Leo M. Tilman

Financial Darwinism

• Gebundenes Buch

Produktbeschreibung

Praise for Financial Darwinism

"The best business management tool is common sense. While such a timeless truth remains indispensable, it takes new thinking to navigate the astonishingly complex and rapidly changing world of finance. Over the years, I have personally witnessed leading organizations' reliance on Leo Tilman's advice and insights to deliver consistent profits and manage risk. I hope the readers of this smart, original, and practical book will benefit in kind."

-Alan C. "Ace" Greenberg, Vice Chairman Emeritus, J.P. Morgan

"Responding to earnings pressures with outdated concepts and tools or, worse yet, blind risk-taking has an unhappy ending in every case. Get your organization's costs under control and staff it with highly competent professionals. Then use Financial Darwinism to prosper in the world of globalization and deregulation."

-Jamie B. Stewart Jr., President and CEO, The Federal Farm Credit Banks Funding Corporation

Past Acting President and COO, The Federal Reserve Bank of New York
"A masterful treatise on piloting complex financial institutions through the newer and tougher challenges imposed on them by the evolving marketplace. Tilman presents a unified conceptual framework that not only resonates with one's intuition, but also offers specific structural approaches to the decisions made by financial executives. This book is a must for anyone interested in improved strategies for risk management and economic performance."

-Dr. Darrell Duffie, Dean Witter Distinguished Professor of Finance, The Graduate School of Business, Stanford University

"Tilman has distilled the larger pattern from the seemingly endless reorganizations of financial institutions, some strategic and others quite foolish. Financial Darwinism articulates a framework for understanding and, for financial executives and practitioners, initiating strategic choices."

-Dr. Bennett W. Golub, Vice Chairman, BlackRock, Inc.

"Financial Darwinism explains the tectonic shifts now underway in the investment world far better than any book I have seen to date. Those who are interested in really understanding how financial markets have dramatically changed in the past few years-and how they are likely to change again in the next few years-would do well to read and absorb this important work by Leo Tilman."

-David M. Rubenstein, Cofounder and Managing Director, The Carlyle Group

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Produktdetails

• Verlag: Wiley & Sons
• Artikelnr. des Verlages: 14538546000
• 1. Auflage
• Seitenzahl: 192
• Erscheinungstermin: 1. Dezember 2008
• Englisch
• Abmessung: 235mm x 157mm x 15mm
• Gewicht: 360g
• ISBN-13: 9780470385463
• ISBN-10: 0470385464
• Artikelnr.: 24879528

Autorenporträt

Leo M. Tilman (NY, NY) has been named Young Global Leader of the World Economic Forum for his professional accomplishments, commitment to society and potential to contribute to shaping the world.  As the Chief Institutional Strategist and Senior Managing Director at a leading investment firm, Tilman is known for providing institutional clients with advice and solutions regarding strategic decision making, corporate finance, investment strategy, product design, asset/liability management, and risk management.  Tilman is also a lecturer in the financial engineering program on foundations of finance at Columbia University.  He is co-author of Risk Management and editor of Asset/Liability Management of Financial Institutions, as well as contributing editor of The Journal of Risk Finance.  He makes regular TV appearances and is often quoted in the financial media such as The Wall Street Journal, New York Times, Forbes, Bloomberg, and Barron's among others.  He earned his B.A. and M.A. degrees from Columbia University.

Inhaltsangabe

Foreword ix
Preface xv
Acknowledgments xix
CHAPTER 1 Understanding and Navigating the Financial Revolution 1
Introduction: The Need for Transformational Thinking 1
From George Bailey to the Golden Age 5
Accounting for Profits the Old-Fashioned Way 7
The "Great Moderation" As an Evolutionary Catalyst 11
Economic Performance in the Dynamic New World 14
Pressures on Static Business Models 18
Dynamic Finance Perspective on Financial Crises 21
Pillars of Strategic Decision Making 25
Value Creation Through Dynamism and Business Model Transformations 26
Beyond the Facade: The Importance of Risk-Based Transparency 35
CHAPTER 2 The Old Regime and Its Demise 39
Economic Performance and Viability of Financial Institutions 39
Static Business Models 41
Dominant Forces: The Future that Has Already Happened 46
Pressures on Static Business Models 55
CHAPTER 3 The Dynamic New World 65
Risk-Based Economic Performance 65
Balance Sheet Arbitrage 68
Principal Investments 69
Systematic Risk Exposures 71
Fees and Expenses 74
Capital Structure Optimization 75
Economic Performance Attribution 75
CHAPTER 4 Business Model Transformations 79
Pillars of Strategic Decisions in a Dynamic World 79
Responsive Recalibrations of Business Models 81
Full-Scale Business Model Transformations 86
Making the Strategic Vision a Reality 93
CHAPTER 5 The Road to Financial Darwinism 99
Real-World Business Model Transformations 99
Stakeholder Communication & Equity Valuation in a Dynamic World 109
Economic Value Creation (and Destruction) by Non-Financial Corporations 112
The Infamous "Carry Trade" and the Old Ways of Thinking 115
A Dynamic Finance Perspective on Modern Financial Crises 118
Beyond the Facade: The Need for Risk-Based Transparency 127
Conclusion 129
Epilogue: Financial Darwinism and the Crisis of 2007-2008 133
Appendix A: The Risk-Based Economic Performance Equation 137
Appenidx B: A Case Study in Dynamic Finance 141
Notes 157
References 163
About the Author 167
Index 169

Rezensionen

"...Tilman couldn't have chosen a better time...clearly written and with plenty of rational advice for financial institutions" (City A.M., December 11th 2008)