The Split Capital Investment Trust Crisis

Andrew T. Adams 지음

Wiley 2005년 08월 05일 출간

작품소개

책소개

Split capital investment trusts (splits) became fashionable in the late 1990s but the splits boom led to some spectacular collapses as the bear market unfolded. Despite warnings from certain analysts, academics and journalists, over 20 splits have gone bust leaving many private investors seeking redress. A major FSA investigation is now underway.This book, with contributions from specialists intimately involved with the crisis, provides an in-depth and authoritative review of splits, discussing their history, what went wrong, and lessons for the future. A range of views is expressed by the contributors.The book is divided into five parts:The Crisis past financial crises, evolution of the split trust sector, the crisis unfoldsThe Split Capital Trust Market the structures, the risks, valuing the sharesResponse to the Crisis the media, regulatory and political responseManagement Issues corporate governance, some ethical considerations, reputational riskLooking Forward product innovation and marketing, some implications for the fund management industry, lessons for the future

목차

List of Contributors.About the Contributors.Foreword.Acknowledgements.1 Introduction, Andrew Adams.1.1 Aims of the book.1.2 The investment trust industry.1.3 Types of splits.1.4 The crisis and its significance.1.5 Overview of the five parts of the book.PARTONE: THE CRISIS.2 Past Financial Crises, John Newlands.2.1 Introduction.2.2 The trust boom of 1888&~89.2.3 The 1920s&- trust boom and the Wall Street crash.2.4 The 1970s&- trust boom.2.5 The trust boom of 1993&~94.2.6 The hurdle-rate warning of 1872.2.7 Conclusion.2.8 References.3 Evolution of the Split Trust Sector, John Newlands.3.1 Introduction.3.2 The first investment trust.3.3 The second milestone.3.4 Edinburgh, 1873 &~ the split capital concept is born.3.5 The first major crisis &~ Sykes v. Beadon, 1878.3.6 1929 to 1965 &~ back to basics.3.7 The birth of Dualvest.3.8 Splits terminology.3.9 Other early splits.3.10 Tax changes after 1979.3.11 New boost to the attractions of splits.3.12 The hybrid, or quasi-split capital trust.3.13 1997 &~ beginnings of the new splits era.3.14 Technical developments and structural changes.3.15 Aberdeen New Preferred breaks the mould.3.16 Key figures in the history of splits.3.17 Conclusion.3.18 References.4 The Crisis Unfolds, Andrew Adams.4.1 Introduction.4.2 Aggressive structures.4.3 Barbells.4.4 Big fees.4.5 Lack of information.4.6 The zero market expands.4.7 Mounting concern.4.8 &"For whom the barbell tolls . . .&"4.9 &"Barbells unbalanced&"4.10 Change in market sentiment.4.11 Aberdeen&-s half-day forum.4.12 Suspensions and liquidations.4.13 Conclusion.4.14 References.PART TWO: RISK AND VALUATION MODELS.5 The Impact of the Structures, Peter Moles.5.1 Introduction.5.2 Future values for a trust w

출판사 서평

"...the definitive work on the scandal" (The Express, 08/10/04)"...features a wealth of expertise on the tricky questions of ethics." (The Glasgow Herald, 13th Oct 2004)"...intended to explain what went wrong and the lessons to be learnt..." (Financial Times - Money, 13th November 2004)"...explains clearly and authoritatively how what used to be a small, safe part of the investment world took the low road to disaster." (Professional Investor, April 2005)"This book provides an excellent record of perhaps the worst calamity ever to hit the investment trust industry...it is timely, beautifully produced...and comprehensive..." (IEA Economic Affairs, September 2005)

작가정보

저자(글) Andrew T. Adams

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DR ANDREW ADAMS is Senior Lecturer in Finance and Director of the Centre for Financial Markets Research at the University of Edinburgh. His research interests focus mainly on the pricing and risk assessment of investment trust shares. He wrote the warning article quot;For Whom the Barbell Tolls#8230;quot; with Robin Angus, which was published in April 2001, and his memorandum to the Treasury Select Committee entitled quot;The Split Capital Investment Trust Crisis: Underlying Reasons and Historical Developmentsquot; is published as an appendix to the Committee-s main report. Dr Adams is author and co-author of a number of books about investment.