Wiley Finance
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Valuation
The Market Approach
by Seth Bernstrom
Part of the Wiley Finance series
The market approach aims to establish the value of a company based on how similar firms are priced on the stock exchange or through company transactions. Using the market approach, price-related indicators such as price to earnings, sales and book values are utilised. An ever-present problem however, is that different valuation multiples and valuation methodologies tend to provide the analyst with contradictory outputs. The solution to this problem so far has been to claim that the market approach is more art than science, thus providing the analyst with the freedom to alter the multiples at their own discretion to reach a uniform value or range.
“Valuation: The Market Approach” puts an end to this problem, providing the reader with a rational scientific-based understanding and the necessary tools to perform a sound market approach valuation, or if reviewing such valuations, provide the tools to challenge the work of the arts-based senior experts.
The book begins with an in-depth review of the basics, which is then applied in a detailed worked example. Step-by-step, the reader's expertise is built towards a complete understanding and implementation of the market approach, not only on a standalone basis but also in relation to the DCF methodology.
The book is aimed at the seasoned professional, but will also be invaluable to students as they apply their academic knowledge to the real world of valuation and M&A.
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Finite Difference Methods in Financial Engineering
A Partial Differential Equation Approach
by Daniel J. Duffy
Part of the Wiley Finance series
The world of quantitative finance (QF) is one of the fastest growing areas of research and its practical applications to derivatives pricing problem. Since the discovery of the famous Black-Scholes equation in the 1970's we have seen a surge in the number of models for a wide range of products such as plain and exotic options, interest rate derivatives, real options and many others. Gone are the days when it was possible to price these derivatives analytically. For most problems we must resort to some kind of approximate method.
In this book we employ partial differential equations (PDE) to describe a range of one-factor and multi-factor derivatives products such as plain European and American options, multi-asset options, Asian options, interest rate options and real options. PDE techniques allow us to create a framework for modeling complex and interesting derivatives products. Having defined the PDE problem we then approximate it using the Finite Difference Method (FDM). This method has been used for many application areas such as fluid dynamics, heat transfer, semiconductor simulation and astrophysics, to name just a few. In this book we apply the same techniques to pricing real-life derivative products. We use both traditional (or well-known) methods as well as a number of advanced schemes that are making their way into the QF literature:
• Crank-Nicolson, exponentially fitted and higher-order schemes for one-factor and multi-factor options
• Early exercise features and approximation using front-fixing, penalty and variational methods
• Modelling stochastic volatility models using Splitting methods
• Critique of ADI and Crank-Nicolson schemes, when they work and when they don't work
• Modelling jumps using Partial Integro Differential Equations (PIDE)
• Free and moving boundary value problems in QF.
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Asian Financial Statement Analysis
Detecting Financial Irregularities
by Chinhwee Tan
Part of the Wiley Finance series
Gain a deeper understanding of Asian financial reporting and how to detect irregularities
The Asian region, and particularly China, is becoming a hotbed of investment activity. There have been quite a few accounting scandals in Asia in the recent years — now rivaling those we have seen in the Americas and Europe. Assessing potential or active overseas investments requires reliance on financial statements, the full parameters of which may vary from region to region. To effectively analyze statements, it is necessary to first understand the framework underlying these financial statements and then lay out a protocol for detecting irregularities. It's impossible to create and implement a practical plan without a deeper knowledge of the various factors at play.
Asian Statement Analysis: Detecting Financial Irregularities provides a framework for analysis that makes irregularities stand out. Authors Chin Hwee Tan and Thomas R. Robinson discuss international financial reporting standards, including characteristics particular to the Asian region. Tan and Robinson's combined background in academia and Asian finance give them a multi-modal perspective and position them as top authorities on the topic. In the book, they address issues such as:
• Detection of irregularities independent of particular accounting rules
• The most common irregularities in the Asian market
• Similarities and differences between U.S. and Asian accounting techniques
• An overarching framework for irregularity detection
The book uses real-world examples to illustrate the concepts presented, with the focus on Asian companies. As the first ever in-depth study on manipulation and irregularities in the Asian market, Asian Financial Statement Analysis: Detecting Financial Irregularities is uniquely positioned to be a valuable resource in the move toward the next phase of global reporting standards.
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Modern Islamic Banking
Products and Processes in Practice
by Natalie Schoon
Part of the Wiley Finance series
A complete, detailed guide to modern Islamic banking fundamentals
“Modern Islamic Banking” provides a comprehensive, up-to-the-minute guide to the products, processes and legal doctrines underlying Islamic banking. Written by a pioneering practitioner in the field, this book provides thorough guidance and expert-level perspective on the principles and applications of this alternative-banking model. You'll begin by learning the fundamentals, vocabulary and key concepts of Islamic banking, then explore key products including istisna'a, murabaha, musharaka, ijara, sukuk, and salam. Coverage then moves into practical applications of Islamic products to a variety of contexts including asset management, treasury, risk management, venture capital, SME finance, micro-finance and taxation. Regulatory frameworks are discussed in detail, including extensive coverage of post-financial crisis Islamic bank valuation.
Islamic banking has experienced rapid growth over the past decade, a trend that is set to continue given the sector's successful weathering of the financial crisis. This book brings you up to speed on this alternative way of banking and shows you how it applies within your own current practices.
• Understand the principles of Islamic banking and finance
• Learn the products, vocabulary and key concepts of the field
• Consider the applications in a variety of financial contexts
• Explore the regulatory frameworks and valuation of Islamic banks
Islamic banking practices differ from Western banking in fundamental ways-it's these differences that shielded the sector during the global crisis, but they also require practitioners to understand a whole new set of rules, products and practices. Modern Islamic Banking gives you a solid understanding of the fundamentals and expert insight into modern practical applications.
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Liquidity Management
A Funding Risk Handbook
by Aldo Soprano
Part of the Wiley Finance series
Robust management of liquidity risk within the changing regulatory framework
“Liquidity Management” applies current risk management theory, techniques, and processes to liquidity risk control and management to help organizations prepare in case of future economic crisis and changing regulatory framework. Based on extensive research conducted on banks' datasets, this book addresses the practical challenges and critical issues that frequently go unmentioned and discusses the recent impact of sovereign crises on banks' liquidity processes and approaches. Market practices and regulatory stances are reviewed and compared to bank treasuries' response to liquidity crunches, refinancing risks are explored in the context of Basel 3, and alternative funding is analyzed in terms of resilience and allocation. Coverage includes the recent crisis, new regulations, and the techniques, processes, and strategies banks use in managing liquidity risk.
The 2008 and 2010 crises brought liquidity risk out of the shadows as even profitable and well-capitalized banks were swept away with breathtaking speed. This book reviews modeling and internal process design in the context of the structural change in market conditions on banks' refinancing and control requirements, helping readers rethink and re-design their organization's approach to liquidity risk.
• Understand the new liquidity regulatory framework and the implications for banks
• Study the latest liquidity measurement models, with stress testing and scenario analysis
• Discover the effect of illiquid financing markets and possible lasting impacts
• Compare market liquidity and warning signals that detect further deterioration
With much of the world still reeling from history, it's important that liquidity risk become a major focus going forward. This practical guide provides valuable information, but also real, actionable steps that can be taken today to forecast and mitigate risks with an eye toward greater stability and security. “Liquidity Management” is a thorough, comprehensive guide to a more robust management of liquidity risk.
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Handbook of Multi-Commodity Markets and Products
Structuring, Trading and Risk Management
by Andrea Roncoroni
Part of the Wiley Finance series
Handbook of Multi-Commodity Markets and Products</b
Over recent decades, the marketplace has seen an increasing integration, not only among different types of commodity markets such as energy, agricultural, and metals, but also with financial markets. This trend raises important questions about how to identify and analyse opportunities in and manage risks of commodity products.
The Handbook of Multi-Commodity Markets and Products offers traders, commodity brokers, and other professionals a practical and comprehensive manual that covers market structure and functioning, as well as the practice of trading across a wide range of commodity markets and products. Written in non-technical language, this important resource includes the information needed to begin to master the complexities of and to operate successfully in today's challenging and fluctuating commodity marketplace.
Designed as a practical practitioner-orientated resource, the book includes a detailed overview of key markets – oil, coal, electricity, emissions, weather, industrial metals, freight, agricultural and foreign exchange – and contains a set of tools for analysing, pricing and managing risk for the individual markets. Market features and the main functioning rules of the markets in question are presented, along with the structure of basic financial products and standardised deals. A range of vital topics such as stochastic and econometric modelling, market structure analysis, contract engineering, as well as risk assessment and management are presented and discussed in detail with illustrative examples to commodity markets.
The authors showcase how to structure and manage both simple and more complex multi-commodity deals. Addressing the issues of profit-making and risk management, the book reveals how to exploit pay-off profiles and trading strategies on a diversified set of commodity prices. In addition, the book explores how to price energy products and other commodities belonging to markets segmented across specific structural features.
The Handbook of Multi-Commodity Markets and Products includes a wealth of proven methods and useful models that can be selected and developed in order to make appropriate estimations of the future evolution of prices and appropriate valuations of products. The authors additionally explore market risk issues and what measures of risk should be adopted for the purpose of accurately assessing exposure from multi-commodity portfolios.
This vital resource offers the models, tools, strategies and general information commodity brokers and other professionals need to succeed in today's highly competitive marketplace.
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Islamic Banking in Indonesia
New Perspectives on Monetary and Financial Issues
by Rifki Ismal
Part of the Wiley Finance series
A comprehensive overview of key developments in Islamic banking
In “Islamic Banking in Indonesia”, renowned economist Dr. Rifki Ismal explores current issues in Islamic banking and financial products with a particular focus on the danger of liquidity risk in Indonesia. It approaches liquidity risk from the conventional perspective of international banking standards, as well as from the Islamic banking perspective. Dr. Ismal also covers the issues of asset-liability balancing, liquidity risk index, organizational structures for managing liquidity, industrial analysis, withdrawal risk, bankruptcy risk, moral hazard risk, and market risk.
Compiling all the latest academic research on liquidity risk and other risks in Islamic banking, the book provides a theoretical foundation for managing risk that will is highly useful for researchers on Islamic banking and practitioners and academics.
• Written by a renowned expert on Islamic banking who works on monetary policy at the central bank of Indonesia
• Covers the latest developments in Islamic banking, particularly liquidity risk, for a rapidly expanding market
• Ideal for European and American readers, in addition to Asian readers, who need a fuller understanding of Islamic banking institutions, markets, and products
With the latest academic research and the expertise of a leading practitioner in Islamic banking, this book offers in-depth coverage of the most pressing issues in the field.
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The Fundamentals of Hedge Fund Management
How to Successfully Launch and Operate a Hedge Fund
by Daniel A. Strachman
Part of the Wiley Finance series
Updated edition of the book that gives investors, advisors, and managers the tools they need to launch and maintain a hedge fund in today's economy
The hedge fund industry has gone through dramatic changes in recent years. Investors of all types continue to want to place their assets into these investment vehicles even in the wake of the credit crisis, massive frauds, and insider trading scandals. Once the forbidden fruit of Wall Street, hedge funds are now considered "must have" investments in any diversified portfolio. Now in its second edition, “The Fundamentals of Hedge Fund Management” is revised and updated to address how the credit crisis, legislation, fraud, technology, investor demand, global markets, and the economic landscape have affected the industry.
Providing readers with a detailed and in-depth analysis of the world of hedge funds, the people working in it, and a look at where it's headed, the book is a timely and indispensable reference and research tool for helping professional money managers, traders, and others to launch and grow successful hedge fund businesses.
• Addresses how the credit crisis and its fallout has affected the hedge fund industry and what this means for the future
• Provides the essential information needed to launch and maintain a successful hedge fund in the new global economy
• Walks the reader through running a hedge fund, helping you to gain success over years, not just months
An essential resource for anyone looking to invest in these much-discussed investment products.
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Financial Risk Management
Applications in Market, Credit, Asset and Liability Management and Firmwide Risk
by Jimmy Skoglund
Part of the Wiley Finance series
A global banking risk management guide geared toward the practitioner.
“Financial Risk Management” presents an in-depth look at banking risk on a global scale, including comprehensive examination of the U.S. Comprehensive Capital Analysis and Review, and the European Banking Authority stress tests. Written by the leaders of global banking risk products and management at SAS, this book provides the most up-to-date information and expert insight into real risk management. The discussion begins with an overview of methods for computing and managing a variety of risk, then moves into a review of the economic foundation of modern risk management and the growing importance of model risk management. Market risk, portfolio credit risk, counterparty credit risk, liquidity risk, profitability analysis, stress testing, and others are dissected and examined, arming you with the strategies you need to construct a robust risk management system. The book takes readers through a journey from basic market risk analysis to major recent advances in all financial risk disciplines seen in the banking industry. The quantitative methodologies are developed with ample business case discussions and examples illustrating how they are used in practice. Chapters devoted to firmwide risk and stress testing cross reference the different methodologies developed for the specific risk areas and explain how they work together at firmwide level. Since risk regulations have driven a lot of the recent practices, the book also relates to the current global regulations in the financial risk areas.
Risk management is one of the fastest growing segments of the banking industry, fueled by banks' fundamental intermediary role in the global economy and the industry's profit-driven increase in risk-seeking behavior. This book is the product of the authors' experience in developing and implementing risk analytics in banks around the globe, giving you a comprehensive, quantitative-oriented risk management guide specifically for the practitioner.
• Compute and manage market, credit, asset, and liability risk
• Perform macroeconomic stress testing and act on the results
• Get up to date on regulatory practices and model risk management
• Examine the structure and construction of financial risk systems
• Delve into funds transfer pricing, profitability analysis, and more
Quantitative capability is increasing with lightning speed, both methodologically and technologically. Risk professionals must keep pace with the changes and exploit every tool at their disposal. “Financial Risk Management” is the practitioner's guide to anticipating, mitigating, and preventing risk in the modern banking industry.
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The Chinese Yuan
Internationalization and Financial Products in China
by Peter G. Zhang
Part of the Wiley Finance series
Few topics have attracted as much attention worldwide in recent years as the RMB. These debates have gained added urgency in light of the financial crisis and the topic of RMB revaluation is now being actively debated in countries all over the world from Tunisia to the United States. This book explores the ever-changing role of the RMB and the related derivative products. However, it does so from a view that is heavily influenced by the fallout from the financial crisis as well as the in the context of the increasing maturity of the Chinese capital markets. The author has drawn on his experience as a regulator to provide invaluable views, insights and information on RMB derivative products and the development of this market going forward.
Key topics include:
• Overview of current China economy and its capital market
• In-depth analysis on the China's banking system and foreign exchange system
• Extensive analysis of on-shore and off-shore financial products in China
• Explanation of the needs and reasons for RMB products innovation
• Insights into the internationalization of the RMB
Not only will this book leave its readers with a much clearer idea of the structure of China's capital markets but it also gives insights on the market going forward leveraged through Peter Zhang's many years of experience as both a senior banker and through his integral role in the key regulatory authority of the banking sector, the CBRC.
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The Conscious Investor
Profiting from the Timeless Value Approach
by John Price
Part of the Wiley Finance series
An intriguing look at the full range of value methods brought together for the first time
The biggest block to success in the stock market is unconscious investing, or following the crowd without asking the right questions such as: "What is it really worth?" Even more fundamental is: "What rate of return can I confidently expect to get?" Without having the methods to answer these questions is like trying to sail a boat without a rudder.
The Conscious Investor covers each of the main methods used to calculate value or return in the stock market, along with descriptions of how and when to use them, as well as their strengths and weaknesses. Interspersed throughout the methods are the timeless investment principles of Benjamin Graham and Warren Buffett. The book:
• Includes balance sheet methods, dividend discount methods, discounted cash flow methods, price ratio methods, and many others
• Explains the significance of viewing real value as a combination of a stock's price or market value and its intrinsic value
• Comes with free access to key functions in the author's Conscious Investor software
The Conscious Investor is indispensable reading for everyone with an interest in investing in the stock market, from novices to experienced professionals. Using this book as your guide, you'll quickly discover what it takes to be a conscious investor and gain more confidence in knowing what and when to buy, when to hold, and when to sell.
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Risk Transfer
Derivatives in Theory and Practice
by Christopher L. Culp
Part of the Wiley Finance series
Based on an enormously popular "derivative instruments and applications" course taught by risk expert Christopher Culp at the University of Chicago, Risk Transfer will prepare both current practitioners and students alike for many of the issues and problems they will face in derivative markets. Filled with in-depth insight and practical advice, this book is an essential resource for those who want a comprehensive education and working knowledge of this major field in finance, as well as professionals studying to pass the GARP FRM exam.
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Numerical Methods in Computational Finance
A Partial Differential Equation (PDE/FDM) Approach
by Daniel J. Duffy
Part of the Wiley Finance series
This book explores the botanical richness and cultural heritage of the New Forest National Park in Hampshire, England. The New Forest has become an exceptional area for wildflowers, many of which were once common throughout the lowlands of Britain.
The Forest enjoys strong populations of many special wildflowers because it retains a living tradition of free-ranging domestic animals grazing its coastland, extensive commons, and village greens. This book is an exploration of how the wildlife of the Forest is the natural expression of the lives and economy of the people of the Forest.
• An introduction to the New Forest and how its commoning economy works
• A description of the principal habitats of the Forest and how they relate to one another
• Accounts of the people who have explored the Forest for wildflowers from the early 17th century to the present
• Descriptions of more than 100 species of the rarer flowering plants and ferns currently known from the National Park, many of which are nationally or internationally rare, scarce, or threatened
• An account of Forest conservation issues by someone who has participated in the life of the Forest for more than 20 years
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Simple Tools and Techniques for Enterprise Risk Management
by Robert J. Chapman
Part of the Wiley Finance series
Your business reputation can take years to build, and mere minutes to destroy
The range of business threats is evolving rapidly but your organization can thrive and gain a competitive advantage with your business vision for enterprise risk management. Trends affecting markets, events in the global financial markets, changing technologies, environmental priorities, dependency on intellectual property, all underline how important it is to keep up to speed on the latest financial risk management practices and procedures.
This popular book on enterprise risk management has been expanded and updated to include new themes and current trends for today's risk practitioner. It features up-to-date materials on new threats, lessons from the recent financial crisis, and how businesses need to protect themselves in terms of business interruption, security, project and reputational risk management.
Project risk management is now a mature discipline with an international standard for its implementation. This book reinforces that project risk management needs to be systematic, but also that it must be embedded to become part of an organization's DNA. This book promotes techniques that will help you implement a methodical and broad approach to risk management.
• The author is a well-known expert and boasts a wealth of experience in project and enterprise risk management
• Easy-to-navigate structure breaks down the risk management process into stages to aid implementation
• Examines the external influences that bring sources of business risk that are beyond your control
• Provides a handy chapter with tips for commissioning consultants for business risk management services
It is a business imperative to have a clear vision for risk management. Simple Tools and Techniques for Enterprise Risk Management, Second Edition shows you the way.
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Investment Philosophies
Successful Strategies and the Investors Who Made Them Work
by Aswath Damodaran
Part of the Wiley Finance series
The guide for investors who want a better understanding of investment strategies that have stood the test of time
This thoroughly revised and updated edition of Investment Philosophies covers different investment philosophies and reveal the beliefs that underlie each one, the evidence on whether the strategies that arise from the philosophy actually produce results, and what an investor needs to bring to the table to make the philosophy work.
The book covers a wealth of strategies including indexing, passive and activist value investing, growth investing, chart/technical analysis, market timing, arbitrage, and many more investment philosophies.
• Presents the tools needed to understand portfolio management and the variety of strategies available to achieve investment success
• Explores the process of creating and managing a portfolio
• Shows readers how to profit like successful value growth index investors
• Aswath Damodaran is a well-known academic and practitioner in finance who is an expert on different approaches to valuation and investment
This vital resource examines various investing philosophies and provides you with helpful online resources and tools to fully investigate each investment philosophy and assess whether it is a philosophy that is appropriate for you.
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The Handbook for Investment Committee Members
How to Make Prudent Investments for Your Organization
by Russell L. Olson
Part of the Wiley Finance series
Comprehensive coverage of what it takes to be a responsible member of an investment committee
In a clear, organized, and easy-to-understand manner, this handbook explains the responsibilities and expectations of investment committee fiduciaries for pension funds, endowment funds, and foundations. Emphasizing all the do's and don'ts to follow for prudent investment management, this invaluable resource covers topics ranging from investment policy, asset allocation, and risk assessment to understanding information presented at committee meetings, asking meaningful and productive questions, and voting on recommendations knowledgeably. This book will empower readers with all the knowledge they need to feel confident in the investment decisions they make for their organizations
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Pioneers in AI
OpenAI and the Builders of Artificial Intelligence
by Miquel Noguer Alonso
Part of the Wiley Finance series
An original deep dive into the evolution of OpenAI and insight into the future of powerful AI systems.
In Pioneers in AI: OpenAI and the Builders of Artifical Intlligence, Miquel Noguer, founder of the Artificial Intelligence Finance Institute, delivers an eye-opening discussion on OpenAI. A trailblazing company building the future of AI, Noguer details its journey and innovation via a compelling narratove, examining both its successes and failures, and providing readers with crucial insights into the future of transformatiive AI and its impact on society.
The book offers a collection of human stories and deep technical dives on the people and products that make up OpenAI. Readers will learn about the company's origins, the challenges they faced and overcame, the products and services they created, and the dreams that drive OpenAI as its leaders chart a path into an exciting future. Pioneers in AI provides critical insights for future attempts to align powerful AI systems with human values.
Inside the book:
• Detailed discussions of the technical milestones reached by OpenAI as revealed in academic papers, industry reports, and product announcements
• Biographies of key figures in the company, with a focus on how their backgrounds, professional trajectories, and philosophical orientations shaped OpenAI
• Explorations of the societal and cultural impact of AI technologies created by OpenAI and its leaders
Perfect for researchers, practitioners, policymakers, and more, Pioneers in AI is a must read that offers a comprehensive, factual, and analytically grounded account of OpenAI's evolution and impact.
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Private Equity 4.0
Reinventing Value Creation
by Benoît Leleux
Part of the Wiley Finance series
A multi-perspective look at private equity's inner workings
“Private Equity 4.0” provides an insider perspective on the private equity industry and analyzes the fundamental evolution of the private equity asset class over the past 30 years, from alternative to mainstream. The book provides insightful interviews of key industry figures, and case studies of some of the success stories in the industry. It also answers key questions related to strategy, fund manager selection, incentive mechanisms, performance comparison, red flags in prospectuses, and more.
“Private Equity 4.0” offers guidance for the many stakeholders that could benefit from a more complete understanding of this special area of finance.
• Understand the industry's dominant business models
• Discover how value is created and performance measured
• Perform a deep dive into the ecosystem of professionals that make the industry hum, including the different incentive systems that support the industry's players
• Elaborate a clear set of guidelines to invest in the industry and deliver better performance
Written by a team of authors that combine academic and industry expertise to produce a well-rounded perspective, this book details the inner workings of private equity and gives readers the background they need to feel confident about committing to this asset class. Coverage includes a historical perspective on the business models of the three major waves of private equity leading to today's 4.0 model, a detailed analysis of the industry today, as well as reflections on the future of private equity and prospective futures. It also provides readers with the analytical and financial tools to analyze a fund's performance, with clear explanations of the mechanisms, organizations, and individuals that make the system work.
The authors demystify private equity by providing a balanced, but critical, review of its contributions and shortcomings and moving beyond the simplistic journalistic descriptions. Its ecosystem is complex and not recognizing that complexity leads to inappropriate judgments. Because of its assumed opacity and some historical deviant (and generally transient) practices, it has often been accused of evil intents, making it an ideal scapegoat in times of economic crisis, prodding leading politicians and regulators to intervene and demand changes in practices. Unfortunately, such actors were often responding to public calls for action rather than a thorough understanding of the factors at play in this complex interdependent system, doing often more harm than good in the process and depriving economies of one of their most dynamic and creative forces. Self-regulation has clearly shown its limits, but righteous political interventions even more so.
Private equity investment can be a valuable addition to many portfolios, but investors need a clear understanding of the forces at work before committing to this asset class. With detailed explanations and expert insights, “Private Equity 4.0” is a comprehensive guide to the industry ways and means that enables the reader to capture its richness and sustainability.
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Option Pricing Models and Volatility Using Excel-VBA
by Fabrice D. Rouah
Part of the Wiley Finance series
This comprehensive guide offers traders, quants, and students the tools and techniques for using advanced models for pricing options. The accompanying website includes data files, such as options prices, stock prices, or index prices, as well as all of the codes needed to use the option and volatility models described in the book.
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Retirement Portfolios
Theory, Construction, and Management
by Michael J. Zwecher
Part of the Wiley Finance series
Retirement portfolio guidance for finance professionals
Retirement is one of the most important parts of the financial planning process. Yet only two percent of financial advisors describe themselves as competent in retirement planning.
Constructing a retirement portfolio is viewed as a difficult endeavor, and the demands facing financial advisors responsible for this task continue to grow. The pressures are particularly intense due to events such as the financial crisis and oncoming rush of retiring baby boomers. It is imperative that financial advisors be equipped and ready to create appropriate retirement portfolios. That's why Michael Zwecher-a leading expert on retirement income-has created Retirement Portfolios.
• Examines how portfolios should be prepped in advance so that the transition from "working" portfolio to retirement portfolio is smooth and seamless
• Outlines how to create a portfolio that will provide income, continue to generate growth, and protect assets from disaster
• Details the differences in managing a retirement portfolio versus managing portfolios during asset accumulation years
The ability to create retirement portfolios and manage their risks are skills you must possess to be an effective financial advisor. Retirement Portfolios will help you develop these essential skills and gain a better understanding of the entire process.
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Equity Markets, Valuation, and Analysis
by H. Kent Baker
Part of the Wiley Finance series
Sharpen your understanding of the financial markets with this incisive volume
Equity Markets, Valuation, and Analysis brings together many of the leading practitioner and academic voices in finance to produce a comprehensive and empirical examination of equity markets.
Masterfully written and edited by experts in the field, Equity Markets, Valuation, and Analysis introduces the basic concepts and applications that govern the area before moving on to increasingly intricate treatments of sub-fields and market trends. The book includes in-depth coverage of subjects including:
The latest trends and research from across the globe
The controversial issues facing the field of valuation and the future outlook for the field
Empirical evidence and research on equity markets
How investment professionals analyze and manage equity portfolios
This book balances its comprehensive discussion of the empirical foundations of equity markets with the perspectives of financial experts. It is ideal for professional investors, financial analysts, and undergraduate and graduate students in finance.
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Structured Credit Products
Credit Derivatives and Synthetic Securitisation
by Moorad Choudhry
Part of the Wiley Finance series
Updated coverage of structured credit products with in-depth coverage of the latest developments
Structured credit products are one of today's fastest growing investment and risk management mechanisms, and a focus of innovation and creativity in the capital markets. The building blocks of these products are credit derivatives, which are among the most widely used products in finance. This book offers a succinct and focused description of the main credit derivative instruments, as well as the more complex products such as synthetic collateralized debt obligations. This new edition features updated case studies from Europe and Asia, the latest developments in synthetic structures, the impact of the subprime meltdown, along with models and teaching aids.
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M&A Disputes
A Professional Guide to Accounting Arbitrations
by A. Vincent Biemans
Part of the Wiley Finance series
Nanoscale pattern transfer technology using molds is a rapidly advancing area and one that has seen much recent attention due to its potential for use in nanotechnology industries and applications. However, because of these rapid advances, it can be difficult to keep up with the technological trends and the latest cutting-edge methods. In order to fully understand these pioneering technologies, a comprehensive understanding of the basic science and an overview of the techniques are required.
“Nanoimprint Technology: Nanotransfer for Thermoplastic and Photocurable Polymers” covers the latest nanotransfer science based on polymer behaviour. Polymer fluid dynamics are described in detail, and injection moulding, nanoimprint lithography and micro contact printing are also discussed. Cutting-edge nanotransfer technologies and applications are also considered and future trends in industry are examined.
Key features:
• Covers the fundamentals of nanoimprint technology
• Presents cutting-edge techniques and applications
• Provides industrial examples and describes the mold fabrication process
• Considers nanotransfer of thermoplastics by simulation
• Describes the design and evaluation of UV curable polymer
“Nanoimprint Technology: Nanotransfer for Thermoplastic and Photocurable Polymers” is a comprehensive reference for industry engineers as well as graduate and undergraduate students and is a useful source of information for anyone looking to improve their understanding of nanotransfer mechanisms and methods.
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Business Risk and Simulation Modelling in Practice
Using Excel, VBA and @RISK
by Michael Rees
Part of the Wiley Finance series
The complete guide to the principles and practice of risk quantification for business applications.
The assessment and quantification of risk provide an indispensable part of robust decision-making, to be effective, many professionals need a firm grasp of both the fundamental concepts and of the tools of the trade. Business Risk and “Simulation Modelling in Practice” is a comprehensive, in—depth, and practical guide that aims to help business risk managers, modelling analysts and general management to understand, conduct and use quantitative risk assessment and uncertainty modelling in their own situations. Key content areas include:
• Detailed descriptions of risk assessment processes, their objectives and uses, possible approaches to risk quantification, and their associated decision-benefits and organisational challenges.
• Principles and techniques in the design of risk models, including the similarities and differences with traditional financial models, and the enhancements that risk modelling can provide.
• In depth coverage of the principles and concepts in simulation methods, the statistical measurement of risk, the use and selection of probability distributions, the creation of dependency relationships, the alignment of risk modelling activities with general risk assessment processes, and a range of Excel modelling techniques.
• The implementation of simulation techniques using both Excel/VBA macros and the @RISK Excel add-in. Each platform may be appropriate depending on the context, whereas the core modelling concepts and risk assessment contexts are largely the same in each case. Some additional features and key benefits of using @RISK are also covered.
“Business Risk and Simulation Modelling in Practice” reflects the author′s many years in training and consultancy in these areas. It provides clear and complete guidance, enhanced with an expert perspective. It uses approximately one hundred practical and real-life models to demonstrate all key concepts and techniques, these are accessible on the companion website.
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Effective Product Control
Controlling for Trading Desks
by Peter Nash
Part of the Wiley Finance series
Improve the Effectiveness of your Product Control Function
“Effective Product Control” is a detailed how-to guide covering everything you need to know about the function. Considered essential reading for:
• New controllers entering the profession
• Auditors and regulators reviewing product control
• Established controllers wanting a refresher on the latest skills and core controls within the industry.
Encompassing both a technical skills primer and key insights into core controls used to mitigate major risks emanating from trading desks, you will get expert advice on practical topics such as:
• The key IFRS and U.S. GAAP accounting standards for a trading desk
• How to approach the pricing of a financial instrument
• Market risk and how is it quantified
• The controls necessary for a trading desk
• Rogue trading and how it can be detected
• Valuation adjustments and why they are necessary
• How the prices used to value a trading portfolio are independently verified
• The financial accounting entries used to record financial instruments in the balance sheet and profit & loss statement
• Financial reporting and how the results of a trading desk are presented
• How a new financial product can be introduced in a controlled manner
Complete with a wealth of insightful graphs, illustrations and real-world examples to enliven the covered material, the dependable answers you need are in Effective Product Control.
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The Handbook of Convertible Bonds
Pricing, Strategies and Risk Management
by Jan De Spiegeleer
Part of the Wiley Finance series
This is a complete guide to the pricing and risk management of convertible bond portfolios. Convertible bonds can be complex because they have both equity and debt like features and new market entrants will usually find that they have either a knowledge of fixed income mathematics or of equity derivatives and therefore have no idea how to incorporate credit and equity together into their existing pricing tools.
Part I of the book covers the impact that the 2008 credit crunch has had on the markets, it then shows how to build up a convertible bond and introduces the reader to the traditional convertible vocabulary of yield to put, premium, conversion ratio, delta, gamma, vega and parity. The market of stock borrowing and lending will also be covered in detail. Using an intuitive approach based on the Jensen inequality, the authors will also show the advantages of using a hybrid to add value, pre-2008, many investors labelled convertible bonds as 'investing with no downside', there are of course plenty of 2008 examples to prove that they were wrong. The authors then go onto give a complete explanation of the different features that can be embedded in convertible bond.
Part II shows readers how to price convertibles. It covers the different parameters used in valuation models: credit spreads, volatility, interest rates and borrow fees and Maturity.
Part III covers investment strategies for equity, fixed income and hedge fund investors and includes dynamic hedging and convertible arbitrage.
Part IV explains the all important risk management part of the process in detail.
This is a highly practical book, all products priced are real world examples and numerical examples are not limited to hypothetical convertibles. It is a must read for anyone wanting to safely get into this highly liquid, high return market.
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Risk Budgeting
Portfolio Problem Solving with Value-at-Risk
by Neil D. Pearson
Part of the Wiley Finance series
Covers the hottest topic in investment for multitrillion pension market and institutional investors
Institutional investors and fund managers understand they must take risks to generate superior investment returns, but the question is how much. Enter the concept of risk budgeting, using quantitative risks measurements, including VaR, to solve the problem. VaR, or value at risk, is a concept first introduced by bank dealers to establish parameters for their market short-term risk exposure. This book introduces VaR, extreme VaR, and stress-testing risk measurement techniques to major institutional investors, and shows them how they can implement formal risk budgeting to more efficiently manage their investment portfolios. Risk Budgeting is the most sophisticated and advanced read on the subject out there in the market.
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Infrastructure Finance
The Business of Infrastructure for a Sustainable Future
by Neil S. Grigg
Part of the Wiley Finance series
A comprehensive look at the emergence of infrastructure finance
Just as infrastructure development acts as a catalyst for economic growth, it is also changing the landscape for potential investors and the burgeoning field of infrastructure finance. Infrastructure systems for transportation, utilities, and public works are essential for economic growth and have quickly developed into an emerging alternative asset class.
“Infrastructure Finance” examines how the activities associated with updating and creating efficient transportation and communications, reliable and affordable energy, clean water, and other essential systems, have become a profitable financial endeavor. Recently, providing, operating, and maintaining infrastructure has advanced as a recognized and important investment sector that reaches beyond earlier business models. Infrastructure Finance puts this field in perspective and details what you need to know to succeed within it.
• An informative look at infrastructure finance-an emerging alternative investment for all types of institutional investors
• Dissects the central organizational and financial issues behind the revolutions that are occurring in infrastructure management and finance
• Contains detailed guidance for navigating the dynamic field of infrastructure finance
• Discusses infrastructure as arteries of life for a better world
• Highlights infrastructure undergoing transformations to adapt to turbulent environments
• Focuses on Green infrastructure to balance economic and environmental changes
As infrastructure finance continues to grow in importance, you'll need to enhance your understanding of its essential aspects. “Infrastructure Finance” will provide you with the insights to achieve this goal.
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Islamic Capital Markets
Theory and Practice
by Noureddine Krichene
Part of the Wiley Finance series
A comprehensive look at the essentials of Islamic capital markets
Bringing together theoretical and practical aspects of capital markets, “Islamic Capital Markets” offers readers a comprehensive insight into the institutions, instruments, and regulatory framework that comprise Islamic capital markets. Also exploring ideas about money, central banking, and economic growth theory and their role in Islamic capital markets, the book provides students and practitioners with essential information about the analytical tools of Islamic capital markets, serves as a guide to investing in Islamic assets, and examines risk management and the structure of Islamic financial products.
Author and Islamic finance expert Noureddine Krichene examines the development of leading Islamic capital markets, including Malaysia, looking at sukuks and stocks in detail and emphasizing valuation, duration, convexity, immunization, yield curves, forward rates, swaps, and risks. Analyzing stock markets, stock valuation, price-earnings ratio, market efficiency hypothesis, and equity premiums, the book addresses uncertainty in capital markets, portfolio diversification theory, risk-return trade-off, pricing of assets, cost of capital, derivatives and their role in hedging and speculation, the principle of arbitrage and replication, Islamic structured products, the financing of large projects, and more.
• Emphasizes both theoretical and practical aspects of capital markets, covering analytical concepts such as the theory of arbitrage, pricing of assets, capital market pricing model, Arrow-Debreu state prices, risk-neutral pricing, derivatives markets, hedging and risk management, and structured products
• Provides students and practitioners of finance with must-have information about the analytical tools employed in Islamic capital markets
• Examines all the most recent developments in major Islamic capital markets, including Malaysia
Discussing the advantages of Islamic capital markets and the prospects for their development, “Islamic Capital Markets” gives readers a fundamental grounding in the subject, with an emphasis on financial theory and real world practice.
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Essays in Derivatives
Risk-Transfer Tools and Topics Made Easy
by Don M. Chance
Part of the Wiley Finance series
In the updated second edition of Don Chance's well-received Essays in Derivatives, the author once again keeps derivatives simple enough for the beginner but offers enough in-depth information to satisfy even the most experienced investor. This book provides up-to-date and detailed coverage of various financial products related to derivatives and contains completely new chapters covering subjects that include why derivatives are used, forward and futures pricing, operational risk, and best practices.
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Investing in India
A Value Investor's Guide to the Biggest Untapped Opportunity in the World
by Rahul Saraogi
Part of the Wiley Finance series
A practical, real-world guide to investing in India
India's rapid economic growth offers obvious opportunities for foreign investors, but making wise investing decisions can be difficult for any investor without a deep knowledge of the country and its culture. With a vibrant democracy and an active press, India can be a complex and chaotic place in which investors can find it difficult to make investing decisions with confidence. This book offers an on-the-ground perspective on India from one of India's most successful value investors. Looking deeply into the internal realities that impact India's investment climate, Investing in India helps investors both inside and outside the country cut through the noise and find the facts that truly matter for anyone who wants to invest there.
• Features charts of stocks, markets, and other helpful Indian economic indicators
• Offers a real-world look at India's politics and governance, its financial system and capital markets, its asset classes and equity markets, the private equity scene, and the real estate market
• Written by Indian value investing guru Rahul Saraogi.
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Systematic Fixed Income
An Investor's Guide
by Scott A. Richardson
Part of the Wiley Finance series
Timely guidance for transforming IT into a strategic business partner.
Today's leaders are expected to reduce costs, increase productivity, drive innovation and help the business identify and pursue new business opportunities. Successful IT leaders will be the ones that become strategic business partners and decision influencers in their organizations. Unleashing the Power of IT describes in actionable detail, the new mindset, core skill set, and interpersonal tool set that are necessary for IT leaders to thrive in today's increasingly complex challenging business environment.
• Provides tangible, hard-hitting, real-world strategies, techniques and approaches that will immediately transform your IT workforce and culture
• Includes Top Ten lists of tips and techniques, proven frameworks and practical guidance to help you launch and sustain your IT culture change and professional development initiatives
• Addresses how to build a client-focused IT culture; move your organization from order takers to trusted business partners, market IT's value, lead change with confidence, manage projects and vendor relationships
A special feature of this book includes a chapter profiling several world-class organizations that have implemented the principles in this book. Learn about the culture change challenges they overcame and benefit from their best practices and successes.
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Investment Theory and Risk Management
by Steven Peterson
Part of the Wiley Finance series
A unique perspective on applied investment theory and risk management from the Senior Risk Officer of a major pension fund
Investment Theory and Risk Management is a practical guide to today's investment environment. The book's sophisticated quantitative methods are examined by an author who uses these methods at the Virginia Retirement System and teaches them at the Virginia Commonwealth University. In addition to showing how investment performance can be evaluated, using Jensen's Alpha, Sharpe's Ratio, and DDM, he delves into four types of optimal portfolios (one that is fully invested, one with targeted returns, another with no short sales, and one with capped investment allocations).
In addition, the book provides valuable insights on risk, and topics such as anomalies, factor models, and active portfolio management. Other chapters focus on private equity, structured credit, optimal rebalancing, data problems, and Monte Carlo simulation.
• Contains investment theory and risk management spreadsheet models based on the author's own real-world experience with stock, bonds, and alternative assets
• Offers a down-to-earth guide that can be used on a daily basis for making common financial decisions with a new level of quantitative sophistication and rigor
• Written by the Director of Research and Senior Risk Officer for the Virginia Retirement System and an Associate Professor at Virginia Commonwealth University's School of Business
Investment Theory and Risk Management empowers both the technical and non-technical reader with the essential knowledge necessary to understand and manage risks in any corporate or economic environment.
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Listed Volatility and Variance Derivatives
A Python-based Guide
by Yves Hilpisch
Part of the Wiley Finance series
Leverage Python for expert-level volatility and variance derivative trading
Listed Volatility and Variance Derivatives is a comprehensive treatment of all aspects of these increasingly popular derivatives products, and has the distinction of being both the first to cover European volatility and variance products provided by Eurex and the first to offer Python code for implementing comprehensive quantitative analyses of these financial products. For those who want to get started right away, the book is accompanied by a dedicated Web page and a Github repository that includes all the code from the book for easy replication and use, as well as a hosted version of all the code for immediate execution.
Python is fast making inroads into financial modelling and derivatives analytics, and recent developments allow Python to be as fast as pure C++ or C while consisting generally of only 10% of the code lines associated with the compiled languages. This complete guide offers rare insight into the use of Python to undertake complex quantitative analyses of listed volatility and variance derivatives.
• Learn how to use Python for data and financial analysis, and reproduce stylised facts on volatility and variance markets
• Gain an understanding of the fundamental techniques of modelling volatility and variance and the model-free replication of variance
• Familiarise yourself with micro structure elements of the markets for listed volatility and variance derivatives
• Reproduce all results and graphics with IPython/Jupyter Notebooks and Python codes that accompany the book
Listed Volatility and Variance Derivatives is the complete guide to Python-based quantitative analysis of these Eurex derivatives products.
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Pension Revolution
A Solution to the Pensions Crisis
by Keith P. Ambachtsheer
Part of the Wiley Finance series
Synopsis currently unavailable.
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Islamic Finance in a Nutshell
A Guide for Non-Specialists
by Brian Kettell
Part of the Wiley Finance series
The recent financial crisis has highlighted the need for better valuation models and risk management procedures, better understanding of structured products, and has called into question the actions of many financial institutions. It has become commonplace to blame the inadequacy of credit risk models, claiming that the crisis was due to sophisticated and obscure products being traded, but practitioners have for a long time been aware of the dangers and limitations of credit models. It would seem that a lack of understanding of these models is the root cause of their failures but until now little analysis had been published on the subject and, when published, it had gained very limited attention.
“Credit Models and the Crisis” is a succinct but technical analysis of the key aspects of the credit derivatives modeling problems, tracing the development (and flaws) of new quantitative methods for credit derivatives and CDOs up to and through the credit crisis. Responding to the immediate need for clarity in the market and academic research environments, this book follows the development of credit derivatives and CDOs at a technical level, analyzing the impact, strengths and weaknesses of methods ranging from the introduction of the Gaussian Copula model and the related implied correlations to the introduction of arbitrage-free dynamic loss models capable of calibrating all the tranches for all the maturities at the same time. It also illustrates the implied copula, a method that can consistently account for CDOs with different attachment and detachment points but not for different maturities and explains why the Gaussian Copula model is still used in its base correlation formulation.
The book reports both alarming pre-crisis research and market examples, as well as commentary through history, using data up to the end of 2009, making it an important addition to modern derivatives literature. With banks and regulators struggling to fully analyze at a technical level, many of the flaws in modern financial models, it will be indispensable for quantitative practitioners and academics who want to develop stable and functional models in the future.
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How to Create and Manage a Mutual Fund or Exchange-Traded Fund
A Professional's Guide
by Melinda Gerber
Part of the Wiley Finance series
With this book, author Melinda Gerber walks you through the twenty-nine steps needed to start a mutual fund and the thirty-six steps needed to start an ETF. She provides costs and detailed explanations of how to accomplish each task from fledgling idea to the actuality of selling shares, and also takes the time to explain the importance of creating a clear vision for your fund as well as how to successfully profile customers and identify your competition.
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Financial Simulation Modeling in Excel
A Step-by-Step Guide
by Keith A. Allman
Part of the Wiley Finance series
A practical guide to understanding and implementing financial simulation modeling.
As simulation techniques become more popular among the financial community and a variety of sub-industries, a thorough understanding of theory and implementation is critical for practitioners involved in portfolio management, risk management, pricing, and capital budgeting. “Financial Simulation Modeling in Excel” contains the information you need to make the most informed decisions possible in your professional endeavors.
“Financial Simulation Modeling in Excel” contains a practical, hands-on approach to learning complex financial simulation methodologies using Excel and VBA as a medium. Crafted in an easy-to-understand format, this book is suitable for anyone with a basic understanding of finance and Excel. Filled with in-depth insights and expert advice, each chapter takes you through the theory behind a simulation topic and the implementation of that same topic in Excel/VBA in a step-by-step manner.
• Organized in an easy-to-follow fashion, this guide effectively walks you through the process of creating and implementing risk models in Excel
• A companion website contains all the Excel models risk experts and quantitative analysts need to practice and confirm their results as they progress
• Keith Allman is the author of other successful modeling books, including Corporate Valuation Modeling and Modeling Structured Finance Cash Flows with Microsoft Excel
Created for those with some background in finance and experience in Excel, this reliable resource shows you how to effectively perform sound financial simulation modeling, even if you've yet to do extensive modeling up to this point in your professional or academic career.
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Investing in the Renewable Power Market
How to Profit from Energy Transformation
by Tom Fogarty
Part of the Wiley Finance series
The Everglades region is a mosaic of interconnected ecosystems where a slight elevation change can lead you from dry, rocky pinelands and shady hardwood hammocks to flooded grassy prairies and deep, mysterious swamps. Fascinating wildflowers abound in every habitat. This full-color, expanded second edition contains beautiful photos, easy-to-understand descriptions, and interesting facts about 362 wildflowers that inhabit this picturesque region.
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Financial Risk Management
A Practitioner's Guide to Managing Market and Credit Risk
by Steve L. Allen
Part of the Wiley Finance series
A top risk management practitioner addresses the essential aspects of modern financial risk management
In the Second Edition of Financial Risk Management + Website, market risk expert Steve Allen offers an insider's view of this discipline and covers the strategies, principles, and measurement techniques necessary to manage and measure financial risk. Fully revised to reflect today's dynamic environment and the lessons to be learned from the 2008 global financial crisis, this reliable resource provides a comprehensive overview of the entire field of risk management.
Allen explores real-world issues such as proper mark-to-market valuation of trading positions and determination of needed reserves against valuation uncertainty, the structuring of limits to control risk taking, and a review of mathematical models and how they can contribute to risk control. Along the way, he shares valuable lessons that will help to develop an intuitive feel for market risk measurement and reporting.
• Presents key insights on how risks can be isolated, quantified, and managed from a top risk management practitioner
• Offers up-to-date examples of managing market and credit risk
• Provides an overview and comparison of the various derivative instruments and their use in risk hedging
• Companion Website contains supplementary materials that allow you to continue to learn in a hands-on fashion long after closing the book
Focusing on the management of those risks that can be successfully quantified, the Second Edition of Financial Risk Management + Websiteis the definitive source for managing market and credit risk.
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Credit Derivatives
Trading, Investing, and Risk Management
by Geoff Chaplin
Part of the Wiley Finance series
The conventional portfolio is prone to frequent and potentially devastating losses because it is NOT balanced to different economic outcomes. In contrast, a truly balanced portfolio can help investors reduce risk and more reliably achieve their objectives. This simple fact would surprise most investors, from beginners to professionals. Investment consultant Alex Shahidi puts his 15 years of experience advising the most sophisticated investors in the world and managing multi-billion-dollar portfolios to work in this important resource for investors. You will better understand why nearly every portfolio is poorly balanced and how to view the crucial asset allocation decision from a deeper, more thoughtful perspective. The concepts presented are simple, intuitive and easy to implement for every investor. Author Alex Shahidi will walk you through the logic behind the balanced portfolio framework and provide step-by-step instructions on how to build a truly balanced portfolio. No book has ever been written that discusses asset allocation in this light.
• Provides insights from a top-ranked investment consultant using strategies from the industry's brightest minds
• Proposes a balanced asset allocation that can achieve stable returns through various economic climates
• Introduces sophisticated concepts in very simple terms
For those who want to better manage their investment portfolio and seek a more advanced approach to building a balanced portfolio, “Balanced Asset Allocation: How to Profit in Any Economic Climate” provides an in-depth treatment of the topic that can be put to use immediately.
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M&A Information Technology Best Practices
by Janice M. Roehl-Anderson
Part of the Wiley Finance series
Add value to your organization via the mergers & acquisitions IT function
As part of Deloitte Consulting, one of the largest mergers and acquisitions (M&A) consulting practice in the world, author Janice Roehl-Anderson reveals in M&A Information Technology Best Practices how companies can effectively and efficiently address the IT aspects of mergers, acquisitions, and divestitures. Filled with best practices for implementing and maintaining systems, this book helps financial and technology executives in every field to add value to their mergers, acquisitions, and/or divestitures via the IT function.
• Features a companion website containing checklists and templates
• Includes chapters written by Deloitte Consulting senior personnel
• Outlines best practices with pragmatic insights and proactive strategies
Many M&As fail to meet their expectations. Be prepared to succeed with the thorough and proven guidance found in M&A Information Technology Best Practices. This one-stop resource allows participants in these deals to better understand the implications of what they need to do and how
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Accounting for Derivatives
Advanced Hedging under IFRS 9
by Juan Ramirez
Part of the Wiley Finance series
The credit derivatives industry has come under close scrutiny over the past few years, with the recent financial crisis highlighting the instability of a number of credit structures and throwing the industry into turmoil. What has been made clear by recent events is the necessity for a thorough understanding of credit derivatives by all parties involved in a transaction, especially traders, structurers, quants and investors.
Fully revised and updated to take in to account the new products, markets and risk requirements post financial crisis, “Credit Derivatives: Trading, Investing and Risk Management”, Second Edition, covers the subject from a real world perspective, tackling issues such as liquidity, poor data, and credit spreads, to the latest innovations in portfolio products, hedging and risk management techniques.
The book concentrates on practical issues and develops an understanding of the products through applications and detailed analysis of the risks and alternative means of trading.
It provides:
• a description of the key products, applications, and an analysis of typical trades including basis trading, hedging, and credit structuring
• analysis of the industry standard 'default and recovery' and Copula models including many examples, and a description of the models' shortcomings
• tools and techniques for the management of a portfolio or book of credit risks including appropriate and inappropriate methods of correlation risk management
• a thorough analysis of counterparty risk
• an intuitive understanding of credit correlation in reality and in the Copula model.
The book is thoroughly updated to reflect the changes the industry has seen over the past 5 years, notably with an analysis of the lead up and causes of the credit crisis. It contains 50% new material, which includes copula valuation and hedging, portfolio optimisation, portfolio products and correlation risk management, pricing in illiquid environments, chapters on the evolution of credit management systems, the credit meltdown and new chapters on the implementation and testing of credit derivative models and systems.
The book is accompanied by a website which contains tools for credit derivatives valuation and risk management, illustrating the models used in the book and also providing a valuation toolkit.
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Patent Valuation
Improving Decision Making through Analysis
by William J. Murphy
Part of the Wiley Finance series
A practical resource for valuing patents that is accessible to the complete spectrum of decision makers in the patent process.
In today's economy, patents tend to be the most important of the intellectual property (IP) assets. It is often the ability to create, manage, defend, and extract value from patents that can distinguish competitive success and significant wealth creation from competitive failure and economic waste. Patent Valuation enhances the utility and value of patents by providing IP managers, IP creators, attorneys, and government officials with a useable resource that allows them to use actual or implied valuations when making patent-related decisions.
• Involves a combination of techniques for describing patent valuation
• Includes descriptions of various topics, illustrative cases, step-by-step valuation techniques, user-friendly procedures and checklists, and examples
• Serves as a useable resource that allows IP managers to use actual or implied valuations when making patent-related decisions
One of the most fundamental premises of the book is that these valuation skills can be made accessible to each of the various decision makers in the patent process. “Patent Valuation” involves narrative descriptions of the various topics, illustrative cases, step-by-step valuation techniques, user-friendly procedures and checklists, and an abundance of examples to demonstrate the more complex concepts.
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Beyond Smart Beta
Index Investment Strategies for Active Portfolio Management
by Gökhan Kula, C. F. A., F. R. M.
Part of the Wiley Finance series
CUTTING-EDGE DEVELOPMENTS IN HIGH-FREQUENCY FINANCIAL ECONOMETRICS
In recent years, the availability of high-frequency data and advances in computing have allowed financial practitioners to design systems that can handle and analyze this information. “Handbook of Modeling High-Frequency Data in Finance” addresses the many theoretical and practical questions raised by the nature and intrinsic properties of this data.
A one-stop compilation of empirical and analytical research, this handbook explores data sampled with high-frequency finance in financial engineering, statistics, and the modern financial business arena. Every chapter uses real-world examples to present new, original, and relevant topics that relate to newly evolving discoveries in high-frequency finance, such as:
• Designing new methodology to discover elasticity and plasticity of price evolution
• Constructing microstructure simulation models
• Calculation of option prices in the presence of jumps and transaction costs
• Using boosting for financial analysis and trading
The handbook motivates practitioners to apply high-frequency finance to real-world situations by including exclusive topics such as risk measurement and management, UHF data, microstructure, dynamic multi-period optimization, mortgage data models, hybrid Monte Carlo, retirement, trading systems and forecasting, pricing, and boosting. The diverse topics and viewpoints presented in each chapter ensure that readers are supplied with a wide treatment of practical methods.
“Handbook of Modeling High-Frequency Data in Finance” is an essential reference for academics and practitioners in finance, business, and econometrics who work with high-frequency data in their everyday work. It also serves as a supplement for risk management and high-frequency finance courses at the upper-undergraduate and graduate levels.
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Carbon Finance
The Financial Implications of Climate Change
by Sonia Labatt
Part of the Wiley Finance series
Synopsis currently unavailable.
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The Exchange-Traded Funds Manual
by Gary L. Gastineau
Part of the Wiley Finance series
Full coverage of ETF investments from an expert in the field
The initial edition of Gary Gastineau's “The Exchange-Traded Fund Manual” was one of the first books to describe and analyze ETFs. It made the case for the superiority of the structure of investor-friendly ETFs over mutual funds and helped investors select better funds among the ETFs available.
With this new edition, Gastineau provides comprehensive information on the latest developments in ETF structures, new portfolio variety, and new trading methods. With a realistic evaluation of today's indexes, Gastineau offers insights on actively managed ETFs, improved index funds, and fund and advisor selection.
• Discusses how to incorporate ETFs into an investment plan
• Offers updated coverage of new ETFs, including full-function actively managed ETFs, and a valuable chapter on trading ETFs
• Written by the leading authority on exchange traded funds
Exchange-traded funds offer you diversification and participation in markets and investment strategies that have not been available to most investors. If you want to understand how to use ETFs effectively, “The Exchanged-Traded Fund Manual” can show you how.
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Asset Securitization
Theory and Practice
by Joseph C. Hu
Part of the Wiley Finance series
Asset Securitization is intended for beginners and market professionals alike who are interested in learning about asset securitization-its concepts and practices. It is designed so that the readers will come away with a fundamental but comprehensive understanding of the asset securitization market. As such, the book aims to provide a review of the market's development, necessary framework, potential benefits, and detailed descriptions of major asset securitization products.
Part I of the book, which consists of four chapters, will discuss the fundamental concepts, the funding efficiency, the market participants, and the potential benefits of asset securitization. An analysis of mortgage finance will be provided in Part II, which consists of six chapters that cover a variety of topics from the description of many different types of residential mortgages to the securitization of different types of residential mortgages, including the now infamous sub-prime mortgages. Also included are important topics, such as prepayments, cash flow structure, maturity and credit tranching, and the trading and relative value of the various mortgage-backed securities. The three chapters in Part III will explain the other major asset securitization products, such as commercial mortgage-backed securities, credit card receivable-backed securities, auto loan-backed securities, and collateralized bond obligations. Part IV has two chapters: one reviews the collapse and the potential recovery of the asset securitization market, and the other describes the asset securitization efforts in Japan, Australia, Taiwan, and China.
Extensive tables and charts are presented to help illustrate a concept or describe a product. Neither analytical discussions nor investment strategies of the various asset-backed securities are included as they are not the focus of this book.