Index by Authors : P

  • Park; Yung Chul; Patrick, Hugh
    Title: How Finance Is Shaping the Economies of China, Japan, and Korea
    Keyword(s): Business; Government; East Asian Studies; Economics
    Abstract:

    This volume connects the evolving modern financial systems of China, Japan, and Korea to the development and growth of their economies through the first decade of the twenty-first century. It also identifies the commonalities among all three systems while accounting for their social, political, and institutional differences.

    Essays consider the reforms of the Chinese economy since 1978, the underwhelming performance of the Japanese economy since about 1990, and the growth of the Korean economy over the past three decades. These economies engaged in rapid catch-up growth processes and share similar economic structures. Yet while domestic forces have driven each country’s financial trajectory, international short-term financial flows have presented opportunities and challenges for them all. The nature and role of the financial system in generating real economic growth, though nuanced and complex, is integral to these countries. The result is a fascinating spectrum of experiences with powerful takeaways.

  • Paul, Jim; Moynihan, Brendan
    Title: What I Learned Losing a Million Dollars
    Abstract:

    Jim Paul’s meteoric rise took him from a small town in Northern Kentucky to Governor of the Chicago Mercantile Exchange, yet he lost it all—his fortune, his reputation, and his job—in one fatal moment of excessive economic hubris. In this honest, frank analysis, Paul and Brendan Moynihan revisit the events that led up to Paul’s disastrous decision and examine the psychological factors behind bad financial practices in a number of economic sectors.

    The book begins with the unbroken string of successes that helped Paul achieve a jet-setting lifestyle and land a key spot with the Chicago Mercantile Exchange. It then describes the circumstances leading up to Paul’s $1.6 million loss and the essential lessons he learned from it—primarily that, although there are as many ways to make money in the markets as there are people participating in them, there are very few ways to produce a loss. People lose money in the markets either because of errors in their analysis or because of psychological barriers preventing the application of analysis. While all analytical methods have some validity and make allowances for instances in which they do not work, psychological factors can keep an investor in a losing position, causing him to abandon one method for another when the first fails. Paul and Moynihan’s cautionary tale concludes with strategies for avoiding loss, tied to a simple framework for understanding, accepting, and dodging the dangers of investing, trading, and speculating.

  • Penman, Stephen
    Title: Accounting for Value
    Abstract:

    Accounting for Value teaches investors and analysts how to handle accounting in evaluating equity investments. The book's novel approach shows that valuation and accounting are much the same: valuation is actually a matter of accounting for value.

    Laying aside many of the tools of modern finance—the cost-of-capital, the CAPM, and discounted cash flow analysis—Stephen Penman returns to the common-sense principles that have long guided fundamental investing: price is what you pay but value is what you get; the risk in investing is the risk of paying too much; anchor on what you know rather than speculation; and beware of paying too much for speculative growth. Penman puts these ideas in touch with the quantification supplied by accounting, producing practical tools for the intelligent investor.

    Accounting for value provides protection from paying too much for a stock and clues the investor in to the likely return from buying growth. Strikingly, the analysis finesses the need to calculate a "cost-of-capital," which often frustrates the application of modern valuation techniques. Accounting for value recasts "value" versus "growth" investing and explains such curiosities as why earnings-to-price and book-to-price ratios predict stock returns. By the end of the book, Penman has the intelligent investor thinking like an intelligent accountant, better equipped to handle the bubbles and crashes of our time. For accounting regulators, Penman also prescribes a formula for intelligent accounting reform, engaging with such controversial issues as fair value accounting.

  • Peters, H. Elizabeth, and Claire M. Kamp Dush, eds.
    Title: Marriage and Family: Perspectives and Complexities
    Keyword(s): SW06; SW11; CSWO
    Abstract:

    Family life has been radically transformed over the past three decades. Half of all households are unmarried, while only a quarter of all married households have kids. A third of the nation's births are to unwed mothers, and a third of America's married men earn less than their wives. With half of all women cohabitating before they turn thirty and gay and lesbian couples settling down with increasing visibility, there couldn't be a better time for a book that tracks new conceptions of marriage and family as they are being formed.

    The editors of this volume explore the motivation to marry and the role of matrimony in a diverse group of men and women. They compare empirical data from several emerging family types (single, co-parent, gay and lesbian, among others) to studies of traditional nuclear families, and they consider the effect of public policy and recent economic developments on the practice of marriage and the stabilization—or destabilization—of family. Approaching this topic from a variety of perspectives, including historical, cross-cultural, gendered, demographic, socio-biological, and social-psychological viewpoints, the editors highlight the complexity of the modern American family and the growing indeterminacy of its boundaries. Refusing to adhere to any one position, the editors provide an unbiased account of contemporary marriage and family.

  • Petram, Lodewijk
    Title: The World’s First Stock Exchange
    Abstract:

    The launch of the Dutch East India Company in 1602 initiated Amsterdam’s transformation from a regional market town into a dominant financial center. The Company introduced easily transferable shares, and within days buyers had begun to trade them. Soon the public was engaging in a variety of complex transactions, including forwards, futures, options, and bear raids, and by 1680, the techniques deployed in the Amsterdam market were as sophisticated as any we practice today.

    Lodewijk Petram’s eye-opening history demystifies financial instruments by linking today’s products to yesterday’s innovations, tying the market’s operation to the behavior of individuals and the workings of the world around them. Traveling back to seventeenth-century Amsterdam, Petram visits the harbor and other places where merchants met to strike deals. He bears witness to the goings-on at a notary’s office and sits in on the consequential proceedings of a courtroom. He describes in detail the main players, investors, shady characters, speculators, and domestic servants and other ordinary folk, who all played a role in the development of the market and its crises. His history clarifies concerns that investors still struggle with today, such as fraud, the value of information, trust and the place of honor, managing diverging expectations, and balancing risk, and does so in a way that is vivid, relatable, and critical to understanding our contemporary financial predicament.

  • Pistor, Katharina
    Title: Governing Access to Essential Resources
    Keyword(s): pistor; de schutter
    Abstract:

    Essential resources do more than satisfy people’s needs. They ensure a dignified existence. Since the competition for essential resources, particularly fresh water and arable land, is increasing, and standard legal institutions, such as property rights and national border controls, are strangling access to resources for some while delivering prosperity to others, many are searching for ways to ensure their fair distribution.

    This book argues that essential resources ought to be governed by a combination of Voice and Reflexivity. Voice is the ability of social groups to choose the rules by which they are governed. Reflexivity is the opportunity to question one’s own preferences in light of competing claims and to accommodate them in a collective learning process. Having investigated the allocation of essential resources in places as varied as Cambodia, China, India, Kenya, Laos, Morocco, Nepal, the arid American West, and peri-urban areas in West Africa, the contributors to this volume largely concur with the viability of this policy and normative framework. Drawing on their expertise in law, environmental studies, anthropology, history, political science, and economics, they weigh the potential of Voice and Reflexivity against such alternatives as the pricing mechanism, property rights, common resource management, political might, or brute force.

  • Posner, Kenneth A.
    Title: Stalking the Black Swan: Research and Decision Making in a World of Extreme Volatility
    Keyword(s): cbsp; Business; Investments
    Abstract:

    Kenneth A. Posner spent close to two decades as a Wall Street analyst, tracking the so-called "specialty finance" sector, which included controversial companies such as Countrywide, Fannie Mae, Freddie Mac, CIT, and MasterCard—many of which were caught in the subprime mortgage and capital markets crisis of 2007. While extreme volatility is nothing new in finance, the recent downturn caught many off guard, indicating that the traditional approach to decision making had let them down. Introducing a new framework for handling and evaluating extreme risk, Posner draws on years of experience to show how decision makers can best cope with the "Black Swans" of our time.

    Posner's shrewd assessment combines the classic fundamental research approach of Benjamin Graham and David Dodd with more recent developments in cognitive science, computational theory, and quantitative finance. He outlines a probabilistic approach to decision making that involves forecasting across a range of scenarios, and he explains how to balance confidence, react accurately to fast-breaking information, overcome information overload, zero in on the critical issues, penetrate the information asymmetry shielding corporate executives, and integrate the power of human intuition with sophisticated analytics. Emphasizing the computational resources we already have at our disposal—our computers and our minds—Posner offers a new track to decision making for analysts, investors, traders, corporate executives, risk managers, regulators, policymakers, journalists, and anyone who faces a world of extreme volatility.

  • Roth, William; Peters, Susan J.
    Title: The Assault on Social Policy, second edition
    Abstract:

    A number of groups have intensified their attack on social policy over the past ten years, and this revised textbook reflects these developments, along with new research on the hotly contested policy areas of poverty, welfare, disability, social security, and health care. This edition also considers the recent, ongoing effects of globalization and economic challenges on social policy and includes a new chapter on education.

  • Soifer, Steven D.; McNeely, Joseph B.; Costa, Cathy; Pickering-Bernheim, Nancy
    Title: Community Economic Development in Social Work
    Keyword(s): SW00; SW02; SW04; SW09
    Abstract:

    Community economic development (CED) is an increasingly essential factor in the revitalization of low- to moderate-income communities. This cutting-edge text explores the intersection of CED and social work practice, which both focus on the well-being of indigent communities and the empowerment of individuals and the communities in which they live.

    This unique textbook emphasizes a holistic approach to community building that combines business and real-estate development with a focus on stimulating family self-reliance and community empowerment. The result is an innovative approach to rehabilitating communities in decline while preserving resident demographics. The authors delve deep into the social, political, human, and financial capital involved in effecting change and how race and regional issues can complicate approaches and outcomes. Throughout, they integrate case examples to illustrate their strategies and conclude with a consideration of the critical role social workers can play in developing CED’s next phase.