Praise for Investment Banking & Investment Opportunities in China<br> <br> "I first met Tom Liaw when my company was exploring potential opportunities in Taiwan. He clearly knew the market and proved invaluable in explaining the financial landscape and in arranging meetings with potential clients, other market participants, and senior government officials. Investment Banking and Investment Opportunities in China should prove equally valuable as we now look to further expand our activities to mainland China."<br> -Douglas Reinfeld-Miller, EVP, Ambac Assurance, and Chairman/CEO, Ambac Assurance UK Ltd<br> <br> "There is no more important market than China today. Dr. Liaw's book provides an overview of the current situation and recommendations as to how investors can profit from China's amazing growth."<br> -Donald Tang, Chairman, Bear, Stearns Asia Ltd, and Vice Chairman, Bear, Stearns & Co., Inc.<br> <br> "Professor Liaw's book takes you on a quick walk through the major milestones in China's economic development over the past two decades. It shows a clear understanding of the environment for doing business in China and explains hot topics in the marketplace. This book is simple, easy to read, and yet highly informative."<br> -Jesse Wang, Vice Chairman, China Central SAFE Investments Ltd, and Chairman, China International Capital Corporation Ltd<br> <br> "Provides a clear map of China's financial system, investment banking business, and investment opportunities. It should be read by all who are interested in China."<br> -Mao-Wei Hung, Dean, College of Management, National Taiwan University<br> <br> "Dr. Liaw's book is a comprehensive professional reference work for those of us involved in the global investment arena. I highly recommend it."<br> -Charles P. Menges, Jr., CFA, Principal, Business Global Wealth Management, a Unit of Alliance Bernstein LP<br> <br> "China's development has a unique track, including the financial market. People who want to profit from China should have a clear view of this market. Dr. Liaw's book, explaining China's market opening and foreign participation, is the one necessary for them to read."<br> -Wei Xing, Director of Rules and Regulations, China Insurance Regulatory Commission
This chapter is organized as follows. The economic problem on which this book focuses is motivated in Section 1. The two tools used to study this economic problem, which are real options theory and game theory, are discussed in Sections 2 and 3, respectively. Section 4 surveys the contents of this book. In Section 5 some promising extensions of the research presented in this book are listed. 1. TECHNOLOGY INVESTMENT Investment expenditures of companies govern economic growth. Es- pecially investments in new and more efficient technologies are an impor- tant determinant. In particular, in the last two decades an increasing part of the investment expenditures concerns investments in informa- tion and communication technology. Kriebel, 1989 notes that (already) in 1989 roughly 50 percent of new corporate capital expenditures by major United States companies was in information and communication technology. Due to the rapid progress in these technologies, the tech- nology investment decision of the individual firm has become a very complex matter. As an example of the very high pace of technological improvement consider the market for personal computers. IBM intro- duced its Pentium personal computers in the early 1990s at the same price at which it introduced its 80286 personal computers in the 1980s. Therefore it took less than a decade to improve on the order of twenty times in terms of both speed and memory capacities, without increasing the cost (Yorukoglu, 1998).
This book records the first success stories of a new form of financial intermediation, the hometown investment fund, that has become a national strategy in Japan, partly to meet the need to finance small and medium-sized enterprises (SMEs) after the devastating earthquake and tsunami in March 2011. The hometown investment fund has three main advantages. First, it contributes to financial market stability by lowering information asymmetry. Individual households and firms have direct access to information about the borrowing firms, mainly SMEs, that they lend to. Second, it is a stable source of risk capital. The fund is project driven. Firms and households decide to invest by getting to know the borrowers and their projects. In this way the fund distributes risk but not so that it renders risk intractable, which was the problem with the "originate and distribute" model. Third, it contributes to economic recovery by connecting firms and households with SMEs that are worthy of their support. It also creates employment opportunities, at the SMEs as well as for the pool of retirees from financial institutions who can help assess the projects. Introduction of the hometown investment fund has huge global implications. The world is seeking a method of financial intermediation that minimizes information asymmetry, distributes risk without making it opaque, and contributes to economic recovery. Funds similar to Japan's hometown investment fund can succeed in all three ways. After all, the majority of the world's businesses are SMEs. The first chapter explains the theory behind this method, and the following chapters relate success stories from Japan and other parts of Asia. This book should encourage policymakers, economists, lenders, and borrowers, especially in developing countries, to adopt this new form of financial intermediation, thus contributing to global economic stability.
Do you want to create a better marketing plan for your business which will ultimately result in better marketing and more customers for your business? If you do, then this book is for you. This book is written with entrepreneurs and small business owners in mind. If you are an entrepreneur or a small business owner, creating a marketing plan is very important because the better prepared you are, the better your marketing campaigns will do. In this book you get a marketing plan template and two examples of marketing plans. You also get practical advice on how to plan and fill out every section of a marketing plan document. Go ahead and get this book, and let's help you create better marketing plans which will improve your company's overall marketing success.
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