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Interest Rate Swaps and Other Derivatives
by Howard CorbHoward Corb explores the concepts behind interest rate swaps and the many derivatives that evolved from them. Corb's book uniquely marries academic rigor and real-world trading experience in a compelling, readable style.
Interest Rate Swaps and Other Derivatives (Columbia Business School Publishing Ser.)
by Howard CorbThe first swap was executed over thirty years ago. Since then, the interest rate swaps and other derivative markets have grown and diversified in phenomenal directions. Derivatives are used today by a myriad of institutional investors for the purposes of risk management, expressing a view on the market, and pursuing market opportunities that are otherwise unavailable using more traditional financial instruments. In this volume, Howard Corb explores the concepts behind interest rate swaps and the many derivatives that evolved from them. Corb's book uniquely marries academic rigor and real-world trading experience in a compelling, readable style. While it is filled with sophisticated formulas and analysis, the volume is geared toward a wide range of readers searching for an in-depth understanding of these markets. It serves as both a textbook for students and a must-have reference book for practitioners. Corb helps readers develop an intuitive feel for these products and their use in the market, providing a detailed introduction to more complicated trades and structures. Through examples of financial structuring, readers will come away with an understanding of how derivatives products are created and how they can be deconstructed and analyzed effectively.
Interest Rate Swaps and Their Derivatives
by Amir SadrAn up-to-date look at the evolution of interest rate swaps and derivatives Interest Rate Swaps and Derivatives bridges the gap between the theory of these instruments and their actual use in day-to-day life. This comprehensive guide covers the main "rates" products, including swaps, options (cap/floors, swaptions), CMS products, and Bermudan callables. It also covers the main valuation techniques for the exotics/structured-notes area, which remains one of the most challenging parts of the market. Provides a balance of relevant theory and real-world trading instruments for rate swaps and swap derivatives Uses simple settings and illustrations to reveal key results Written by an experienced trader who has worked with swaps, options, and exotics With this book, author Amir Sadr shares his valuable insights with practitioners in the field of interest rate derivatives-from traders and marketers to those in operations.
Interest Rates and Asset Prices (Routledge Revivals)
by Ralph TurveyFirst published in 1960, Interest Rates and Asset Prices presents an analysis of the determination of interest rates and asset prices with the help of few simple assumptions. The theory can be regarded either as an alternative to the liquidity preference theory or as an extension of it. Like that theory, it is aggregative and simple, but it is applicable not only to interest rates on government securities but also to yields on real assets. Furthermore, it can be formulated in terms of actually measurable variables, so that it is directly applicable to particular situations. This is demonstrated by a statistical example relating to the average yield on U.S. Government securities in the post- war period. In addition to the main analysis the author discusses the role of financial intermediaries and the structure of interest rates, and there is also a re-examination of the determinants of the transactions demand for money. This is book is an essential read for students of economics.
Interest Rates and Budget Deficits: A Study of the Advanced Economies (Routledge Studies in the Modern World Economy)
by Kanhaya L. Gupta Bakhtiar MoazzamiThere is widespread belief that the high interest rates of the 1980s and 1990s in the developed world have been caused by high budget deficits. Yet, there is no conclusive evidence to support such a belief. This book systematically examines this and other questions relating to the behaviour of real interest rates in eleven developed countries. The results show that generalizations across the countries can be hazardous and strongly suggests that factors specific to individual countries are still of vital importance.
Interest Rates, Prices and Liquidity
by Jagjit S. Chadha Sean HollyMany of the assumptions that underpin mainstream macroeconomic models have been challenged as a result of the traumatic events of the recent financial crisis. Thus, until recently, it was widely agreed that although the stock of money had a role to play, in practice it could be ignored as long as we used short-term nominal interest rates as the instrument of policy because money and other credit markets would clear at the given policy rate. However, very early on in the financial crisis interest rates effectively hit zero percent and so central banks had to resort to a wholly new set of largely untested instruments to restore order, including quantitative easing and the purchase of toxic financial assets. This book brings together contributions from economists working in academia, financial markets and central banks to assess the effectiveness of these policy instruments and explore what lessons have so far been learned.
Interest Representation In Soviet Policymaking: A Case Study Of A West Siberian Energy Coalition
by Han-ku ChungDr. Chung examines a little-known facet of Soviet decisionmaking-pressure-group politics and policy formation. He focuses on the "pro-Siberian" forces involved with the development of energy resources in West Siberia, an area rich in oil and natural gas. Because West Siberia is a remote and relatively unexplored region, controversy arose over the l
Interest Representation and Europeanization of Trade Unions from EU Member States of the Eastern Enlargement
by Christin Landgraf Heiko PleinesThis book examines the integration of major trade unions from the six biggest countries of EU's Eastern enlargement into EU governance structures. Based on extensive empirical research, including more than 150 in-depth interviews, comprehensive data, document research, and eight detailed case studies, the contributions describe the activities and perceptions of the trade unions under investigation and the different levels of engagement, including European umbrella organizations, interregional cooperation, and European Works Councils. The book thus contributes to political science research on interest representation and Europeanization as well as sociological research on labor relations.
Interest Representation and Europeanization of Trade Unions from EU Member States of the Eastern Enlargement (Changing Europe #11)
by Christin Landgraf Heiko PleinesThis book examines the integration of trade unions from the six biggest countries of the EU's Eastern enlargement of EU governance structures. Based on more than 150 in-depth interviews, comprehensive data, document research, and eight detailed case studies, contributions describe the activities and perceptions of the trade unions under investigation and different levels of engagement, including European umbrella organizations, interregional cooperation, and European Works Councils. The book contributes to political science research on interest representation and Europeanization, as well as sociological research on labor relations.
Interest Theory: Financial Mathematics and Deterministic Valuation
by Joe Francis Chris RuckmanThe ActuarialBrew Interest Theory textbook explains the concepts underlying the Society of Actuarial Financial Mathematics (FM) exam. The textbook includes over 300 exam-style questions and almost 200 worked examples. An answer key to the questions is provided in the textbook. Full solutions can be downloaded from ActuarialBrew.com.
Interest and Prices: Foundations of a Theory of Monetary Policy
by Michael WoodfordWith the collapse of the Bretton Woods system, any pretense of a connection of the world's currencies to any real commodity has been abandoned. Yet since the 1980s, most central banks have abandoned money-growth targets as practical guidelines for monetary policy as well. How then can pure "fiat" currencies be managed so as to create confidence in the stability of national units of account? Interest and Prices seeks to provide theoretical foundations for a rule-based approach to monetary policy suitable for a world of instant communications and ever more efficient financial markets. In such a world, effective monetary policy requires that central banks construct a conscious and articulate account of what they are doing. Michael Woodford reexamines the foundations of monetary economics, and shows how interest-rate policy can be used to achieve an inflation target in the absence of either commodity backing or control of a monetary aggregate. The book further shows how the tools of modern macroeconomic theory can be used to design an optimal inflation-targeting regime--one that balances stabilization goals with the pursuit of price stability in a way that is grounded in an explicit welfare analysis, and that takes account of the "New Classical" critique of traditional policy evaluation exercises. It thus argues that rule-based policymaking need not mean adherence to a rigid framework unrelated to stabilization objectives for the sake of credibility, while at the same time showing the advantages of rule-based over purely discretionary policymaking.
Interest in Islamic Economics: Understanding Riba (Routledge Islamic Studies Series)
by Abdulkader ThomasWith Islamic banking gradually becoming a more influential factor in the West, an analysis of the concept of riba – a definition of which is not given in the Qur’an – is long overdue. This text presents readers with various interpretations of this Islamic economic concept – generally perceived as ‘interest’. Thomas provides a framework for understanding riba by examining: linguistics classical judicial analysis the historical context modern economics. Including contributions from prominent international scholars, the book fills a gap in the existing literature and will be welcomed by academics and professionals with an interest in Islamic studies, economics and legal history.
Interests and Behaviours of Real Estate Market Actors in Commercial Property Valuation (Routledge Studies in International Real Estate)
by Alina NichiforeanuThis book is a theory-led conceptual account of the Principal-Agent problem and related concepts of Behavioural Real Estate economics, a decade after the real estate crisis of 2008. Data from 52 qualitative interviews undertaken with appraisers, real estate brokers, and property owners is used to argue that the reality is more nuanced and influenced by the interests of the different real estate market actors. The book provides a sketch of the relationship dynamics between real estate investors and service providers in the markets of Austria and Central and Eastern Europe. While the investors manage real estate portfolios and have to deal with particular legal systems, regulations, and norms, they often appoint service providers who have a comprehensive understanding of the local context. This work aims to highlight that this relationship between the real estate market actors creates an information asymmetry that may constitute the basis of conflicts of interest as well as Principal-Agent problems. Furthermore, the work underlines that the services provided by appraisers and real estate brokers to investors may strongly influence the profit the investor can generate from a transaction. It could be therefore inferred that the investor inclines towards a certain type of result from a service provider over the others. The present research has revealed that the investors are guided by certain interests and undertake to steer the service providers in a favoured direction. This book is essential reading for anyone interested in the nuances of Behavioural Economics and real estate.
Interests and Integration: Market Liberalization, Public Opinion, and European Union
by Matthew J. GabelIntegration in Europe has been a slow incremental process focusing largely on economic matters. Policy makers have tried to develop greater support for the European Union by such steps as creating pan-European political institutions. Yet significant opposition remains to policies such as the creation of a single currency. What explains continued support for the European Union as well as opposition among some to the loss of national control on some questions? Has the incremental process of integration and the development of institutions and symbols of a united Europe transformed public attitudes towards the European Union? In this book, Matthew Gabel probes the attitudes of the citizens of Europe toward the European Union. He argues that differences in attitudes toward integration are grounded in the different perceptions of how economic integration will affect individuals' economic welfare and how perceptions of economic welfare effect political attitudes. Basing his argument on Easton's idea that where affective support for institutions is low, citizens will base their support for institutions on their utilitarian appraisal of how well the institutions work for them, Gabel contends that in the European Union, citizens' appraisal of the impact of the Union on their individual welfare is crucial because their affective support is quite low. This book will be of interest to scholars studying European integration as well as scholars interested in the impact of public opinion on economic policymaking.
Interface's Evergreen Services Agreement
by James Quinn Rogelio OlivaIn an attempt to reduce its ecological footprint, Interface Americas, a leading manufacturer of commercial carpet tile, has launched the Evergreen Services Agreement (ESA)--a lease agreement that provides would-be carpet purchasers with comprehensive floor-covering services (color, texture, warmth, beauty, acoustics, and safety). Under ESA, Interface retains ownership of all carpet material, thereby ensuring proper recycling. Despite active media attention and a lot of interested calls from potential buyers, Interface is having difficulty selling ESA. CEO Dan Hendrix is at a crossroad and must decide whether to continue support for ESA or to focus on other initiatives. This case, grounded in a failed negotiation with the University of Texas, Houston, details a discussion of the difficulties of structuring a long-term lease agreement, defining a new service value proposition for the customer, and developing a sustainable business model for product-related services.
InterfaceRAISE: Sustainability Consulting
by Robert G. Eccles Michael W. Toffel Casey TaylorInterfaceRAISE is a sustainability management consulting firm created to leverage the capabilities of its parent company Interface Inc., a carpet manufacturer recognized as a global leader in corporate environmental sustainability. This case illustrates the challenges of turning an internal capability into a client facing revenue stream. This is made especially difficult by the fact that the parent company is a manufacturing firm and InterfaceRAISE is a professional services firm (consulting). InterfaceRAISE is not being staffed by a traditional consulting firm model, relying instead on the part time availability of employees in the parent company. At the time of the case, InterfaceRAISE was grappling to identify the appropriate business model for the type of consulting firm it wants to be, to determine what its client portfolio should look like, and to set its pricing structure. InterfaceRAISE needed to decide how to accelerate its growth while better achieving its three objectives: improving its clients' sustainability performance, enhancing its parent company's brand image and sales, and increasing operating profits.
Interfaces between Science and Society
by Ângela Guimarães Pereira Sofia Guedes Vaz Sylvia TognettiThe project of science has been to provide answers to questions about the world and how it works. Often, this lofty role has been characterised by a narrow and dogmatic scientific training, an unwillingness to communicate to differing stakeholder needs, a refusal to accept and to manage uncertainty, complexity and value commitments, and the reduction of knowledge assessment to colleague peer review on narrowly technical issues. Times have changed. As the world faces increasingly disparate challenges, science is subjected to increasingly vehement demands from a society calling for transparency, openness and public participation in science policy. Science is going through an evolutionary process. Perhaps the most painful process it has ever encountered. Research on the interfaces between science and society is a burgeoning area. A new conception of knowledge now appears to be emerging, based on the awareness of complexity, uncertainty and a plurality of legitimate perspectives and interests. Democracy is extending into the previously quite exclusive scientific realm, and science must now submit to public scrutiny and participation in the governance of knowledge. This book provides much-needed reflections on the methods and tools for knowledge quality assurance, particularly on its inputs to extended policy and decision-making processes. The overall aim is to improve the relationship between science and society. The discussion involves six themes: communicating between plural perspectives; accepting and learning how to manage uncertainty, complexity and value commitments; acknowledging new conceptions of knowledge; implementing transparency, openness and participation in science policy; valuing community-based research; and exploring how new ICT can support inclusive governance. Taken together, these themes provide both a framework and vision on how to conceive, discuss and evaluate the changes that are occurring. The chapters cover theory, practice, approaches, experiences, ideas and suggestions for a move beyond "talking the talk" to "walking the walk". Science and policy interfaces are dynamic processes needing to permanently redefine themselves and their roles. This book contributes to the enrichment and deepening of our understanding of these important new trends in the social relations of science, which are fundamental to our understanding of the prospects for further progress. The book will be essential reading for scientists, policy-makers, managers and the public.
Interfaith Leadership: Bringing Religious Groups Together
by Eboo Patel Noah Silverman April KunzeThe need for effective leadership that promotes positive intergroup relations is particularly salient when the groups define themselves along religious lines. Human history and contemporary events suggest that conflict between groups divided across religious identities can be particularly violent, owing to the nature of religious motivation. However, recent history also speaks to religious motivation as a vast resource for improving intergroup dynamics and confronting social ills. This chapter explores the role of leadership in determining whether the future will be overcome by those who would divide and destroy on the basis of religious difference or will be constructed by those who will create a balance of mutual respect and cooperation. The authors present a pluralistic framework for positive interfaith relations and identify competencies that make effective interfaith youth leaders. This chapter was previously published as chapter 17 of "Crossing the Divide: Intergroup Leadership in a World of Difference."
Interfaith Marketing: A Cross-Religious Approach (Routledge Studies in Marketing)
by Stefan Müller Katja Gelbrich Frank G. CabanoReligious affiliation and religiosity of consumers can give rise to a differentiation of marketing strategy and marketing mix. They influence the values, habits and attitudes of consumers as well as their decision-making and consumption behavior. This book presents a comprehensive overview of the current state of knowledge of comparative religious research.The authors discuss the basic concepts and approaches of this interdisciplinary field. They describe central concepts of religious studies (e.g. intrinsic vs. extrinsic religiosity) and the various world religions. Then, they analyze how religiosity and religious affiliation influence consumer behavior, and what consequences this has for companies that operate across borders. How can or should they take into account the religious characteristics of their target groups?This original book will be a valuable resource for scholars of international marketing and business, consumer behavior and religious studies.
Interferon: The Science and Selling of a Miracle Drug (Routledge Studies in the History of Science, Technology and Medicine)
by Toine PietersThis innovative study charts the beginnings, history and fate of Interferon - one of modern medicine's most famous and infamous drugs. Interferon is part of the medical profession's armoury against viral infection, cancer and MS. The story of its development and use is one of survival in the face of remarkable cycles of promise and disappointment as a miracle drug. By telling this story, Toine Pieters' book provides insight into the research, manufacture, and marketing of new bio-molecules that mark modern medical science. Pieters' closely argued book adopts a multi-disciplinary approach in seeking to trace the extraordinary voyage of interferon. Through the lens of interferon's voyage, the book explores the interaction of the broad range of actors driving medical science: *biological and clinical researchers *the pharmaceutical industry *high-powered government agencies *doctors and patients *the media. The book demonstrates how research on interferon led to new clinical definitions of cancer and a new rationale for therapeutic use of the drug. Interferon provides a marvellous insight into the development of one of the most controversial drugs of our time. It enhances our understanding of how medicine manufacture and marketing all played a part in pushing back the boundaries of research, from the post-penicillin era to the genetics revolution in medicine. This study is of particular interest to undergraduates and postgraduates in the fields of History of Medicine, Pharmacology, Medical Genetics and History of Science.
Interfirm Alliances: International Analysis and Design
by Bart NooteboomChallenging the current flood of mergers and acquisitions this book presents an alternative, more efficient strategy of inter-firm alliances. In the context of recent developments in international business, the discussion takes in alliances between buyers and suppliers, between competitors and between firms in different industries. This theory is illustrated and elaborated with empirical detail from a variety of international case-studies. These studies include the car industry in the US, Europe and Japan, the Dutch photocopier industry and ten European electronic suppliers ... Inter-firm Alliances combines resource-based views, transaction-cost analysis and institutional economics to develop an original and comprehensive theory of inter-firm alliances and a coherent method for managing them.
Interfirm Networks
by Gérard Cliquet George Hendrikse Josef Windsperger Thomas EhrmannThe organization of interfirm networks, such as alliances, cooperatives, franchise and retail chains, has become an important research topic in the field of economics, marketing, strategic management, and organization theory. This book contributes to the literature on formal and informal inter-organizational governance by providing new insights on contract design, ownership, evolution of cooperation, role of social capital and performance in franchising networks; includes topics of loyalty, reputation and organizational form as well as performance of cooperatives, and discusses the relationship between formal and relational governance in alliances, governance structures of innovation activities, dynamics of interfirm conflicts, and network externalities and alliance formation.
Interfirm Networks: Organization and Industrial Competitiveness (Routledge Studies In Business Organizations And Networks Ser.)
by Anna GrandoriThis volume examines the nature of interfirm networks and their role in promoting industrial competitiveness. Where previous work in this area has tended to be descriptive, the distinguished contributors to this volume present a balanced theoretical and empirical approach to interfirm networking drawing on a variety of international case studies. I
Interfirm Relationships and Trade Credit in Japan
by Souichirou Kozuka Hirofumi Uchida Arito Ono Makoto Hazama Iichiro UesugiThis is the first book to report the details of the current status of interfirm relationships in Japan. Based on a unique data set of firms, the authors describe the characteristics of interfirm transactions in a manner unprecedented in the literature. Special emphasis is placed on the nature of payment/collection between firms. Payment for interfirm transactions is usually made on account, or by payment after delivery, rather than by immediate payment. Thus, most interfirm transactions are accompanied by a provision of credit (i. e. , lending/borrowing) from a seller to a buyer, referred to as trade credit. Although trade credit is used all around the world and accounts for a large portion of firms' balance sheets, researchers, lacking detailed data, have long encountered serious difficulty in clarifying how and why firms use trade credit. In this work the authors use a huge, unique data set of about 380,000 firms in Japan during the 2007-2010 period. To grasp the entirety of this enormous data set, which is tantamount to a picture of all firms currently operating in Japan, this brief summarizes descriptive statistics and conducts univariate analyses of the data. Also provided is the legal background of trade credit practice in Japan from the "law and economics" perspective. In this manner, the book furnishes vital information that can be used as a reference for future theoretical and empirical analyses of trade credit and interfirm relationships.
Intergenerational Income Mobility in China: Implications for Education Policy and Practice (Education and Society in China)
by Yuna HouIntergenerational income mobility is of great societal importance due to its relevance to equal socio-economic opportunity and future economic efficiency. In her book Dr Hou explores the potential role of education policy in reducing intergenerational transmission of poverty and promoting intergenerational income mobility in China. Her research investigates the extent to which intergenerational income persists in China, the mechanisms behind intergenerational inequality, and premises for policy intervention. The interaction between families, labour markets, and public policies that structure a child’s opportunities and determine the extent to which income is related to family background are discussed in detail. The book comprises of three separate empirical studies examining the relationship between parents’ income and the long-term welfare of their children for two birth cohorts; the role education plays in the intergenerational income relationship; and possible policy intervention channels to facilitate intergenerational income mobility. The lessons learnt from the empirical studies in this book offer the basis for a discussion of current educational policies and provide guidance for developing more appropriate public policies to promote intergenerational income mobility in China in the future. This book contributes to the international discussion by providing evidence in Chinese context, and also provides guidance for policymakers attempting to develop more appropriate public policies to promote intergenerational income mobility in China.