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This is the first book to examine in depth the doctrinal character of the unit trust. The author begins by tracing the history of the unit trust as a sub-set of the trust and the company. He goes on to examine a whole range of related topics, including the contractual ingredient of the unit trust and its implications on doctrines of perpetuities, important case law such as the case of Saunder v Vautier, frustration, and remedies. This is followed by an analysis of the unit trust's relationships, obligations, and rights aspects - including the associative, agency and fiduciary character of the relationships; the 'split of trusteeship' between the trustee and the manager (in the form of directory, veto, delegation, and advisory powers); and the nature of the unit trust. The relevant provisions of the Financial Services Act 1986 and its subsidiary legislation are also analysed. Clearly this book will be invaluable to all those who require a better understanding of the unit trust.
In the beginning, there were four financial instruments: a bank deposit, a bill of exchange, a bond, and an equity. Today, as a result of a steady stream of financial innovations, the market landscape is far less sparse-and far more complex. To help you maneuver smoothly and profitably within this crowded and much-evolved arena, Julian Walmsley's New Financial Instruments has been thoroughly revised and expanded to include complete coverage of all the new financial instruments available to market practitioners. New Financial Instruments, Second Edition offers a clear, practical perspective on the shifts and changes behind today's dizzying proliferation of market tools and techniques. Its in-depth examination of both international and domestic markets probes the nature, causes, and consequences of financial innovation, as well as the ins and outs, advantages and disadvantages of the myriad products engendered by change. New Financial Instruments, Second Edition is a comprehensive, comparative guide offering concise descriptions of convertibles, warrants, preferred stocks, and other instruments. In addition, Walmsley's clear-eyed analysis distills the latest variations in areas such as barrier options, asset-backed securities, credit derivatives, structured notes, and equity derivatives. There's important information on the origin and methodology of each innovative technique, as well as essential details on the risks, rewards, and key considerations that must be understood before deciding on one instrument over another. New Financial Instruments, Second Edition takes you step-by-step through a wide range of procedures, revealing how to: Analyze risk level and return Use interest rates and currency swaps in synthetic securities Value exotic options, weighing the risks they entail against the leverage they provide The book also addresses such key topics as: Basic analytical tools-present value calculations, zero-coupon curves, modern portfolio theory, value at risk, continuous compounding Securitization-transferable loan instruments, Eurocommercial paper, and asset-backed securities Swaps-interest rate, currency, diff, zero coupon, asset, and equity Options-barrier, binary, cliquet, ladder, rainbow, shout Mortgage-backed securities-market development, superfloaters and inverse superfloaters, PAC bonds, reverse PACs and lockouts, TAC bonds Supported by extensive illustrations and working examples, this indispensable resource is a must for anyone seeking to understand and apply the latest financial innovations. A comprehensive guide to today's new financial instruments-what they are, how they work, and how you can profit from them Written by an expert practitioner in the field, this up-to-date, systematic guide takes you through the ins and outs, advantages and disadvantages, risks and rewards of today's sophisticated new financial tools and techniques. Now revised and expanded, New Financial Instruments has complete coverage of bonds, equities, warrants, and other traditional vehicles, as well as a comprehensive overview of the latest developments in asset- and mortgage-backed securities, credit and equity derivatives, convertibles, and preferred stocks. With the flood of innovations we have seen in international finance in recent years there was a great need for a succinct, comprehensive survey of the field. New Financial Instruments fills that need admirably. -Professor Brian Scott-Quinn, ISMA Centre, University of Reading, U.K. (www ismacentre.rdg.ac.uk) For the practitioner to keep up with innovations across a wide range of markets is always difficult. This book will be a great help to those who need to bring themselves up to date with a great variety of markets. -John Langton, Chief Executive, International Securities Market Association, Zurich
First Published in 1998. Routledge is an imprint of Taylor & Francis, an informa company.
This new paperback edition of Foreign Direct Investment and Governments examines the dynamic relationship between foreign direct investment, governments and economic development. The book includes: * an investigation of the catalytic role played by the governments and multinationals in determining national advantages * eleven in-depth national studies of the UK, USA, Japan, New Zealand, India, Mexico, Spain, Sweden, China, Indonesia and Taiwan * analysis of all aspects of the investment development path Foreign Direct Investment and Governments is an excellent source book for students of international business.
What, if anything, do the most spectacular, high-performance periods of the twentieth-century stock market have in common? And most importantly: Can we predict when they will occur again? In this fascinating investigation, acclaimed author and financial authority Martin S. Fridson probes the past, leading an exhilarating tour through each of the twentieth-century stock market's golden years. Illuminating, entertaining, and rich in historical anecdotes, Fridson's book treats us to the opinions and investment strategies of some of the most prominent and intriguing figures on the scene. Timely, informative, and highly readable ...It Was a Very Good Year offers wonderful insights into the years that provided spectacular gains in the past. There are important lessons in this book for all investors. -Henry Kaufman, President, Henry Kaufman & Company, Inc. A useful and extremely entertaining book. It's loaded with fascinating stock market lore and helpful investment approaches. I learned a lot and thoroughly enjoyed myself along the way. -Byron R. Wien, Managing Director, Investment Strategist for U.S. Equities, Morgan Stanley Dean Witter Financial history with a purpose-it is a Very Good Book. -James Grant, Editor, Grant's Interest Rate Observer With this book, Marty Fridson joins the ranks of the must-read economic and financial historians. He is that rare combination of scholar, wit, raconteur, and man with an eye on the bottom line. Read it for amusement, education, or profit. You can't lose. -Ben Stein, writer, law professor at Pepperdine University and host of Win Ben Stein's Money
Practical Readings in Financial Derivatives is a collection of 20 articles spanning major developments in the field in theory and practice. Two central themes govern the content. These are the pricing of financial derivatives and their application in risk management. Section I, Instruments and Pricing, sets forth the derivatives and the principles for pricing them. Section II, Risk Management Applications, illustrates how financial derivatives may be used singly, or in combination, to manage the types of risk encountered in business today. The applied orientation and contemporary selection make Practical Readings in Financial Derivatives a strong supplement to any course on futures, options, swaps, or financial engineering. Readers will welcome the accessible nature of the articles which approach financial derivatives from a 'real world' perspective, rather than a strictly technical view.
Until now, market timing as it applies to successful investment decision-making has been an elusive, at times vague instrument. This book provides a clear, relevant model for using the business cycle as a tool for timing investments. At last, here is a clear framework for assessing returns at different stages of the business cycle, and for determining the timing relevance as it relates to stocks, bonds, mutual funds, other specific investments and general asset allocation. A solid and dynamic approach.
(Finance & Investment) For the novice and the experienced investment professional alike, this book provides a wealth of insight into security analysis. I wish I had this book when I first started in the portfolio management business. ~Jenny Witterick, CFA Partner; This book provides the reader with insights into how the 'pros' do their thing. It is a must-read for everyone in the business, entering the business, or, for that matter, anyone with an interest in actively investing. ~Mark A.F. Golding, Chairman & CEO Guardian Capital Inc. This high-quality new work fills a gap that, until now, has existed in the literature of Canadian securities analysis. ~W. David Wilson, President & Deputy CEO, Scotia Capital Markets & Chairman of the Investment Dealers Association
This investing classic is now in paperback! Now, every investor can profit from the proven techniques of Benjamin Graham, the most influential investment philosopher of the 20th century. - Smart Money . For more than 60 years, savvy stock market pros like Warren Buffett have practiced Benjamin Graham's principles of value investing, the technique that ferrets out undervalued stocks and uncovers hidden winners - with minimal risk. What was once an insider's secret is now a wealth-building strategy every investor can use! In a clear, easy-to-understand style laced with entertaining stories and quotes, financial writer Janet Lowe demystifies value investing and gives you simple-to-use trading tactics that can help you reap enormous rewards. A book whose time has come. - Richard Russell, Editor and Publisher, Dow Theory Letters . The best guidance possible for the investor. - Charles Brandes, Managing Director, Brandes Investment Partners and author of Value Investing Today.
Insurance is a concept, a technique, and an economic institution. It is a major tool of risk management, and plays an important role in the economic, social, and political life of all countries. Economic growth throughout the world has even expanded the role of insurance. Theory and Practice of Insurance aims to describe the significance of insurance institutions, the reasons they exist and how they function. The author emphasizes fundamental principles in risk and insurance, using an international frame of reference. This volume begins with an introduction to the concept of risk, then proceeds to cover insurance and its relationship to the economy; the principles of risk management and insurance; and the characteristics and performance of insurance companies.