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Financing the Future: Market-Based Innovations for Growth (Milken Institute Series on Financial Innovations) [Englisch] [Gebundene Ausgabe]

Franklin Allen , Glenn Yago
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24. März 2010 Milken Institute Series on Financial Innovations
"Allen and Yago demonstrate clearly the importance of the interaction of theory and experience in explaining the evolution of financial innovations." Myron S. Scholes, Nobel Laureate in Economics, 1997, and Frank E. Buck Professor of Finance, Emeritus, Graduate School of Business, Stanford University "Despite its role in the recent economic crisis, financial innovation, wisely used, can play a crucial role in solving some of the world's most pressing problems, particularly by delivering sustainable growth and economic development. Allen and Yago's compelling, contrarian analysis punctures the current gloom about finance, and shows how its creativity can make a huge, positive difference." MatthewBishop, New York Bureau Chief of The Economist and co-author of Philanthrocapitalism and The Road from Ruin: How to Revive Capitalism and Put America Back on Top "This book provides a clear and concise history of financial innovation as an engine for growth in various fields--an often ignored or misunderstood topic. From its role to help finance new industries and technologies to upcoming advances in environmental and health areas, it will prove an important reference to those of us who are interested in how ingenuity in capital markets can help advance social goals. A must-read in these times." Richard L. Sandor, Chairman and Founder, Chicago Climate Exchange; Executive Chairman, Climate Exchange plc "The right book at the right time. Allen and Yago colorfully relate the history of financial innovation down through the ages. With facts and analyses, they restore the concept of financial innovation to its rightful place: a medium by which long-standing problems of social, economic, and environment have been addressed, sometimes solved." Lewis S. Ranieri, Ranieri Partners LLC "From housing to microfinance to drug development, Allen and Yago explore the important role financial innovation plays around the world. The authors prove in plain English the vital role creative finance played in building America and why stifling innovation poses a risk to our financial future." Brian Sullivan, Fox Business 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.


  • Gebundene Ausgabe: 241 Seiten
  • Verlag: Wharton School Publishing; Auflage: 1 (24. März 2010)
  • Sprache: Englisch
  • ISBN-10: 013701127X
  • ISBN-13: 978-0137011278
  • Größe und/oder Gewicht: 23,4 x 16,1 x 2,5 cm
  • Durchschnittliche Kundenbewertung: 3.0 von 5 Sternen  Alle Rezensionen anzeigen (1 Kundenrezension)
  • Amazon Bestseller-Rang: Nr. 866.017 in Fremdsprachige Bücher (Siehe Top 100 in Fremdsprachige Bücher)
  • Komplettes Inhaltsverzeichnis ansehen

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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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Frau Sarah Wagenknecht hätte ihre helle Freude an diesem Buch;)

Die Intention des Buches wird sehr schnell klar: im Wesentlichen (ein Blick auf die akademische EHekunft der Autoren macht auch klar warum) soll eine Lanze für "innovative Finanzprodukte" gebrochen werden. Zurecht wie ich finde. Selbstverständlich nimmt man heutzutage (Medien und allgemeine Gesellschaft) gerne die Mistgabel und den Strick in die Hand, sobald man den Begriff "innovatives Finanzprodukt" zu hören bekommt. Auch zurecht finde ich. Nach dem CDO, CDO squared, MBS...Desaster hat der normale Mensch wahrscheinlich erstmal genug von "Finanzinovationen".Der gesunde Menschenverstand kategorisiert diese erstmal als verzwickte und undurchsichtige Kontrakte, die:
1) keinen praktischen Nutzen haben (kann man nicht essen/trinken, nicht mit heizen, nicht mit fahren/fliegen/schwimmen, nicht anziehen...)
2) zu allerest mal Bänker und satanistische Hedge Funds reich machen.

Ich hatte mir von dem Buch erhofft etwas Munition für die Gegenposition zu bekommen. Gelingt dem Buch aber nur partiell. Es wird rudimentär und nicht sonderlich anschaulich erklärt, welche volkswirtschaftlichen!!! (also nicht nur mich reich machen) Aufgaben diese Finanzkonstrukte eigentlich haben. Das hätte man IMHO auch schöner, plastischer und direkter/lebensnäher machen können. Statt dessen wird viel auf das akademische Umfeld verwiesen. Generell zeigt das Buch ein paar exemplarische Beispiele, bei denen neue Finanzprodukte "der Sache" geholfen haben und auch noch helfen.

Die Palette der Konstrukte ist groß und vielseitig. Bonds, Aktien, Convertible Bonds, Futures, Optionen, Venture Capital und Hedge Funds (als asset Klasse),Versicherungen...
Lesen Sie weiter... ›
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4 von 4 Kunden fanden die folgende Rezension hilfreich
5.0 von 5 Sternen The first chapter alone is worth the purchase! An excellent reader for finance classes and those in the field... 7. Mai 2010
Von RNS - Veröffentlicht auf
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As a liberal arts undergrad who went on to get an MBA -- which included five economics classes and two finance classes -- I was pleasantly surprised by the readability of this book. If only other business texts were so informed and well-written! It's almost as though the authors are carrying on a conversation for the benefit of the reader over a cup of coffee; as, instead of the usual academic jargon of the classroom, we encounter straightforward discussions regarding the foundations of modern finance -- and, present-day implications -- written in plain, conversational English.

Using definitions from the OED (The Oxford English Dictionary) and quotes from Shakespeare, the authors discuss the origins of words that make up the jargon and vocabulary used in finance. They then narrate the development of financial innovations, beginning with Egypt and Mesopotamia, southern Europe, then Greece, Macedonia, Persia, Rome, on to Europe during the age of exploration, then to the trading companies of England, the supremacy of the Dutch financiers during the 17th century, then the development and expansion of merchant banks by the British, French and Dutch, which led to the economic and geographic integration of markets using rail, steel and coal, and the expansion of public equities after WW II. The authors then discuss, in some depth, the inflation of the 1970s and the impact on mortgage-backed securities, defining -- along the way -- commodities, exchanges, futures, options, and offer a groundwork discussion to address the question that's on everyone's mind these days: "Did financial innovation cause the [housing] crisis?"

In Chapter 2, the authors offer readers a basic grounding in some of the most prominent foundational theories that have shaped modern finance. Those with an interest in finance will enjoy in-depth discussion of theories by some old familiar friends: there's Nobel Prize winners, Franco Modigliani and Merton Miller, who argued in their seminal paper published in 1958 that "with perfect capital markets and no taxes, capital structure is irrelevant"; Michael Jensen and William Meckling's discussion of agency problems (think: "misaligned incentives for different parties" or "a firm could be thought of as a set of contracts between different parties with different interests"); follow-up with discussion of theories of Stewart Myers, Stephen Ross and Robert Merton; and, the "regulatory dialectic" of Edward Kane; then, backtracking to Harry Markowitz's 1952 theories on portfolio efficiency that were built upon by William Sharpe and John Lintner in the mid-1960s; and, papers on valuing options by Fischer Black and Myron Scholes and Robert Merton in 1973 that developed arbitrage and dynamic trading techniques and won for Scholes and Merton a Nobel Prize in 1997.

In Chapter 3, the authors trace -- using a time line -- the history of innovation in business finance. Then, they make a case for why capital structures matter, not only to investors, but also to the man-on-the-street. There are contracts (1200); preferred stock (1836); the emergence of the modern high-yield market (1974); Equity Index Futures traded on the S&P 500 (1982); EFTs introduced (1989); and, modern credit default swaps of 1997+. The authors then narrate American economic history: Alexander Hamilton's work of restructuring the new American nation's $54 million debt; the growth of the national bank; the building of railways; J.P. Morgan and the rise of investment banking; innovations of the early 20th century; the Great Depression; the rise of capital markets and availability of venture capital in the 1950s; the introduction in the 1960s of the Capital Asset Pricing Model (CAPM); the rise of private equity and leveraged buyouts of the 1980s; and the consolidation of financial innovations in the 1990s and 2000s.

The focus of Chapter 4 is on innovations in housing finance, contending that "we need a new wave of financial and policy innovation to prevent a repeat of recent history." As in the previous chapter, the authors offer a timeline and a walk-through narrative, this time regarding the history of the financing of housing in America. Every financial journalist should read this chapter for background as it serves as an excellent overview regarding the roots of how we got to where we are. From pre-WW I; the savings and loan crisis; and, the securitization of housing finance. These discussions then serve as background to their detailed analysis of the current housing crisis, in short, rhetorically answering the question: "What happened and why?" The chapter then closes with recommended solutions as to how to avoid the mistakes of the past and move forward.

In Chapter 5, the authors switch gears, and explore the realm of Environmental Finance. They urge readers to consider: "The stark reality of the situation presents a crystal-clear call to action. We must speed the convergence of environmental and capital markets and seize the opportunity to build a more sustainable economy." They follow with discussions of market failures in regard to the environment; property rights; air and water pollution; and ocean and wetland impacts.

The remainder of the book continues to branch out. In Chapter 6, the focus is on how finance might be used as a tool in the developing world to address poverty; build a middle class in developing countries; encourage the microfinance revolution; and, finance infrastructure development for food and water security. In Chapter 7, the authors consider finance in regard to health innovations, scientific research, and other biomedical funding needs to enhance and improve global health.

Concluding the book with Chapter 8's "Six Cardinal Rules of Financial Innovation," intended to increase transparency, measure and reduce risk, and help find new ways to direct capital to where it's actually needed, one cannot help but be influenced by the authors' firm belief in the power of finance, that if deployed "in a responsible way," could be used to "conquer problems that were once considered insurmountable."

Bottom Line? Franklin Allen (Wharton School of Business) and Glenn Yago (Miliken Institute) offer readers an excellent overview of how we got into our present financial mess and lay out a blueprint for all to consider as to how they believe America should move forward.

Highly recommended for academic and public library collections, and all business-oriented readers with an interest in finance.

R. Neil Scott, MLS/MBA
Middle Tennessee State University
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5.0 von 5 Sternen Lays Out The Deep Secrets Of Human Progress 13. November 2010
Von Erol Esen - Veröffentlicht auf
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I always thought that one guy named James Watt invented the steam engine that sparked off what we now call the Industrial Revolution. How simplistic my view of human progress had been!

This book is not just about finance, it is also about the history of recent human evolution dating back at least 5,000 years when the first writing--to the best of our knowledge---began. Writing began because of the need for accounting: making sure people who need to get paid got paid. First major financial innovation, really, that we know of. Coming back to more recent history, I now know that it was really the remarkable financial innovations preceding the industrial revolution that enabled the latter, indeed encouraged it. Innovative capital structures in which money can flow speedily and easily necessarily encourages greater efficiencies such as the industrial revolution. Money flow is really information flow, which also explains the information revolution.

Not all financial innovations are well meant, as this book discusses factually. Some are created for their sheer complexity in the hopes of creating 'loop holes'. While such unscrupulous 'innovations' must be weeded out, the importance of continuous financial innovation is at the very core of human civilization and this book explains why, and how.

Highly recommended reading should you wish to see under the hood of our global society.
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2.0 von 5 Sternen provides a broad swath through the evolution of financial markets 26. Mai 2010
Von jt - Veröffentlicht auf
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Franklin Allen and Glenn Yago's "Financing the Future - Market-Based Innovations for Growth," provides a broad swath through the evolution of financial markets and shows how they are and can be used to for the betterment of society as a whole. The book is a relatively breezy read and readily accessible to the average financial neophyte.
The basic premise presented is that financial markets work and when used properly can be a critical ingredient to making the world a better place. Sure, there are some problems, and certain players can take advantage of unsuspecting victims, but financial innovation is necessary and can help society advance in many ways. One chapter, Environment Financing, describes how markets if structured correctly can actually help promote better sustainability of our earth. The big idea is that environmental resources if valued and priced properly can lead to a sustainable planet. Other chapters describe how financial innovation can be used to finance new drugs and genetically engineered medication not yet discovered (Financing Cures) and emerging economies to better distribute wealth and eradicate the scourge of poverty (Financing the Developing World). The authors even find a way to pull a positive spin to the mortgage financing mess which gave rise to the alphabet soup of derivatives of mass destruction to point out that in spite of all that happened, the invention of mortgages has allowed many to afford housing that otherwise would not have been affordable or available to the average John and Jane Doe.
Allen and Yago do a good job trying to educate without diving into technicalities of financial engineering. Moreover, there is no hint of proselytizing from an ivory tower attitude too often found in such scholarly writings on subjects of this matter. Even as such, whether intentional or not, I cannot escape the nagging sense while reading the book that the authors are trying their utmost to rub the most positive spin possible onto the industry. It is almost as if there is an ulterior agenda in the undercurrent of the book. Similar to the subliminal messaging behind the muzak playing in the department store, there seems to be a PR campaign pounding ever so softly in the sub-text, trying to re-gain the lost sheen and public sympathy for an industry under scrutiny. Perhaps it's just my conspiracy theory sixth sense going haywire, but as I've learned from past experience: dismiss your gut instincts at your peril.
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5.0 von 5 Sternen A list of innovative actions that will lead to global and sustainable economic growth 10. Juni 2010
Von Charles Ashbacher - Veröffentlicht auf
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Although there is a natural tendency to blame one single thing for the global financial meltdown in the fall of 2008, the true cause is much more complex. However, there are two aspects that can be considered as the most significant causes. The first is the lack of transparency in financial transactions; the inherent risks were either dismissed or detached, so many of the ultimate decision makers never understood the level of risks they were taking. The second was the lack of risk to the front-line decision makers, for example the original maker of a home mortgage loan sold the mortgage and immediately pocketed a profit. Therefore, the natural market forces drove them to make all possible mortgages and hide the true risk from the borrower and the purchaser.
Contrary too much of the political rhetoric on the right and left, the solution to the problems and guarantees that it will not happen again are also complex and must be global in nature. There are in fact many components to the solution and some of them are listed and explained in this book.
The continued expansion of the economy of any nation is dependent on the rise of the global economy and some of the ways that it can be done that are described in detail here include:

*) Increasing the overall health of people via the combating of disease
*) Combating climate change, which has the potential for massive relocation of people and ecosystems
*) Massive investments in public infrastructure, especially sewage and water treatment

My interest peaked when the authors described how a market in sulfur dioxide emissions was developed when the threat of acid rain became clear. By incorporating the true cost of emitting sulfur dioxide into the operations of coal-fired plants, the social cost was quantified and factored into the cost of business. This led to a free market in sulfur dioxide emissions and as a consequence the emissions were controlled well ahead of the target dates.
Such a system has been proposed for carbon dioxide emissions; known colloquially as "cap and trade" and while it has passed the U. S. House of Representatives, the bill is stalled in the Senate. It is a workable system that would minimize the economic impact and avoid the potential disaster looming as the planet warms.
Free markets do not always work to the good, yet they work far more often than anything else. As the industrial revolution and then the intellectual property revolutions dramatically altered national economies, the financial sectors had to create completely new structures in order to make it happen. It is now time for some dramatically new innovations in the financial components of the economy, and those innovations involve complete transparency and the inability to pass all risk on to others.
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5.0 von 5 Sternen Fantastic book 13. Dezember 2010
Von GX - Veröffentlicht auf
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Fantastic book. Now more than ever we need thoughtful analysis and relevant background information with regards to the financial services industry. It's very easy to have a knee jerk reaction in the face of the financial collapse of 2008 but in many ways this is short sighted to the elements necessary as we look to insert capital into the next wave of high tech companies.

The authors do a very good job of presenting the topics in an easy to grab manor, and at a little more than 200 pages it's an easy weekend read. Most importantly it would give someone who has not delved into the modem markets a thorough primer - one far more insightful than the picture presented on TV clips and at or above the level of the WSJ/NYT (and mostly there because of space purposes).

Recommended for those that want to dive in past the headlines and understand how things really work.
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