Financing the Future: Market-Based Innovations for Growth [NOOK Book]

Overview

Financial innovation can drive social, economic, and environmental change, transforming ideas into new technologies, industries, and jobs. But when it is misunderstood or mismanaged, the consequences can be severe. In this practical, accessible book, two leading experts explain how sophisticated capital structures can enable companies and individuals to raise funding in larger amounts for longer terms and at lower cost—accomplishing tasks that would otherwise be impossible.

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Financing the Future: Market-Based Innovations for Growth

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Overview

Financial innovation can drive social, economic, and environmental change, transforming ideas into new technologies, industries, and jobs. But when it is misunderstood or mismanaged, the consequences can be severe. In this practical, accessible book, two leading experts explain how sophisticated capital structures can enable companies and individuals to raise funding in larger amounts for longer terms and at lower cost—accomplishing tasks that would otherwise be impossible.

 

The authors recount the history and basic principles of financial innovation, showing how new instruments have evolved, and how they have been used and misused. They thoroughly demystify complex capital structures, offering a practical toolbox for entrepreneurs, corporate executives, and policymakers.

 

Financing the Future presents clear, thorough discussions of the current role of financial innovation in capitalizing businesses, industries, breakthrough technologies, housing solutions, medical treatments, and environmental projects. It also presents a full chapter of lessons learned: essential insights for stabilizing the economy and avoiding pitfalls.

 

Distinguishing genuine innovation from dangerous copycats

Crafting sustainable financial innovations that add value and manage risk

 

The best tools for the job: choosing them, customizing them, using them

Selecting the right instruments and structures, and making the most of them

 

Financial innovations for business, housing, and medical research

Finding new and better ways to promote entrepreneurship and advance social goals

 

Innovating to save the planet and help humanity

The power of finance to protect natural resources and alleviate global poverty

 

This is the first in a new series of books on financial innovation, published through a collaboration between Wharton School Publishing and the Milken Institute. Future titles will focus on specific policy areas such as housing and medical research.

 

The Milken Institute is an independent economic think tank whose mission is to improve the lives and economic conditions of diverse populations in the United States and around the world by helping business and public policy leaders identify and implement innovative ideas for creating broad-based prosperity. It puts research to work with the goal of revitalizing regions and finding new ways to generate capital for people with original ideas.

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Product Details

  • ISBN-13: 9780137083312
  • Publisher: Pearson Education
  • Publication date: 4/6/2010
  • Sold by: Barnes & Noble
  • Format: eBook
  • Edition number: 1
  • Pages: 256
  • File size: 4 MB

Meet the Author

Franklin Allen is the Nippon Life Professor of Finance and Professor of Economics at the Wharton School of the University of Pennsylvania, where he has been on the faculty since 1980. A current codirector of the Wharton Financial Institutions Center, he was formerly vice dean and director of Wharton Doctoral Programs, as well as executive editor of the Review of Financial Studies, one of the nation’s leading academic finance journals. Allen is a past president of the American Finance Association, the Western Finance Association, the Society for Financial Studies, and the Financial Intermediation Research Society. His main areas of interest are corporate finance, asset pricing, financial innovation, comparative financial systems, and financial crises. He is a coauthor, with Richard Brealey and Stewart Myers, of the eighth and ninth editions of the textbook Principles of Corporate Finance. Allen received his doctorate from Oxford University.

 

Glenn Yago is director of Capital Studies at the Milken Institute. He is also a visiting professor at Hebrew University of Jerusalem and directs the Koret-Milken Institute Fellows program. Yago’s work focuses on the innovative use of financial instruments to solve longstanding economic development, social, and environmental challenges. His research and projects have contributed to policy innovations fostering the democratization of capital to traditionally underserved markets and entrepreneurs in the United States and around the world. Yago is the coauthor of several books, including The Rise and Fall of the U.S. Mortgage and Credit Markets, Global Edge, Restructuring Regulation and Financial Institutions, and Beyond Junk Bonds. He was a professor at the State University of New York at Stony Brook and at the City University of New York Graduate Center. Yago earned his Ph.D. at the University of Wisconsin, Madison.

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Table of Contents

Acknowledgments     vi

About the Authors     ix

About Milken Institute     xi

 

Chapter 1   The Evolution of Finance     1

Chapter 2   A Framework for Financial Innovation: Managing Capital Structure     27

Chapter 3   Innovations in Business Finance     51

Chapter 4   Innovations in Housing Finance     85

Chapter 5   Environmental Finance: Innovating to Save the Planet     117

Chapter 6   Financing the Developing World     149

Chapter 7   Financing Cures     185

Chapter 8   Six Cardinal Rules of Financial Innovation     215

Appendix   The Black-Scholes Formula     225

Index     227

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