Contents

Introduction

Section 1 Trends in Finance Theory

Section Overview

Janette Rutterford

1 The World was their Oyster: International Diversification Pre-World War I

Janette Rutterford

CASE STUDY 1 Global Evidence on the Equity Risk Premium

Elroy Dimson, Paul Marsh and Mike Staunton

2 Behavioral Finance

Jay R. Ritter

CASE STUDY 2 Do Fundamentals – or Emotions – Drive the Stock Market?

Marc Goedhart, Timothy Koller and David Wessels

Section 2 Adding Value Through Investment

Section Overview

Janette Rutterford

3 Why Bad Projects Are So Hard to Kill

Isabelle Royer

4 Realizing the Potential of Real Options: Does Theory Meet Practice?

Alexander Triantis

CASE STUDY 3 Real Options

K. Leslie and M. Michaels

5 Mergers, MNEs and Innovation: The Need for New Research Approaches

Christian Berggren

CASE STUDY 4 Why Most Cross-Border Deals End in Tears

Simon London

Section 3 Adding Value Through Financing

Section Overview

Janette Rutterford

6 The Capital Structure Puzzle: Another Look at the Evidence

Michael J. Barclay and Clifford W. Smith, Jr.

7 Disappearing Dividends: Changing Firm Characteris or Lower Propensity to Pay?

Eugene F. Fama and Kenneth R. French

8 The Value of Share Buybacks

Richard Dobbs and Werner Rehm

CASE STUDY 5 Capital Ideas

Keith Boyfield

CASE STUDY 6 Death of the Dividend?

Adrian Wood

CASE STUDY 7 Sciona: A Venture Capital Case Study

Colin Bond

9 Initial Public Offerings

Jay R. Ritter

CASE STUDY 8 Google Press Cuttings

(A) Are You About to Get Googled?

Tony Glover

(B) Ignore Wall St's Whining – Google's IPO Worked

James Surowiecki

(C) Google's Earnings More than Double 1st Quarterly Results as Public Firm Strong

Robert Weisman

(D) How High Can Google Fly?

Verne Kopytoff

(E) Bowling for Google

Paul R. La Monica

(F) Google's Rising Share Price is Cold Comfort for Investors

Stephen Schurr

Section 4 Adding Value through Risk Management

Section Overview

Martin Upton

10 Operating Exposure

D.R. Lessard and J.B. Lightstone

11 Currency Exchange Trading and Rogue Trader John Rusnak

Sharon Burke

12 Value at Risk: Uses and Abuses

Christopher L. Culp, Merton H. Miller and Andrea M.P. Neves

13 Learning to Live with Fixed Rate Mortgages: An Evolutionary Approach to Risk Management

Martin Upton

14 Credit Derivatives

John Kiff and Ron Morrow

CASE STUDY 9 Journey to Junk

Jenny Wiggins

CASE STUDY 10 Who Rates the Raters?

The Economist

Section 5 Measuring Performance

Section Overview

Janette Rutterford

15 What can be Expected from Accounting Standards?

Gilbert Gélard

CASE STUDY 11 Queens Moat Houses plc

Queens Moat Houses plc Annual Accounts

CASE STUDY 12 Learn by Numbers

Keith Boyfield

16 A Star to Sail By?

The Economist

17 EVA Implementation, Market Over-Reaction, and the Theory of Low-Hanging Fruit

Barbara Lougee, Ashok Natarajan and James S. Wallace

18 Transforming the Balanced Scorecard from Performance Measurement to Strategic Management: Part I

Robert S. Kaplan and David P. Norton

19 Performance Indicators: 20 Early Lessons from Managerial Use

Andrew Likierman

Section 6 Governance and Ethics

Section Overview

Janette Rutterford

20 It's Time to Rebalance the Scorecard

James M. Higgins and David M. Currie

21 Stakeholder Capitalism

Will Hutton

CASE STUDY 13 The State of Denial We're In

The Economist

22 Controversy Incorporated

David Cogman and Jeremy M. Oppenheim

CASE STUDY 14 An Interview with Microsoft's CFO

Bertil E. Chappuis and Timothy M. Koller

CASE STUDY 15 Corporate Governance Failures: To What Extent is Parmalat a Particularly Italian Case?

Andrea Melis

CASE STUDY 16 Companies Still Failing to Fill the Funding Gap

Lucy Warwick-Ching

Index

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