The Split Capital Investment Trust Crisis

1. Auflage 2004
ISBN: 978-0-470-86858-4
Verlag: WILEY

Buch, Englisch, Band 273, 276 Seiten, Format (B × H): 174 mm x 254 mm, Gewicht: 638 g

Reihe: Wiley Finance

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 unfolds

The Split Capital Trust Market - the structures, the risks, valuing the shares

Response to the Crisis - the media, regulatory and political response

Management Issues - corporate governance, some ethical considerations, reputational risk

Looking Forward - product innovation and marketing, some implications for the fund management industry, lessons for the future

Autoren/Hrsg.

Adams, Andrew T.

Fachgebiete

• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Unternehmensfinanzierung
• Wirtschaftswissenschaften Betriebswirtschaft Unternehmensfinanzen

Inhaltsverzeichnis

List of Contributors.

About the Contributors.

Foreword.

Acknowledgements.

1 Introduction, Andrew Adams.

PARTONE: THE CRISIS.

2 Past Financial Crises, John Newlands.

3 Evolution of the Split Trust Sector, John Newlands.

4 The Crisis Unfolds, Andrew Adams.

PART TWO: RISK AND VALUATION MODELS.

5 The Impact of the Structures, Peter Moles.

6 The Risks, James Clunie.

7 Valuing the Shares, James Clunie.

PART THREE: RESPONSE TO THE CRISIS.

8 The Media Response, Andrew Adams.

9 The Regulatory Response, Peter Gardner and Geoffrey Wood.

10 The Political Response, John McFall MP.

PARTFOUR: MANAGEMENT ISSUES.

11 Corporate Governance, Robin Angus.

12 Some Ethical Considerations, Andrew McCosh.

13 Reputational Risk, Piers Currie.

PART FIVE: LOOKING FORWARD.

14 Product Innovation and Marketing, James Clunie.

15 Some Implications for the Fund Management Industry, David Harris.

16 Lessons for the Future, Andrew Adams.

Appendix A: For Whom the Barbell Tolls., Andrew Adams and Robin Angus.

Appendix B: Response to FSA Consultation Paper 164, Andrew Adams and Robin Angus.

Index.

Über Autor(innen)

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 "For Whom the Barbell Tolls." with Robin Angus, which was published in April 2001, and his memorandum to the Treasury Select Committee entitled "The Split Capital Investment Trust Crisis: Underlying Reasons and Historical Developments" 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.