Financial Darwinism (PDF)

Foreword. Preface. Acknowledgments. Chapter 1: Understanding and Navigating the Financial Revolution. Introduction: The Need for Transformational Thinking. From George Bailey to the Golden Age. Accounting for Profits the Old Fashioned Way. The "Great Moderation" As An Evolutionary Catalyst. Economic Performance in the Dynamic New World. Pressures on Static Business Models. Dynamic Finance Perspective on Financial Crises. Pillars of Strategic Decision Making. Value Creation Through Dynamism and Business Model Transformations. Beyond the Façade: The Importance of Risk-Based Transparency. Chapter 2: The Old Regime and its Demise. Economic Performance and Viability of Financial Institutions. Static Business Models. Dominant Forces: The Future That Has Already Happened. Pressures on Static Business Models. Chapter 3: The Dynamic New World. Risk-Based Economic Performance. Balance Sheet Arbitrage Principal Investments. Systematic Risk Exposures. Fees and Expenses. Capital Structure Optimization. Economic Performance Attribution. Chapter 4: Business Model Transformations. Pillars of Strategic Decisions in a Dynamic World. Responsive Recalibrations of Business Models. Full-Scale Business Model Transformations. Making the Strategic Vision a Reality. Chapter 5: The Road to Financial Darwinism. Real-World Business Model Transformations. Stakeholder Communication & Equity Valuation in a Dynamic World. Economic Value Creation (and Destruction) by Non-Financial Corporations. The Infamous "Carry Trade" and the Old Ways of Thinking. A Dynamic Finance Perspective on Modern Financial Crises. Beyond the Façade: The Need for Risk-Based Transparency. Conclusion. Epilogue: Financial Darwinism and the Crisis of 2007-2008. Appendix A: The Risk-Based Economic Performance Equation. Appendix B: A Case Study in Dynamic Finance. Notes. References. About the Author. Index.

Leo M. Tilman (NY, NY) has been named Young Global Leader of the World Economic Forum for his professional accomplishments, commitment to society and potential to contribute to shaping the world. As the Chief Institutional Strategist and Senior Managing Director at a leading investment firm, Tilman is known for providing institutional clients with advice and solutions regarding strategic decision making, corporate finance, investment strategy, product design, asset/liability management, and risk management. Tilman is also a lecturer in the financial engineering program on foundations of finance at Columbia University. He is co-author of Risk Management and editor of Asset/Liability Management of Financial Institutions, as well as contributing editor of The Journal of Risk Finance. He makes regular TV appearances and is often quoted in the financial media such as The Wall Street Journal, New York Times, Forbes, Bloomberg, and Barron's among others. He earned his B.A. and M.A. degrees from Columbia University.

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