{"product_id":"financial-darwinism-isbn-9780470385463","title":"Financial Darwinism","description":"In \u003ci\u003eFinancial Darwinism\u003c\/i\u003e, author Leo Tilman lays the groundwork for understanding the new financial order by introducing his evolutionary thesis and then outlines an actionable decision-making framework that enables financial institutions and investors to fully leverage the power of business strategy, corporate finance, investment analysis, and risk management. \u003ci\u003eFinancial Darwinism\u003c\/i\u003e is an invaluable road map to today's financial world and an essential guide to surviving and thriving during these challenging times. \u003cp\u003eForeword ix\u003c\/p\u003e \u003cp\u003ePreface xv\u003c\/p\u003e \u003cp\u003eAcknowledgments xix\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 1 Understanding and Navigating the Financial Revolution 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction: The Need for Transformational Thinking 1\u003c\/p\u003e \u003cp\u003eFrom George Bailey to the Golden Age 5\u003c\/p\u003e \u003cp\u003eAccounting for Profits the Old-Fashioned Way 7\u003c\/p\u003e \u003cp\u003eThe “Great Moderation” As an Evolutionary Catalyst 11\u003c\/p\u003e \u003cp\u003eEconomic Performance in the Dynamic New World 14\u003c\/p\u003e \u003cp\u003ePressures on Static Business Models 18\u003c\/p\u003e \u003cp\u003eDynamic Finance Perspective on Financial Crises 21\u003c\/p\u003e \u003cp\u003ePillars of Strategic Decision Making 25\u003c\/p\u003e \u003cp\u003eValue Creation Through Dynamism and Business Model Transformations 26\u003c\/p\u003e \u003cp\u003eBeyond the Facade: The Importance of Risk-Based Transparency 35\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 2 The Old Regime and Its Demise 39\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eEconomic Performance and Viability of Financial Institutions 39\u003c\/p\u003e \u003cp\u003eStatic Business Models 41\u003c\/p\u003e \u003cp\u003eDominant Forces: The Future that Has Already Happened 46\u003c\/p\u003e \u003cp\u003ePressures on Static Business Models 55\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 3 The Dynamic New World 65\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eRisk-Based Economic Performance 65\u003c\/p\u003e \u003cp\u003eBalance Sheet Arbitrage 68\u003c\/p\u003e \u003cp\u003ePrincipal Investments 69\u003c\/p\u003e \u003cp\u003eSystematic Risk Exposures 71\u003c\/p\u003e \u003cp\u003eFees and Expenses 74\u003c\/p\u003e \u003cp\u003eCapital Structure Optimization 75\u003c\/p\u003e \u003cp\u003eEconomic Performance Attribution 75\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 4 Business Model Transformations 79\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePillars of Strategic Decisions in a Dynamic World 79\u003c\/p\u003e \u003cp\u003eResponsive Recalibrations of Business Models 81\u003c\/p\u003e \u003cp\u003eFull-Scale Business Model Transformations 86\u003c\/p\u003e \u003cp\u003eMaking the Strategic Vision a Reality 93\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 5 The Road to Financial Darwinism 99\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eReal-World Business Model Transformations 99\u003c\/p\u003e \u003cp\u003eStakeholder Communication \u0026amp; Equity Valuation in a Dynamic World 109\u003c\/p\u003e \u003cp\u003eEconomic Value Creation (and Destruction) by Non-Financial Corporations 112\u003c\/p\u003e \u003cp\u003eThe Infamous “Carry Trade” and the Old Ways of Thinking 115\u003c\/p\u003e \u003cp\u003eA Dynamic Finance Perspective on Modern Financial Crises 118\u003c\/p\u003e \u003cp\u003eBeyond the Facade: The Need for Risk-Based Transparency 127\u003c\/p\u003e \u003cp\u003eConclusion 129\u003c\/p\u003e \u003cp\u003eEpilogue: Financial Darwinism and the Crisis of 2007–2008 133\u003c\/p\u003e \u003cp\u003eAppendix A: The Risk-Based Economic Performance Equation 137\u003c\/p\u003e \u003cp\u003eAppenidx B: A Case Study in Dynamic Finance 141\u003c\/p\u003e \u003cp\u003eNotes 157\u003c\/p\u003e \u003cp\u003eReferences 163\u003c\/p\u003e \u003cp\u003eAbout the Author 167\u003c\/p\u003e \u003cp\u003eIndex 169\u003c\/p\u003e  \"As the world places increasing emphasis on fair valuation, risk-based financial disclosure and risk-focused regulation, Tilman's guide becomes more important for CEOs, directors and fiduciaries who must build risk evaluation into all fundamental decisions.\" (\u003ci\u003eCorporate Governance\u003c\/i\u003e)  \u003cp\u003e“While Tilman's thesis is directed to financial firms, the concept applies to all businesses. Failure to adopt a risk management strategic planning model will lead to extinction, hence the \"Darwinism\" in the title. Summing Up: Recommended.” (\u003ci\u003eChoice\u003c\/i\u003e, April 2009)\u003c\/p\u003e \u003cp\u003e\"...Tilman couldn't have chosen a better time...clearly written and with plenty of rational advice for financial institutions\" (\u003ci\u003eCity A.M.\u003c\/i\u003e, December 11th 2008)\u003c\/p\u003e \u003cp\u003e\"One of the book's merits is that he offers tables that provide taxonomies of business model transformation.\" \u003ci\u003e(Financial World\u003c\/i\u003e, February 2009)\u003c\/p\u003e \u003cp\u003e\"This book is highly recommended for finance professional sat all levels of an organization as well as investors desiring insights into how firms can weather the \"tectonic shift\" in the financial landscape. The terminology and models used should be within the grasp of anyone who has taken an undergraduate course in finance.\" (\u003ci\u003eJournal of Corporate Finance and Accounting\u003c\/i\u003e\u003cb\u003e)\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e“[Tilman] sees much to be learned from the collective blindness that led to the economic meltdown. … says the first steps to recovery are humility and innovation” (\u003ci\u003eAlpha magazine\u003c\/i\u003e)\u003c\/p\u003e \u003cp\u003e\"This book offers a deeply thoughtful and well-reasoned analysis of what has gone wrong and the outlines of an eventual road to recovery.\" (\u003ci\u003eFinancial Executive International\u003c\/i\u003e)\u003c\/p\u003e \u003cb\u003eLeo M. Tilman\u003c\/b\u003e (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 \u003ci\u003eRisk Management\u003c\/i\u003e and editor of \u003ci\u003eAsset\/Liability Management of Financial Institutions,\u003c\/i\u003e as well as contributing editor of \u003ci\u003eThe Journal of Risk Finance. \u003c\/i\u003e He makes regular TV appearances and is often quoted in the financial media such as \u003ci\u003eThe Wall Street Journal, New York Times, Forbes, Bloomberg,\u003c\/i\u003e and \u003ci\u003eBarron’s\u003c\/i\u003e among others.  He earned his B.A. and M.A. degrees from Columbia University.   \u003cp\u003ePraise for \u003cb\u003eFINANCIAL DARWINISM\u003c\/b\u003e  \u003c\/p\u003e\u003cp\u003e\"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.\"  \u003cb\u003e—Alan C. \"Ace\" Greenberg, Vice Chairman Emeritus, J.P. Morgan\u003c\/b\u003e  \u003c\/p\u003e\u003cp\u003e\"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 \u003ci\u003eFinancial Darwinism\u003c\/i\u003e to prosper in the world of globalization and deregulation.\"  \u003cb\u003e—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\u003c\/b\u003e  \u003c\/p\u003e\u003cp\u003e\"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.\"  \u003cb\u003e—Dr. Darrell Duffie, Dean Witter Distinguished Professor of Finance, The Graduate School of Business, Stanford University\u003c\/b\u003e  \u003c\/p\u003e\u003cp\u003e\"Tilman has distilled the larger pattern from the seemingly endless reorganizations of financial institutions, some strategic and others quite foolish. \u003ci\u003eFinancial Darwinism\u003c\/i\u003e articulates a framework for understanding and, for financial executives and practitioners, initiating strategic choices.\"  \u003cb\u003e—Dr. Bennett W. Golub, Vice Chairman, BlackRock, Inc.\u003c\/b\u003e  \u003c\/p\u003e\u003cp\u003e\"\u003ci\u003eFinancial Darwinism\u003c\/i\u003e 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.\"  \u003cb\u003e—David M. Rubenstein, Cofounder and Managing Director, The Carlyle Group\u003c\/b\u003e\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989209366757,"sku":"NP9780470385463","price":29.95,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780470385463.jpg?v=1761783217","url":"https:\/\/k12savings.com\/products\/financial-darwinism-isbn-9780470385463","provider":"K12savings","version":"1.0","type":"link"}