| |
| |
| Foreword | |
| |
| |
| |
| The Corporate Finance Drivers of Financial Innovation | |
| |
| |
| |
| Financial Innovation, the Capital Markets and the Efficient Risk Transfer Mechanism | |
| |
| |
| What is the efficient capital market? | |
| |
| |
| The role of financial derivatives | |
| |
| |
| How do financial derivatives transfer risk? | |
| |
| |
| Innovative structured products and the efficient capital market: validation of the efficiency of structured products | |
| |
| |
| Structured products and market completeness | |
| |
| |
| |
| Personal Investments and Financial Innovation | |
| |
| |
| The economics of saving | |
| |
| |
| Portfolio theory and innovative financial products | |
| |
| |
| Active asset allocation v. passive index replication | |
| |
| |
| Capital protection, income enhancement and financial products | |
| |
| |
| Case study: Instalment warrants | |
| |
| |
| |
| Modern Capital Management Techniques and Financial Innovation | |
| |
| |
| Theories of capital structure (that is, when does capital structure matter?) | |
| |
| |
| Optimal capital structure and structured products as shareholder value drivers | |
| |
| |
| Case study: Tier I capital instruments | |
| |
| |
| Case study: AMP reset preference shares | |
| |
| |
| |
| Tax Technical Analysis--UK, US and Australia | |
| |
| |
| |
| UK Taxation of Equity Derivatives and Structured Products | |
| |
| |
| |
| Overview of relevant parts of the UK tax system | |
| |
| |
| Investments by individuals | |
| |
| |
| Corporation tax treatment of derivatives transactions | |
| |
| |
| Bank capital adequacy | |
| |
| |
| Conclusions | |
| |
| |
| |
| US Federal Income Taxation of Equity Derivatives | |
| |
| |
| |
| |
| Introduction | |
| |
| |
| |
| Straddles, wash sales, short sales and other risk-reduction rules | |
| |
| |
| |
| Stock loans | |
| |
| |
| |
| Basic equity derivatives: forwards, futures and equity options | |
| |
| |
| |
| Equity swaps | |
| |
| |
| |
| Publicly traded instruments based on forward contracts: mandatory exchangeables and mandatory convertibles | |
| |
| |
| |
| Option-based instruments | |
| |
| |
| |
| Australian Taxation of Equity, Debt and Structured Products | |
| |
| |
| Overview of the Australian tax system | |
| |
| |
| Basic tax rules for debt, equity and structured products | |
| |
| |
| Taxation of Instalments | |
| |
| |
| Anti-avoidance and tax deductions | |
| |
| |
| General anti-avoidance rule: Part IV A | |
| |
| |
| Franking credit trading rules | |
| |
| |
| References | |
| |
| |
| Index | |