The split capital investment trust crisis:
Gespeichert in:
| Format: | Buch |
|---|---|
| Sprache: | English |
| Veröffentlicht: |
Chichester
Wiley
2004
|
| Schriftenreihe: | Wiley finance series
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | Includes bibliographical references and index |
| Beschreibung: | xviii, 255 S. Ill. 25 cm |
| ISBN: | 0470868589 |
Internformat
MARC
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| 245 | 1 | 0 | |a The split capital investment trust crisis |c ed. by Andrew Adams |
| 264 | 1 | |a Chichester |b Wiley |c 2004 | |
| 300 | |a xviii, 255 S. |b Ill. |c 25 cm | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 490 | 0 | |a Wiley finance series | |
| 500 | |a Includes bibliographical references and index | ||
| 650 | 7 | |a Financiële crises |2 gtt | |
| 650 | 7 | |a Kapitaalinvesteringen |2 gtt | |
| 650 | 7 | |a Risicoanalyse |2 gtt | |
| 650 | 4 | |a Capital investments | |
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| 700 | 1 | |a Adams, Andrew |e Sonstige |4 oth | |
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| 999 | |a oai:aleph.bib-bvb.de:BVB01-013165611 | ||
Datensatz im Suchindex
| _version_ | 1804133351378911232 |
|---|---|
| adam_text | Contents List of Contributors xi
About the Contributors xiii
Foreword xvii
Aeknowledgements xix
1 Introduction, Andrew Adams 1
1.1 Aims of the book 1
1.2 The investment trust industry 1
1.3 Types of splits 3
1.4 The crisis and its significance 5
1.5 Overview of the five parts of the book 6
PART ONE: THE CRISIS 7
2 Past Financial Crises, John Newlands 9
2.1 Introduction 9
2.2 The trust boom of 1888 89 10
2.3 The 1920s trust boom and the Wall Street crash 12
2.4 The 1970s trust boom 14
2.5 The trust boom of 1993 94 16
2.6 The hurdle rate warning of 1872 17
2.7 Conclusion 19
2.8 References 20
3 Evolution of the Split Trust Sector, John Newlands 21
3.1 Introduction 21
3.2 The first investment trust 23
3.3 The second milestone 24
3.4 Edinburgh, 1873 the split capital concept is born 24
3.5 The first major crisis Sykes v. Beadon, 1878 25
3.6 1929 to 1965 back to basics 26
3.7 The birth of Dualvest 27
vi Contents 3.8 Splits terminology 28
3.9 Other early splits 28
3.10 Tax changes after 1979 30
3.11 New boost to the attractions of splits 31
3.12 The hybrid, or quasi split capital trust 33
3.13 1997 beginnings of the new splits era 33
3.14 Technical developments and structural changes 34
3.15 Aberdeen New Preferred breaks the mould 35
3.16 Key figures in the history of splits 36
3.17 Conclusion 37
3.18 References 37
4 The Crisis Unfolds, Andrew Adams 39
4.1 Introduction 39
4.2 Aggressive structures 39
4.3 Barbells 41
4.4 Big fees 42
4.5 Lack of information 43
4.6 The zero market expands 44
4.7 Mounting concern 46
4.8 For whom the barbell tolls ... 48
4.9 Barbells unbalanced 49
4.10 Change in market sentiment 50
4.11 Aberdeen s half day forum 53
4.12 Suspensions and liquidations 54
4.13 Conclusion 55
4.14 References 56
PART TWO: RISK AND VALUATION MODELS 59
5 The Impact of the Structures, Peter Moles 61
5.1 Introduction 61
5.2 Future values for a trust with a prior claim 62
5.3 Valuing the Claims 63
5.4 Value of shares in a traditional split 67
5.5 Traditional split with prior claim 69
5.6 Effect of the different structures on projected returns 70
5.7 Value sensitivity 71
5.8 Conclusion 72
5.9 References 72
6 The Risks, James Clunie 73
6.1 Introduction 73
6.2 Major influences on risk: asset allocation and capital structure 74
6.3 Risk for different share classes 77
6.4 Increasing risks and the onset of the splits crisis 78
Contents vii
6.5 Liquidity risk 79
6.6 Reputational risk 79
6.7 Traditional risk assessment measures 80
6.8 Traditional risk assessment measures became misleading 81
6.9 Improvements to traditional statistics 83
6.10 Using Monte Carlo Simulation outcomes to illustrate risk 84
6.11 Conclusion 86
6.12 References 86
7 Valuing the Shares, James Clunie 89
7.1 Introduction 89
7.2 Background to valuing splits using closed form Option pricing 89
7.3 Problems with closed form option pricing 92
7.4 A worked example using closed form option pricing 94
7.5 Monte Carlo Simulation 97
7.6 Pricing during the splits crisis 98
7.7 Pricing of splits compared with conventional investment trusts 99
7.8 Conclusion 99
7.9 References 100
PART THREE: RESPONSE TO THE CRISIS 101
8 The Media Response, Andrew Adams 103
8.1 Introduction 103
8.2 Favourable view 103
8.3 The early warnings 104
8.4 Stronger warnings 106
8.5 Rupert Walker steps out of line 107
8.6 Increasing concern over zeros 108
8.7 The FSA steps in 108
8.8 More bad news 109
8.9 The men who wiped out billions 110
8.10 The Treasury Select Committee hearings 110
8.11 Bust up in the trust industry? 112
8.12 Adverse sentiment goes too far 113
8.13 Comparison with other mis selling disasters 114
8.14 Implications for the media s personal finance columns 114
8.15 Conclusion 115
8.16 References 116
9 The Regulatory Response, Peter Gardner and Geoffrey Wood 117
9.1 Introduction 117
9.2 The Financial Services Authority 117
9.3 The FSA s approach to regulation 118
9.4 The regulations 119
9.5 The tasks and impact of the FSA 120
vüi Contents 9.6 Financial market background 120
9.7 The FSA s initial response 121
9.8 The FSA proposals and questions 123
9.9 Objections from the investment trust sector 123
9.10 The FSA s powers and investigations 123
9.11 The FSA s response 124
9.12 Conclusion 126
9.13 References 126
10 The Political Response, John McFall MP 129
10.1 Introduction 129
10.2 The Committee s enquiry 130
10.3 Misleading impressions 132
10.4 Responsibility within the industry 133
10.5 Compensation 135
10.6 Looking to the future 135
10.7 Conclusion 137
10.8 References 138
PART FOUR: MANAGEMENT ISSUES 141
11 Corporate Governance, Robin Angus 143
11.1 Introduction 144
11.2 What legislation can and cannot do 144
11.3 The splits crisis really was different 145
11.4 How much could directors have been expected to foresee? 146
11.5 The new AITC Code of Corporate Governance 148
11.6 How can directors provide an objective view ? 150
11.7 Monitoring managers, communicating with shareholders 151
11.8 Initial involvement and continuing information flow 152
11.9 Changes to the Listing Rules 155
11.10 Conclusion 156
11.11 References 156
12 Some Ethical Considerations, Andrew McCosh 159
12.1 Introduction 159
12.2 The existence of senior debt 159
12.3 Pressing the press 161
12.4 Peddling the paper 163
12.5 Forced sales of assets 164
12.6 Charges 165
12.7 Mutual assistance Programme 166
12.8 It pays to advertise 169
12.9 If it isn t working, reconstruct it 171
12.10 Why did the shareholders not rebel? 172
12.11 Conclusion 173
12.12 References 174
Contents ix
13 Reputational Risk, Piers Currie 175
13.1 Introduction 175
13.2 Reputational risk 175
13.3 The downward slide of reputation 177
13.4 The rise and fall of equity funds reputation 179
13.5 Reputational risk in the regulatory framework 180
13.6 An introverted facade: The best kept secret in the City 181
13.7 Tensions: Barbarians within 182
13.8 Recognising outside stakeholders 184
13.9 Knowledge, rocket science and disclosure 185
13.10 Gossip, fat cats and fast cars: The public gallery 186
13.11 Image restoration strategies 187
13.12 Reputational consequences 188
13.13 Conclusion 189
13.14 References 189
PART FIVE: LOOKING FORWARD 191
14 Product Innovation and Marketing, James Clunie 193
14.1 Introduction 193
14.2 Understanding investors needs 193
14.3 Managing investor expectations 194
14.4 Product design 196
14.5 Stress testing new products 197
14.6 A decision making framework for complex investment products 198
14.7 New launch documentation and risk warnings 200
14.8 Risk awareness and client suitability 202
14.9 Client servicing 202
14.10 Conclusion 203
14.11 References 203
15 Some Implications for the Fund Management Industry, David Harris 205
15.1 Introduction 205
15.2 Where did the industry go wrong? 205
15.3 A role in education 207
15.4 Stakeholder investment products 209
15.5 Compensation and the AITC Foundation 210
15.6 Conclusion 211
15.7 References 213
16 Lessons for the Future, Andrew Adams 215
16.1 Introduction 215
16.2 Corporate governance 215
16.3 The Association of Investment Trust Companies 217
16.4 Financial advisers 219
16.5 Financial education 220
x Contents
16.6 The financial press 221
16.7 The regulators 222
16.8 Conclusion 224
16.9 References 225
Appendix A For Whom the Barbell Tolls ..., Andrew Adams and Robin Angus 227
Appendix B Response to FSA Consultation Paper 164, Andrew Adams and
Robin Angus 233
Index 241
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| isbn | 0470868589 |
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| spelling | The split capital investment trust crisis ed. by Andrew Adams Chichester Wiley 2004 xviii, 255 S. Ill. 25 cm txt rdacontent n rdamedia nc rdacarrier Wiley finance series Includes bibliographical references and index Financiële crises gtt Kapitaalinvesteringen gtt Risicoanalyse gtt Capital investments Kapitalanlage (DE-588)4073213-7 gnd rswk-swf USA (DE-588)4078704-7 gnd rswk-swf USA (DE-588)4078704-7 g Kapitalanlage (DE-588)4073213-7 s DE-604 Adams, Andrew Sonstige oth HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=013165611&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | The split capital investment trust crisis Financiële crises gtt Kapitaalinvesteringen gtt Risicoanalyse gtt Capital investments Kapitalanlage (DE-588)4073213-7 gnd |
| subject_GND | (DE-588)4073213-7 (DE-588)4078704-7 |
| title | The split capital investment trust crisis |
| title_auth | The split capital investment trust crisis |
| title_exact_search | The split capital investment trust crisis |
| title_full | The split capital investment trust crisis ed. by Andrew Adams |
| title_fullStr | The split capital investment trust crisis ed. by Andrew Adams |
| title_full_unstemmed | The split capital investment trust crisis ed. by Andrew Adams |
| title_short | The split capital investment trust crisis |
| title_sort | the split capital investment trust crisis |
| topic | Financiële crises gtt Kapitaalinvesteringen gtt Risicoanalyse gtt Capital investments Kapitalanlage (DE-588)4073213-7 gnd |
| topic_facet | Financiële crises Kapitaalinvesteringen Risicoanalyse Capital investments Kapitalanlage USA |
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