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Financing Discussions of the Current Role Ofindustries, Financial Businesses, Capitalizing in Innovation Housing Solutions, Breakthrough Technologies, Projects $29.99 US / $35.99 Canada ALLEN YAGO “Allen and Yago demonstrate clearly the importance of the interaction of Financial innovation can drive social, economic, theory and experience in explaining the evolution of financial innovations.” and environmental change, transforming ideas FRANKLIN ALLEN, into new technologies, industries, and jobs. Nippon Life Professor of —MYRON S. SCHOLES, Nobel Laureate in Economics, 1997, and Frank E. Buck Professor But when it is misunderstood or mismanaged, Finance and Professor of Finance, Emeritus, Graduate School of Business, Stanford University the consequences can be severe. In this practical, of Economics at The accessible book, two leading experts explain Wharton School of the “Despite its role in the recent economic crisis, financial innovation, wisely used, can FINANCING how sophisticated capital structures can enable University of Pennsylvania, F I N A N C I N G play a crucial role in solving some of the world’s most pressing problems, particularly companies and individuals to raise funding in co-directs the Wharton by delivering sustainable growth and economic development. Allen and Yago’s THE larger amounts for longer terms and at lower Financial Institutions Center. He has led compelling, contrarian analysis punctures the current gloom about finance, and cost—accomplishing tasks that would otherwise several key organizations, including the be impossible. American Finance Association and the shows how its creativity can make a huge, positive difference.” Society for Financial Studies. —MATTHEW BISHOP, New York Bureau Chief of The Economist and co-author The authors recount the history and basic of Philanthrocapitalism and The Road from Ruin: How to Revive Capitalism principles of financial innovation, showing GLENN YAGO, and Put America Back on Top how new instruments have evolved, and Director of Capital Studies FUTURE how they have been used and misused. at the Milken Institute, is “This book provides a clear and concise history of financial innovation as an engine They thoroughly demystify complex capital an authority on financial for growth in various fields—an often ignored or misunderstood topic. From its structures, offering a practical toolbox for innovation, capital markets, role to help finance new industries and technologies to upcoming advances in MARKET-BASED INNOVATIONS entrepreneurs, corporate executives, and emerging markets, and policymakers. environmental and health areas, it will prove an important reference to those of us environmental finance. His F O R GROWTH work has contributed to the democratization who are interested in how ingenuity in capital markets can help advance social goals. Financing the Future presents clear, thorough of capital in underserved markets and on A must-read in these times.” discussions of the current role of financial innovation in capitalizing businesses, industries, behalf of entrepreneurs in the U.S. and —RICHARD L. SANDOR, Chairman and Founder, Chicago Climate Exchange; worldwide. breakthrough technologies, housing solutions, Executive Chairman, Climate Exchange plc THE medical treatments, and environmental projects. It also presents a full chapter of lessons “The right book at the right time. Allen and Yago colorfully relate the history of learned: essential insights for stabilizing the THIS IS THE FIRST IN A NEW SERIES OF BOOKS ON financial innovation down through the ages. With facts and analyses, they restore the economy and avoiding pitfalls. FINANCIAL INNOVATION, PUBLISHED THROUGH concept of financial innovation to its rightful place: a medium by which long-standing A COLLABORATION BETWEEN WHARTON SCHOOL FUTURE PUBLISHING AND THE MILKEN INSTITUTE. problems of social, economic, and environment have been addressed, sometimes solved.” FUTURE TITLES WILL FOCUS ON SPECIFIC POLICY Distinguishing genuine innovation from EWIS ANIERI AREAS SUCH AS HOUSING AND MEDICAL RESEARCH. —L S. R , Ranieri Partners LLC dangerous copycats Crafting sustainable financial innovations that “From housing to microfinance to drug development, Allen and Yago explore the add value and manage risk important role financial innovation plays around the world. The authors prove in plain The Milken Institute is an independent economic think tank whose The best tools for the job: choosing them, mission is to improve the lives and economic conditions of diverse English the vital role creative finance played in building America and why stifling customizing them, using them populations in the United States and around the world by helping business and public policy leaders identify and implement innovation poses a risk to our financial future.” Selecting the right instruments and structures, innovative ideas for creating broad-based prosperity. It puts and making the most of them research to work with the goal of revitalizing regions and finding RIAN ULLIVAN new ways to generate capital for people with original ideas. —B S , Fox Business Financial innovations for business, housing, and medical research Finding new and better ways to promote FINANCE FRANKLIN ALLEN entrepreneurship and advance social goals Founded in 1881 as the nation’s first collegiate business school, ISBN-13: 978-0-13-701127-8 G L E N N Y A G O Wharton is dedicated to creating the highest value and impact on ISBN-10: 0-13-701127-X Innovating to save the planet and help the theory and practice of business and management worldwide. 5 2 9 9 9 humanity The power of finance to protect natural resources WHARTON SCHOOL PUBLISHING—MILKEN INSTITUTE Cover design by Chuti Prasertsith 9 7 8 0 1 3 7 0 1 1 2 7 8 and alleviate global poverty Cover photographs by David Muir, Getty Images Inc. and iStockPhoto www.whartonsp.com | An imprint of Pearson Education SERIES ON FINANCIAL INNOVATIONS 013701127X_Endsheets.qxd 2/25/10 11:40 AM Page 2 From Antiquity Through the 1600s 1602: Creation of joint-stock company 3000 BC: Banking and 1284: Earliest with transferable contracts developed business school shares: Dutch East in Mesopotamia founded in Verona India Company 1648: Perpetuities 1024: Jiaozi, world’s 1550: Forward for dyke repair in first paper money, and future trading Dutch (Lekdijk introduced in Antwerp Bovendams) 3000BC 600AD 1000 1150 1250 1300 1400 1500 1600 1650 1670 1160: Bill of 1640: Short sale for credit developed cash flowing financing 618 AD: Promissory 1494: Double- 1668: First central notes called feiqian entry bookkeeping bank founded in (“flying cash”) invented Sweden introduced in Sichuan province 013701127X_Endsheets.qxd 2/25/10 11:40 AM Page 3 1700s to 1800s 1863: First known investment trust: 1829: Deposit International insurance Financial Society (UK) 1723: Notes secured 1781: First 1831: First savings 1868: Chicago Board by mortgages commercial bank and loan bank of Trade founded 1792: New York 1898: Chicago 1772: Branch Stock Exchange Mercantile Exchange banking (NYSE) founded (CME) founded 1720 1760 1770 1780 1790 1800 1820 1830 1850 1860 1870 1880 1890 1774: Original 1816: First mutual 1860: Credit rating building society savings bank agencies publish formed in financial information Birmingham (UK) (Standard & Poor’s) 1769: First covered 1807: Napoleonic 1838: First 1881: Wharton bond created by Code reinforces preferred School of the Frederick the Great limited partnership stock issued University of (Prussia) concept in Europe Pennsylvania becomes first collegiate business school 013701127X_Endsheets.qxd 2/25/10 11:40 AM Page 4 1900 to 1949 1929: First professional appraisal organization 1908: Harvard founded: American 1947: The University offers Society of Farm 1944: International Marshall Plan, U.S. the world’s first Managers and Rural Monetary Fund (IMF) reconstruction plan MBA program Appraisers (ASFMRA) created for Europe, launched 1923: Bank of America creates a motion-picture 1945: The World loan division Bank Group founded 1910 1920 1930 1940 1945 1949 1911: Private 1924: First 1946: Venture capital mortgage modern mutual fund: industry is born insurance Massachusetts invented Investment Trust 1909: First 1930: First public 1944: Bretton credit union housing communities Woods Conference constructed reestablishes the international monetary and financial order 00_013701127X_frontm.qxp 2/25/10 11:44 AM Page i 1950 to 1969 1964: Monte Carlo 1955: First leveraged methods introduced buyout deal to finance 1950: Diners Club becomes the first 1956: First employee 1964: Capital Asset credit card in stock ownership plan Pricing Model 1967: First widespread use (ESOP) (CAPM) introduced ATM machine 1950 1955 1960 1965 1969 1951: Net present 1960: Convertible 1965: Origins of value (NPV) bonds issued modern hedge funds calculations applied to corporate finance 1958: Modigliani- 1969: Official Miller theorem development published assistance (ODA) statistic published by the OECD 00_013701127X_frontm.qxp 2/25/10 11:44 AM Page ii 00_013701127X_frontm.qxp 2/25/10 11:44 AM Page iii Financing the Future Market-Based Innovations for Growth Franklin Allen Glenn Yago 00_013701127X_frontm.qxp 2/25/10 11:44 AM Page iv Vice President, Publisher: Tim Moore Associate Publisher and Director of Marketing: Amy Neidlinger Wharton Editor: Steve Kobrin Executive Editor: Jim Boyd Editorial Assistant: Pamela Bolan Operations Manager: Gina Kanouse Senior Marketing Manager: Julie Phifer Publicity Manager: Laura Czaja Assistant Marketing Manager: Megan Colvin Cover Designer: Chuti Prasertsith Managing Editor: Kristy Hart Senior Project Editor: Lori Lyons Copy Editor: Hansing Editorial Services Proofreader: Sheri
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