Investment banks play a critically important role in channeling capital from investors to corporations. Not only do they float and distribute new corporate securities, they also assist companies in the private placement of securities, arrange mergers and acquisitions, devise specialized financing, and provide other corporate financial services. After sketching the history and evolution of investment banking, the authors describe the structure of the industry, focusing on the competitive forces at work within it today. They explore patterns of concentration and analyze the strategic and economic factors that underlie those patterns. The authors directly examine the pairing up of investment banks with their corporate clients. They show that the market is sharply segmented, with banks and corporate clients being matched in roughly rank order, the most prestigious banks with the largest, most powerful clients, and so on. Vigorous competition occurs within each segment, but much less between them. With the industry now confronting a changing regulatory environment, a growing tendency of clients to arrange their own financing, and increasing competition both from within and from commercial banks and foreign institutions, Competition in the Investment Banking Industry is essential reading for anyone interested in the future of investment banking.
Investment banks play a critically important role in channeling capital from investors to corporations. Not only do they float and distribute new corporate securities, they also assist companies in the private placement of securities, arrange mergers and acquisitions, devise specialized financing, and provide other corporate financial services. After sketching the history and evolution of investment banking, the authors describe the structure of the industry, focusing on the competitive forces at work within it today. They explore patterns of concentration and analyze the strategic and economic factors that underlie those patterns. The authors directly examine the pairing up of investment banks with their corporate clients. They show that the market is sharply segmented, with banks and corporate clients being matched in roughly rank order, the most prestigious banks with the largest, most powerful clients, and so on. Vigorous competition occurs within each segment, but much less between them. With the industry now confronting a changing regulatory environment, a growing tendency of clients to arrange their own financing, and increasing competition both from within and from commercial banks and foreign institutions, Competition in the Investment Banking Industry is essential reading for anyone interested in the future of investment banking.
A New York Times Bestseller. A “fascinating” (Thomas L. Friedman, New York Times) look at how digital technology is transforming our work and our lives. In recent years, Google’s autonomous cars have logged thousands of miles on American highways and IBM’s Watson trounced the best human Jeopardy! players. Digital technologies—with hardware, software, and networks at their core—will in the near future diagnose diseases more accurately than doctors can, apply enormous data sets to transform retailing, and accomplish many tasks once considered uniquely human. In The Second Machine Age MIT’s Erik Brynjolfsson and Andrew McAfee—two thinkers at the forefront of their field—reveal the forces driving the reinvention of our lives and our economy. As the full impact of digital technologies is felt, we will realize immense bounty in the form of dazzling personal technology, advanced infrastructure, and near-boundless access to the cultural items that enrich our lives. Amid this bounty will also be wrenching change. Professions of all kinds—from lawyers to truck drivers—will be forever upended. Companies will be forced to transform or die. Recent economic indicators reflect this shift: fewer people are working, and wages are falling even as productivity and profits soar. Drawing on years of research and up-to-the-minute trends, Brynjolfsson and McAfee identify the best strategies for survival and offer a new path to prosperity. These include revamping education so that it prepares people for the next economy instead of the last one, designing new collaborations that pair brute processing power with human ingenuity, and embracing policies that make sense in a radically transformed landscape. A fundamentally optimistic book, The Second Machine Age alters how we think about issues of technological, societal, and economic progress.
Globalization: Key Thinkers offers a critical commentary on the leading thinkers in the contemporary globalization debate, as well as new arguments about the future direction of globalization thinking. The book guides the reader through the key arguments of leading thinkers, explaining their place in the wider globalization debate and evaluating their critical reception. Eleven thematic chapters focus on one or two key thinkers covering every aspect of the globalization debate including the theoretical arguments of Anthony Giddens and Manuel Castells, to the positive arguments of Thomas Friedman and Martin Wolf and the reforming ideas of Joseph Stiglitz. Other chapters variously address the ideas of Immanuel Wallerstein, Arjun Appadurai, Paul Hirst, Naomi Klein, Grahame Thompson, David Held, Anthony McGrew, Michael Hardt, Antonio Negri, Saskia Sassen and Peter Dicken. Each chapter also provides some carefully selected recommendations for further reading for the thinkers discussed. The book ends with a concluding chapter that examines how thinking about globalization is likely to develop in future. Whilst individual chapters can stand alone, the book is designed as a whole to enhance the reader’s understanding of how different thinkers’ ideas relate and contrast to each other.
The case for revolutionizing the U.S. economy, from a leading CEO America used to define itself by the things we built. We designed and produced the world's most important innovations, and in doing so, created a vibrant manufacturing sector that established the middle class. We manufactured our way to the top and became the undisputed economic leader of the world. But over the last several decades, and especially in the last ten years, the sector that was America's great pride has eroded, costing us millions of jobs and putting our long-term prosperity at risk. Now, as we struggle to recover from the worst recession in generations, our only chance to turn things around is to revive the American manufacturing sector—and to revolutionize it. In Make It in America: The Case for Reinventing the Economy, Andrew Liveris—Chairman and CEO of The Dow Chemical Company—offers a thoughtful and passionate argument that America's future economic growth and prosperity depends on the strength of its manufacturing sector. The book explains how a manufacturing sector creates economic value on a scale unmatched by any other, and how central the sector is to creating jobs both inside and outside the factory Explores how other nations are building their manufacturing sectors to stay competitive in the global economy, and describes how America has failed to keep up Provides an aggressive, practical, and comprehensive agenda that will put the U.S. back on track to lead the world It's time to stop accepting as inevitable the shuttering of factories and staggering job losses that have come to define manufacturing. It's time to acknowledge the cost of inaction. There is no better company to make the case for reviving U.S. manufacturing than The Dow Chemical Company, one of the world's largest manufacturers and most global corporations. And there's no better book to show why it needs to be done and how to do it than Make It in America.
The case for revolutionizing the U.S. economy, from a leading CEO America used to define itself by the things we built. We designed and produced the world's most important innovations, and in doing so, created a vibrant manufacturing sector that established the middle class. We manufactured our way to the top and became the undisputed economic leader of the world. But over the last several decades, and especially in the last ten years, the sector that was America's great pride has eroded, costing us millions of jobs and putting our long-term prosperity at risk. Now, as we struggle to recover from the worst recession in generations, our only chance to turn things around is to revive the American manufacturing sector—and to revolutionize it. In Make It in America: The Case for Reinventing the Economy, Andrew Liveris—Chairman and CEO of The Dow Chemical Company—offers a thoughtful and passionate argument that America's future economic growth and prosperity depends on the strength of its manufacturing sector. The book explains how a manufacturing sector creates economic value on a scale unmatched by any other, and how central the sector is to creating jobs both inside and outside the factory Explores how other nations are building their manufacturing sectors to stay competitive in the global economy, and describes how America has failed to keep up Provides an aggressive, practical, and comprehensive agenda that will put the U.S. back on track to lead the world It's time to stop accepting as inevitable the shuttering of factories and staggering job losses that have come to define manufacturing. It's time to acknowledge the cost of inaction. There is no better company to make the case for reviving U.S. manufacturing than The Dow Chemical Company, one of the world's largest manufacturers and most global corporations. And there's no better book to show why it needs to be done and how to do it than Make It in America.
An authoritative guide to the rise of Chinese shadow banking and its systemic implications Shadow Banking in China examines this rapidly growing sector in the Chinese economy, and what it means for your investments. Written by two world-class experts in Chinese banking, including the Chief Advisor to the China Banking Regulatory Commission and former Chairman of the Securities and Futures Commission in Hong Kong, this book is unique in providing true, first-hand perspectives from authorities within the world's largest economy. There is little widely-available information on China's shadow banking developments, and much of it is rife with disparate data, inaccuracies and overblown risks due to definitional and measurement differences. This book clears the confusion by supplying accurate information, on-the-ground context and invaluable national balance sheet analysis you won't find anywhere else. Shadow banking has grown to be a key source of credit in China, and a major component of the economy. This book serves as a primer for analysts and investors seeking real, useful information about the sector to better inform investment decisions. Discover what's driving the growth of shadow banking in China Learn the truth about both real and inflated risks Dig into popular rhetoric and clarify common misconceptions Access valuable data previously not published in English Despite shadow banking's critical influence on the Chinese economy, there have been very few official studies and even fewer books written on the subject. Understanding China's present-day economy and forecasting its future requires an in-depth understanding of shadow banking and its inter-relationship with the banking system and other sectors. Shadow Banking in China provides authoritative reference that will prove valuable to anyone with financial interests in China.
Natural resource revenues provide a valuable source to finance public investment in developing countries, which frequently face borrowing constraints and tax revenue mobilization problems. This paper develops a dynamic stochastic small open economy model to analyze the macroeconomic effects of investing natural resource revenues, making explicit the role of pervasive features in these countries including public investment inefficiency, absorptive capacity constraints, Dutch disease, and financing needs to sustain capital. Revenue exhaustibility raises medium-term issues of how to sustain capital built during a windfall, while revenue volatility raises short-term concerns about macroeconomic instability. Using the model, country applications show how combining public investment with a resource fund---a sustainable investing approach---can help address the macroeconomic problems associated with both exhaustibility and volatility. The applications also demonstrate how the model can be used to determine the appropriate magnitude of the investment scaling-up (accounting for the financing needs to sustain capital) and the adequate size of a stabilization fund (buffer).
Filling a conspicuous gap in the legal literature, Andrew T. Guzman's How International Law Works develops a coherent theory of international law and applies that theory to the primary sources of law, treaties, customary international law, and soft law. Starting where most non-specialists start, Guzman looks at how a legal system without enforcement tools can succeed. If international law is not enforced through coercive tools, how is it enforced at all? And why would states comply with it?--Publisher.
The authors address claims that vertical ownership ties reduce programming diversity, restrict entry of competitors to cable, or have other socially undesirable effects
Conflict is inevitable, in both deals and disputes. Yet when clients call in the lawyers to haggle over who gets how much of the pie, traditional hard-bargaining tactics can lead to ruin. Too often, deals blow up, cases don’t settle, relationships fall apart, justice is delayed. Beyond Winning charts a way out of our current crisis of confidence in the legal system. It offers a fresh look at negotiation, aimed at helping lawyers turn disputes into deals, and deals into better deals, through practical, tough-minded problem-solving techniques. In this step-by-step guide to conflict resolution, the authors describe the many obstacles that can derail a legal negotiation, both behind the bargaining table with one’s own client and across the table with the other side. They offer clear, candid advice about ways lawyers can search for beneficial trades, enlarge the scope of interests, improve communication, minimize transaction costs, and leave both sides better off than before. But lawyers cannot do the job alone. People who hire lawyers must help change the game from conflict to collaboration. The entrepreneur structuring a joint venture, the plaintiff embroiled in a civil suit, the CEO negotiating an employment contract, the real estate developer concerned with environmental hazards, the parent considering a custody battle—clients who understand the pressures and incentives a lawyer faces can work more effectively within the legal system to promote their own best interests. Attorneys exhausted by the trench warfare of cases that drag on for years will find here a positive, proven approach to revitalizing their profession.
Located in the Thames River valley of southwestern Ontario, the Calvert site encompasses a variety of structures including houses, palisade walls, pits, hearths, and artifacts. This inquiry reveals an orderly evolution in its occupation history and sheds new light on the earliest period of ancient Iroquoian history.
An innovative analysis of polarized politics post-9/11. In America and the Politics of Insecurity, Andrew Rojecki assesses the response of citizens and politicians to a series of crises that confronted the United States during the first decade of the twenty-first century. This period brought Americans face to face with extraordinarily difficult problems that were compounded by their origin in seemingly uncontrollable global forces. Rojecki establishes a theoretical framework for understanding how these new uncertainties contribute to increasingly polarized political discourse. Analyzing three domains of American insecurity—economic, environmental, and existential—Rojecki examines responses to the Great Recession by groups like the Tea Party and Occupy Wall Street; considers why the growing demand for fossil fuels makes people disregard global warming; and explores the desire for security measures that restrict personal freedom in the age of terrorism. Ultimately, he explains why the right has thus far held an edge over the left in the politics of insecurity. Rojecki concludes that in order to address these broad-scale political problems, we must reframe domestic issues as reactions to undiagnosed global conditions. Bringing the psychology of uncertainty together with contemporary case studies, this book is a sweeping diagnostic for—and antidote to—ineffective political discourse in a globalized world that imports bads as well as goods.
The reader is invited to follow a route that visits Fish's view of theory and practice,Raz's legal reasoning thesis, theoretical models of judicial review, Dworkin's right answer thesis, the law of the excluded middle and Lukasiewicz's development of three-valued logic, Wittgenstein's language games, and Moore's metaphysical realism. The destination is the practice at the heart of legal reasoning. It is suggested that this manifests the way in which the limitations of language and the incompleteness of human experience allow the opportunity for coherent development of the law and at the same time produce an inherent incoherence within the law. The central part of the book seeks to demonstrate how the problems of understanding legal reasoning replicate difficulties encountered in the philosophy of language, but challenges the attempts that have been made to harness approaches from within that discipline to illuminate legal reasoning. Instead it is argued that law provides an unrivalled test-bed for examining the limits of the capacity of our words, and that the study of law may be used to confront in a robust and illuminating manner the limitations of that discipline. The final chapter considers some of the implications of recognising the incoherence at the heart of legal reasoning, commenting on an institutional approach to law, the legitimacy of law, legal definitions, different approaches to legal reasoning, the role of appellate courts, the general possibility of providing a theoretical model of law, the use of legal rules, and the nature of law's critical aperture. The book should be of interest to advanced undergraduate students (particularly on jurisprudence courses), postgraduate students, academics, and practitioners concerned to reflect on the nature of the discipline they practice.
The Museums and Collections of Higher Education provides an analysis of the historic connections between materiality and higher education, developed through diverse examples of global practice. Outlining the different value propositions that museums and collections bring to higher education, the historic link between objects, evidence and academic knowledge is examined with reference to the origin point of both types of organisation. Museums and collections bring institutional reflection, cross-disciplinary bridges, digital extension options and participatory potential. Given the two primary sources of text and object, a singular source type predisposes a knowledge system to epistemic stasis, whereas mixed sources develop the potential for epistemic disruption and possible change. Museums and collections, therefore, are essential in the academies of higher learning. With the many challenges confronting humanity, it is argued that connecting intellect with social action for societal change through university museums should be a contemporary manifestation of the social contract of universities. Much has been written about museums and universities, but there is little about university museums and collections. This book will interest museum scholars and practitioners especially those unaware that university museums are at the forefront of museological creativity. It will also be of interest to academics and the growing number of leaders and managers in the modern university.
How relevant is the concept of war today? This book examines how notions about war continue to influence how we conceive rights and obligations in national and international law. It also considers the role international law plays in limiting what is forbidden and legitimated in times of war or armed conflict. The book highlights how, even though war has been outlawed and should be finished as an institution, states nevertheless continue to claim that they can wage necessary wars of self-defence, engage in lawful killings in war, imprison law-of-war detainees, and attack objects which are said to be part of a war-sustaining economy. The book includes an overall account of the contemporary laws of war and delves into whether states should be able to continue to claim so-called 'belligerent rights' over their enemies and those accused of breaching expectations of neutrality. A central claim in the book is as follows: while there is general agreement that war has been abolished as a legal institution for settling disputes, the time has come to admit that the belligerent rights that once accompanied states at war are no longer available. The conclusion is that claiming to be in a war or an armed conflict does not grant anyone a licence to kill people, destroy things, and acquire other people's property or territory.
The Canadian Supplement for Modern Industrial Organization has been written to provide Canadian users of Dennis Carlton and Jeffrey Perloff's text, Modern Industrial Organization, 4e with a broad survey of Canadian market structure, firm behaviour, and economic regulations, including Canadian competition policy, affecting business enterprises in Canada. Although this supplement has been written to complement the Carleton/Perloff text, it could easily serve as a supplement to any Industrial Organization text.
In Volume 2 of The Place Economy our attention travels from the macro to the micro – from nations to neighbourhoods, countries to communities. Close to 60 experts from eight different countries explore what can be achieved via high-quality visioning, placemaking, planning and design. We examine how spaces are used, analysing the things required to meet community needs, from residents and visitors to commercial entities and private individuals. We give detailed attention to the role place branding plays in enhancing outcomes at all levels and discover the various skills and disciplines required when creating destinations that meet the needs of different people across various geographic and cultural places.
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