Wiley Finance
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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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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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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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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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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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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.
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Portable Alpha Theory and Practice
What Investors Really Need to Know
by Sabrina Callin
Part of the Wiley Finance series
As an original innovator of the portable alpha concept, PIMCO has been managing an increasing number of different portable alpha strategies for investors since 1986. And now, with Portable Alpha Theory and Practice, the PIMCO team shares their extensive experiences with you. Filled with in-depth insights and expert guidance, this reliable resource provides an informative look at portable alpha and key related concepts, as well as detailed discussion on the many ways it can be applied in real-world situations.
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Marketplace Lending, Financial Analysis, and the Future of Credit
Integration, Profitability, and Risk Management
by Ioannis Akkizidis
Part of the Wiley Finance series
The time for financial technology innovation is now
“Marketplace Lending, Financial Analysis, and the Future of Credit” clearly explains why financial credit institutions need to further innovate within the financial technology arena. Through this text, you access a framework for applying innovative strategies in credit services. Provided and supported by financial institutions and entrepreneurs, the information in this engaging book encompasses printed guidance and digital ancillaries.
Peer-to-peer lenders are steadily growing within the financial market. Integrating peer-to-peer lending into established credit institutions could strengthen the financial sector as a whole and could lead to the incorporation of stronger risk and profitability management strategies.
• Explain (or Explore) approaches and challenges in financial analysis applied to credit risk and profitability
• Explore additional information provided via digital ancillaries, which will further support your understanding and application of key concepts
• Navigate the information organised into three subject areas: describing a new business model, knowledge integration, and proposing a new model for the Hybrid Financial Sector
• Understand how the rise of fintech fits into context within the current financial system
• Follow discussion of the current status quo and role of innovation in the financial industry, and consider the financial technology innovation landscape from the perspective of an entrepreneur
“Marketplace Lending, Financial Analysis, and the Future of Credit” is a critical text that bridges the gap in understanding between financial technology entrepreneurs and credit institutions.
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Infrastructure as an Asset Class
Investment Strategy, Sustainability, Project Finance and PPP
by Barbara Weber
Part of the Wiley Finance series
Clear, comprehensive guidance toward the global infrastructure investment market
“Infrastructure as an Asset Class” is the leading infrastructure investment guide, with comprehensive coverage and in-depth expert insight. This new second edition has been fully updated to reflect the current state of the global infrastructure market, its sector and capital requirements, and provides a valuable overview of the knowledge base required to enter the market securely. Step-by-step guidance walks you through individual infrastructure assets, emphasizing project financing structures, risk analysis, instruments to help you understand the mechanics of this complex, but potentially rewarding, market. New chapters explore energy, renewable energy, transmission and sustainability, providing a close analysis of these increasingly lucrative areas.
The risk profile of an asset varies depending on stage, sector and country, but the individual structure is most important in determining the risk/return profile. This book provides clear, detailed explanations and invaluable insight from a leading practitioner to give you a solid understanding of the global infrastructure market.
• Get up to date on the current global infrastructure market
• Investigate individual infrastructure assets step-by-step
• Examine illustrative real-world case studies
• Understand the factors that determine risk/return profiles
Infrastructure continues to be an area of global investment growth, both in the developed world and in emerging markets. Conditions continually change, markets shift and new considerations arise, only the most current reference can supply the right information practitioners need to be successful. “Infrastructure as an Asset Class” provides clear reference based on the current global infrastructure markets, with in-depth analysis and expert guidance toward effective infrastructure investment.
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Debt Capital Markets in China
by Jian Gao
Part of the Wiley Finance series
An in-depth look at China's burgeoning capital markets
Author Jian Gao is the number one authority on fixed income markets in China, and with this book, he brings his considerable experience and knowledge about these markets to investors worldwide. For those interested in becoming active in China's growing fixed income markets, “Debt Capital Markets in China” is the book you need to get started. It includes coverage of the primary and secondary markets, government debt instruments, corporate bonds, the collateralized bond market, and asset-backed securitizations. “Debt Capital Markets in China” also examines the developing market trends, which affect investors and institutions looking to make the most of this incredible financial opportunity.
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Evolutions in Sustainable Investing
Strategies, Funds and Thought Leadership
by Nick Robins
Part of the Wiley Finance series
Sustainable Investing is fast becoming an essential method of generating long-term returns, moving beyond the negative approaches to socially responsible investing that have dominated the field. This book, our second on the subject, provides over 15 case studies of leading global investors and companies demonstrating how they successfully apply sustainability aspects to their core strategies. Learn from prominent thought leaders Dan Esty and Paul Hawken among others who have contributed key chapters. Our chapter on performance shows clearly how these strategies have been working once negative approaches are parsed out by those examining fund returns. This book also examines in great depth what data exists, and what's on the horizon, to best measure & capture sustainability successfully. Regional perspectives, including 3 chapters on Asia, and focuses on Canada, Australia, Africa & India are also included, as is a look across asset classes.
Sustainable Investing, when performed with a positive perspective, has been outperforming the mainstream, unlike negative approaches designed to match benchmark returns. From eco-efficiency to sustainability-driven innovation and beyond, investors of all shapes & sizes need to know how best to position themselves for the radical market shifts underway.
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Investing in Islamic Funds
A Practitioner's Perspective
by Noripah Kamso
Part of the Wiley Finance series
A guide to Islamic investment opportunities from the CEO of the world's leading Islamic finance bank.
Offering an insider's perspective on a rapidly growing sector of the financial industry, Investing in Islamic Funds details the basic principles of Islamic investing for Muslims and non-Muslims alike. It explains how Islamic equity and fixed-income products differ from traditional funds, and how they deliver excellent results while still conforming to Sharia principles. Using hard data from the last six years, the book also reveals how Islamic funds have offered predictable, reliable returns in volatile markets and turbulent financial times. For institutional investors as well as sophisticated individual investors, the book serves as an excellent introduction to the subject and surveys the full range of products available. Additionally, the book will arm financial services professionals with the knowledge they need to explain this new investment opportunity to clients.
• One of the few books available that offers comprehensive data on the performance of Islamic funds in addition to the underlying theory that governs them
• Written by the CEO of CIMB-Principal Islamic Asset Management, the world's leading Islamic finance bank
• Features charts, case studies, comparative analysis, and a tabular data format
• Debunks the misconceptions traditional investors may have about the profitability Islamic funds
For professional and institutional investors, as well as private investors looking for new opportunities, “Investing in Islamic Funds” offers a much-needed primer on this fast-growing market.
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Islamic Finance
The New Regulatory Challenge
by Rifaat Ahmed Abdel Karim
Part of the Wiley Finance series
From The "Risk-Wise" Investor, this chapter takes you through a step-by-step process to effectively manage risk. This risk planning strategy is dedicated to helping you become familiar and completely comfortable with an easy-to-use, very effective, and holistic risk management planning process. It's a system that you can put to work right away in preparing for and effectively managing the risks you'll face. Author and industry veteran Michael Carpenter believes the key to risk management is to recognize that business and financial phenomenon exists and to factor it into your investment thinking.
This chapter demystifies risk management, covering:
• Portfolio strategies for all market conditions
• Active and Passive risk management strategies
• Risk Assessment
• Decision Making Checklists
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Asset Liability Management Optimisation
A Practitioner's Guide to Balance Sheet Management and Remodelling
by Beata Lubinska
Part of the Wiley Finance series
An advanced method for financial institutions to optimize Asset Liability Management for maximized return and minimized risk
Financial institutions today are facing daunting regulatory and economic challenges. As they manage bank regulation and competition, institutions are also optimizing their Asset Liability Management (ALM) operations. The function of the ALM unit today goes beyond risk management related to the banking book into managing regulatory capital and positioning the balance sheet to maximize profit. Asset Liability Management Optimization: A Practitioner's Guide to Balance Sheet Management and Remodelling offers a step-by-step process for modeling and reshaping a bank's balance sheet. Based on the author's extensive research, it describes how to apply a quantifiable optimization method to help maximize asset return and minimize funding cost in the banking book.
ALM ranks as a key component of any financial institution's overall operating strategy. Now, financial professionals can use an advanced solution for optimizing ALM. This book takes a closer look at the evolving role of the ALM function and the target position of the banking book. It provides strategies for active management, structuring, and hedging of a bank balance sheet, while also exploring additional topics related to ALM.
• A description of the Funds Transfer Pricing (FTP) process related to a bank's target position
• Detailed examinations of interest rate risk in the banking book (IRRBB)
• Discussion of Basel III regulatory requirements and maturity gap analysis
• Overview of customer behavior, along with its impact on interest rate and liquidity risk
• Practical spreadsheet models (NII sensitivity and EVE volatility IRRBB model, simplified optimization model for minimization of average funding cost for a bank and an example of behavioral model for Non-Maturing Deposits)
• Explorations of model risk, sensitivity analysis, and case studies
The optimization techniques found in Asset Liability Management Optimization can prove vital to financial professionals who are tasked with maximizing asset return and reducing funding costs as a critical part of business objectives.
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Inside Private Equity
The Professional Investor's Handbook
by James M. Kocis
Part of the Wiley Finance series
Inside Private Equity explores the complexities of this asset class and introduces new methodologies that connect investment returns with wealth creation. By providing straightforward examples, it demystifies traditional measures like the IRR and challenges many of the common assumptions about this asset class. Readers take away a set of practical measures that empower them to better manage their portfolios.
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Modern Asset Allocation for Wealth Management
by David M. Berns
Part of the Wiley Finance series
An authoritative new work exploring the themes of communication and implementation of research within developmental psychology—a scientific field with extensive real world value in addressing problems faced by individuals, families and services
• Brings together the insights of a stellar group of contributors with personal experience translating developmental psychology research into practice
• Accessibly structured into sections exploring family processes and child rearing practices; educational aspects; and clinical applications
• Goes beyond traditional reviews of literature in the field to report on practical implementation of research findings, including the challenges faced by authors
• Serves as an invaluable resource for developmental psychologists, practitioners working in the field of child development, and policymakers working on issues affecting children and families
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Upstream Petroleum Fiscal and Valuation Modeling in Excel
A Worked Examples Approach
by Ken Kasriel
Part of the Wiley Finance series
In the upstream petroleum industry, it is the value of post—tax cashflows which matters most to companies, governments, investors, lenders, analysts, and advisors. Calculating these cashflows and understanding their "behavior," however, is challenging, as the industry's specialized fiscal systems can be complex, jargon—laden, and sometimes seem to be a "world of their own".
“Upstream Petroleum Fiscal and Valuation Modeling in Excel: A Worked Examples Approach” demystifies fiscal analysis which, unlike disciplines such as Earth sciences and engineering, can be learned from a book. Written in plain English for laymen and for experienced practitioners alike, it is a reader—friendly, clear, practical, step—by—step hands—on guide for both reference and self—paced study.
The book does not catalogue the 100+ different petroleum fiscal regimes in use at the time of writing. Rather, drawing on the authors' combined 48 years' experience, it takes a more timeless, generic treatment, by covering the most common variants of royalties, taxation, production sharing arrangements, bonuses and abandonment funding, through a dual approach: first, showing how to model them in Excel , and then providing interactive exercises to prompt (and answer) questions that analyze impacts on cashflows.
In addition to the main text, the book consists of over 120 Excel files (ranging from modular examples to full models) in Excel 2007 and 2003 formats, over 400 pages of supplementary PDF files, VBA features to enhance model functionality, and an introduction to risk modeling with exercises for the included trial version of Oracle's Crystal Ball software. It offers both a wealth of content and models equal to or surpassing what is available from fiscal modeling courses costing several times more, and greater insights into underlying calculations than commercially available "black box" fiscal software.
New US Securities and Exchange Commission (SEC) rules planned for 2013 will force petroleum companies to disclose more fiscal information on an individual country basis. This will make it more important than ever for analysts to understand how to model oil and gas terms and the potential impacts of the disclosed government payments on future oil and gas company profitability.
Due to the heavy use of graphics and cross references used in this particular text, some readers might find that the printed book offers a more optimal reading experience than certain e-formats particularly with the Kindle eMobi format.
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Financial Risk Manager Handbook
FRM Part I / Part II
by Philippe Jorion
Part of the Wiley Finance series
The essential quick reference to the wildflowers of one of America's most beloved national parks
The intriguing world of wildflower identification can greatly enhance your enjoyment of the park. Wildflowers of Shenandoah National Park is an easy-to-use field guide to help you identify more than 125 of the park's most common species-from the iconic large-flowered trillium, with its striking white flowers, to the eye-catching magenta blooms of purple flowering raspberry, which can't be missed on a summer day. Information-packed and beautifully photographed, this field guide features:
• More than 150 vibrant full-color photos
• Detailed yet user-friendly descriptions of plants organized by color and bloom time, with natural
history notes, ethnobotanical uses, and historical uses
• Ten suggested wildflower hikes
• A detailed park map
• A glossary of botanical terms
• A comprehensive wildflower index
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Modeling Structured Finance Cash Flows With Microsoft Excel
A Step-by-Step Guide
by Keith A. Allman
Part of the Wiley Finance series
A practical guide to building fully operational financial cash flow models for structured finance transactions
Structured finance and securitization deals are becoming more commonplace on Wall Street. Up until now, however, market participants have had to create their own models to analyze these deals, and new entrants have had to learn as they go. “Modeling Structured Finance Cash Flows with Microsoft Excel” provides readers with the information they need to build a cash flow model for structured finance and securitization deals. Financial professional Keith Allman explains individual functions and formulas, while also explaining the theory behind the spreadsheets. Each chapter begins with a discussion of theory, followed by a section called "Model Builder," in which Allman translates the theory into functions and formulas. In addition, the companion website features all of the modeling exercises, as well as a final version of the model that is created in the text.
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Corporate and Project Finance Modeling
Theory and Practice
by Edward Bodmer
Part of the Wiley Finance series
A clear and comprehensive guide to financial modeling and valuation with extensive case studies and practice exercises
Corporate and Project Finance Modeling takes a clear, coherent approach to a complex and technical topic. Written by a globally-recognized financial and economic consultant, this book provides a thorough explanation of financial modeling and analysis while describing the practical application of newly-developed techniques. Theoretical discussion, case studies and step-by-step guides allow readers to master many difficult modeling problems and also explain how to build highly structured models from the ground up. The companion website includes downloadable examples, templates, and hundreds of exercises that allow readers to immediately apply the complex ideas discussed.
Financial valuation is an in-depth process, involving both objective and subjective parameters. Precise modeling is critical, and thorough, accurate analysis is what bridges the gap from model to value. This book allows readers to gain a true mastery of the principles underlying financial modeling and valuation by helping them to:
• Develop flexible and accurate valuation analysis incorporating cash flow waterfalls, depreciation and retirements, updates for new historic periods, and dynamic presentation of scenario and sensitivity analysis,
• Build customized spreadsheet functions that solve circular logic arising in project and corporate valuation without cumbersome copy and paste macros,
• Derive accurate measures of normalized cash flow and implied valuation multiples that account for asset life, changing growth, taxes, varying returns and cost of capital,
• Incorporate stochastic analysis with alternative time series equations and Monte Carlo simulation without add-ins,
• Understand valuation effects of debt sizing, sculpting, project funding, re-financing, holding periods and credit enhancements. Corporate and Project Finance Modeling provides comprehensive guidance and extensive explanation, making it essential reading for anyone in the field.
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Buying, Selling, and Valuing Financial Practices
The FP Transitions M&A Guide
by David Grau Sr.
Part of the Wiley Finance series
The advanced tools accountants need to build automated, reliable, and scalable reports using Excel.
Learn about the functions that work together to automate many of the processes involved in Management Reporting. See how to take advantage of the many new features of Excel 2007 and 2010. Find out how to build validation structures into your spreadsheet reports. Discover how to identify missing or new codes, either in the creation process or in the day-to-day running of the reports. Do it all with Advanced Excel Reporting for Management Accountants.
• Explore the structures that simplify the report creation process and make the reports more maintainable
• Learn techniques to "cleanse" data so that it is ready for use in Pivot Tables and formula-based reports
• Find out the tips and tricks that can make the creation process quicker and easier
• Discover all you need to know about Excel's summing functions and how versatile they can be
Written in a hands-on style that works towards the completion of two reporting case studies, “Advanced Excel Reporting for Management Accountants” explains and demonstrates techniques so that Management Accountants can learn how to automate many aspects of the reporting process.
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Dim Sum Bonds
The Offshore Renminbi (RMB)-Denominated Bonds
by Hung-Gay Fung
Part of the Wiley Finance series
A comprehensive guide to understanding and assimilating into dim sum bond markets.
The expansive growth of the dim sum bond market in the last five years has peaked investor interest and inspired companies to seek out investing opportunities that negate China's capital controls. In a four-pronged approach, Dim Sum Bonds examines the development of the dim sum bond market and its role in China's RMB internationalization policy, characteristics of dim sum bonds and its market, investors' investment objectives and the investment performance of dim sum bonds, motivations of issuers, and underwriters' roles in the dim sum bond market. You will familiarize yourself with every aspect of the dim sum bond market from an issuer, an investor, and an underwriter's perspective. Academics, financial advisors, investment bankers, underwriters, investors, and policy makers should not be without this informative and detailed guide to the offshore market central to China's internationalization of RMB.
• Written by Hung-Gay Fung, Glenn Chi-Wo Ko, and Jot Yau, all of whom are experts on the dim sum bond market
• Explains the rapidly expanding dim sum bond market and puts readers ahead of the curve
• Landmark issues, Chinese banks (China Development Bank), Infrastructure, red-chip companies (Sinotruk), and multinational corporations doing business in China (McDonald's) are discussed in detail.
Covering landmark issues from a variety of Chinese and multinational corporations, Dim Sum Bonds provides must-read manual to understanding the vast opportunities of this up-and-coming market.
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Bond Evaluation, Selection, and Management
by R. Stafford Johnson
Part of the Wiley Finance series
A fully revised guide to fixed income securities that reflects current market conditions
The Second Edition of Bond Evaluation, Selection, and Management combines fundamental and advanced topics in the field, offering comprehensive coverage of bond and debt management.
This fully updated and revised edition provides you with the basics needed to understand various strategies, and explanations of cutting edge advanced topics. Focusing on essential concepts, models, and numerical examples, this book will help you quickly become familiar with the tools needed to effectively select, evaluate, and manage bonds.
• Covers both the fundamental and advanced topics in the field, including debt securities, bonds with embedded options, asset-backed securities, and bond derivatives
• Reinforces important concepts through review questions, web exercises, and practice problems in each chapter
• Reviews the history of the credit markets from the 1980s to the present with a retrospective look at the 2008 financial crisis
• Contains "Interview Boxes" consisting of questions and answers with distinguished fixed-income portfolio managers, traders, analysts, and academicians
Filled with in-depth insights and practical advice, this reliable resource offers a solid foundation in understanding the complexities of evaluating and selecting bonds and other fixed income securities.
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The Advanced Fixed Income and Derivatives Management Guide
by Saied Simozar
Part of the Wiley Finance series
A highly-detailed, practical analysis of fixed income management
“The Advanced Fixed Income and Derivatives Management Guide” provides a completely novel framework for analysis of fixed income securities and portfolio management, with over 700 useful equations. The most detailed analysis of inflation linked and corporate securities and bond options analysis available, this book features numerous practical examples that can be used for creating alpha transfer to any fixed income portfolio. With a framework that unifies back office operations, such as risk management and portfolio management in a consistent way, readers will be able to better manage all sectors of fixed income, including bonds, mortgages, credits, and currencies, and their respective derivatives, including bond and interest rate futures and options, callable bonds, credit default swaps, interest rate swaps, swaptions and inflation swaps.
Many theoretical models of the Term Structure of Interest Rates (TSIR) lack the accuracy to be used by market practitioners, and the most popular models are not mathematically stable. This book helps readers develop stable and accurate TSIR for all fundamental rates, enabling analysis of even the most complex securities or cash flow structure. The components of the TSIR are almost identical to the modes of fluctuations of interest rates and represent the language with which the markets speak.
• Examine unique arbitrage, risk measurement, performance attribution, and replication of bond futures
• Learn to estimate recovery value from market data, and the impact of recovery value on risks
• Gain deeper insight into partial yields, product design, and portfolio construction
• Discover the proof that corporate bonds cannot follow efficient market hypothesis
This useful guide provides a framework for systematic and consistent management of all global fixed income assets based on the term structure of rates. Practitioners seeking a more thorough management system will find solutions in “The Advanced Fixed Income and Derivatives Management Guide”.
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Understanding and Managing Model Risk
A Practical Guide for Quants, Traders and Validators
by Massimo Morini
Part of the Wiley Finance series
A guide to the validation and risk management of quantitative models used for pricing and hedging
Whereas the majority of quantitative finance books focus on mathematics and risk management books focus on regulatory aspects, this book addresses the elements missed by this literature, the risks of the models themselves. This book starts from regulatory issues but translates them into practical suggestions to reduce the likelihood of model losses, basing model risk and validation on market experience and on a wide range of real-world examples, with a high level of detail and precise operative indications.
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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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Pension Finance
Putting the Risks and Costs of Defined Benefit Plans Back Under Your Control
by M. Barton Waring
Part of the Wiley Finance series
Pension plans around the world are in a state of crisis. U.S. plans alone are facing a total accrued liability funding deficit of almost $4 trillion (of the same order of magnitude as the federal debt), a potential financial catastrophe that ranks among the largest ever seen. It has become clear that many government, corporate, and multi-employer pension sponsors will not be able to cope with this crippling debt and may default on promised benefits. And many of those sponsors that might be able to cope are exasperated by continuous, ongoing negative surprises-large unexpected deficits and higher-than-expected required contributions and pension expense-and are choosing to terminate their plans.
But it need not be so. Pension Finance: Putting the Risks and Costs of Defined Benefit Plans Back under Your Control walks the reader through the conventional actuarial and accounting approaches to financing pension benefits and investing plan assets, showing that the problems described happen as a natural consequence of the dated methods still in use. It shows in detail how modern methods based on market value will easily minimize these risks: Pension plans can in fact be comfortable for employers to sponsor and safe for employees to contribute to depend on for their retirement needs.
This book is must-read for defined benefit pension plan sponsors and employee representatives, plan executives, board members, accountants, fund managers, consultants, and regulators., Research sponsored by the CFA Institute, this book demystifies pension finance, previously accessible only to actuaries. It teaches the topic in lay terms by drawing complete analogies to ordinary transactions such as paying off a mortgage or saving for college. Armed with this book, anyone comfortable with finance and investments in any other context can be comfortable with pension finance and pension investment policy. And further armed with a handheld financial calculator, any layperson can quickly estimate the contributions needed to keep a given plan comfortably solvent, giving them a powerful tool for oversight.
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Goals-Based Wealth Management
An Integrated and Practical Approach to Changing the Structure of Wealth Advisory Practices
by Jean L. P. Brunel
Part of the Wiley Finance series
Take a more active role in strategic asset allocation
Goals-Based Wealth Management is a manual for protecting and growing client wealth in a way that changes both the services and profitability of the firm. Written by a 35-year veteran of international wealth education and analysis, this informative guide explains a new approach to wealth management that allows individuals to take on a more active role in the allocation of their assets. Coverage includes a detailed examination of the goals-based approach, including what works and what needs to be revisited, and a clear, understandable model that allows advisors to help individuals to navigate complex processes. The companion website offers ancillary readings, practice management checklists, and assessments that help readers secure a deep understanding of the key ideas that make goals-based wealth management work.
The goals-based wealth management approach was pioneered in 2002, but has seen a slow evolution and only modest refinements largely due to a lack of wide-scale adoption. This book takes the first steps toward finalizing the approach, by delineating the effective and ineffective aspects of traditional approaches, and proposing changes that could bring better value to practitioners and their clients.
• Understand the challenges faced by the affluent and wealthy
• Examine strategic asset allocation and investment policy formulation
• Learn a model for dealing with the asset allocation process
• Learn why the structure of the typical advisory firm needs to change
High-net-worth individuals face very specific challenges. Goals-Based Wealth Management focuses on how those challenges can be overcome while adhering to their goals, incorporating constraints, and working within the individual's frame of reference to drive strategic allocation of their financial assets.
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Foreign Exchange Option Pricing
A Practitioner's Guide
by Iain J. Clark
Part of the Wiley Finance series
The writing "bible" for financial professionals
“The Investment Writing Handbook” provides practical, accessible guidance for crafting more effective investor communications. Written by an award-winning writer, editor, and speechwriter, this book explains the principles and conventions that help writing achieve its purpose; whether you need to inform, educate, persuade, or motivate, you'll become better-equipped to develop a broad range of communications and literature for investor consumption. Examples from real-world financial institutions illustrate expert execution, while explanations and advice targeted specifically toward investor relations give you the help you need quickly. From white papers and investment commentary to RFPs, product literature, and beyond, this book is the financial writer's "bible" that you should keep within arm's reach.
Investment writing is one of the primary influences on investors' attitudes. It educates, informs decisions, shapes opinions, and drives behavior-so shouldn't it be expertly-crafted to achieve its intended goal? This book explains the "tricks of the trade" to help you get your message across.
• Understand the principles of effective investor communication
• Master the conventions of informative and persuasive writing
• Examine well-written sample documents from real-world institutions
• Improve research papers, presentations, investor letters, marketing literature, and more
Virtually all firms with investors as clients need to communicate to them regularly, but few financial professionals receive formal training in investor communications. When investors' opinions, attitudes, and actions determine the health of your company, it is vitally important that these communications not be left to chance. “The Investment Writing Handbook” provides essential guidance and clear explanations to help you transform your communication strategy, execution, and results.
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Securitisation Swaps
A Practitioner's Handbook
by Mark Aarons
Part of the Wiley Finance series
Derivatives are everywhere in the modern world and it is important for everyone in banking, investment and finance to have a good understanding of the subject. “Derivatives Demystified” provides a step-by-step guide to the subject, enabling the reader to have a solid, working understanding of key derivative products.
Adopting a highly accessible approach, the author explains derivative products in straightforward terms and without the complex mathematics that underlie the subject, focusing on practical applications, case studies and examples of how the products are used to solve real-world problems. “Derivatives Demystified” follows a sequence that is designed to show that, although there are many applications of derivatives, there are only a small number of basic building blocks, namely forwards and futures, swaps and options. The book shows how each building block is applied to different markets and to the solution of various risk management and trading problems.
This new edition will be fully revised to reflect the many changes the derivatives markets have seen over the last three years. New material will include a comprehensive history of derivatives, leading up to their use and abuse in the current credit crisis. It will also feature new chapters on regulation and control of derivatives, commodity derivatives, credit derivatives and structured products and new derivative markets including inflation linked and insurance linked products.
“Derivatives Demystified” is essential reading for everyone who operates in the financial markets or within the corporate environment who requires a good understanding of these important financial instruments.
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Asymmetric Dependence in Finance
Diversification, Correlation and Portfolio Management in Market Downturns
by Various Authors
Part of the Wiley Finance series
Avoid downturn vulnerability by managing correlation dependency
Asymmetric Dependence in Finance examines the risks and benefits of asset correlation and provides effective strategies for more profitable portfolio management. Beginning with a thorough explanation of the extent and nature of asymmetric dependence in the financial markets, this book delves into the practical measures fund managers and investors can implement to boost fund performance. From managing asymmetric dependence using Copulas, to mitigating asymmetric dependence risk in real estate, credit and CTA markets, the discussion presents a coherent survey of the state-of-the-art tools available for measuring and managing this difficult but critical issue.
Many funds suffered significant losses during recent downturns, despite having a seemingly well-diversified portfolio. Empirical evidence shows that the relation between assets is much richer than previously thought, and correlation between returns is dependent on the state of the market, this book explains this asymmetric dependence and provides authoritative guidance on mitigating the risks.
• Examine an options-based approach to limiting your portfolio's downside risk
• Manage asymmetric dependence in larger portfolios and alternate asset classes
• Get up to speed on alternative portfolio performance management methods
• Improve fund performance by applying appropriate models and quantitative techniques
Correlations between assets increase markedly during market downturns, leading to diversification failure at the very moment it is needed most. The 2008 Global Financial Crisis and the 2006 hedge-fund crisis provide vivid examples, and many investors still bear the scars of heavy losses from their well-managed, well-diversified portfolios. Asymmetric Dependence in Finance shows you what went wrong, and how it can be corrected and managed before the next big threat using the latest methods and models from leading research in quantitative finance.
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Islamic Capital Markets and Products
Managing Capital and Liquidity Requirements Under Basel III
by Simon Archer
Part of the Wiley Finance series
Ensure Basel III compliance with expert analysis specific to Islamic Finance
Islamic Capital Markets and Products provides a thorough examination of Islamic capital markets (ICM), with particular attention to the products that they offer and the legal and regulatory infrastructure within which they operate. Since Islamic banks act as asset managers, attention is paid to the regulatory challenges which they face in the light of Basel III, as regards both eligible capital and liquidity risk management. The authors of the chapters are professionals and practitioners, and write from experience. The editors also contributed to some of the chapters.
The markets and products covered include Islamic equities, Islamic investment certificates (Sukūk) which are Shari'ah compliant alternatives to conventional bonds, and Islamic Collective Investment Schemes. The coverage of legal and regulatory issues includes an examination of the implications for ICM of securities laws and regulations and of Basel III, as well as collateralisation issues. Shari'ah compliance aspects, in terms both of the selection criteria for Islamic equities and of the 'purification' of impermissible components of income, are also examined in some detail, as are the implications of Basel III for eligible capital in general and for Shari'ah compliant capital instruments in particular. A similar analysis is also made of the implications of the Basel III requirements for liquidity risk management and high quality liquid assets (HQLA), including Shari'ah compliant HQLA.
The book concludes with three case studies, two describing the ICM in Malaysia and Bahrain and a third which describes Sukūk issued as Shari'ah compliant capital instruments, followed by brief concluding remarks by the editors.
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Machine Learning and Big Data with kdb+/q
by Jan Novotny
Part of the Wiley Finance series
Updated and expanded insights into Islamic banking and finance.
From Yahia Abdul-Rahman-the father of Riba-Free (RF) banking-comes the expanded edition of the definitive resource that offers an understanding for applying Islamic banking and financial practices. No matter what your faith or religious beliefs, the book shows how to take a modern American approach to incorporating Islamic financial principles into banking and investment techniques.
“The Art of RF (Riba-Free) Islamic Banking and Finance” describes the emergence of a culture of Islamic banking and finance today, which is based on the real Judeo-Christian-Islamic spirit and has proven very effective when compared to 20th century models that use financial engineering and structural techniques to circumvent the Shari'aa Law. The author also reveals information about how fiat money is created, the role of the Federal Reserve, and the US banking system. Abdul-Rahman includes a wealth of real-life examples and offers an analysis of how this new brand of banking and financing yields superior results.
• Offers the fundamentals on Riba-Free (RF) banking
• Shows how to apply RF to everything from joint ventures and portfolio management to home mortgages and personal finance
• Reveals what it takes to incorporate Shariah Law into US financial systems
• Includes information on why RF banking is a socially responsible way to invest
Thoroughly revised and updated, this resource offers a handbook for applying Shari'aa law to American banking and finance.
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Perturbation Methods in Credit Derivatives
Strategies for Efficient Risk Management
by Colin Turfus
Part of the Wiley Finance series
Stress-test financial models and price credit instruments with confidence and efficiency using the perturbation approach taught in this expert volume
“Perturbation Methods in Credit Derivatives: Strategies for Efficient Risk Management” offers an incisive examination of a new approach to pricing credit-contingent financial instruments. Author and experienced financial engineer Dr. Colin Turfus has created an approach that allows model validators to perform rapid benchmarking of risk and pricing models while making the most efficient use possible of computing resources.
The book provides innumerable benefits to a wide range of quantitative financial experts attempting to comply with increasingly burdensome regulatory stress-testing requirements, including:
• Replacing time-consuming Monte Carlo simulations with faster, simpler pricing algorithms for front-office quants
• Allowing CVA quants to quantify the impact of counterparty risk, including wrong-way correlation risk, more efficiently
• Developing more efficient algorithms for generating stress scenarios for market risk quants
• Obtaining more intuitive analytic pricing formulae which offer a clearer intuition of the important relationships among market parameters, modelling assumptions and trade/portfolio characteristics for traders
The methods comprehensively taught in “Perturbation Methods in Credit Derivatives” also apply to CVA/DVA calculations and contingent credit default swap pricing.