Glenn Yago's Books

Financial Innovation (Collection)

By: Franklin Allen,Glenn Yago,James Barth

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Financial Innovation (Collection)

By: Franklin Allen,Glenn Yago,James Barth

Sustainable, responsible financial innovation: lessons from the crisis, and new paths to global prosperity After the global financial crisis, responsible financial innovation is more crucial than ever. However, financial innovation will only succeed if it reflects the true lessons of the past decade. In this collection, three leading global finance researchers share those lessons, offering crucial insights for market participants, policymakers, and other stakeholders. Drawing on their pioneering work, they illuminate new opportunities for sustainable innovation in finance that can help restore housing markets and the overall global economy, while avoiding the failures of predecessors. In Financing the Future, Franklin Allen and Glenn Yago carefully discuss the current role of financial innovation in capitalizing businesses, industries, breakthrough technologies, housing solutions, medical treatments, and environmental projects. Allen and Yago explain how sophisticated capital structures can enable companies and individuals to raise funding in larger amounts for longer terms at lower cost, accomplishing tasks that would otherwise be impossible -- and offer a full chapter of essential lessons for using financial innovation to add value, manage risk, and improve the stability of the global economy. Next, in Fixing the Housing Market, Allen, Yago, and James R. Barth explain how responsible financial innovation can "reboot" damaged housing markets, improve their efficiency, and make housing more accessible to millions. The authors walk through the history of housing finance, evaluate housing finance systems in mature economies during and after the crisis, highlight benefits and risks associated with each leading mortgage funding structure and product, and assess current housing finance structures in BRIC economies. Building on these comparisons, they show how to create a more stable and sustainable financing system for housing: one that provides better shelter for more people, helps the industry recover, and creates thousands of new jobs. From world-renowned leaders and experts Franklin Allen, Glenn Yago, and James R. Barth

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843

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FT Press

Published Date

ISBN 10

0133115259

ISBN 13

9780133115253

Financing the Future

Market-Based Innovations for Growth

By: Franklin Allen,Glenn Yago

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Financing the Future

Market-Based Innovations for Growth

By: Franklin Allen,Glenn Yago

Financial innovation can drive social, economic, and environmental change, transforming ideas into new technologies, industries, and jobs. But when it is misunderstood or mismanaged, the consequences can be severe. In this practical, accessible book, two leading experts explain how sophisticated capital structures can enable companies and individuals to raise funding in larger amounts for longer terms and at lower cost—accomplishing tasks that would otherwise be impossible. The authors recount the history and basic principles of financial innovation, showing how new instruments have evolved, and how they have been used and misused. They thoroughly demystify complex capital structures, offering a practical toolbox for entrepreneurs, corporate executives, and policymakers. Financing the Future presents clear, thorough discussions of the current role of financial innovation in capitalizing businesses, industries, breakthrough technologies, housing solutions, medical treatments, and environmental projects. It also presents a full chapter of lessons learned: essential insights for stabilizing the economy and avoiding pitfalls. Distinguishing genuine innovation from dangerous copycats Crafting sustainable financial innovations that add value and manage risk The best tools for the job: choosing them, customizing them, using them Selecting the right instruments and structures, and making the most of them Financial innovations for business, housing, and medical research Finding new and better ways to promote entrepreneurship and advance social goals Innovating to save the planet and help humanity The power of finance to protect natural resources and alleviate global poverty This is the first in a new series of books on financial innovation, published through a collaboration between Wharton School Publishing and the Milken Institute. Future titles will focus on specific policy areas such as housing and medical research. The Milken Institute is an independent economic think tank whose mission is to improve the lives and economic conditions of diverse populations in the United States and around the world by helping business and public policy leaders identify and implement innovative ideas for creating broad-based prosperity. It puts research to work with the goal of revitalizing regions and finding new ways to generate capital for people with original ideas.

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262

Publisher

Pearson Prentice Hall

Published Date

ISBN 10

0137083319

ISBN 13

9780137083312

Junk Bonds

How High Yield Securities Restructured Corporate America

By: Glenn Yago

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Junk Bonds

How High Yield Securities Restructured Corporate America

By: Glenn Yago

The junk bond, the fastest growing financial instrument of the 1980s, as been linked to all that is wrong with Wall Street. But in Junk Bonds, economist Glenn Yago argues that, despite the bad press, these high yield securities are still one of the most efficient and equitable ways for American companies to finance their futures. Yago points out that, before junk bonds, conservative investors like insurance companies, pension funds, and bank trust departments placed their capital primarily in investment-grade securities--and only five percent of the American companies with sales over $35 million qualify to issue investment grade bonds. In effect, ninety-five percent of the nation's mid-sized firms were frozen out of the public debt market. Junk bonds changed all that. In addition, Yago argues that the much-maligned divestitures associated with junk bond-funded buyouts were not necessarily destructive; many sold-off units, he writes, flourished under new management structures. Yago concludes that we have witnessed a fundamental restructuring of corporate America, made possible in part by high yield financing. The result is a bright future as American businesses return to productivity and competitiveness, one that will benefit managers, stockholders, and workers alike.

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264

Publisher

Oxford University Press, USA

Published Date

ISBN 10

019506111X

ISBN 13

9780195061116

Fixing the Housing Market

Financial Innovations for the Future

By: Franklin Allen,James R. Barth,Glenn Yago

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Fixing the Housing Market

Financial Innovations for the Future

By: Franklin Allen,James R. Barth,Glenn Yago

Explains the financial history leading to the mortgage meltdown and assesses today's housing finance systems in the United States and abroad.

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214

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Pearson Prentice Hall

Published Date

ISBN 10

0137011601

ISBN 13

9780137011605

Beyond Junk Bonds

Expanding High Yield Markets

By: Glenn Yago,Susanne Trimbath

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Beyond Junk Bonds

Expanding High Yield Markets

By: Glenn Yago,Susanne Trimbath

This book provides a one-stop data, reference, and case study presentation of firms and securities in the contemporary high-yield market in the USA (and elsewhere), and of the financial innovations enabled capital access for industrial restructuring, capital and productivity gains, and competitiveness.

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314

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Oxford University Press, USA

Published Date

ISBN 10

0195149238

ISBN 13

9780195149234

Financial Innovation (Collection)

By: Franklin Allen,Glenn Yago,James Barth

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Financial Innovation (Collection)

By: Franklin Allen,Glenn Yago,James Barth

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843

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FT Press

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ISBN 10

0133115259

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9780133115253

Junk Bonds

How High Yield Securities Restructured Corporate America

By: Glenn Yago

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Junk Bonds

How High Yield Securities Restructured Corporate America

By: Glenn Yago

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264

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Oxford University Press, USA

Published Date

ISBN 10

019506111X

ISBN 13

9780195061116

Recent Innovations in Business Finance

By: Franklin Allen,Glenn Yago

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Recent Innovations in Business Finance

By: Franklin Allen,Glenn Yago

This Element is an excerpt from Financing the Future: Market-Based Innovations for Growth (9780137011278) by Franklin Allen and Glenn Yago. Available in print and digital formats. Refocusing on the real value of financial innovation: helping companies of all sizes create jobs and build prosperity. Financing business is about finding ways to propel growth, create jobs, and bring new ideas to the marketplace. Whether the question is extending credit to an entrepreneur who wants to open a neighborhood shop or helping a multinational corporation restructure its debt burden in a cash crunch, every business needs the right kind of financing at the right time to succeed.

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Pearson Education

Published Date

ISBN 10

0132173298

ISBN 13

9780132173292

How to Implement a Seeds of Prosperity Policy Blueprint

By: Glenn Hubbard,Peter Navarro

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How to Implement a Seeds of Prosperity Policy Blueprint

By: Glenn Hubbard,Peter Navarro

This Element is an excerpt from Seeds of Destruction: Why the Path to Economic Ruin Runs Through Washington, and How to Reclaim American Prosperity (9780137027736) by Glenn Hubbard and Peter Navarro. Available in print and digital formats. After the failures of Obama and Congress: a better, bipartisan route back to prosperity. Mr. Bernanke is right that if the profligate policies of Congress and the Obama administration continue, we will face some hard choices. But he offers as the only choice harsh budget and program cuts and painfully higher taxes. There is a better way: to undertake the broad-based structural reforms we identify in our Seeds of Prosperity blueprint.

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Pearson Education

Published Date

ISBN 10

0132617188

ISBN 13

9780132617185

Trading Power

West Germany's Rise to Global Influence, 1963–1975

By: William Glenn Gray

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Trading Power

West Germany's Rise to Global Influence, 1963–1975

By: William Glenn Gray

Trading Power traces the successes and failures of a generation of German political leaders as the Bonn Republic emerged as a substantial force in European, Atlantic, and world affairs. Over the course of the 1960s and 1970s, West Germans relinquished many trappings of hard power, most notably nuclear weapons, and learned to leverage their economic power instead. Obsessed with stability and growth, Bonn governments battled inflation in ways that enhanced the international position of the Deutsche Mark while upending the international monetary system. Germany's remarkable export achievements exerted a strong hold on the Soviet bloc, forming the basis for a new Ostpolitik under Willy Brandt. Through much trial and error, the Federal Republic learned how to find a balance among key Western allies, and in the mid-1970s Helmut Schmidt ensured Germany's centrality to institutions such as the European Council and the G-7 – the newly emergent leadership structures of the West.

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513

Publisher

Cambridge University Press

Published Date

ISBN 10

1108550886

ISBN 13

9781108550888

Confessions from the Velvet Ropes

The Glamorous, Grueling Life of Thomas Onorato, New York's Top Club Doorman

By: Thomas Onorato,Glenn Belverio

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Confessions from the Velvet Ropes

The Glamorous, Grueling Life of Thomas Onorato, New York's Top Club Doorman

By: Thomas Onorato,Glenn Belverio

New York's top doorman, Thomas Onorato, raises the ropes and gives readers a sneak peak into some of the world's most exclusive parties. "If you are not on the guest list or if I don't know you or if I don't like you, you are NOT GETTING INTO THIS PARTY!" The doorman. The gatekeeper of the night. These silent observers see it all and yet say nothing. Until now. In Confessions from the Velvet Ropes, New York's top club doorman, Thomas Onorato, lifts the ropes and lets ordinary readers into this exciting world. The book is an entertaining and hilarious collection of tales from the worlds of nightlife, fashion shows and celebrity parties. Highlights include: The night Madonna DJed at an intimate downtown club, Courtney Love's surprise concert that ended in her arrest, the crazed stalker who attacked Pulp's Jarvis Cocker, the aerial attack on Adrien Brody's birthday party, Diddy's surprise appearance at an electro-punk event and more. Onorato was always on hand and brings his insider info and nightlife wisdom to readers of Confessions from the Velvet Ropes. Combining elements of juicy gossip columns, rock star fan memoirs and nightlife social studies, Confessions from the Velvet Ropes is a tell-all with style, including humorous side-bars and tips on how readers might make it past the velvet ropes.

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225

Publisher

St. Martin's Griffin

Published Date

ISBN 10

1429901675

ISBN 13

9781429901673

The Housing Crisis

What Happened and Why?

By: Franklin,Franklin Allen

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The Housing Crisis

What Happened and Why?

By: Franklin,Franklin Allen

This Element is an excerpt from Financing the Future: Market-Based Innovations for Growth (ISBN: 9780137011278) by Franklin Allen and Glenn Yago. How the housing bubble really happened: an explanation that's simple, clear, sensible, authoritative, and short!"--Resource description page.

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ISBN 10

0132478889

ISBN 13

9780132478885

Beyond Junk Bonds

Expanding High Yield Markets

By: Glenn Yago,Susanne Trimbath

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Beyond Junk Bonds

Expanding High Yield Markets

By: Glenn Yago,Susanne Trimbath

Since financial myths exploded in the 1980s, the perspective of time creates a unique opportunity to update and expand the analysis begun in Glenn Yago's 1991 book, Junk Bonds: How High Yield Securities Restructured Corporate America (Oxford University Press). At the time of its publication, Junk Bonds drew controversial responses from the Federal Reserve and government agencies. In retrospect, the evidence clearly casts favorable light on the role of high yield securities. The research presented here demonstrates how financial innovations enabled capital access for industrial restructuring, capital and labor productivity gains, and improved global competitiveness. Enough time has now passed to allow this dispassionate empirical analysis to shear away the hype and hysteria that surrounded the Wall Street scandals, Washington controversies, and media frenzy of the time. Beyond Junk Bonds provides a one-stop data, reference and case study presentation of the firms and securities in the contemporary high yield market and the financial innovations that spurred growth in the nineties and will continue to finance the future. The high yield market incubated successive waves of financial technologies that now proliferate beyond junk bonds to all the dimensions and dynamics of global debt and equity capital markets. It charts the recovery of the market in the 1990s, the recent wave of fallen angels, distressed credits and defaults, and suggests how the high yield market will be recreated in the global market of the 21st century. It explicates the linkages between the high yield market, and other credit and equity markets in managing a firm's capital structure to execute its business strategy. The weakening of the U. S. economy in 2001 and the huge shock to Wall Street from the terrorist attacks of September 11 witnessed a historic increase in the yield to maturity of high yield bonds. Despite the volatility in the flow of funds to high yield mutual funds and occasionally sharp increases in non-investment grade debt yields, the asset class has been one of the best performing fixed income investments of the past decades. In fact, high yield bonds offer an attractive risk-reward ratio competitive with more traditional asset classes. Anyone active in corporate finance, financial institutions and capital markets will find this book a must read for interpreting and understanding the recent history both of the high yield marketplace and its interaction with private equity, public equity, and fixed income markets.

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314

Publisher

Oxford University Press

Published Date

ISBN 10

0198034032

ISBN 13

9780198034032

Fixing the Housing Market

Financial Innovations for the Future

By: Franklin Allen,James R. Barth,Glenn Yago

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Fixing the Housing Market

Financial Innovations for the Future

By: Franklin Allen,James R. Barth,Glenn Yago

Explains the financial history leading to the mortgage meltdown and assesses today's housing finance systems in the United States and abroad.

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214

Publisher

Pearson Prentice Hall

Published Date

ISBN 10

0137011601

ISBN 13

9780137011605

China's Emerging Financial Markets

Challenges and Opportunities

By: James R. Barth,John A. Tatom,Glenn Yago

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China's Emerging Financial Markets

Challenges and Opportunities

By: James R. Barth,John A. Tatom,Glenn Yago

China’s emerging financial markets reflect the usual contrast between the country’s measured approach toward policy, regulatory, and market reform, and the dynamic pace of rapid economic growth and development. But they also offer unusual challenges and opportunities. In the past five years, the pace of opening and reform has accelerated sharply. Recapitalization and partial privatization of the largest banks, and the allowance of some joint venture and branch operations for foreign financial institutions, are making rapid headway in developing and expanding financial services and improving access to domestic business and households. This book provides the most extensive look available at the evolving Chinese financial system. It begins with alternative perspectives on the evolution of the financial system and the broad outlines of its prospects and potential contribution to economic growth. Three articles review broad aspects of the financial system. Franklin Allen, Jun ‘‘QJ’’ Qian, Meijun Qian, and Mengxin Zhao lead off with overviews of the banking system and performance of the equity market and other institutions.

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Page Count

661

Publisher

Springer Science & Business Media

Published Date

ISBN 10

0387937692

ISBN 13

9780387937694

Entrepreneurship in Emerging Domestic Markets

Barriers and Innovation

By: Glenn Yago,James R. Barth,Betsy Zeidman

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Entrepreneurship in Emerging Domestic Markets

Barriers and Innovation

By: Glenn Yago,James R. Barth,Betsy Zeidman

This book will be the most up-to-date compilation of different perspectives on entrepreneurship. The authors are highly respected in the field, either as scholars or practitioners and have interacted before on this topic either as co-authors on papers or as conference discussants The research provides historical information as well as the latest data on entrepreneurship The book focuses on "emerging domestic markets" which encompasses minorities, women, and low-income communities

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165

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Springer Science & Business Media

Published Date

ISBN 10

0387728570

ISBN 13

9780387728575

The Housing Crisis

What Happened and Why?

By: Franklin Allen,Glenn Yago

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The Housing Crisis

What Happened and Why?

By: Franklin Allen,Glenn Yago

This is the eBook version of the printed book. This Element is an excerpt from Financing the Future: Market-Based Innovations for Growth (9780137011278) by Franklin Allen and Glenn Yago. Available in print and digital formats. How the housing bubble really happened: an explanation that’s simple, clear, sensible, authoritative, and short! The genesis of the housing bubble emerged from the ashes of the dot-com bust. To alleviate the downturn, the Federal Reserve drastically reduced interest rates, and the era of easy credit was under way. Other nations with massive foreign reserves were drawn to invest in the U.S., and, with Treasuries offering only meager returns, they began to eye mortgage-backed securities as a “safe” vehicle offering higher yields....

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FT Press

Published Date

ISBN 10

0132478897

ISBN 13

9780132478892

The Savings and Loan Crisis

Lessons from a Regulatory Failure

By: James R. Barth,S. Trimbath,Glenn Yago

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The Savings and Loan Crisis

Lessons from a Regulatory Failure

By: James R. Barth,S. Trimbath,Glenn Yago

Robert L. Bartley Editor Emeritus, The Wall Street Journal As this collection of essays is published, markets, regulators and society generally are sorting through the wreckage of the collapse in tech stocks at the turn of the millennium. All the more reason for an exhaustive look at our last “bubble,” if that is what we choose to call them. We haven’t had time to digest the lesson of the tech stocks and the recession that started in March 2001. After a decade, though, we’re ready to understand the savings and loan “bubble” that popped in 1989, preceding the recession that started in July 1990. For more than a half-century, we can now see clearly enough, the savings and loans were an accident waiting to happen. The best insurance for financial institutions is diversification, but the savings and loans were concentrated solely in residential financing. What’s more, they were in the business of borrowing short and lending long, accepting deposits that could be withdrawn quickly and making 20-year loans. They were further protected by Regulation Q, allowing them to pay a bit more for savings deposits than commercial banks were allowed to. In normal times, they could ride the yield curve, booking profits because long-term interest rates are generally higher than short-term ones. This world was recorded in Jimmy Stewart’s 1946 film, It’s a Wonderful Life.

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