Wiley Finance

Distress Investing is a comprehensive guide to distress investing around the world. Increasingly, corporate rehabilitation is more interesting than corporate liquidation to governments and capital markets. And increasingly a mezzanine industry of mutual funds, hedge funds, and private investors has stepped up to fill the role of the traditional corporate lender. This book covers distress investing from theoretical underpinnings to practical applications. It features cases studies of some of the biggest distress investing situations including Kmart and Pacific Gas & Electric. From the recent changes to U.S. bankruptcy code to creditor rights to cash bailouts, readers will learn how to analyze distressed situations including pricing issues, arbitrage opportunities, political and tax disadvantages to deal expenses and reorganization funding plans. Written by the leading practitioner of distress investing and co-authored by teaching academics, this book is certain to become the bible on the topic for professional investors and students.

Inside the Black Box explains how quantitative and algorithmic trading strategies work in non-mathematical terms supplemented by anecdotes and real-world stories. There is a large chasm in the understanding of what quants do with quants often perpetuating the darkness by cloaking even trivial facts about their strategies and operations in secrecy. Most of their strategies are understandable and with that understanding investment professionals can better assess a particular fund's value. The book also explains how quant strategies fit into a portfolio, why they are valuable, and how to evaluate a quant manager. How do quants capture alpha? What is the real level of discretion in quant trading? What is the difference between theory-driven systems vs. data-mining strategies? What are the typical structures of quant systems? How do quants model risk? How do you know if it works? What are execution algorithms?

The idea of a firm’s competitive life-cycle and its stock valuation is based on the premise that competition and capital flows operate over the longer term to force companies’ economic returns toward the cost of capital. In a nutshell, the pattern of corporate economic returns and reinvestment rates reflects an unending struggle between managerial skills and competition over time. To maintain well above average economic returns and reinvestment rates over decades, companies must continually reinvent themselves to outperform competitors. This book approaches that stock valuation process with a systems mind-set and shows the six fundamental lessons in valuation that can be learned by viewing stock valuation from the company life-cycle perspective.

This updated and revised second edition of The Fundamentals of Hedge Fund Management will address how the credit crisis, legislation, fraud, technology, investor demand, global markets and the economic landscape have affected the hedge fund industry. It will provide readers with a detailed in-depth analysis of the industry, the people in it and an outlook for where the industry is headed. Strachman has constructed a timely and indispensable resource that will serve as a reference and research tool to launch and grow a successful hedge fund business as well as source for those looking to invest these types of investment products.

In Regulating Wall Street, Stern has assembled a team of experts, each a specialist in a relevant discipline, to assess the strengths and weaknesses of the legislation that is now on the table. Not all of the issues addressed in the current legislation are equally important. Some, such as financial sector compensation and consumer protection - are perhaps not central to future financial stability. Others, such as the future role of the Federal Reserve, the approach to systemic risk, the restructuring of too-big-to-fail institutions, and the shadow banking system that houses OTC derivative and money markets, are undoubtedly critical to the future safety and soundness of the financial system. The debates will be both heated and ongoing - as will the book's commentary; with a blog to accompany the book upon publication, the editors and contributors will have a forum to continue their discussions regarding the effects of the future legislation, as well as opening up the debate to readers.

George Schultze truly loves what he does as a major player in the distressed investing world. As the portfolio manager for Schultze Asset Management, he and his team have over $250 million in funds under management. They have a strong background in perfecting strategy by analzying the true value of distressed companies, and have been honing a successful approach to making money on financially troubled companies for years. Recently, George was thrust into the spotlight as one of nine companies criticized by President Obama as "speculators, holding out" on the Chrysler bailout terms, accused of ultimately causing Chrysler to file chapter 11. But the government's involvement in the Chrysler bailout sparked a debate about bankruptcy investing; were existing regulations adhered to or hopscotched because of political preferences? Were certain second-tier unsecured lenders to benefit from the government's involvement before secured private lenders? What do the terms of bailouts do to the rates at which security investors decide to lend money, and what type of companies they invest in? Here, George discusses distressed security investing theory & strategy while presenting current case studies in order to offer readers a look at how the playing field may have changed in recent years.

MarketPsych: How to Manage Fear and Build Your Investor Identity is designed to be a practical guide for financial advisors to learn about the most important, and most ignored, aspect of their work psychology. This book makes the theoretical practical by translating it into concrete tools and techniques designed specifically for financial advisors. The MarketPsych Handbook contains practical worksheets and planning tools that affect all aspects of the financial advisor's practice. In addition, it details the emotional aspects of running an advisory business, which is crucial for all financial counselors.

This book explores the full power of the Material Adverse Change clause, and today's M&A in general. You'll dig into the real causes of M&A failure, and discover the traits and practices that lead to poor results as you learn how to avoid these common mistakes and drive more successful deals. Recent case studies highlight common mistakes made-and propagated-by otherwise intelligent people, so you can identify and eliminate these practices within your own organization. A large acquisition is already a delicate balancing act. Why complicate it with the exponential risk by not doing your homework? This book shows you how to apply best practices to increase your chances of successful deals and avoid potentially career ending mistakes. The M&A market has grown to become a major factor in the global economy, yet many buyers do less investigation than consumers making everyday purchases. Material Adverse Change shows you how to slash risk and improve your chances of completing better deals.

Consumers are rapidly leaving their banks in favor of institutions that are lower-cost and more consumer-centric - and flocking to new institutions that are not even banks but possess a superior customer proposition. Electronic payments are the future. Thought leader in financial innovation for PayPal Dan Schatt covers what banks must learn to compete and thrive in this new environment. This book covers: Industry leaders PayPal, Google, Square, and Facebook, along with new up and comers - to show how banks can partner and accelerate innovation. The changing landscape of the retail point of sale and the need for banks to partner with digital wallet providers. What capabilities banks should truly own and which they should outsource. Where revenue may be derived in the future and how to shift gears to focus on greenfield market opportunities versus non-profitable markets. Best practices that banks can employ on their digital channels that can make their customer experience similar to some of the best commerce websites out on the market today. The latest and scariest type of innovators - prepaid card companies and online companies that outsource their regulatory requirements to financial institutions - and how banks can beat them at their own game.