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		<title>Lectures on Commerce</title>
		<link>http://bikibook.com/lectures-on-commerce-1513.html</link>
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		<pubDate>Sat, 22 May 2010 10:24:43 +0000</pubDate>
		<dc:creator>Bikibook</dc:creator>
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		<description><![CDATA[PREFACE Higher commercial education has evidently gained a place in American universities from which it may never be displaced; yet he would indeed be a daring champion of the new curriculum who showed any confidence in prophesying just how the present tendency will finally crystallize, or just what its advantages will prove to be. But one unanticipated service has already been rendered. However much the caviler may object to the idea that the university can fit one for practical business life, he should nevertheless admit that the movement toward commercial education has at least the advantage that it brings the university man into closer contact with the man of affairs. If it cannot train for business, the university can at least be itself educated by the business man, who brings new points of view, fresh intellectual vigor, helpful criticisms, and, at times, stimulating errors — all of which serve to shake the academician in his loyalty to dogma, or at least to lead him to examine anew its title to sovereignty. Surely economists cannot forget the debt they owe to Ricardo the stockbroker, to Newmarch the banker, to Bagehot the editor, to Brassey the contractor, to Montchretien the manufacturer, and [...]


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<li><a href='http://bikibook.com/international-trade-and-exchange-a-study-of-the-mechanism-and-advantages-of-commerce-1510.html' rel='bookmark' title='Permanent Link: International trade and exchange &#8211; a study of the mechanism and advantages of commerce'>International trade and exchange &#8211; a study of the mechanism and advantages of commerce</a> <small>PREFACE IN this book I have aimed to cover the...</small></li>
<li><a href='http://bikibook.com/a-hundred-years-of-american-commerce-vol-2-738.html' rel='bookmark' title='Permanent Link: A Hundred Years of American Commerce Vol 2'>A Hundred Years of American Commerce Vol 2</a> <small>ONE HUNDRED YEARS OF AMERICAN COMMERCE CONSISTING OF ONE HUNDRED...</small></li>
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		<title>International trade and exchange &#8211; a study of the mechanism and advantages of commerce</title>
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		<pubDate>Sat, 22 May 2010 10:11:10 +0000</pubDate>
		<dc:creator>Bikibook</dc:creator>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[commerce]]></category>
		<category><![CDATA[Currency]]></category>
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		<description><![CDATA[PREFACE IN this book I have aimed to cover the theory of international and intranational trade, with due consideration of the exchange mechanism of such trade, and with some reference to the effects of government interferences with trade. The larger emphasis, as the title of the book suggests, is on international trade ; but the similarity of principle in intranational trade is not overlooked. READ THE FULL BOOK BELOW Please Activate the Full Screen Mode for Better Viewing Pleasure (2nd button from the left) LINK http://bikibook.com/books/international-trade-and-exchange-a-study-of-the-mechanism-and-advantages-of-commerce/ EMBED Related posts:Foreign Exchange, the Financing Mechanism of International Commerce PREFACE The practice of most writers on Foreign Exchange is... Gold Standard in International Trade LETTER OF SUBMITTAL to The President : I have the... International Exchange International exchanges have an unusual interest at the present time,...


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<li><a href='http://bikibook.com/gold-standard-in-international-trade-1477.html' rel='bookmark' title='Permanent Link: Gold Standard in International Trade'>Gold Standard in International Trade</a> <small>LETTER OF SUBMITTAL to The President : I have the...</small></li>
<li><a href='http://bikibook.com/international-exchange-1498.html' rel='bookmark' title='Permanent Link: International Exchange'>International Exchange</a> <small>International exchanges have an unusual interest at the present time,...</small></li>
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		<title>Industrial Investment and Emigration</title>
		<link>http://bikibook.com/industrial-investment-and-emigration-1493.html</link>
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		<pubDate>Sat, 22 May 2010 07:55:37 +0000</pubDate>
		<dc:creator>Bikibook</dc:creator>
				<category><![CDATA[Corporate Finance]]></category>
		<category><![CDATA[Market Panics / Crashes]]></category>
		<category><![CDATA[bonds]]></category>
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		<category><![CDATA[corporate loans]]></category>
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		<category><![CDATA[Investment]]></category>
		<category><![CDATA[investments]]></category>
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		<description><![CDATA[The subject of this work has presented difficulties of a complicated character, from the various phases under which the peculiar defects of individual societies appear. The task has, however, been lightened by the rejection, that, although it cannot be expected that this effort, to place them upon a more rational and secure footing, will meet with the success of wholly obviating errors for the future, yet a most important end will at once be obtained, if the attention of the Patrons, Trustees, Directors and other officers of many of these institutions, be awakened to the sense of the grave moral responsibility incurred by them, in allowing their names to be connected with schemes, which, while professing to benefit, do but cause injury to those, for whose good they were designed, to individuals not of equal information and position with themselves, from a class remarkable for the simple faith with which they believe in any statement, that is sanctioned by the countenance of their superiors. READ THE FULL BOOK BELOW Please Activate the Full Screen Mode for Better Viewing Pleasure (2nd button from the left) LINK http://bikibook.com/books/industrial-investment-and-emigration/ EMBED Related posts:Investment and Speculation by Louis Guenther INTRODUCTION Every head of a corporation, [...]


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<li><a href='http://bikibook.com/american-and-foreign-investment-bonds-by-william-l-raymond-755.html' rel='bookmark' title='Permanent Link: American and Foreign Investment Bonds by William L. Raymond'>American and Foreign Investment Bonds by William L. Raymond</a> <small>PREFACE This book has been put together from talks given...</small></li>
<li><a href='http://bikibook.com/courses-of-study-in-corporation-finance-and-investment-by-lyon-hastings-193.html' rel='bookmark' title='Permanent Link: Courses of Study in Corporation Finance and Investment by Lyon Hastings'>Courses of Study in Corporation Finance and Investment by Lyon Hastings</a> <small>Prefatory by Lyon Hastings About two years ago at the...</small></li>
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		<title>The Logic Of Banking by William Gilbart</title>
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		<pubDate>Mon, 19 Apr 2010 06:31:55 +0000</pubDate>
		<dc:creator>Bikibook</dc:creator>
				<category><![CDATA[Banking, Currency and Foreign Exchange]]></category>
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		<description><![CDATA[PREFACE IN my &#8221; Logic for the Million,&#8221; published in the year 1851, I advised my readers, as a means of forming a habit of reasoning, to associate their reasonings with their daily avocations. I afterwards thought I might exemplify my own instructions, by selecting from my writings on Banking such extracts as might illustrate those principles which I had expounded in &#8221; Logic for the Million.&#8221; I accordingly read with this view the works I had published on Banking, and thus were formed the first three parts of the present work. The large type is, for the most part, a transcript from the work on Logic, and the extracts in small type are from my works on Banking. This union of literary productions, not originally intended to have any connexion with each other, may serve to indicate that my writings on Banking are in accordance with the principles of Logic, and that my writings on Logic are adapted for practical application to the business of Banking. It may be objected that some of the examples are not sufficiently controversial. To this it may be replied, that Reasoning is not always engaged in the cause of controversy, that argument sometimes [...]


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<li><a href='http://bikibook.com/the-principles-and-practice-of-banking-by-william-gilbart-1393.html' rel='bookmark' title='Permanent Link: The Principles and Practice of Banking by William Gilbart'>The Principles and Practice of Banking by William Gilbart</a> <small>THE ORIGIN AND PROGRESS OF BANKING. An eminent historian observes,...</small></li>
<li><a href='http://bikibook.com/lectures-on-the-history-and-principles-of-ancient-commerce-by-william-gilbart-1199.html' rel='bookmark' title='Permanent Link: Lectures On The History And Principles Of Ancient Commerce by William Gilbart'>Lectures On The History And Principles Of Ancient Commerce by William Gilbart</a> <small>PREFACE by the Author These Lectures were delivered at Waterford,...</small></li>
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		<title>The Business Man and His Bank by William Henry Kniffin</title>
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		<pubDate>Mon, 19 Apr 2010 04:30:59 +0000</pubDate>
		<dc:creator>Bikibook</dc:creator>
				<category><![CDATA[Banking, Currency and Foreign Exchange]]></category>
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		<description><![CDATA[PREFACE The man who stands before the counter screen of a bank looks at a piece of complicated yet smooth working machinery that is to him a deep mystery. He admires but does not understand it. He knows that the receiving teller takes his deposit and the paying teller cashes his check. When he makes a loan he gets the use of the funds, how he does not know. He does not understand the bank processes any more than the average man understands the mechanism of his automobile. He knows its functions and that is enough. Only when it ceases to work smoothly does he appreciate how delicate is the machine that serves him. Heretofore all writers on banking have treated the subject from within, for the information of the bank clerk and the student of banking. It is the writer&#8217;s aim to treat the bank from without ; to show how it touches the interests of the business man and get the point of contact from the customer&#8217;s viewpoint. In discussing the subject of credit, for instance, I have tried to show what the applicant for credit should bring to the bank, rather than what the bank man should [...]


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<li><a href='http://bikibook.com/the-theory-and-practice-of-banking-vol-1-by-henry-dunning-macleod-1326.html' rel='bookmark' title='Permanent Link: The Theory and Practice of Banking Vol 1 by Henry Dunning Macleod'>The Theory and Practice of Banking Vol 1 by Henry Dunning Macleod</a> <small>INTRODUCTION THE following work is an attempt to explain, in...</small></li>
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		<title>The Theory and Practice of Banking Vol 2 by Henry Dunning Macleod</title>
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		<pubDate>Mon, 05 Apr 2010 07:31:50 +0000</pubDate>
		<dc:creator>Bikibook</dc:creator>
				<category><![CDATA[Banking, Currency and Foreign Exchange]]></category>
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		<category><![CDATA[Paper Currency]]></category>
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		<description><![CDATA[Please Activate the Full Screen Mode for Better Viewing Pleasure (2nd button from the left) LINK http://bikibook.com/books/the-theory-and-practice-of-banking-vol-2/ EMBED Related posts:The Theory and Practice of Banking Vol 1 by Henry Dunning Macleod INTRODUCTION THE following work is an attempt to explain, in... Co-Operative Banking; Its Principles and Practice by Henry Wolffe INTRODUCTION CO-OPERATIVE banks have been before the world just about... Foreign Exchange &#8211; Theory and Practice PREFACE Foreign exchange is attracting more attention than any other...


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		<title>1816-1916, One Hundred Years of Savings Banking</title>
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		<pubDate>Sat, 27 Mar 2010 17:09:58 +0000</pubDate>
		<dc:creator>Bikibook</dc:creator>
				<category><![CDATA[Banking, Currency and Foreign Exchange]]></category>
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		<description><![CDATA[Preface THE complexities of modern economic and social life induce study and investigation into causes for chaos as the result of difference between capital and labor, the high cost of living and other such problems. There is no doubt that fundamentally lack of thrift in the average individual ; his lack of co-operation, of good management of his personal resources; his lack of prudence and economy are largely responsible for varied economic disturbances. The savings institution during the past one hundred years of its existence has been of substantial value in providing a means for ameliorating conditions of poverty and inculcating principles of economy and good management in the individual. The outlook for the second century of savings banking in the United States looks exceedingly bright. As an agency for providing a remedy for economic ills, the institution will play its part. The Savings Bank Section of the American Bankers Association has issued this book with the desire to promote further study on the part of the public of the subject of co-operation and good management of personal resources as they relate to thrift. Milton W. Harrison. Please Activate the Full Screen Mode for Better Viewing Pleasure (2nd button from [...]


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<li><a href='http://bikibook.com/a-hundred-years-of-american-commerce-vol-1-695.html' rel='bookmark' title='Permanent Link: A Hundred Years of American Commerce Vol 1'>A Hundred Years of American Commerce Vol 1</a> <small>ONE HUNDRED YEARS OF AMERICAN COMMERCE CONSISTING OF ONE HUNDRED...</small></li>
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		<title>National Economy and the Banking System of the United States by Robert Latham Owen</title>
		<link>http://bikibook.com/national-economy-and-the-banking-system-of-the-united-states-by-robert-latham-owen-1267.html</link>
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		<pubDate>Sat, 27 Mar 2010 17:01:41 +0000</pubDate>
		<dc:creator>Bikibook</dc:creator>
				<category><![CDATA[Banking, Currency and Foreign Exchange]]></category>
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		<description><![CDATA[FOREWORD Twenty-five years ago today Woodrow Wikon, in the presence of members of his Cabinet, chief executive officers, and leaders of the United States Senate and House of Representatives, approved the Federal Reserve Act. Three solid gold penholders and pens had been prepared for the occasion. Three original copies of this act were printed in parchment and signed by Hon. Champ Clark, Speaker of the House of Representatives; Hon. Thomas R. Marshall, President of the Senate; and the President of the United States. One of these copies went to the Secretary of State, Hon. William. Jennings Bryan, for permanent record. One of the copies was presented to Hon. Carter Glass, chairman of the Committee on Banking: and Currency of the House of Representatives, and one was presented to the chairman of the Committee on Banking and Currency of the United States Senate. One of the gold pens was given to Hon. William Gibbs McAdoo, Secretary of the Treasury; one to Hon. Carter Glass ; and one to the chairman of the Senate committee. This act was generally regarded as the greatest achievement of that administration. Under this act $40,000,000,000 of liquid money was created to finance the World War. It [...]


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<li><a href='http://bikibook.com/banking-reform-in-the-united-states-a-series-of-proposals-including-a-central-bank-of-limited-scope-1422.html' rel='bookmark' title='Permanent Link: Banking Reform in the United States &#8211; a Series of Proposals, including a Central Bank of limited scope'>Banking Reform in the United States &#8211; a Series of Proposals, including a Central Bank of limited scope</a> <small>THE four article in this volume were published in the...</small></li>
</ol>]]></description>
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		<title>Money And Banking by William Scott</title>
		<link>http://bikibook.com/money-and-banking-by-william-scott-1247.html</link>
		<comments>http://bikibook.com/money-and-banking-by-william-scott-1247.html#comments</comments>
		<pubDate>Wed, 24 Mar 2010 15:03:46 +0000</pubDate>
		<dc:creator>Bikibook</dc:creator>
				<category><![CDATA[Banking, Currency and Foreign Exchange]]></category>
		<category><![CDATA[banking system]]></category>
		<category><![CDATA[Banks]]></category>
		<category><![CDATA[Business]]></category>
		<category><![CDATA[money]]></category>
		<category><![CDATA[paper money]]></category>

		<guid isPermaLink="false">http://bikibook.com/?p=1247</guid>
		<description><![CDATA[MONEY is one of those terms which political economists have borrowed from popular speech and found ill-adapted to their purposes. In spite of numerous attempts to make a suitable definition, it still lacks the precision and definiteness of meaning which should characterize scientific terminology. Popular usage is tolerably consistent and clear, but fails to include under the term all the instrumentalities which belong together in any scientific treatment of the subject, and political economists are not agreed regarding the point to which the popular meaning of the term should be extended. Even if these difficulties were removed, however, one not easy to overcome would still remain. All are agreed that under the head money we must include both the standard of value and the medium of exchange, two instrumentalities which perform very different functions, and the distinction between which is apt to be minimized, if not entirely overlooked, when an attempt is made to include them under one definition. In order to avoid this difficulty and to promote clearness of thinking, we shall discuss first of all the functions of the standard of value, and the medium of exchange, and, so far as possible, defer the use of the term [...]


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<li><a href='http://bikibook.com/american-finance-with-cahpters-on-money-and-banking-by-albert-bolles-758.html' rel='bookmark' title='Permanent Link: American Finance with Chapters on Money and Banking by Albert Bolle'>American Finance with Chapters on Money and Banking by Albert Bolle</a> <small>PREFACE. No one will question the need of a systematic...</small></li>
<li><a href='http://bikibook.com/the-logic-of-banking-by-william-gilbart-1384.html' rel='bookmark' title='Permanent Link: The Logic Of Banking by William Gilbart'>The Logic Of Banking by William Gilbart</a> <small>PREFACE IN my &#8221; Logic for the Million,&#8221; published in...</small></li>
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		<title>Mathematics of Accounting and Finance by Seymour Walton</title>
		<link>http://bikibook.com/mathematics-of-accounting-and-finance-by-seymour-walton-1226.html</link>
		<comments>http://bikibook.com/mathematics-of-accounting-and-finance-by-seymour-walton-1226.html#comments</comments>
		<pubDate>Wed, 24 Mar 2010 14:57:26 +0000</pubDate>
		<dc:creator>Bikibook</dc:creator>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[Corporate Finance]]></category>
		<category><![CDATA[accounting]]></category>
		<category><![CDATA[commerce]]></category>
		<category><![CDATA[corporate finance]]></category>

		<guid isPermaLink="false">http://bikibook.com/?p=1226</guid>
		<description><![CDATA[PREFACE BY THE AUTHOR This book has been prepared as a manual of business calculation, for use in connection with the problems which continually arise in the course of business as conducted today. In deciding what subjects to include the authors have been guided throughout by the desire to make the book directly useful in business offices, particularly to persons working in accounting and in the various lines of finance. There are many school texts on commercial arithmetic, but they are necessarily too rudimentary to be of much aid to readers of mature experience. No space has been given here to a consideration of the elementary and fundamental processes of mathematics. The effort has been, instead, to present material of more advanced nature which has not been generally available. This material falls into three general classes. The earlier chapters explain in considerable detail a number of short processes and practical suggestions that may be applied in routine computations of any sort. Particular attention has been given to the matter of adequate checks upon calculations. The central portion of the book treats of the special applications of arithmetical principles and short methods to the problems of individual lines of business. In [...]


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<li><a href='http://bikibook.com/business-finance-a-practical-study-of-financial-management-in-private-business-concerns-by-william-h-lough-845.html' rel='bookmark' title='Permanent Link: BUSINESS FINANCE &#8211; A Practical Study of Financial Management in Private Business Concerns BY WILLIAM H LOUGH'>BUSINESS FINANCE &#8211; A Practical Study of Financial Management in Private Business Concerns BY WILLIAM H LOUGH</a> <small>PREFACE This book, as its name indicates, is concerned with...</small></li>
<li><a href='http://bikibook.com/corporation-finance-by-arthur-dewing-1118.html' rel='bookmark' title='Permanent Link: Corporation Finance by Arthur Dewing'>Corporation Finance by Arthur Dewing</a> <small>PREFACE Teachers of economics and corporation finance have expressed a...</small></li>
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		<title>Lectures On The History And Principles Of Ancient Commerce by William Gilbart</title>
		<link>http://bikibook.com/lectures-on-the-history-and-principles-of-ancient-commerce-by-william-gilbart-1199.html</link>
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		<pubDate>Mon, 22 Mar 2010 14:43:33 +0000</pubDate>
		<dc:creator>Bikibook</dc:creator>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[commerce]]></category>
		<category><![CDATA[History]]></category>

		<guid isPermaLink="false">http://bikibook.com/?p=1199</guid>
		<description><![CDATA[PREFACE by the Author These Lectures were delivered at Waterford, in the beginning of the year 1833. At that time I held the office of Manager of the Waterford branch of the Provincial Bank of Ireland. When residing in London I had assisted at the formation of the City of London Literary and Scientific Institution, and was a member of the first Committee of Management, in the year 1825. At my suggestion an institution somewhat similar was formed at Waterford ; and, as professional lecturers were not to be obtained, some of those gentlemen who had taken an active part in its formation, and others connected with scientific pursuits, consented to become lecturers. Please Activate the Full Screen Mode for Better Viewing Pleasure (2nd button from the left) LINK http://bikibook.com/books/lectures-in-the-history-and-principles-of-ancient-commerce/ EMBED Related posts:The Principles and Practice of Banking by William Gilbart THE ORIGIN AND PROGRESS OF BANKING. An eminent historian observes,... Lectures on Commerce PREFACE Higher commercial education has evidently gained a place in... The Logic Of Banking by William Gilbart PREFACE IN my &#8221; Logic for the Million,&#8221; published in...


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<li><a href='http://bikibook.com/lectures-on-commerce-1513.html' rel='bookmark' title='Permanent Link: Lectures on Commerce'>Lectures on Commerce</a> <small>PREFACE Higher commercial education has evidently gained a place in...</small></li>
<li><a href='http://bikibook.com/the-logic-of-banking-by-william-gilbart-1384.html' rel='bookmark' title='Permanent Link: The Logic Of Banking by William Gilbart'>The Logic Of Banking by William Gilbart</a> <small>PREFACE IN my &#8221; Logic for the Million,&#8221; published in...</small></li>
</ol>]]></description>
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		<title>How to Finance a Business &#8211; Where and How to Get Funds</title>
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		<pubDate>Mon, 22 Mar 2010 14:40:27 +0000</pubDate>
		<dc:creator>Bikibook</dc:creator>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[Corporate Finance]]></category>
		<category><![CDATA[banking system]]></category>
		<category><![CDATA[corporate finance]]></category>
		<category><![CDATA[corporate loans]]></category>

		<guid isPermaLink="false">http://bikibook.com/?p=1187</guid>
		<description><![CDATA[WHERE TO GO FOR MONEY


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<li><a href='http://bikibook.com/the-business-man-and-his-bank-by-william-henry-kniffin-1359.html' rel='bookmark' title='Permanent Link: The Business Man and His Bank by William Henry Kniffin'>The Business Man and His Bank by William Henry Kniffin</a> <small>PREFACE The man who stands before the counter screen of...</small></li>
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		<title>Loans and Investments by Sprague and Kemmerer</title>
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		<pubDate>Mon, 22 Mar 2010 14:39:32 +0000</pubDate>
		<dc:creator>Bikibook</dc:creator>
				<category><![CDATA[Business]]></category>
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		<category><![CDATA[Bank Failures]]></category>
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		<category><![CDATA[Banks]]></category>
		<category><![CDATA[corporate finance]]></category>
		<category><![CDATA[corporate loans]]></category>

		<guid isPermaLink="false">http://bikibook.com/?p=1205</guid>
		<description><![CDATA[BANKS are commonly thought of as being chiefly engaged in the business of lending money, but as a matter of fact money loans make up a small part of their business. The investments of savings banks are indeed limited to the funds which they have received from depositors, together with such amounts as have been set aside from profits as surplus, and also in the case of stock savings banks the amount received from subscriptions to capital stock. Other banks, including the banking departments of trust companies, while they must always be prepared to furnish money on demand, do not limit their loans and other investments to the funds received from depositors and shareholders. They lend their credit as well, and thus create a large part of the funds utilized by borrowers. Banks other than savings banks might well therefore be called credit banks. Unfortunately a somewhat less descriptive term is in common use Commercial Banks. Please Activate the Full Screen Mode for Better Viewing Pleasure (2nd button from the left) LINK http://bikibook.com/books/lloans-and-investments/ EMBED /&#8221; width=500 height=500> Related posts:Bank Loans and Stock Exchange Speculation Attention has been repeatedly called to the vicious circle in... The Business Man and His Bank [...]


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		<title>Corporation Finance by Arthur Dewing</title>
		<link>http://bikibook.com/corporation-finance-by-arthur-dewing-1118.html</link>
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		<pubDate>Wed, 17 Mar 2010 14:24:32 +0000</pubDate>
		<dc:creator>Bikibook</dc:creator>
				<category><![CDATA[Corporate Finance]]></category>
		<category><![CDATA[Business]]></category>
		<category><![CDATA[corporate]]></category>
		<category><![CDATA[corporate finance]]></category>
		<category><![CDATA[loans]]></category>

		<guid isPermaLink="false">http://bikibook.com/?p=1118</guid>
		<description><![CDATA[PREFACE Teachers of economics and corporation finance have expressed a wish to have a book covering the leading features of corporation finance available for classroom instruction — a book that can be read easily by students during a single semester. A clear purpose and method must be in mind in the preparation and use of a textbook in one of the social sciences. Sound pedagogy requires that tendencies and expedients be reduced to the form of definite generalizations devoid of limitations and exceptions. In actual practice the limitations and exceptions are glaringly evident; but to notice them, even in passing, would confuse the pupil and create in his mind the impression that the whole subject is a mass of unrelated and unorganized cases. The present work, accordingly, is to be regarded as a summary of the commonly accepted working principles of corporation finance, without the inclusion of either much concrete illustration on the one hand or exceptions on the other. It is suggested that teachers, by lectures or supplementary reading, and by specific problems supply the necessary illustrations. These should be chosen from cases familiar to the student so that the whole subject may be given a reality and a [...]


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		<title>Continuous Time Production Under Incomplete Information</title>
		<link>http://bikibook.com/continuous-time-production-under-incomplete-information-1103.html</link>
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		<pubDate>Wed, 17 Mar 2010 14:23:59 +0000</pubDate>
		<dc:creator>Bikibook</dc:creator>
				<category><![CDATA[Corporate Finance]]></category>
		<category><![CDATA[assets]]></category>
		<category><![CDATA[Business]]></category>
		<category><![CDATA[capital]]></category>
		<category><![CDATA[corporate]]></category>
		<category><![CDATA[corporate finance]]></category>
		<category><![CDATA[loans]]></category>
		<category><![CDATA[models]]></category>

		<guid isPermaLink="false">http://bikibook.com/?p=1103</guid>
		<description><![CDATA[ABSTRACT Models of asset pricing generally assume that the variables which characterize the state of the economy are observable. For example, the Capital Asset Pricing Model (CAPM) of Sharpe, Lintner and Mossin, Merton&#8217;s Intertemporal Asset Pricing Model and Ross&#8217;s Arbitrage Pricing Theory establish relations between distributional parameters of the rates of return on assets and rates of return on &#8216;Veil diversified&#8221; Portfolios. However, the distributional properties of asset prices that are relevant for portfolio decisions are in general not observable, and therefore must be estimated. As discussed, for example, in Herton (1980), the problem of estimating expected returns is particularly difficult and estimation errors are likely to be substantial. In this light, it is reasonable to question whether the assumption of observability of expected returns and other relevant state variables causes significant mis-specification in equilibrium models of asset prices. This paper has two objectives. The first is the derivation of optimal estimators for the unobservable expected instantaneous returns using observations of past realized returns. The second is the analysis of the optimal portfolio decisions and the characteristics of general equilibrium in which these optimal estimators are used. The main result establishes the separability of the estimation and investment decision problems [...]


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<li><a href='http://bikibook.com/holding-costs-and-equilibrium-arbitrage-by-bruce-tuckman-and-jean-luc-vila-1182.html' rel='bookmark' title='Permanent Link: Holding Costs And Equilibrium Arbitrage by Bruce Tuckman and Jean-Luc Vila'>Holding Costs And Equilibrium Arbitrage by Bruce Tuckman and Jean-Luc Vila</a> <small>Abstract In a world were trading is costless, assets with...</small></li>
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</ol>]]></description>
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