An in-depth look at the best ways to navigate the post-reform world of derivatives and futures

The derivatives market is one of the largest, and most important financial markets in the world. It`s also one of the least understood.

Inhoudsopgave:
Acknowledgments

Preface

Introduction

Part I: The Crises That Led to Derivatives Reform

Chapter 1: Seven Causes of the 2008 Market Crises

Ignoring the Warning Signs

More than Seven Causes of the 2008 Market Crises

An Incomplete Response to Problems Stemming from the Enron Bankruptcy

Enron Finance Used by Banks and the Lack of Regulation

The Absence of Effective Regulation

The Shadow-Banking System

Development of an Unregulated Global Derivatives Market

The Rise of Credit Derivatives and the Credit Default Swap

Private-Label Residential Mortgage-Backed Securitization

U.S. Policy Fostering Home Ownership and GSE Mismanagement

Derivatives and Structured Products Accounting Practices

Notes

Chapter 2: Timeline for U.S. Derivatives Reform

March 17, 2008: Bear Stearns Is Sold

March 27, 2008: Barack Obama Introduces Reform Principles

September 15, 2008: A Bankrupt Lehman Brothers

November 2008-January 2009: American Leadership Ascends

March 26, 2009: Geithner Provides Testimony to Congress on Reform

May 13, 2009: Geithner Writes a Letter to Harry Reid

June 2, 2009: An Early Voice Speaks Out against the Clearing Mandate

June 22, 2009: American Corporations Lobby against Central Clearing Mandates for OTC Derivatives

July 22, 2009: Introduction of Legislation Favoring Exemptions to the Clearing Mandate

July 30, 2009: Introduction of Broad Outlines of the New Law

September 8, 2009: The Industry Attacks Centralized Clearing

October 2, 2009: House Releases Draft of OTC Derivative Legislation

November 11, 2009: Senate Releases Draft of OTC Derivative Legislation

December 11, 2009: House Passes the Wall Street Reform and Consumer Protection Act of 2009

January 1, 2010: The New York Fed Publishes the "Policy Perspectives on OTC Derivatives Market Structure"

April 7, 2010: Financial Crisis Inquiry Commission Begins Hearings

April 16, 2010: Senator Lincoln Introduces the Wall Street Transparency and Accountability Act of 2010

April 22, 2010: President Obama Returns to Cooper Union to Speak on Reform

April 26-27, 2010: Senate Votes to Delay Debate on Derivatives Reform

April 27, 2010: The Goldman Hearing

April 28, 2010: Senate Votes Again on Proceeding with Financial Services Reform

May 20, 2010: Senate Passes Its Version of the Legislation

June 30, 2010 and July 15, 2010: Congress Approves Legislation and Seeks the President`s Approval

July 21, 2010: President Obama Signed Dodd-Frank into Law

U.S. Rule Making in 2010 and 2011

U.S. Reform Blazes the Trail for Global Derivatives Reform

Notes

Part II: Derivatives Reform

Introduction to Part II

Chapter 3: Introduction to Futures, Margin, and Central Clearing

Three Crises and the Need for the Futures Model

A Brief History of Futures Contracts and Markets

The Commodity Futures Modernization Act of 2000

Introduction to the Futures Model and Basic Futures Concepts

Regulation of Futures

Examples of Futures and Other Listed Products

A Futures Contract in Action

Default by a Clearing Member in the Futures Model

Global Reform and the Futures Model

Chapter 4: U.S. Derivatives Law in Title VII of Dodd Frank

Organization of Dodd-Frank

Introduction to Titles VII and VIII

The Approach to Understanding New Derivatives Law in the United States

Products

People

Taxpayers

Whistleblowers

Platforms

Chapter 5: Title VIII of Dodd Frank

Opposition to Title VIII

Before Title VIII

What Exactly Does Title VIII Set into Motion and When?

What Is a Systemically Important Activity?

Practical Results of the New Law

Notes

Chapter 6: A Primer on Legal Documentation

Background

"Let`s Use an ISDA"

History of the ISDA

Basic OTC Architecture

The ISDA Documentation in Practice, and Problems in 2008

Notes

Chapter 7: The Life Cycle of a Cleared Derivatives Trade

Step One: Legal Documentation

Step Two: Trade Execution via an SEF, SB-SEF, or DCM

Step Three: Alleging and Affirming a Trade; Reporting in Real Time

Step Four: The FCM Take-Up

Step Five: Trade Is Centrally Cleared

Step Six: The Trade Is Reported for the Second Time

Part III: Trading Before and After Reform

Chapter 8: The History of Derivatives and Futures

The Earliest Derivative

Trees, Forests, and Wildfires

Did They Exist in Antiquity?

OTC and Exchange Derivatives

Back to Biblical Times

The Dark Ages and Medieval Europe

The Muslim Empire

Development and Early Use of the Bill of Trade or Exchange

After the Protestant Reformation

An Early Sighting of the Term Commodity Pools

Ten Wise Men

The Modern Era Begins in the States in 1848

Early-Twentieth-Century America

S&Ls and Mortgage Finance Functions Well Before Abuses

The Creation of Fannie and Freddie

Disco, Dealers, Swaps, and Redlining in the 1970s

U.S. Regulators Formally Recognize Swaps

The Birth of the OTC Market

The Evolution of Option Markets

The Futures Trading and Practices Act and the 1993 Swaps Exemption

ISDA

The 1987 Crash and 1990s Crises

The Commodity Futures Modernization Act of 2000

Enron Loophole

The First Decade of the Twenty-First Century

Notes

Chapter 9: Market Structure Before and After 2010

Ancient Commodity Markets

Earliest Modern Exchanges

The Great Depression and Bucket Shops

Open Outcry and Pits Give Way to the Machines

Reform of U.S. Market Structure

Derivative Clearing Organizations

Swap Data Repository

Market Participants in the OTC Derivatives Trade

Part IV: Continuing Education

Chapter 10: Survey of Derivatives

Overview of the Strategies and Trade Structure

Early Derivatives and the Beginnings of the OTC Market

Forwards versus Options

Option Basics

Options Pricing

Basic Option Strategies

Exchange-Traded Options

Swaps Follow Options in the Evolution of Derivatives

Credit Derivatives

Credit-Linked Notes and Other Securities

Total Return Swaps

Interest Rate Swaps

Equity Swaps

Currency Derivatives

Property Derivatives

Commodity Derivatives

Energy Swaps

Structured Products, Securitization, CDOs and CDOs Squared

Exchange-Traded Derivatives: Futures and Other Listed Products

Additional Resources

Online Resources

Glossaries

About the Author

Index

Extra informatie: Gebonden: harde kaft, 448 pagina's Verschenen: februari 2012 Gewicht: 581 gram Formaat: 241 x 165 x 32 mm John Wiley & Sons Inc

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Silvers, Julia Rutherford

Professional Event Coordination

Prijs van Euro 62.95 voor Euro 58.54

A fully updated guide to the state-of-the-art guidelines, strategies, and new technologies in modern event planning

A must-have resource for every event planner, manager, caterer, and student, this in-depth guide covers all aspects of the event planning process.

Taal / Language : English

Inhoudsopgave:
Foreword-Andrew Walsh vii

Series Editor Foreword-Dr. Joe Goldblatt, CSEP xi

Preface xiii

Dedication xviii

Acknowledgments xix

PART I ASSESSMENT 1

1 Anatomy of an Event 3

2 Creating the Event Plan 31

3 Developing the Event Site 59

4 Providing the Event Infrastructure 91

PART II ANTICIPATION AND ARRIVAL 121

5 Accommodating the Audience 123

PART III ATMOSPHERE 155

6 Coordinating the Environment 157

7 Fundamentals of the Production 189

PART IV ACTIVITY 219

8 Staging an Engaging Experience 221

9 Ancillary Programs 249

PART V APPETITE AND AMENITIES 277

10 Food and Beverage Operations 279

11 Making Event Memories 303

PART VI ADMINISTRATION 327

12 Safe Operations 329

13 Vendors and Volunteers 369

14 Knowledge Management 399

15 Sustainable Success 425

Appendix 1: Sample Client Interview Form 449

Appendix 2: Sample Change Order Form 456

Appendix 3: Sample Site Inspection Checklist 457

Appendix 4: Event "Survival" Kit 464

Appendix 5: References 466

Index 477

Extra informatie: Gebonden: harde kaft, 512 pagina's Verschenen: februari 2012 Gewicht: 1018 gram Formaat: 236 x 193 x 31 mm John Wiley & Sons

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Nall, Michael R.

Middle Market M & A

Handbook for Investment Banking and Business Consulting

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In-depth coverage in a single handbook of the middle market based on the body of knowledge of the Certified M&A Advisor™ credential program

M&A advisors have an unprecedented opportunity in the middle market with the generational transfer of wealth and capital being deployed by private equity and corporate investors.

Inhoudsopgave:
Preface

Acknowledgments

Section I The Middle Market

Chapter 1 Private Capital Markets

Segmented Markets

Characteristics of the Lower Middle Market

Why Are Markets Segmented?

Chapter 2 Valuation Perspectives for the Private Markets

Private Investor Expectations Drive Private Valuation

Value Worlds

Valuation as a Range Concept

Value Worlds and Deals

Chapter 3 Corporate Development

Why Acquire

The Acquisition Process

Case Study #1

Case Study #2

Practical Tips and What Causes Deals to Fail

Chapter 4 A Global Perspective

Advantages of Global M&A

Challenges to Global M&A

Negotiations and the Importance of Cultural Tune In

Strategic Due Diligence

Post-Merger Integration: Are the odds in your favor?

From The Start: Think Integration

Acquisitions that Build Value

Taxation

Labor

Foreign Corrupt Practices Act (FCPA)

Success Factors

Section II The M&A Practice and Processes

Chapter 5 Practice Management

Primary M&A Advisors

Marketing the M&A Practice

Understanding the Private Business Owner

Client Acceptance

Types of Transactions

Questions to Consider (for a seller)

Initial Financial Analysis

Value Discussions

Process Discussion

Confidentiality

Client Engagement

Licensure Issues in the M&A Business

Chapter 6 Sell-Side Representation and the Process

Selling Process Overview

Chapter 7 Buy-Side Representation and the Process

Strategy

Engagement & Fees

The Filter

Financing

Quality of Earnings

Coordination

Integration

Chapter 8 Mergers

Initial Analysis of Both Entities

Strategic Rationale

Valuation Modeling

Understand Cost, Operational and Cultural Differences

Develop the Integration Plan

Deal Structure and Negotiations

Due Diligence

Legal Process and Closing

Post Closing Integration

Chapter 9 Professional Standards and Ethics

Role of M&A Advisor in the Economy

A Whole New Way

The Middle Market Standard

Ethical and Professional Standards

Section III M&A Technical Discussions

Chapter 10 Financial Analysis

Financial Reporting Motivation

EBITDA

Balance Sheet Analysis

Chapter 11 Deal Structure and Legal Documentation

Attorney`s Role

Preliminary Legal Documents

Structure of the Deal

Due Diligence

Acquisition Agreements

Representations and Warranties

Earnout

Regulatory Compliance

Chapter 12 Tax Structure and Strategy

Tax Fundamentals

Transaction Tax Basics

Tax Glossary & Reference

Chapter 13 Tax Provisions Used in M&A

Installment Sales

1031 (Like-Kind) Exchanges

Partnership M&A

Corporate M&A Issues

Tax Glossary & Reference

Chapter 14 Regulation and Compliance

Protecting Investors - Securities Act of 1933

Keeping the Markets Honest - Securities Exchange Act of 1934

Anti-Trust Issues and Laws You May Encounter in the Deal

Other Regulatory Issues and Laws You May Encounter in the Deal

The Investment Banker`s Perspective

The Company`s Perspective

Chapter 15 Financing Sources and Structures

Perspective

Buyouts

Recapitalization

Acquisitions

Financing Primer

Capital Structure

Sources and Types of Funding

Personal Guarantees

Chapter 16 Due Diligence

Traditional Due Diligence

The Diligence Team

Due Diligence Process

Public vs. Private

Impact of Globalization

Who Relies on Due Diligence

Quality of Earnings

Chapter 17 Market Valuation

Reasons for Appraisal

Decide Value Subworld

Calculate the Benefit Stream

Determining Private Return Expectation

Derive Value

Appendix

Transaction Examples

Transaction Valuation

Tools, Models, Resources and Templates

Notes

Glossary

About the Authors

About the Contributors and Reviewers

Index

Extra informatie: Gebonden: harde kaft, 432 pagina's Verschenen: februari 2012 Gewicht: 599 gram Formaat: 235 x 159 x 32 mm John Wiley & Sons Inc

, Middle Market M&A Prijs van Euro 117.95 voor Euro 106.16   In Winkelwagentje

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Catty, James P.

The Professional`s Guide to Fair Value

Preparing and Reading Financial Statements

Prijs van Euro 89.95 voor Euro 83.65

An all-encompassing guide to the elements and basics of fair value

With the important role fair value is playing in the creation of a converged set of global accounting standards, demand for products in this category is growing spectacularly.

Inhoudsopgave:
Preface

Acknowledgments

Chapter 1: Significance of Value

Business Uses for Valuation

Mergers and Acquisitions

Financial Reporting

Investment Bankers versus Valuators

Valuation Requirements

Litigation Risks

Ten Commandments of Valuation

Chapter 2: Fair Value Concept

Relevant Pronouncements

Definitions

Market Participants

Fair Value Accounting

Revaluation under IFRS

Other Types of Value

Valuation Principles

Reporting and Cash-generating Units

Chapter 3: Fair Value Framework

Stage 1: Determine the Unit of Account

Stage 2: Evaluate the Premise of Value

Stage 3: Assess the Principal Market

Stage 4: Establish the Most Advantageous Market

Stage 5: Select Appropriate Valuation Methods

Stage 6: Estimate Fair Value Conclusions

Chapter 4: Taming the Future

Definitions

Effect of Market Participants Assumptions

Scenario Analysis

Scenario Implications

Chapter 5: Projecting What is to Come

Base the Future on the Past

The Truth is in the Parts

Avoid Unnecessary Risks

Garbage in Garbage Out

Believable and Likely Conclusions

Quality of Earnings

Conclusion

Chapter 6: The Market Approach to Fair Value

Nature of Markets

Classifying Assets

Comparable Transactions

Guideline Entities

Guideline Entities Example

Comparable Transactions Example

Conclusion

Chapter 7: The Cost Approach to Fair Value

Current Replacement Cost

Deductions

Functional Deterioration

Technological Obsolescence

Documenting Obsolescence

Physical Decline

Economic Deprivation

Integrating the Factors

Residual Value

Useful Lives

Valuing Intangible Assets by the Cost Approach

Conclusion

Chapter 8: The Income Approach to Fair Value

Capitalization Methods

Income Approach - Discounting

Terminal Amounts

Application to Intangible Assets

Chapter 9: Sources of Value - Profits

Structure of Businesses

Innovation

Dupont Analyses

Chapter 10: Sources of Value - Risks

Reducing Risks

Continual Monitoring and Testing

Dealing with Biases

Risk Rate Component Model

Intellectual Capital Value Drivers

Conclusion

Chapter 11: Valuing Liabilities

Liabilities Transferred Not Settled

Asset Retirement Obligations

Contingent Liabilities

Chapter 12: Business Combinations

Do Mergers Pay Off?

Why Merge?

Determination of Synergies

Intrinsic and Investment Values

Quantification of Synergies

Chapter 13: Purchase Price Allocation

Stage 1: Determine the Acquirer

Stage 2: Establish the Consideration`s Fair Value

Knowledge of the Industry

Stage 3: Identify All the Items Involved

Stage 4: Select Appropriate Valuation Techniques

Stage 5: Estimate Fair Values and Reconcile Rates of Return

Conclusion

Chapter 14: Impairment

Reporting Units

Cash Generating Units

Goodwill

Allocations

GAAP Long-Lived Assets Impairment Test

IFRS Impairment Test

GAAP Goodwill Impairment Test

Chapter 15: The Auditor`s Blessing

Auditing Fair Values

Conclusion

About the Author

Index

Extra informatie: Gebonden: harde kaft, 352 pagina's Verschenen: februari 2012 John Wiley & Sons Inc

Catty, James P., The Professional`s Guide to Fair Value Prijs van Euro 89.95 voor Euro 83.65   In Winkelwagentje

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Harald Welzer

Climate Wars

What People Will Be Killed for in the Twenty-First Century

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