The Split Capital Investment Trust Crisis
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The Split Capital Investment Trust Crisis by Andrew T Adams
Split capital investment trusts (splits) became fashionable in the late 1990s but the splits boom led to some spectacular collapses as the bear market unfolded. Despite warnings from certain analysts, academics and journalists, over 20 splits have gone bust leaving many private investors seeking redress. A major FSA investigation is now underway. This book, with contributions from specialists intimately involved with the crisis, provides an in-depth and authoritative review of splits, discussing their history, what went wrong, and lessons for the future. A range of views is expressed by the contributors. The book is divided into five parts: The Crisis -- past financial crises, evolution of the split trust sector, the crisis unfolds The Split Capital Trust Market -- the structures, the risks, valuing the shares Response to the Crisis -- the media, regulatory and political response Management Issues -- corporate governance, some ethical considerations, reputational risk Looking Forward -- product innovation and marketing, some implications for the fund management industry, lessons for the future
"..the definitive work on the scandal" (The Express, 08/10/04) "...features a wealth of expertise on the tricky questions of ethics." (The Glasgow Herald, 13th Oct 2004) "...intended to explain what went wrong and the lessons to be learnt..." (Financial Times - Money, 13th November 2004)A "...explains clearly and authoritatively how what used to be a small, safe part of the investment world took the low road to disaster." (Professional Investor, April 2005) "...provides an excellent record of...the worst calamity ever to hit the investment trust industry...it is timely, beautifully produced..." (IEA Economic Affairs, September 2005)
DR ANDREW ADAMS is Senior Lecturer in Finance and Director of the Centre for Financial Markets Research at the University of Edinburgh. His research interests focus mainly on the pricing and risk assessment of investment trust shares. He wrote the warning article "For Whom the Barbell Tolls..." with Robin Angus, which was published in April 2001, and his memorandum to the Treasury Select Committee entitled "The Split Capital Investment Trust Crisis: Underlying Reasons and Historical Developments" is published as an appendix to the Committee's main report. Dr Adams is author and co-author of a number of books about investment.
| SKU | Unavailable |
| ISBN 13 | 9780470868584 |
| ISBN 10 | 0470868589 |
| Title | The Split Capital Investment Trust Crisis |
| Author | Andrew T Adams |
| Series | The Wiley Finance Series |
| Condition | Unavailable |
| Binding Type | Hardback |
| Publisher | John Wiley and Sons Ltd |
| Year published | 2004-10-01 |
| Number of pages | 276 |
| Cover note | Book picture is for illustrative purposes only, actual binding, cover or edition may vary. |
| Note | Unavailable |