::PV Viswanath::

Dr. P.V. Viswanath

pviswanath@pace.edu

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	Articles from different media with issues to ponder P.V. Viswanath
	Financial Markets Risk and Return Valuation Issues Interest Rates Securities Trading Investments Financial Innovation Real Effects of Financial Policies Microfinance Finance and Technology Financial Management Financing Dividend Policy Interpreting Financial Statements Firm Objectives Finance and Strategy Mergers and Acquisitions Film Financing International Issues India China Economics International Finance Suggested Answers to Questions from Articles Notes on Operating Exposure
	Finance and Technology The Banking Revolution is Great for Customers, May 2, 2019, Economist Microfinance In India, gold-based finance is booming, August 15, 2020 Economist Bangladesh experiments with a new approach to poverty alleviation, January 25, 2018, The Economist A structured finance approach to microfinance by Dr. Kshama Fernandes, IFMR Capital Land of Plenty (of Government), Monica Prasad, March 2, 2013, New York Times Microfinance in Thailand, Jan 1st 2013, Economist Life on the edges of America’s financial mainstream, Feb 16th 2013 Economist Microcredit may not work wonders but it does help the entrepreneurial poor, Jul 16th 2009 Economist As Microfinance Grows in India, So Do Its Rivals, December 16, 2009, From The WSJ Microfinance Goes Public, Michael Schlein and Michael Chu, Forbes.com, April 30, 2010 Profit And Poverty: Why It Matters, by Michael Chu, December 20, 2007, Forbes.com Sacrificing Microcredit for Megaprofits January 14, 2011, Muhammad Yunus, New York Times Finance and Strategy Coca-Cola Hellenic: Workers Pay, Shareholders Profit From Crisis, Industrial Worker, Philadelphia 1 Nov 2009 Building a better partnership between finance and strategy, McKenzie, October 2015 Miner, Billions Over Budget, Slogs Ahead in Rural Brazil, June 10th 2013 by The Economist Lionsgate: Fighting the system, Jan 25, 2014, The Economist Apple Is Set to Announce Two iPhones, Brian X. Chen, The New York Times, September 8, 2013 Caterpillar Workers Ratify Deal They Dislike, By Steven Greenhouse, The New York Times, August 17, 2012 Barnes & Noble Tablets Aim for Niche Below iPad, September 26, 2012 The importance of financial flexibility, Sept. 9, 2005 China China and Capital Outflow Reform, Eve Cary, April 9, 2013 http://thediplomat.com/2013/04/china-and-capital-outflow-reform/ China to test farmers’ right to transfer plots, The Associated Press November 18, 2013 10 Chinese Brands You Must Know, Barron's, August 13, 2012 Younger Chinese Get Feel for Debt, WSJ, October 11, 2012 China’s mountain of debt, explained, Global Post, July 8, 2011 Privatisation in China: Capitalism confined, Sept. 3, 2011, The Economist As Its Economy Sprints Ahead, China’s People Are Left Behind, The Economist, October 9, 2011 China's Financial System, Book Review, Economist, Dec. 9, 2010 The hidden costs of state capitalism, Economist, Sept. 3, 2011 Chinese financial scandals: When it matters, August 20, 2011 Financial Innovation How Domino's Persuaded Wall Street to Lend to It For Less, WSJ, October 11, 2017 Defaults Pose Latest Snag In Islamic-Bond Market, WSJ, June 16, 2009 Glencore Looks to 'Streaming' Deals for Quick Cash, Wall Street Journal, October 11, 2015. Kopo Kopo: Building the “Square of Africa” amid terrorism, monopolists, and huge opportunity, panda.com, Sarah Lacy, Nov. 11, 2013 The Rating Game, The Economist, Nov. 2, 2013 The Crowdsourced B-School Loan, By Melissa Korn, The Wall Street Journal, Jan 3, 2013 The College Graduate as Collateral, The New York Times, June 13, 2012 Amber Waves to Ivory Bolls, NY Times, March 28, 2011 China's Financial System, Economist, Dec. 9, 2010 Creative Accounting: Four Areas To Buff Up a Company's Picture, WSJ, Feb. 21, 2002 Exchange-Traded Funds (http://www.indexfunds.com) Exotic instruments are not for everyone, The Economist, May 17th, 2007 The Cash-Back Mortgage, June 10, 2007, New York Times Home Down-Payment Gifts May Cease; Proposed Aid Ban Would Deal a Blow To Nonprofit Groups Wall Street Journal, May 14, 2007 Valuation Issues The 'Everything Bubble' Isn't Everything, and Maybe Not Even a Bubble, Wall Street Journal, 18 Aug 2020 Robert Shiller on What to Watch in This Wild Market, Oct. 11, 2014, WSJ Four Investing Fundamentals Everyone Needs, Michael Tomsett, The Finance Professionals' Post, February 9, 2011 The Coming College Education Bubble, Forbes.com, December 16, 2010 Lawmakers' Travel Reports Understate True Cost: Filings Don't Account for Full Expense of Using Military Aircraft and Paying Staffers Who Organize Overseas Trips, by Brody Mullins and T.W. Farnam, July 3, 2009, WSJ Deutsche Bank Corrects TUI Note, Hilda Arends, June 18, 2009, WSJ Why Home Prices May Keep Falling, Robert J Shiller, June 7, 2009, New York Times Moving the Market -- Tracking the Numbers, Wall Street Journal, Oct. 28, 2005, pg. C.3 My Market Theory? Forget Theories, George Soros, Letters to the Editor, January 8, 2001, WSJ India Indian Entrepreneurship Trumps Chinese, by Raghav Bahl, Forbes.com, October 13, 2010 Startup Ideas the DFJ Would Like to Fund, By Mohanjit Jolly, Executive Director, DFJ India (SiliconIndia) As Microfinance Grows in India, So Do Its Rivals, December 16, 2009, From The WSJ In India, Investors 'Buy Anything' -- Companies Line Up to Sell Shares, and Do So Easily, as the Stock Market Soars: WSJ, June 11, 2009 Start-ups in India: A suitable business, Dec 18th 2008 The Economist Ram drive: The career of Subramanian Ramadorai of Tata Consultancy Services parallels the rise of India’s software industry, The Economist, Aug 21st 2008 How Asia shops: Supermarkets versus sentimentalism, May 28th 2008, From Economist.com Lights on, nobody home: The swagger comes out of India’s property market, Aug 21st 2008, From The Economist print edition An Indian Mind Is Too Beautiful a Thing To Waste, HBS Publishing, September 18, 2008 Firm Objectives Black Homeowners Face Discrimination in Appraisals, New York Times, August 25, 2020 Big business is beginning to accept broader social responsibilities, August 22, 2019 From The Economist Now The 'Stakeholders' Want a Raise; Treating non-owners like owners could be expensive for shareholders., August 26, 2019, Wall Street Journal Unlikely Allies Seek to Check Power of Activist Hedge Funds, Feb. 2, 2014, New York Times Listing badly: Kazakh and Indonesian miners battle shareholders in London, Economist, April 27, 2013 Borders Seeks to Pay $8.3m. in bonuses, WSJ, March 25, 2011 Finance Chiefs Expand Roles, WSJ, Jan. 31, 2011 Petrobras Seeks $65 Billion From Share Sale, Sept. 4, 2010, WSJ Restoring Faith in Financial Markets, Jan. 18, 2010, WSJ Bonus Guarantees Can Fuel Risky Moves, August 27, 2009 WSJ Key Ways to Reform Corporate Elections, May 27, 2009, Wall Street Journal Target Holders Back Management Slate, WSJ, May 29, 2009 Bonus Babies, February 11, 2009, New York TImes, Paul Wilmott If the Pay Fix Is in, Good Luck Finding It, September 7, 2008, New York Times Factories Turn to Refugee Workers After Government Crackdown, Wall Street Journal, June 6, 2008 United Nations Global Compact: Third world way, Jul 20th 2007, from Economist.com IBM, ASML payouts latest red flags for credit market, May 31, 2007, http://yahoo.reuters.com/ Making Sense of the Risks Posed by Governance Issues, May 26, 2007, The Economist, p. B3 Executive Pay and its Disclosure, January 18/19 2006 The ones that get away, Jul 28th 2005, From The Economist print edition The union of concerned executives, Jan. 20, 2005, The Economist The Good Company, Jan 20th 2005, The Economist Fairvest Recommends Creo Hldrs Support Dissidents' Slate Of Directors, DOW JONES NEWSWIRES, January 26, 2005 10:37 a.m. Parma splat: Europe's corporate governance, Jan 15th 2004 , The Economist Cleaning up Global Banking: The Repentant Banker, Economist, August 22, 2002 The twister hits, Jan. 17, 2002, The Economist Disabled Win Halt to Notations of Special Arrangements on Tests, New York Times, February 8, 2001 California Lawmakers Debate Bill to Compensate Utilities, New York Times; Jan 27, 2001 Bank Rules Are Eased for Stakes in Nonfinancial Firms, 01/19/2001, The Wall Street Journal Mergers and Acquisitions Anadarko to Buy Kerr-McGee, Western Gas for $21.1 Billion, WSJ, June 23, 2006 Risk and Return The Secrets of Buffett's Success, Sept. 29th, 2012, by the Economist Stamp Arbitrage, May 11th 2009, by The Economist The perils of a sudden evaporation of liquidity, The Economist, Feb. 11, 2010 Momentum in financial markets, Economist, January 6, 2011 Cost of Equity in Emerging Markets Investors Bet on Catastrophe Bonds, New York Times, January 6, 2011 Why the Math of Correlation Matters: These measurements can aid in the hunt for assets that zig when others zag, thereby reducing portfolio volatility, Oct. 4, 2010 Inefficient Markets Are Still Hard to Beat, WSJ, Jan. 10, 2010 WestHELP Wins Approval For Sites in White Plains, NY Times, June 10, 1990 Google's Clout Grows With Price; Investors' Enthusiasm For Wireless Initiatives Sends Shares Past $700 WSJ, November 1, 2007 The More Hedges the Better, Right? Blind Spots, Bottlenecks Lurk Among New Ways of Preventing a Crash, WSJ, October 17, 2007 How Much to Invest Overseas? Wall Street Journal, July 21, 2007; Page B2 The Hedge Fund Clones: Wall Street Concocts Products With Fewer Barriers, but Will Returns Match? Wall Street Journal, July 21, 2007; Page B1 Pension Math Proves Elastic in Court Case Over Pilots, The New York Times, October 21, 2003. Taking Stock: Financial economists wonder what is left of their favourite models, The Economist, June 5, 2003 Shell Will Ramp Up Investment In Russia and Asia to $8 Billion, Wall Street Journal, Sept. 30, 2003 Stock Yields Are Higher Than Interest Rates. So What? By Mark Hulbert, New York Times, June 1, 2003 Mark L. Mallon and Charles A. Ritter, By Carole Gould, The New York Times, June 1, 2003 Currency Trading Dollar Slips Against Key Rivals As War Progress Stays Elusive, Dow Jones, Mar. 28, 2003 Energy Risk - A Refined Approach For Assessing Liquidity Risk in US Energy Trading Operations , www.riskcenter.com, Feb. 28, 2003 Stock Often Has a Hangover After Company's Bankruptcy, Wall Street Journal, Feb. 26, 2003 Looking at LEAPS: They could be long-term alternatives to stocks, April 2, 2001, Barron's Some Find Appeal in Foreign Small-Caps, 03/06/2001, The Wall Street Journal Comparing Nasdaq and Tulips Unfair to Flowers, New York Times, February 8, 2001 The Option as Shield in a Shaky Market, New York Times, February 3, 2001 How to Invest Wisely by Going With the Market's Flow, 01/30/2001, Wall Street Journal Investments To Pick Winners, Start by Weeding Out the Losers, by Barry Rehfeld, June 10, 2007, NY Times Efficient Market Theory and the Crisis by Jeremy Siegel, October 27, 2009, NY Times Active vs. Passive: The Debate Keeps Going, By Jeff Brown, August 28, 2009, NY Times For Stocks, September May Be The Cruelest Month, August 11, 2009 WSJ All Investors Are Liars, By John Allen Paulos, Commentary, WSJ, September 2, 2003 Neuberger Berman Socially Responsive Fund, The New York Times, Feb. 23, 2003 Will Drop in Stocks Weigh On Fed's Decision on Rates? WSJ, Jan. 28, 2003 Credit Structuring Grows As Banks Customize Products, WSJ, Jan. 23, 2003 , Jan. 23, 2003 New Breed of Hedge Fund Lowers Ante for Individuals, WSJ, January 23, 2003 Fool on the Hill: Is Technical Analysis Voodoo? By Bill Mann The Essence of Equity Investing Is Owning Good Businesses, http://www.ustrust.com The Technical Take on Warren Buffett, Morningstar.com What in the World is a Buy-Side/Sell-Side Analyst? Bob Dunn, http://www.bankrate.com/ A poor average, May 24th 2001, The Economist Securities Trading Searching for a Speed Limit in High-Frequency Trading, The Economist, September 8, 2012 by Nathaniel Popper Why I.P.O.’s Get Underpriced, The New York Times, May 27, 2011 Don't Blink! The Hazards of Over-confidence, New York Times, Oct. 19, 2011 High Frequency Traders, Economist, August 12, 2010 Stock Trading in Private Companies Draws S.E.C. Scrutiny, Peter Lattman, New York Times, December 27, 2010 Tax Break May Pass Margin Accounts, Wall Street Journal; New York, N.Y.; Jun 11, 2003 Equilibrium with Divergence of Opinion, Edward Miller (You will need Acrobat Reader; click here to download) Short Sellers Are People, Too!, Holman Jenkins, Wall Street Journal, January 29, 2003 Fund Management: A Mug's Game, The Economist, Aug. 29, 2002 SEC Disclosure Rule Dims Appeal of Conferences, 02/27/2001, The Wall Street Journal How Any Market Revamping Might Remove, Add Wrinkles, WJS, Feb. 29, 2000 Interpreting Financial Statements Is It Time to Scrap the Fusty Old P/E Ratio?, WSJ, Sept. 4, 2010 Neiman Plans Lower-Priced Strategy, Tess Stynes, June 11, 2009, WSJ Navistar Gets Back on Track, Jeff Bennett. Wall Street Journal, Sep 24, 2008. The ones that get away, >Jul 28th 2005, From The Economist print edition Restaurants Serve Up Restatements: More Scrutiny of Leases Is Leading Some Chains To Trim Their Past Profits, DOW JONES NEWSWIRES, January 26, 2005; Page C3 Man Who Doubted Enron Enjoys New Recognition, By JOHN SCHWARTZ, The New York Times, January 21, 2002 Companies Feel Consequences Of Borrowing For Short Term, 10/12/2001 The Wall Street Journal Companies Pollute Earnings Reports, Leaving P/E Ratios Hard to Calculate, WSJ, Aug. 21, 2001 Financial Magic Looked Good, but Left Companies Weak, NY Times, Sept. 28, 2001 Touchy-feely, May 17th 2001, The Economist Financing During Covid-19 Pandemic, Biotech IPOs Already Surpass Record, Wall Street Journal, 10 Aug 2020 At Toys ‘R’ Us, a $200 Million Debt Problem Could Lead to $348 Million in Fees, NY Times, May 11, 2018 Carlyle: The Best Deal in Private Equity, Barron's, Sept. 11, 2017 Loan Was Solyndra's Undoing, Sept 16th 2011, by The Economist Dynegy files for unusual bankruptcy, WSJ, November 8, 2011 Fairness and the Capital Tax Fetish, WSJ, August 9, 2010 Quickie Bankruptcy Filings: Companies Zoom In, Zoom Out, WSJ, Jan. 5, 2010 Reader's Digest Files Chapter 11 Protection Paperwork, By Mike Spector, August 24, 2009, WSJ Wendy's/Arby's Gets Cooking With New Management Team, Barron's Insight, July 4, 2009 In India, Investors 'Buy Anything' -- Companies Line Up to Sell Shares, and Do So Easily, as the Stock Market Soars: WSJ, June 11, 2009 The Debt-Equity Choice, SmartEconomist.com, Report 137 - March 22, 2006 Rules for Raising Capital, BusinessWeek, January 22, 2007 G.M.’s Troubles Stir Question of Bankruptcy vs. a Bailout, November 13, 2008 Loan Morsels, WSJ, January 22, 2008 Venture Loan Gives Software Firm Needed Funding with Fewer Strings, July 30, 2007, Wall Street Journal The Cash-Back Mortgage, June 10, 2007, New York Times Home Down-Payment Gifts May Cease; Proposed Aid Ban Would Deal a Blow To Nonprofit Groups Wall Street Journal, May 14, 2007 IBM, ASML payouts latest red flags for credit market, May 31, 2007, http://yahoo.reuters.com/ What's so Great about Private Equity, November 27, 2006, WSJ Companies Feel Consequences Of Borrowing For Short Term, 10/12/2001 The Wall Street Journal Bayer Finalizes Purchase Of Aventis CropScience; Conglomerate Seeks Partner From Europe to Boost Sales at Drug Division By Vanessa Fuhrmans, 10/03/2001, The Wall Street Journal Financial Magic Looked Good, but Left Companies Weak, NY Times, Sept. 28, 2001 Dividend Policy Exxon's Stingy Capital Spending May Haunt It, WSJ, April 16, 2008; Page B2 Dividends' End: Should technology companies pay dividends?, The Economist, Jan. 10, 2002 Ford's Nasser Acts to Refocus Core Strategies By Norihiko Shirouzu, 10/12/2001 The Wall Street Journal Northeast Utilities: Reduction in Buyback Plan Leads to Lower Estimates, 10/12/2001 The Wall Street Journal Interest Rates China's Bond-Yield Curve Gets Bent Out of Shape; Yield on seven-year government bonds rose to 3.79%, above the yield on five-year and 10-year bonds, May 22th 2017, 22:16 by The Economist A Calmer Market? Not for Long Bonds, November 13, 2010 New York Times America's bond market is upside down. Is the economy about to capsize as well? The long and the short of it; The Economist, Jan 5th 2006 Treasurys Advance on Volatility in Stock Prices; Traders Seem Unfazed by Mild Inflation Data, WSJ, Nov. 17, 2000 International Finance Insourcing, The Atlantic, December 2012 Dollar Climbs, Japan's Minister Cautions on Rates, WSJ, June 7, 2006 Econ Rehab, WSJ, June 7, 2006; Page A14 The Importance of Financial Flexibility, Financial Times, London: Sep 9, 2005 Anatomy of Thrift, September 22, 2005, The Economist The Great Thrift Shift, September 22, 2005, The Economist The Darkest Hour Before Dawn, August 4, 2005, The Economist Foreign investment in China's banks, September 1, 2005, The Economist Strong Euro Bedevils EU Firms: Despite Currency Drop, Companies Struggle to Stay Competitive, WSJ, June 21, 2005; Page A14 Why Dollar Can't Close Gap: Trade Within Multinationals Saps Benefit of Weaker Currency, Wall Street Journal, May 31, 2005 Toe to Toe: Once Close-Knit, Sock Industry Splits Over Trade Restrictions Chinese Imports, May 27, 2005, Wall Street Journal Wolf at the Door, October 28th, 2004, The Economist Indonesia Fears Smuggling Rise As U.S. Curbs Chinese Imports, May 20, 2005, Wall Street Journal Tested by the mighty euro, March 18, 2004 Weaker Dollar Causes Toyota's Profit to Slip, November 2, 2004, New York Times Tatas plan to list more group companies abroad, Siliconindia, October 07, 2004 Growing apart,Sep 30th 2004, From The Economist Outsourcing a win-win arrangement: US report, SiliconIndia, September 22, 2004 Dollar Firms up, New York Times, September 20, 2004. The crude art of policymaking: How should central banks respond to a rise in oil prices?, Jun 10th 2004, The Economist Costs of living: Official inflation rates suit nobody perfectly, June 3, 2004, The Economist Trade Theory vs. Used Clothes in Africa; New York Times, June 3, 2004 Outsourcing 101, Wall Street Journal, May 27, 2004 The Meltzer Report (Report of the International Financial Institution Advisory Commission, March 9, 2000) The Meltzer Rebuttal (Reform of the IMF and World Bank, April 12, 2000) Full Dollarization: The Pros and Cons, Andrew Berg, Eduardo Borensztein, IMF 2000 Why trade is good for you, The Economist, Oct 1st 1998 Economics Japan: One size doesn't fit all; Ward's Auto World. Detroit: Mar 1996. War and Iraq, The Economist, Feb. 20, 2003 Ford's Nasser Acts to Refocus Core Strategies By Norihiko Shirouzu, 10/12/2001 The Wall Street Journal Real Effects of Financial Policies Understanding the Tools used by Hedge Funds The Role of Financial Intermediaries in Raising Capital The Key Characteristics of Modern Hedge Funds Financial Crises and Economic Activity, Stephen G. Cecchetti, Marion Kohler and Christian Upper, Fed Res Bank of KC publication Credit creation and social optimality, 29 Sep 2011, Speech by Adair Turner, Chairman, FSA at Southampton University What banks do, what should they do and what public policies are needed to ensure best results for the real economy? Speech by Adair Turner, Chairman, FSA at CASS Business School, 17th March 2010 (Slides)