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Informationen zum Autor MOORAD CHOUDHRY has over twenty-one years experience in investment banking and was latterly head of treasury at Europe Arab Bank. He was previously head of treasury at KBC Financial Products and vice president in structured finance services at JPMorgan Chase Bank. Dr. Choudhry is Visiting Professor at the Department of Economics, London Metropolitan University, and Senior Research Fellow at the ICMA Centre, University of Reading. He is a Fellow of the ifs-School of Finance and a Fellow of the Chartered Institute for Securities and Investment. He is on the Editorial Board of the Journal of Structured Finance and the Editorial Advisory Board of American Securitization. GINO LANDUYTis Head of Sales at Conduit Capital in London. Prior to that, he was head of institutional structured sales at ING Bank in Brussels, and worked with KBC Bank N.V. in their Brussels, Frankfurt, New York, and London offices. Landuyt has an MA in applied economic sciences from the State University of Antwerp and an MBA from the Catholic University of Antwerp. Klappentext New banking and investment business models to navigate the post-financial crisis environmentThe financial crisis of 2007-2008 has discredited business models in the banking and fund management industries. In The Future of Finance, Moorad Choudhry and Gino Landuyt argue that banks must realign their business models, implying a lower return-on-equity; diversifying their funding sources; and increasing liquidity reserves. On the investment side, the authors discuss how diversification did not reduce risk, but rather amplified it, and failed to stabilize returns. The authors conclude that the clear lesson from the crisis is to know one's risk. A lesson that is best served by concentrating on assets and sectors that you understand.* Examines the weaknesses in the business models of many institutions, as well as the theoretical foundation for professionals in the field of finance* Identifies the shortcomings of Modern Portfolio Theory* Addresses how investment managers can find new strategies for creating "alpha" and why they need to re-vamp their fee structuresFilled with in-depth insights and practical advice, The Future of Finance will provide bankers and investment managers with a guide to realigning their businesses in order to prosper in the post-crisis financial markets. Zusammenfassung New banking and investment business models to navigate the post-financial crisis environment The financial crisis of 2007-2008 has discredited business models in the banking and fund management industries. Inhaltsverzeichnis Foreword xi Preface xiii Introduction xix Market Instability xx Derivatives and Mathematical Modeling xxi Senior Management and Staying in the Game xxiii Macroprudential Financial Regulation and Cycle-Proof Regulation xxiii The Way Forward xxv Conclusion xxvi Part One A Review of the Financial Crash 1 Chapter 1 Globalization, Emerging Markets, and the Savings Glut 3 Globalization 3 A Series of Emerging-Market Crises 5 Low-Yield Environment Due to New Players in the Financial Markets 8 Artificially Low Exchange Rates 15 Recommendations and Solutions for Global Imbalances 16 Chapter 2 The Rise of Derivatives and Systemic Risk 22 Systemic Risk 23 Derivative Market Systemic Risk: Solutions for Improvement 30 Chapter 3 The Too-Big-to-Fail Bank, Moral Hazard, and Macroprudential Regulation 37 Banks and Moral Hazard 37 Addressing Too-Big-to-Fail: Mitigating Moral Hazard Risk 42 Macroprudential Regulation: Regulating Bank Systemic Risk 53 Conclusion 58 Chapter 4 Corporate Governance and Remuneration in the Banking Industry 60 Bonuses and a Moral Dilemma 60 A Distorted Rem...
