareholder holds letters by more than 20 different leaders from 16 companies.These leaders include Warren Buffett (Berkshire Hathaway), Tom Gayner (Markel), Kay Graham and D

Throughout much of the twentieth century, economists paid little heed to the role of financial intermediaries in procuring a beneficial allocation of capital. By the end of the century, however, some financial historians had begun to turn the tide, and the phrase 'finance-growth nexus' became part of the lexicon of modern economics. Recent experience has added another dimension in that countries with broader, deeper and more active financial systems might be prone to financial crises, particularly if regulatory structures are inadequate. In this book, Peter L. Rousseau and Paul Wachtel have gathered together some of today's most distinguished financial historians to examine this finance-growth nexus from both historical and modern perspectives. Some essays examine the nexus in a particular historical or cross-country context. Others, in the light of recent experience, explore the expanded nexus of finance, growth, crises, and regulation.

Throughout much of the twentieth century, economists paid little heed to the role of financial intermediaries in procuring a beneficial allocation of capital. By the end of the century, however, some financial historians had begun to turn the tide, and the phrase 'finance-growth nexus' became part of the lexicon of modern economics. Recent experience has added another dimension in that countries with broader, deeper and more active financial systems might be prone to financial crises, particularly if regulatory structures are inadequate. In this book, Peter L. Rousseau and Paul Wachtel have gathered together some of today's most distinguished financial historians to examine this finance-growth nexus from both historical and modern perspectives. Some essays examine the nexus in a particular historical or cross-country context. Others, in the light of recent experience, explore the expanded nexus of finance, growth, crises, and regulation.

Banks are of central importance for economic growth, the allocation of capital, competitiveness, and financial stability. Propelled by technological advances in financial analysis and financial deregu

Risk control, capital allocation, and realistic derivative pricing and hedging are critical concerns for major financial institutions and individual traders alike. Events from the collapse of Lehman B

Section 1:An organization’s capital budgeting approach may make or break a corporation since it involves the process of finding the optimum mix of investments through the allocation of its resources a

Credit rating agencies play a critical role in capital markets, guiding the asset allocation of institutional investors as private capital moves freely around the world in search of the best trade-off

Surveying the field of the economics of the household, the second edition of this text reviews the theory of the consumer at the intermediate undergraduate level. It then applies and extends it to consumer demand and expenditures, consumption and saving, time allocation among market work, home work, and leisure, human capital emphasizing investment in education, children and health, fertility, marriage, and divorce. Influenced by Gary Becker and his associates, the models developed are used to help explain modern U.S. trends in family behavior. Topics are discussed with the aid of geometry and a little algebra. For those with calculus, mathematical endnotes provide the models on which the text discussions are based and interesting applications beyond the scope of the text.

Surveying the field of the economics of the household, the second edition of this text reviews the theory of the consumer at the intermediate undergraduate level. It then applies and extends it to consumer demand and expenditures, consumption and saving, time allocation among market work, home work, and leisure, human capital emphasizing investment in education, children and health, fertility, marriage, and divorce. Influenced by Gary Becker and his associates, the models developed are used to help explain modern U.S. trends in family behavior. Topics are discussed with the aid of geometry and a little algebra. For those with calculus, mathematical endnotes provide the models on which the text discussions are based and interesting applications beyond the scope of the text.

This is a detailed archive-based study of the economic planning of the Attlee governments, in which the author seeks to analyse the interaction between the decisions of central planners and the micro-economic effects of these decisions. Throughout the book, Martin Chick pays particular attention to the level, pattern and quality of fixed capital investment. At the same time, there is a continuous concern with the struggle between politicians, economists and industrialists over the mix of pricing mechanisms and administrative orders which were to be used in this period. This struggle permeated all discussions over matters such as the organisation of nationalised industries, the monopoly structure of nationalised industries, the allocation of resources and the promotion of higher productivity. The author also asks what impact, if any, economic planning had on the productivity performance of the UK economy.

This is a detailed archive-based study of the economic planning of the Attlee governments, in which the author seeks to analyse the interaction between the decisions of central planners and the micro-economic effects of these decisions. Throughout the book, Martin Chick pays particular attention to the level, pattern and quality of fixed capital investment. At the same time, there is a continuous concern with the struggle between politicians, economists and industrialists over the mix of pricing mechanisms and administrative orders which were to be used in this period. This struggle permeated all discussions over matters such as the organisation of nationalised industries, the monopoly structure of nationalised industries, the allocation of resources and the promotion of higher productivity. The author also asks what impact, if any, economic planning had on the productivity performance of the UK economy.

How do parents allocate human capital among their children? To what extent do parental decisions about resource allocation determine children's eventual economic success? The analyses in From Parent t

The events of our time reveal a world where people are more able than ever before to exploit their environment. There are questions about when and how to use resources and about the ability of current institutions to make the appropriate decisions concerning their allocation. Natural Resource Economics explores the positive contribution that economics can make to resolving issues of all kinds: the atmosphere, the land and water, and wild animals and plants. This book establishes a concert framework for thinking about resource allocation that borrows from the familiar microeconomic theory of the firm by elaborating the concept of capital asset management and extends these concepts to deal with the problems of resource utilization. In addition, the idea of market failures is used to justify the assertion that collective action is needed to achieve a more economical allocation of resources when ordinary markets are conspicuously inefficient. The book serves the student who wants to learn

Japan, South Korea, Mexico, France, and Spain once exercised significant control over the allocation of credit, and used that control to facilitate economic adjustment and industrial development. In t

In the 1970s and the 1980s, developments in the valuation of capital-investment opportunities based on options pricing revolutionized capital budgeting. Managerial flexibility to adapt and revise fut

本書以中國會計準則國際趨同為背景，以會計準則變革的非預期效應理論框架為指引，探索性地研究了會計準則變革對資本配置的非預期效應，具體研究內容涉及會計準則變革對資本成本、資本結構、投資行為及其效率的影響，特別是未預期的有利或不利的經濟後果。本書強調會計準則變革預期效應和非預期效應兩個方面的權衡，有助於會計理論研究者進一步全面、系統地研究會計準則變革的經濟後果，特別是宏觀會計制度與微觀企業行為之間的互動

In this highly readable and thought-provoking work, Nick Dyer-Witheford assesses the relevance of Marxism in our time and demonstrates how the information age, far from transcending the historic conflict between capital and its laboring subjects, constitutes the latest battleground in their encounter.Dyer-Witheford maps the dynamics of modern capitalism, showing how capital depends for its operations not just on exploitation in the immediate workplace but on the continuous integration of a whole series of social sites and activities, from public health and maternity to natural resource allocation and the geographical reorganization of labor power. He also shows how these sites and activities may become focal points of subversion and insurgency, as new means of communication vital for the smooth flow of capital also permit otherwise isolated and dispersed points of resistance to connect and combine with one another.Dyer-Witheford predicts the advent of a reinvented, "autonomist" Marxism

These studies of the cost of capital will inspire and guide policy-makers who share the goal of making the allocation of capital in a market economy more efficient.Volume 1 presents pioneering studies

These studies of the cost of capital will inspire and guide policy-makers who share the goal of making the allocation of capital in a market economy more efficient. Volume 2 is devoted to the cost o

How do parents allocate human capital among their children? To what extent do parental decisions about resource allocation determine children's eventual economic success? The analyses in From Parent t