This book discusses the role of capital markets and investment banking in Nigeria, the largest frontier market economy in the world by both population size and gross domestic product. Offering a systematic framework combining conceptual principles with real practice, the book enables the reader to gain useful insight into how capital markets and investment banking work in the real world of a frontier market. The book provides a synopsis of the economic attractiveness, financial systems intermediation and capital markets, as well as the regulatory framework within a frontier market. It explores capital raising through equity and underwriting and private equity, paying particular attention to putting capital to work on mergers and acquisitions, project and infrastructure finance and real estate finance. Furthermore, it analyses asset management, pension industry and securities trading in a frontier market. The authors use detailed case studies from Nigeria to illustrate the operations of investment banking in frontier markets. The cases, tables and charts serve as useful illustrations of the topics under discussion. With the authors’ combined experience of more than 50 years as economists, finance and investment professionals and in executive leadership positions in the financial services industry, this book will interest the academic community, professionals in the financial industry, retail and institutional investors interested in frontier markets, development practitioners in international organizations and policy makers including securities and capital market regulators.

This book discusses the role of capital markets and investment banking in Nigeria, the largest frontier market economy in the world by both population size and gross domestic product. Offering a systematic framework combining conceptual principles with real practice, the book enables the reader to gain useful insight into how capital markets and investment banking work in the real world of a frontier market. The book provides a synopsis of the economic attractiveness, financial systems intermediation and capital markets, as well as the regulatory framework within a frontier market. It explores capital raising through equity and underwriting and private equity, paying particular attention to putting capital to work on mergers and acquisitions, project and infrastructure finance and real estate finance. Furthermore, it analyses asset management, pension industry and securities trading in a frontier market. The authors use detailed case studies from Nigeria to illustrate the operations of investment banking in frontier markets. The cases, tables and charts serve as useful illustrations of the topics under discussion. With the authors’ combined experience of more than 50 years as economists, finance and investment professionals and in executive leadership positions in the financial services industry, this book will interest the academic community, professionals in the financial industry, retail and institutional investors interested in frontier markets, development practitioners in international organizations and policy makers including securities and capital market regulators.

Since the country’s transition from communism two decades ago, the Mongolian economy has experienced rapid liberalisation. Sectors including ICT and insurance are expanding quickly and, while the mining sector has been responsible for making Mongolia a rising star in the global economy, there is great potential for further growth in all economic sectors. Politically stable and rich with natural resources, Mongolia has emerged as a bellwether for investor confidence in recent years. The 2013 commercialisation of the Oyu Tolgoi gold and copper mine is helping to diversify Mongolia’s mineral exports away from coal, while the government is working to improve the investment environment by adopting the new Investment Law, among other measures. Challenges do exist, however, from the long harsh winters that slow construction to the difficulty of connecting the sparsely populated nation through ICT and transport systems. In response, the government has partnered with the private sector on a number of fronts in order to promote economic diversification and competitiveness.

This book deals directly with the risk/return multiple trade-offs coming out of the closely intertwined relationship between banking and real estate. The authors explore how banks could embrace a more proactive approach to make the most of their, mostly ‘long only’, exposure to real estate, and create positive spillover effects on their real estate counterparts and the sector as a whole. It provides a "state of the art" representation and analysis of the strategies that best practices in banking are adopting to manage these issues and plan for a new set of interrelations, driving a "virtuous circle" as opposed to the current one. Banking, Lending and Real Estate is built on the academic knowhow and professional expertise of the authors, who have been researching, writing and working on this joint topic for over a decade. With its pragmatic approach, it allows the reader to capture which leading hedge active and holistic approaches are available today and proven to treat, for example, the banks’ overexposure to this asset class; to manage "unlikely to pay" and sub-performing positions; and to optimize the recovery value coming from the work out of real estate related NPL (and underlying assets). Case studies and relevant examples are provided, leveraging on the authors’ experience in consulting projects in the EMEA region and from working with global, regional and domestic banks and the real estate players acting across its value chain. This book will appeal to both academics and business practitioners within the banking, financial services and real estate sectors, as well as professionals from financial and strategic/industrial advisory working in those fields.

Many books have addressed the economic and financial history of Hong Kong, and the imperialist conflicts in the key Chinese port-cities but very few books have explored French initiatives and performance in this area, beyond diplomacy, geopolitics or cultural issues. In this book, Hubert Bonin confronts arguments about "the great divergence", "the first globalisation", and forms of "economic patriotism". He gauges the competitive edge of French companies and banks, their struggle with British domination (HBSC, Chartered, shipping, trade houses/hongs) and their resistance against competitors from other countries (Japan, Germany, Netherlands, Belgium, USA, or Russia). The book delves into studies of management abroad, therefore mixing broad geo-economic issues with precise business history and deep banking history. The connections between French interests in China and Hong Kong and the colony of Indochina are established too. A second part of the book is dedicated to the case study of Hong Kong, as the British colony acted as a hub for Asian and European interests at the heart of connections with mainland China and some neighbouring territories (Indochina, etc.). This is essential reading for academics interested in banking and business history, the history of entrepreneurship, as well as, those involved in the contemporary history of China and Hong Kong, in the assessment of world-wide geo-economic competition between European powers in Asia (Great-Britain, and France), and in the first stages of economic "modernity", along European models, in emerging modern China.

This book provides a comprehensive and critical analysis of research outcomes on the equity home bias puzzle – that people overinvest in domestic stocks relative to the theoretically optimal investment portfolio. It introduces place attachment – the bonding that occurs between individuals and their meaningful environments – as a new explanation for equity home bias, and presents a philosophically multi-paradigmatic view of place attachment. For the first time, a comprehensive and up-to-date review of the extant literature is provided, demonstrating that place attachment is a contributing factor to 22 different topics in which variations of home bias are present. The author also analyses the social-psychological underpinnings of place attachment, and considers the effect of multi-culturalism on the future of equity home bias. The book’s unique approach discusses the issues in conceptual terms rather than through data and statistical methods. This multi- and inter-disciplinary book is an invaluable resource for graduate students and researchers interested in economics, finance, philosophy, and/or methodology, introducing them to a new line of research.

This book investigates the legitimacy of the current Australian Financial Services Licensee-Authorised Representative (AFSL-AR) licensing model, as specified in the Commonwealth Corporations Act 2001. The book rectifies the deficiency in scholarly attention to this matter by developing a new conceptualised framework for the financial planning discipline. It takes into account theories in agency, legislation, legitimacy and the independent individual regulatory regimes in other professions; thereafter integrating this framework with the financial planning theory to examine the legitimacy, or what was found to be the illegitimacy of licensing advisers via multiple third party conflicted commercially oriented licensees. This book makes a very useful reference to understanding financial planning licencing model in Australia.

This book introduces readers to the world of international financial markets and their integration on a global and regional scale. The author presents the theoretical and practical issues concerning the processes of financial market integration, with a particular focus on the monetary union. The empirical research results are based on econometric modeling, thus simplifying them for a non-specialist audience, who can instead concentrate on the author’s conclusions, which comprise the results of these complicated research methods. The author outlines the role and functions of financial markets in the economy, in particular the relationship between financial intermediaries and financial markets and tackles the question of integration of new EU member countries’ financial markets within the eurozone. The integration of financial markets in an international context is inevitable, and the author argues that we must learn how to benefit from it from in terms of economic growth. This book will be a valuable resource for students of economics and finance, particularly those studying financial management and international business and finance, as well as professionals in these fields. Further, this book will be of interest to anyone looking to discover more about the problems of globalization and the integration of financial markets into the modern economy.

Building on theories of finance and distribution, and the political economy of finance, this book explains the influence of financial cooperatives on wealth and income distribution, and institutional factors that determine the development of financial cooperatives. The book discusses the dynamics of income and wealth distribution with and without financial cooperatives, and defines the economic objective for financial cooperatives. Through explaining the influence of political institutions and regulations on the development of financial cooperatives, this book examines why financial cooperatives grew in some emerging economies and not in other similar ones. The book is of interest to scholars interested in financial economics, political economy of finance, alternative banking and development finance, and banking regulation. The book also gives valuable output to central bankers and financial and monetary policy makers in underdeveloped economies. In addition, it will be of particular interest to practitioners in international development institutions, especially those engaged in development finance and rural finance.