Brand new Elsevier titles will soon be added to Cyberlibris academic collection. Finance mavericks, like Professor Anjan Thakor, Professor Stuart I. Greenbaum, Professor Francesco Saita, Professor B. Espen Eckbo and Operations Risk specialist David Loader are about to join the fine list of finance scholars whose work is available online in Cyberlibris Academia.
CONTEMPORARY FINANCIAL INTERMEDIATION, Stuart I. Greenbaum and Anjan V. Thakor, 2007
Here is how Professor Greenbaum and Professor Thakor "pitch" their book:
"In writing this book we set out to modernize the teaching of bank management at universities and collegiate schools of business. Our goal is to expand the scope of the typical bank management course by
(1) covering a broader, but still selective, variety of financial institutions, and
(2) explaining the why of intermediation, as opposed to simply describing institutions, regulations, and market phenomena.
Our approach is unapologetically analytical, and we have tried to make analysis an appealing feature of this book. We will consider the book a success if it leads students to not only discover the endless subtlety and plasticity of financial institutions and credit
market practices, but also develop an appreciation for why these institutions, market
practices, and governmental regulations are encountered. The unifying theme is that
informational considerations are at the heart of what most banks do.
The novelty of our approach lies in both the analytical orientation and our choice and sequencing of topics. We begin with the questions of why financial intermediaries exist and what they do. We believe that understanding the why of financial intermediation will prepare the readers for the inescapable volatility of the future. Regulations, institutions, and claims will change, but the functional foundations on which financial intermediaries are built will remain basically the same."
A sample chapter is here.
This textbook should indeed be on any shelf dealing with banking and financial intermediation.
HANDBOOK OF CORPORATE FINANCE, B.Espen Eckbo, 2007
This book, spearheaded by Professor B. Espen Eckbo, gathers the "fine fleur" of scholars in the domain of corporate finance, to name a few Jerold B. Warner, Richard Ruback, Sudipto Dasgupta etc... Since Modigliani and Miller's seminal paper, the field of corporate finance has been the subject of intense scrutiny. This timely book covers a wide range of topics taking a close look at the main empirical findings to date.
In Professor Eckbo's own words:
"Judging by the sheer number of papers reviewed in this Handbook, the empirical analysis of firms’ financing and investment decisions—empirical corporate finance—has become a dominant field in financial economics. The growing interest in everything “corporate” is fueled by a healthy combination of fundamental theoretical developments and recent widespread access to large transactional data bases.
A less scientific—but nevertheless important—source of inspiration is a growing awareness of the important social implications of corporate behavior and governance. This Handbook takes stock of the main empirical findings to date across an unprecedented spectrum of corporate finance issues, ranging from econometric methodology, to raising capital and capital structure choice, and to managerial incentives and corporate investment behavior.
The surveys are written by leading empirical researchers that remain active in their respective areas of interest. With few exceptions, the writing style makes the chapters
accessible to industry practitioners. For doctoral students and seasoned academics, the surveys offer dense roadmaps into the empirical research landscape and provide suggestions for future work."
More on this book here.
VALUE AT RISK AND BANK CAPITAL MANAGEMENT, Francesco Saita, 2007
While the highly technical measurement techniques and methodologies of Value at Risk have attracted huge interest, much less attention has been focused on how Value at Risk and the risk-adjusted performance measures such as RAROC or economic profit/EVA can be effectively used to improve a bank's decision making processes.
Academic books are typically concerned primarily with measurement techniques, and devote only a small section to describing the applications, usually without discussing the problems that changing organizational processes in banks may have on business units' behaviour.
Practitioners' books are often based on a single experience, presenting the approach that has been pursued by a single bank, but often do not adequately evaluate that approach. In actual practice, the choice of how to use Value at Risk and risk-adjusted performance measures has no single optimal solution, but requires effective decision making that can identify the solution that is consistent with the bank's style of management and coordination mechanisms, and often with characteristics of individual business units as well.
In this book, Francesco Saita of Bocconi University argues that even though risk measurement techniques have greatly improved in recent years for market, credit and now also operational risk, capital management and capital allocation decisions are far from becoming purely technical and mechanical. On one hand, decisions about capital management must consider handling different capital constraints (e.g. regulatory vs. economic capital ) and face remarkable difficulties in providing a measure of "aggregated" Value at Risk (i.e. a measure that considers the overall value at risk of the bank after diversification across risk types). On the other hand, the aim of using capital more efficiently through capital allocation cannot be achieved only through a sort of centralized asset allocation process, but rather by designing a Value at Risk limit system and a risk-adjusted performance measurement system that are designed to provide the right incentives to individual business units.
This connection between sophisticated and cutting edge risk measurement techniques and practical bank decision making about capital management and capital allocation make this book unique and provide readers with a depth of academic and theoretical expertise combined with practical and real-world understanding of bank structure, organizational constraints, and decision-making processes.
More on the book here.
OPERATIONS RISK, David Loader, 2006
Operations Risk--a form of Operational Risk, is becoming increasingly important as more and more sophisticated products and the use of those products occurs in the financial services industry. Outsourcing, including overseas outsourcing, is changing the structure of firms and particularly operations teams.
Thus understanding the existing and the changing risk environment in operations functions and its impact on operational risk is centrally important today. The book focuses on areas such as technology risk, people risk, and settlement risk, examining the dangers that lurk within different organisations.
Case studies throughout the book illustrate the way in which risk can become magnified and ultimately become a serious danger to the businesses concerned. The reader is challenged throughout the book to interpret given situations in Operations Risk so as to understand the impact of the risks and devise solutions through a series of exercises included in the relevant chapters. (answers are provided).
This “self-test” approach will help reinforce understanding of the detailed material contained throughout the book.
A sample chapter here.