Interest and Capital brings together Michał Kalecki's published fragments on monetary theory and policy to explore his distinctive approach to money and its circulation in the capitalist economy. Toporowski lays out Kalecki's critique of the international monetary arrangements proposed by Keynes and White at Bretton Woods, casting new light on the international monetary imbalances that have since disrupted the international economy. The greater importance of debt management revealed in Kalecki's monetary analysis makes it particularly relevant to the policy dilemmas of developing countries and governments facing high levels of debt in the wake of recent global crises. In Kalecki's theoretical approach, money has both an industrial and a financial circulation. Corporate finance takes its place at the centre of monetary considerations because it is the money of capitalists that is the autonomous determinant of expenditure in the economy. This theory has important implications for the rate of interest, which is not related to the rate of profit, nor to the kind of portfolio adjustments necessary to maintain portfolio equilibrium, but to the kind of financing that may prevail in any given phase of the business cycle.

The requirement to maximise value for shareholders is at the core of any corporate investment or financing decision. The intrinsic value of proposed investments should be assessed before deciding how much capital to allocate; the benefits and risks associated with each available source of finance should be considered when capital is being raised; and capital, and any associated financial risks, should be managed in a way that continues to maximise value. At every stage, an analysis should be carried out to ensure the decision is optimal for shareholders and other capital providers.This book provides practical guidance on the application of financial evaluation techniques and methods (mainly covered in Appendices), as well as comprehensive coverage of traditional corporate finance topics, discussed in the context of capital investment, raising and management and financial risk management (using derivatives). Models, formulae and other quantitative techniques are illustrated in over 100 examples (using only basic mathematics). Topics discussed include the following:* business appraisal using financial ratios* corporate valuation (mainly discounted cash flow and real options)*investment appraisal techniques* acquisition structuring and evaluation* the nature of loans and loan agreements* features and pricing of bonds (straight and convertible)* leasing (including leveraged leasing)* equity raising (Initial Public Offerings)* long and short term capital management* basic pricing of derivatives (forwards, futures, options, swaps)* interest rate and currency risk management using derivativesCapital Investment & Financing provides a comprehensive, in-depth coverage of concepts, methods and techniques involved when evaluating acquisitions and other investments, assessing financing opportunities, and managing capital. The core chapters provide practical guidance on key corporate finance topics; the Appendices contain more quantitative material, focusing on pricing techniques. Examples are used throughout, and an integrated case study (fictional) in the final Appendix uses many of the techniques discussed. *Discusses all key areas of corporate investing and financing, focusing on key financial issues *Concise, thorough and technical, it enables to reader to acquire knowledge effectively *Can be used in everyday analysis and decision making

Produced throughout the first fifteen years of Hayek's career, the writings collected in Capital and Interest see Hayek elaborate upon and extend his landmark lectures that were published as Prices and Production and work toward the technically sophisticated line of thought seen in his later Pure Theory of Capital. Illuminating the development of Hayek's detailed contributions to capital and interest theory, the collection also sheds light on how Hayek's work related to other influential economists of the time. Highlights include the 1936 article 'The Mythology of Capital' presented here alongside Frank Knight's criticisms of the Austrian theory of capital that prompted it - and 'The Maintenance of Capital', with subsequent comments by the English economist A. C. Pigou. These and other familiar works are accompanied by lesser-known articles and lectures, including a lecture on technological progress and excess capacity. An introduction by the book's editor, leading Hayek scholar Lawrence H. White, places Hayek's contributions in careful historical context, with ample footnotes and citations for further reading, making this a touchstone addition to the University of Chicago Press's Collected Works of F. A. Hayek series.

Go inside the elite investment firm with Capital. The Capital Group is one of the world?s largest investment management organizations, but little is known about it because the company has shunned any type of publicity. This compelling book, for the first time, takes you inside one of the most elite and private investment firms out there?the Capital Group Companies?a value investment firm par excellence. It digs deeps to reveal the corporate culture and long-term investment strategies that have made Capital the one organization where most investment professionals would like to work and would most recommend as long-term investment managers for their family and friends.