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International Finance: Theory into Practice
Par Piet Sercu. 2009
International Finance presents the corporate uses of international financial markets to upper undergraduate and graduate students of business finance and…
financial economics. Combining practical knowledge, up-to-date theories, and real-world applications, this textbook explores issues of valuation, funding, and risk management. International Finance shows how theoretical applications can be brought into managerial practice. The text includes an extensive introduction followed by three main sections: currency markets; exchange risk, exposure, and risk management; and long-term international funding and direct investment. Each section begins with a short case study, and each of the sections' chapters concludes with a CFO summary, examining how a hypothetical chief financial officer might apply topics to a managerial setting. The book also contains end-of-chapter questions to help students grasp the material presented. Focusing on international markets and multinational corporate finance, International Finance is the go-to resource for students seeking a complete understanding of the field. Rigorous focus on international financial markets and corporate finance concepts An up-to-date and practice-oriented approach Strong real-world examples and applications Comprehensive look at valuation, funding, and risk management Introductory case studies and "CFO summaries," and end-of-chapter quiz questions Solutions to the quiz questions are available onlineFood Webs (Monographs in Population Biology #50)
Par Kevin S. McCann. 2012
Human impacts are dramatically altering our natural ecosystems but the exact repercussions on ecological sustainability and function remain unclear. As…
a result, food web theory has experienced a proliferation of research seeking to address these critical areas. Arguing that the various recent and classical food web theories can be looked at collectively and in a highly consistent and testable way, Food Webs synthesizes and reconciles modern and classical perspectives into a general unified theory. Kevin McCann brings together outcomes from population-, community-, and ecosystem-level approaches under the common currency of energy or material fluxes. He shows that these approaches--often studied in isolation--all have the same general implications in terms of population dynamic stability. Specifically, increased fluxes of energy or material tend to destabilize populations, communities, and whole ecosystems. With this understanding, stabilizing structures at different levels of the ecological hierarchy can be identified and any population-, community-, or ecosystem-level structures that mute energy or material flow also stabilize systems dynamics. McCann uses this powerful general framework to discuss the effects of human impact on the stability and sustainability of ecological systems, and he demonstrates that there is clear empirical evidence that the structures supporting ecological systems have been dangerously eroded. Uniting the latest research on food webs with classical theories, this book will be a standard source in the understanding of natural food web functions.Pricing the Planet's Future: The Economics of Discounting in an Uncertain World
Par Christian Gollier. 2013
Our path of economic development has generated a growing list of environmental problems including the disposal of nuclear waste, exhaustion…
of natural resources, loss of biodiversity, climate change, and polluted land, air, and water. All these environmental problems raise the crucial challenge of determining what we should and should not do for future generations. It is also central to other policy debates, including, for example, the appropriate level of public debt, investment in public infrastructure, investment in education, and the level of funding for pension benefits and for research and development. Today, the judge, the citizen, the politician, and the entrepreneur are concerned with the sustainability of our development. The objective of Pricing the Planet's Future is to provide a simple framework to organize the debate on what we should do for the future. A key element of analysis by economists is the discount rate--the minimum rate of return required from an investment project to make it desirable to implement. Christian Gollier outlines the basic theory of the discount rate and the various arguments that favor using a smaller discount rate for more distant cash flows. With principles that can be applied to many policy areas, Pricing the Planet's Future offers an ideal framework for dynamic problems and decision making.Social Trends in American Life: Findings from the General Social Survey since 1972
Par Peter V. Marsden. 2012
Changes in American social attitudes and behaviors since the 1970sSocial Trends in American Life assembles a team of leading researchers…
to provide unparalleled insight into how American social attitudes and behaviors have changed since the 1970s. Drawing on the General Social Survey—a social science project that has tracked demographic and attitudinal trends in the United States since 1972—it offers a window into diverse facets of American life, from intergroup relations to political views and orientations, social affiliations, and perceived well-being.Among the book's many important findings are the greater willingness of ordinary Americans to accord rights of free expression to unpopular groups, to endorse formal racial equality, and to accept nontraditional roles for women in the workplace, politics, and the family. Some, but not all, signs indicate that political conservatism has grown, while a few suggest that Republicans and Democrats are more polarized. Some forms of social connectedness such as neighboring have declined, as has confidence in government, while participation in organized religion has softened. Despite rising standards of living, American happiness levels have changed little, though financial and employment insecurity has risen over three decades.Social Trends in American Life provides an invaluable perspective on how Americans view their lives and their society, and on how these views have changed over the last two generations.The Reemergence of Self-Employment: A Comparative Study of Self-Employment Dynamics and Social Inequality
Par Richard Arum & Walter Müller. 2004
This book presents results of a cross-national research project on self-employment in eleven advanced economies and demonstrates how and why…
the practice is reemerging in modern societies. While traditional forms of self-employment, such as skilled crafts work and shop keeping, are in decline, they are being replaced by self-employment in both professional and unskilled occupations. Differences in self-employment across societies depend on the extent to which labor markets are regulated and the degree to which intergenerational family relationships are a primary factor structuring social organization. For each of the eleven countries analyzed, the book highlights the extent to which social background, educational attainment, work history, family status, and gender affect the likelihood that an individual will enter--and continue--a particular type of self-employment. While involvement with self-employment is becoming more common, it is occurring for individuals in activities that are more diverse, unstable and transitory than in years past.A Constitution of Many Minds: Why the Founding Document Doesn't Mean What It Meant Before
Par Cass R. Sunstein. 2009
The future of the U.S. Supreme Court hangs in the balance like never before. Will conservatives or liberals succeed in…
remaking the court in their own image? In A Constitution of Many Minds, acclaimed law scholar Cass Sunstein proposes a bold new way of interpreting the Constitution, one that respects the Constitution's text and history but also refuses to view the document as frozen in time. Exploring hot-button issues ranging from presidential power to same-sex relations to gun rights, Sunstein shows how the meaning of the Constitution is reestablished in every generation as new social commitments and ideas compel us to reassess our fundamental beliefs. He focuses on three approaches to the Constitution--traditionalism, which grounds the document's meaning in long-standing social practices, not necessarily in the views of the founding generation; populism, which insists that judges should respect contemporary public opinion; and cosmopolitanism, which looks at how foreign courts address constitutional questions, and which suggests that the meaning of the Constitution turns on what other nations do. Sunstein demonstrates that in all three contexts a "many minds" argument is at work--put simply, better decisions result when many points of view are considered. He makes sense of the intense debates surrounding these approaches, revealing their strengths and weaknesses, and sketches the contexts in which each provides a legitimate basis for interpreting the Constitution today. This book illuminates the underpinnings of constitutionalism itself, and shows that ours is indeed a Constitution, not of any particular generation, but of many minds.Yield Curve Modeling and Forecasting: The Dynamic Nelson-Siegel Approach (The Econometric and Tinbergen Institutes Lectures)
Par Francis X. Diebold, Glenn D. Rudebusch. 2013
Understanding the dynamic evolution of the yield curve is critical to many financial tasks, including pricing financial assets and their…
derivatives, managing financial risk, allocating portfolios, structuring fiscal debt, conducting monetary policy, and valuing capital goods. Unfortunately, most yield curve models tend to be theoretically rigorous but empirically disappointing, or empirically successful but theoretically lacking. In this book, Francis Diebold and Glenn Rudebusch propose two extensions of the classic yield curve model of Nelson and Siegel that are both theoretically rigorous and empirically successful. The first extension is the dynamic Nelson-Siegel model (DNS), while the second takes this dynamic version and makes it arbitrage-free (AFNS). Diebold and Rudebusch show how these two models are just slightly different implementations of a single unified approach to dynamic yield curve modeling and forecasting. They emphasize both descriptive and efficient-markets aspects, they pay special attention to the links between the yield curve and macroeconomic fundamentals, and they show why DNS and AFNS are likely to remain of lasting appeal even as alternative arbitrage-free models are developed. Based on the Econometric and Tinbergen Institutes Lectures, Yield Curve Modeling and Forecasting contains essential tools with enhanced utility for academics, central banks, governments, and industry.Don't Blame Us traces the reorientation of modern liberalism and the Democratic Party away from their roots in labor union…
halls of northern cities to white-collar professionals in postindustrial high-tech suburbs, and casts new light on the importance of suburban liberalism in modern American political culture. Focusing on the suburbs along the high-tech corridor of Route 128 around Boston, Lily Geismer challenges conventional scholarly assessments of Massachusetts exceptionalism, the decline of liberalism, and suburban politics in the wake of the rise of the New Right and the Reagan Revolution in the 1970s and 1980s. Although only a small portion of the population, knowledge professionals in Massachusetts and elsewhere have come to wield tremendous political leverage and power. By probing the possibilities and limitations of these suburban liberals, this rich and nuanced account shows that—far from being an exception to national trends—the suburbs of Massachusetts offer a model for understanding national political realignment and suburban politics in the second half of the twentieth century.The Godfather Doctrine: A Foreign Policy Parable
Par Dr John C. Hulsman, A. Wess Mitchell. 2009
The Godfather Doctrine draws clear and essential lessons from perhaps the greatest Hollywood movie ever made to illustrate America's changing…
geopolitical place in the world and how our country can best meet the momentous strategic challenges it faces. In the movie The Godfather, Don Corleone, head of New York's most powerful organized-crime family, is shockingly gunned down in broad daylight, leaving his sons Sonny and Michael, along with his adopted son, consigliere Tom Hagen, to chart a new course for the family. In The Godfather Doctrine, John Hulsman and Wess Mitchell show how the aging and wounded don is emblematic of cold-war American power on the decline in a new world where our enemies play by unfamiliar rules, and how the don's heirs uncannily exemplify the three leading schools of American foreign policy today. Tom, the left-of-center liberal institutionalist, thinks the old rules still apply and that negotiation is the answer. Sonny is the Bush-era neocon who shoots first and asks questions later, proving an easy target for his enemies. Only Michael, the realist, has a sure feel for the changing scene, recognizing the need for flexible combinations of soft and hard power to keep the family strong and maintain its influence and security in a dangerous and rapidly changing world. Based on Hulsman and Mitchell's groundbreaking and widely debated article, "Pax Corleone," The Godfather Doctrine explains for everyone why Francis Ford Coppola's epic story about a Mafia dynasty holds key insights for ensuring America's survival in the twenty-first century.Inventing the Job of President: Leadership Style from George Washington to Andrew Jackson
Par Fred I. Greenstein. 2009
How the early presidents shaped America's highest officeFrom George Washington's decision to buy time for the new nation by signing…
the less-than-ideal Jay Treaty with Great Britain in 1795 to George W. Bush's order of a military intervention in Iraq in 2003, the matter of who is president of the United States is of the utmost importance. In this book, Fred Greenstein examines the leadership styles of the earliest presidents, men who served at a time when it was by no means certain that the American experiment in free government would succeed.In his groundbreaking book The Presidential Difference, Greenstein evaluated the personal strengths and weaknesses of the modern presidents since Franklin D. Roosevelt. Here, he takes us back to the very founding of the republic to apply the same yardsticks to the first seven presidents from Washington to Andrew Jackson, giving his no-nonsense assessment of the qualities that did and did not serve them well in office. For each president, Greenstein provides a concise history of his life and presidency, and evaluates him in the areas of public communication, organizational capacity, political skill, policy vision, cognitive style, and emotional intelligence. Washington, for example, used his organizational prowess—honed as a military commander and plantation owner—to lead an orderly administration. In contrast, John Adams was erudite but emotionally volatile, and his presidency was an organizational disaster.Inventing the Job of President explains how these early presidents and their successors shaped the American presidency we know today and helped the new republic prosper despite profound challenges at home and abroad.Chance in Biology: Using Probability to Explore Nature
Par Mark Denny, Steven Gaines. 2000
Life is a chancy proposition: from the movement of molecules to the age at which we die, chance plays a…
key role in the natural world. Traditionally, biologists have viewed the inevitable "noise" of life as an unfortunate complication. The authors of this book, however, treat random processes as a benefit. In this introduction to chance in biology, Mark Denny and Steven Gaines help readers to apply the probability theory needed to make sense of chance events--using examples from ocean waves to spiderwebs, in fields ranging from molecular mechanics to evolution. Through the application of probability theory, Denny and Gaines make predictions about how plants and animals work in a stochastic universe. Is it possible to pack a variety of ion channels into a cell membrane and have each operate at near-peak flow? Why are our arteries rubbery? The concept of a random walk provides the necessary insight. Is there an absolute upper limit to human life span? Could the sound of a cocktail party burst your eardrums? The statistics of extremes allows us to make the appropriate calculations. How long must you wait to see the detail in a moonlit landscape? Can you hear the noise of individual molecules? The authors provide answers to these and many other questions. After an introduction to the basic statistical methods to be used in this book, the authors emphasize the application of probability theory to biology rather than the details of the theory itself. Readers with an introductory background in calculus will be able to follow the reasoning, and sets of problems, together with their solutions, are offered to reinforce concepts. The use of real-world examples, numerous illustrations, and chapter summaries--all presented with clarity and wit--make for a highly accessible text. By relating the theory of probability to the understanding of form and function in living things, the authors seek to pique the reader's curiosity about statistics and provide a new perspective on the role of chance in biology.The Computer from Pascal to von Neumann
Par Herman H. Goldstine. 1972
In 1942, Lt. Herman H. Goldstine, a former mathematics professor, was stationed at the Moore School of Electrical Engineering at…
the University of Pennsylvania. It was there that he assisted in the creation of the ENIAC, the first electronic digital computer. The ENIAC was operational in 1945, but plans for a new computer were already underway. The principal source of ideas for the new computer was John von Neumann, who became Goldstine's chief collaborator. Together they developed EDVAC, successor to ENIAC. After World War II, at the Institute for Advanced Study, they built what was to become the prototype of the present-day computer. Herman Goldstine writes as both historian and scientist in this first examination of the development of computing machinery, from the seventeenth century through the early 1950s. His personal involvement lends a special authenticity to his narrative, as he sprinkles anecdotes and stories liberally through his text.Restoring the Lost Constitution: The Presumption of Liberty - Updated Edition
Par Randy E. Barnett. 2014
The U.S. Constitution found in school textbooks and under glass in Washington is not the one enforced today by the…
Supreme Court. In Restoring the Lost Constitution, Randy Barnett argues that since the nation's founding, but especially since the 1930s, the courts have been cutting holes in the original Constitution and its amendments to eliminate the parts that protect liberty from the power of government. From the Commerce Clause, to the Necessary and Proper Clause, to the Ninth and Tenth Amendments, to the Privileges or Immunities Clause of the Fourteenth Amendment, the Supreme Court has rendered each of these provisions toothless. In the process, the written Constitution has been lost. Barnett establishes the original meaning of these lost clauses and offers a practical way to restore them to their central role in constraining government: adopting a "presumption of liberty" to give the benefit of the doubt to citizens when laws restrict their rightful exercises of liberty. He also provides a new, realistic and philosophically rigorous theory of constitutional legitimacy that justifies both interpreting the Constitution according to its original meaning and, where that meaning is vague or open-ended, construing it so as to better protect the rights retained by the people. As clearly argued as it is insightful and provocative, Restoring the Lost Constitution forcefully disputes the conventional wisdom, posing a powerful challenge to which others must now respond. This updated edition features an afterword with further reflections on individual popular sovereignty, originalist interpretation, judicial engagement, and the gravitational force that original meaning has exerted on the Supreme Court in several recent cases.Foreign Relations: American Immigration in Global Perspective (America in the World #19)
Par Donna R. Gabaccia. 2012
A new history exploring U.S. immigration in global contextHistories investigating U.S. immigration have often portrayed America as a domestic melting…
pot, merging together those who arrive on its shores. Yet this is not a truly accurate depiction of the nation's complex connections to immigration. Offering a brand-new global history of the subject, Foreign Relations takes a comprehensive look at the links between American immigration and U.S. foreign relations. Donna Gabaccia examines America’s relationship to immigration and its debates through the prism of the nation’s changing foreign policy over the past two centuries. She shows that immigrants were not isolationists who cut ties to their countries of origin or their families. Instead, their relations to America were often in flux and dependent on government policies of the time.An innovative history of U.S. immigration, Foreign Relations casts a fresh eye on a compelling and controversial topic.A Larger Sense of Purpose: Higher Education and Society (The William G. Bowen Series #41)
Par Harold T. Shapiro. 2006
Universities were once largely insular institutions whose purview extended no further than the campus gates. Not anymore. Today's universities have…
evolved into multifaceted organizations with complex connections to government, business, and the community. This thought-provoking book by Harold Shapiro, former president of both Princeton University and the University of Michigan, and Chairman of the National Bioethics Advisory Commission under President Bill Clinton, explores the role the modern university should play as an ethical force and societal steward. Based on the 2003 Clark Kerr lectures, A Larger Sense of Purpose draws from Shapiro's twenty-five years of experience leading major research universities and takes up key topics of debate in higher education. What are the nature and objectives of a liberal education? How should universities address the increasing commercialization not only of intercollegiate sports but of education and research? What are the university's responsibilities for the moral education of students? The book begins with an expanded history of the modern research institution followed by essays on ethics, the academic curriculum, the differences between private and public higher education, the future of intellectual property rights, and the changing relationship between the nation's universities and the for-profit sector. Shapiro calls for universities to be more accountable morally as well as academically. He urges scientists not only to educate others about the potential and limitations of science but also to acknowledge the public's distress over the challenges presented by the very success of the scientific enterprise. He advocates for a more intimate connection between professional training and the liberal arts--in the hope that future doctors, lawyers, and business executives will be educated in ethics and the social sciences as well as they are in anatomy, torts, and leveraged buyouts. Candid, timely, and provocative, A Larger Sense of Purpose demands the attention of not only those in academics but of anyone who shares an interest in the soul of education.In Our Name: The Ethics of Democracy
Par Eric Beerbohm. 2012
When a government in a democracy acts in our name, are we, as citizens, responsible for those acts? What if…
the government commits a moral crime? The protestor's slogan--"Not in our name!"--testifies to the need to separate ourselves from the wrongs of our leaders. Yet the idea that individual citizens might bear a special responsibility for political wrongdoing is deeply puzzling for ordinary morality and leading theories of democracy. In Our Name explains how citizens may be morally exposed to the failures of their representatives and state institutions, and how complicity is the professional hazard of democratic citizenship. Confronting the ethical challenges that citizens are faced with in a self-governing democracy, Eric Beerbohm proposes institutional remedies for dealing with them. Beerbohm questions prevailing theories of democracy for failing to account for our dual position as both citizens and subjects. Showing that the obligation to participate in the democratic process is even greater when we risk serving as accomplices to wrongdoing, Beerbohm argues for a distinctive division of labor between citizens and their representatives that charges lawmakers with the responsibility of incorporating their constituents' moral principles into their reasoning about policy. Grappling with the practical issues of democratic decision making, In Our Name engages with political science, law, and psychology to envision mechanisms for citizens seeking to avoid democratic complicity.When Insurers Go Bust: An Economic Analysis of the Role and Design of Prudential Regulation
Par Guillaume Plantin, Jean-Charles Rochet. 2007
In the 1990s, large insurance companies failed in virtually every major market, prompting a fierce and ongoing debate about how…
to better protect policyholders. Drawing lessons from the failures of four insurance companies, When Insurers Go Bust dramatically advances this debate by arguing that the current approach to insurance regulation should be replaced with mechanisms that replicate the governance of non-financial firms. Rather than immediately addressing the minutiae of supervision, Guillaume Plantin and Jean-Charles Rochet first identify a fundamental economic rationale for supervising the solvency of insurance companies: policyholders are the "bankers" of insurance companies. But because policyholders are too dispersed to effectively monitor insurers, it might be efficient to delegate monitoring to an institution--a prudential authority. Applying recent developments in corporate finance theory and the economic theory of organizations, the authors describe in practical terms how such authorities could be created and given the incentives to behave exactly like bankers behave toward borrowers, as "tough" claimholders.Strategic Investment: Real Options and Games
Par Han T. Smit, Lenos Trigeorgis. 2004
Corporate finance and corporate strategy have long been seen as different sides of the same coin. Though both focus on…
the same broad problem, investment decision-making, the gap between the two sides--and between theory and practice--remains embarrassingly large. This book synthesizes cutting-edge developments in corporate finance and related fields--in particular, real options and game theory--to help bridge this gap. In clear, straightforward exposition and through numerous examples and applications from various industries, Han Smit and Lenos Trigeorgis set forth an extended valuation framework for competitive strategies. The book follows a problem-solving approach that synthesizes ideas from game theory, real options, and strategy. Thinking in terms of options-games can help managers address questions such as: When is it best to invest early to preempt competitive entry, and when to wait? Should a firm compete in R&D or adopt an accommodating stance? How does one value growth options or infrastructure investments? The authors provide a wide range of valuation examples, such as acquisition strategies, R&D investment in high-tech sectors, joint research ventures, product introductions in consumer electronics, infrastructure, and oil exploration investment. Representing a major step beyond standard real options or strategy analysis, and extending the power of real options and strategic thinking in a rigorous fashion, Strategic Investment will be an indispensable guide and resource for corporate managers, MBA students, and academics alike.Primates and Philosophers: How Morality Evolved (Princeton Science Library #43)
Par Frans De Waal. 2006
Can virtuous behavior be explained by nature, and not by human rational choice? "It's the animal in us," we often…
hear when we've been bad. But why not when we're good? Primates and Philosophers tackles this question by exploring the biological foundations of one of humanity's most valued traits: morality. In this provocative book, renowned primatologist Frans de Waal argues that modern-day evolutionary biology takes far too dim a view of the natural world, emphasizing our "selfish" genes and reinforcing our habit of labeling ethical behavior as humane and the less civilized as animalistic. Seeking the origin of human morality not in evolution but in human culture, science insists that we are moral by choice, not by nature. Citing remarkable evidence based on his extensive research of primate behavior, de Waal attacks "Veneer Theory," which posits morality as a thin overlay on an otherwise nasty nature. He explains how we evolved from a long line of animals that care for the weak and build cooperation with reciprocal transactions. Drawing on Darwin, recent scientific advances, and his extensive research of primate behavior, de Waal demonstrates a strong continuity between human and animal behavior. He probes issues such as anthropomorphism and human responsibilities toward animals. His compelling account of how human morality evolved out of mammalian society will fascinate anyone who has ever wondered about the origins and reach of human goodness. Based on the Tanner Lectures de Waal delivered at Princeton University's Center for Human Values in 2004, Primates and Philosophers includes responses by the philosophers Peter Singer, Christine M. Korsgaard, and Philip Kitcher and the science writer Robert Wright. They press de Waal to clarify the differences between humans and other animals, yielding a lively debate that will fascinate all those who wonder about the origins and reach of human goodness.Guaranteed to Fail: Fannie Mae, Freddie Mac, and the Debacle of Mortgage Finance
Par Viral V. Acharya, Matthew Richardson, Stijn Van Nieuwerburgh, Lawrence J. White. 2011
Why America's public-private mortgage giants threaten the world economy—and what to do about itThe financial collapse of Fannie Mae and…
Freddie Mac in 2008 led to one of the most sweeping government interventions in private financial markets in history. The bailout has already cost American taxpayers close to $150 billion, and substantially more will be needed. The U.S. economy--and by extension, the global financial system--has a lot riding on Fannie and Freddie. They cannot fail, yet that is precisely what these mortgage giants are guaranteed to do. How can we limit the damage to our economy, and avoid making the same mistakes in the future?Guaranteed to Fail explains how poorly designed government guarantees for Fannie Mae and Freddie Mac led to the debacle of mortgage finance in the United States, weighs different reform proposals, and provides sensible, practical recommendations. Despite repeated calls for tougher action, Washington has expanded the scope of its guarantees to Fannie and Freddie, fueling more and more housing and mortgages all across the economy--and putting all of us at risk. This book unravels the dizzyingly immense, highly interconnected businesses of Fannie and Freddie. It proposes a unique model of reform that emphasizes public-private partnership, one that can serve as a blueprint for better organizing and managing government-sponsored enterprises like Fannie Mae and Freddie Mac. In doing so, Guaranteed to Fail strikes a cautionary note about excessive government intervention in markets.