{"title":"Foundations And Trends In Finance","description":null,"products":[{"product_id":"asset-allocation-with-private-equity-book-arthur-korteweg-9781680839685","title":"Asset Allocation with Private Equity","description":"Asset Allocation with Private Equity addresses the central question “What is the optimal portfolio allocation to private equity?” The authors have two goals. The first is to survey the literature on the private equity partnership arrangement from an investor’s perspective. The second is to articulate a list of open questions in the literature.  The monograph is organized to lead from a description of theoretical and empirical work toward open questions. To that end, a substantial number of recent and unpublished working papers are included in the monograph. It proceeds as follows: Section 2 contains institutional details regarding PE firms, funds, and investors. For some readers this will be a review, but it is included because the institutional details are required to understand the decision rights that the LP grants the GP and how those decisions are usually executed. There is a discussion of the GP’s incentives, which pervades the discussion of selected data and pricing power later in the monograph. To understand why the institutional details of PE matter for LPs, one has to understand the uses and limitations of the benchmark portfolio choice model. To this end, Section 3 reviews a standard portfolio choice model and shows how the characteristics of PE violate the model’s core assumptions. Section 4 describes the methods and problems with measuring performance in PE. Section 5 shifts the focus from PE investments to PE investors and examines the returns and pricing power of LPs. Section 6 focuses on LPs’ diversification problem and their liquidity management problem, including the role of the secondary market. The authors close with a summary of some recent work in optimal portfolio allocation to PE.","brand":"WoB","offers":[{"title":"GB \/ LIKE_NEW \/ INTERNAL","offer_id":49540621238545,"sku":"GOR013729285","price":0.0,"currency_code":"GBP","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/1680839683.jpg?v=1751311729"},{"product_id":"executive-compensation-book-raghavendra-rau-9781680832969","title":"Executive Compensation","description":"Executive Compensation surveys the extant literature on this important topic. The first section starts with a discussion of the theory of executive compensation, in which the author identifies two major approaches. The first arises from the theory of optimal compensation contracting and focuses on the composition of pay, arguing that the composition of pay is set to attract good executives (to solve the adverse selection problem) and motivate them to work hard (the moral hazard problem). The second approach focuses on the level of pay and posits that managers have a considerable degree of power in setting their own wages and use their power to extract excessive pay or rents from the shareholders. The second section reviews the evidence on both the composition and level of pay and how it has changed over time, treating each component. The author also discusses the composition of pay in countries around the world and in specific industries. The third section describes who decides pay composition and levels. Finally, the fourth section, concludes by examining how the structure of pay has real consequences for firms.","brand":"WoB","offers":[{"title":"- \/ - \/ -","offer_id":51045825184017,"sku":"","price":0.0,"currency_code":"GBP","in_stock":true},{"title":"US \/ NEW \/ INGRAM","offer_id":51045829083409,"sku":"NIN9781680832969","price":0.0,"currency_code":"GBP","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/1680832964.jpg?v=1751278104"},{"product_id":"privatization-state-capitalism-and-state-ownership-of-business-in-the-21st-centu-book-william-l-megginson-9781680833386","title":"Privatization, State Capitalism, and State Ownership of Business in the 21st Century","description":"Privatization, State Capitalism, and State Ownership of Business in the 21st Century provides an overview of economic and political developments relating to privatization, state capitalism, and state ownership of business, and will then survey the extensive recent research examining privatization and state ownership. The author adopts a policy of categorizing the post-2004 research into three principal areas: (1) empirical privatization studies; (2) theoretical and empirical studies examining the level, type, and valuation impact of state ownership of business enterprises; and (3) empirical research examining the impact of state ownership on financial markets and institutions, plus the private and public social welfare implications of political connections between politicians and business executives.Privatization, State Capitalism, and State Ownership of Business in the 21st Century starts by surveying the recent empirical privatization research. Second, Section 3 summarizes the empirical and theoretical research examining the level, type, and valuation impact of state ownership in the world's major economic regions. This summary will also assess research examining the relative efficiency of state versus private ownership, and the effect of state ownership on observed corporate financial policies. Section 4 summarizes the empirical research examining the intersection of state ownership and finance. This will begin with the literature assessing the rise of sovereign wealth funds, then will survey research examining the efficiency of state owned banks, and will conclude by summarizing research questioning the private and public social welfare implications of political connections between politicians and business executives. Section 5 provides the author's concluding statements.","brand":"WoB","offers":[{"title":"- \/ - \/ -","offer_id":51046214238481,"sku":"","price":0.0,"currency_code":"GBP","in_stock":true},{"title":"US \/ NEW \/ INGRAM","offer_id":51046216597777,"sku":"NIN9781680833386","price":0.0,"currency_code":"GBP","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/1680833383.jpg?v=1751343418"}],"url":"https:\/\/www.worldofbooks.com\/en-gb\/collections\/foundations-and-trends-in-finance-book-series.oembed","provider":"World of Books ","version":"1.0","type":"link"}