Wiley Finance
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Trading on Sentiment
The Power of Minds Over Markets
by Richard L. Peterson
Part of the Wiley Finance series
In his debut book on trading psychology, Inside the Investor's Brain, Richard Peterson demonstrated how managing emotions helps top investors outperform. Now, in “Trading on Sentiment”, he takes you inside the science of crowd psychology and demonstrates that not only do price patterns exist, but the most predictable ones are rooted in our shared human nature.
Peterson's team developed text analysis engines to mine data - topics, beliefs, and emotions - from social media. Based on that data, they put together a market-neutral social media-based hedge fund that beat the S&P 500 by more than twenty-four percent, through the 2008 financial crisis. In this groundbreaking guide, he shows you how they did it and why it worked. Applying algorithms to social media data opened up an unprecedented world of insight into the elusive patterns of investor sentiment driving repeating market moves. Inside, you gain a privileged look at the media content that moves investors, along with time-tested techniques to make the smart moves, even when it doesn't feel right. This book digs underneath technicals and fundamentals to explain the primary mover of market prices, the global information flow and how investors react to it. It provides the expert guidance you need to develop a competitive edge, manage risk, and overcome our sometimes-flawed human nature. Learn how traders are using sentiment analysis and statistical tools to extract value from media data in order to:
• Foresee important price moves using an understanding of how investors process news.
• Make more profitable investment decisions by identifying when prices are trending, when trends are turning, and when sharp market moves are likely to reverse.
• Use media sentiment to improve value and momentum investing returns.
• Avoid the pitfalls of unique price patterns found in commodities, currencies, and during speculative bubbles
“Trading on Sentiment” deepens your understanding of markets and supplies you with the tools and techniques to beat global markets, whether they're going up, down, or sideways.
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Understanding Systemic Risk in Global Financial Markets
by Aron Gottesman
Part of the Wiley Finance series
All too often, financial statements conceal more than they reveal. Even after the recent economic crisis, those analyzing financial statements face serious new concerns and challenges. The Fourth Edition of “Financial Statement Analysis” skillfully puts this discipline in perspective, and now, with this companion Workbook, you can hone your skills and test the knowledge you've gained from the actual text, before putting them to work in real-world situations.
Question-and-answer sections within this Workbook correspond to each chapter of “Financial Statement Analysis”, Fourth Edition. Part One (Questions) provides chapter-by-chapter fill-in-the-blank questions, as well as financial statement and computational exercises. They are designed to be thought-provoking and require analysis and synthesis of the concepts covered in the book. The answers to all questions, which can be found in Part Two, are provided in boldfaced italic type in order to facilitate the checking of answers and comprehension of material.
By enhancing your understanding of financial statement analysis, you can begin to undertake genuine, goal-oriented analysis and prepare for the practical challenges of contemporary business. This reliable resource will help you achieve such a difficult goal and allow you to make more informed decisions-whether you're evaluating a company's stock price or determining valuations for a merger or acquisition.
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Contemporary Finance
Money, Risk, And Public Policy
by Allan M. Malz
Part of the Wiley Finance series
A clear new finance textbook that explains essential models and practices, and how the financial world works now
Contemporary Financial Markets and Institutions: Tools and Techniques to Manage Risk and Uncertainty is an ideal introduction to finance for professionals and students. It covers the basic finance theory required to understand the contemporary financial world and builds on it to present finance in a detailed yet comprehensible way. It explains markets and institutions, and the central bank and government policies that influence how they operate.
The book begins with an overview of basic finance theory, including investments, asset return behavior, derivatives pricing, and credit risk. It discusses topics that have dominated markets in recent decades, such as extreme events, liquidity, currency and debt crises, and radical changes in monetary policy and regulation. The concepts are presented alongside examples, strange market episodes, and data from recent experience. Contemporary Financial Markets and Institutions covers advanced credit topics like securitization in a straightforward, succinct way, without advanced mathematics, but with detailed examples using real market data. It integrates financial and macroeconomic content seamlessly. The book is suitable for use by undergraduate and graduate students, and by practitioners of all backgrounds. Abundant pedagogical resources in the book and online facilitate teaching.
This book will help students and practioners:
• Learn the basic concepts and models in finance, including investment, asset pricing, uncertainty and risk, monetary policy and the regulatory system
• Explore recent developments, from the expansion of central banks to the chaos in commercial banking to changes in financial technology, that are dominating markets worldwide
• Gain knowledge of risk types, models, and measurement methods, and the impact of regulation
• Prepare yourself for a successful career in finance, or update your existing knowledge base with this comprehensive reference guide
Ideal as a sole or supplementary textbook for beginning and advanced finance courses, as well as for practitioners in finance-related fields, this book takes a unique, market-focused approach that will serve readers well in our turbulent and puzzling times.
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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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The xVA Challenge
Counterparty Risk, Funding, Collateral, Capital and Initial Margin
by Jon Gregory
Part of the Wiley Finance series
The period since the global financial crisis has seen a major re-appraisal of derivatives valuation, generally expressed in the form of valuation adjustments ('xVAs'). The quantification of xVA is now seen as fundamental to derivatives pricing and valuation. The xVA topic has been complicated and further broadened by accounting standards and regulation. All users of derivatives need to have a good understanding of the implications of xVA. The pricing and valuation of the different xVA terms has become a much studied topic and many aspects are in constant debate both in industry and academia.
• Discussing counterparty credit risk in detail, including the many risk mitigants, and how this leads to the different xVA terms
• Explains why banks have undertaken a dramatic reappraisal of the assumptions they make when pricing, valuing and managing derivatives
• Covers what the industry generally means by xVA and how it is used by banks, financial institutions and end-users of derivatives
• Explains all of the underlying regulatory capital (e.g., SA-CCR, SA-CVA) and liquidity requirements (NSFR and LCR) and their impact on xVA
• Underscores why banks have realised the significant impact that funding costs, collateral effects and capital charges have on valuation
• Explains how the evolution of accounting standards to cover CVA, DVA, FVA and potentially other valuation adjustments
• Explains all of the valuation adjustments — CVA, DVA, FVA, ColVA, MVA and KVA — in detail and how they fit together
• Covers quantification of xVA terms by discussing modelling and implementation aspects.
Taking into account the nature of the underlying market dynamics and new regulatory environment, this book brings readers up to speed on the latest developments on the topic.
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Modern Portfolio Management
Active Long/Short 130/30 Equity Strategies
by Martin L. Leibowitz
Part of the Wiley Finance series
Active 130/30 Extensions is the newest wave of disciplined investment strategies that involves asymmetric decision-making on long/short portfolio decisions, concentrated investment risk-taking in contrast to diversification, systematic portfolio risk management, and flexibility in portfolio design. This strategy is the building block for a number of 130/30 and 120/20 investment strategies offered to institutional and sophisticated high net worth individual investors who want to manage their portfolios actively and aggressively to outperform the market.
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Frontiers of Modern Asset Allocation
by Various Authors
Part of the Wiley Finance series
Incorporate the Benefits of Activity-Based Costing into the Efficiencies of Your SAP R/3 System.
Given SAP's dominance in the enterprise resource planning (ERP) market, many companies and their managers encounter SAP AG applications in some form or another. Many of these organizations have recognized the value of utilizing Activity-Based Costing/Management concepts to perform more accurate cost assignments or drive performance initiatives. Managers are then faced with trying to determine how Activity-Based Costing can be incorporated into the SAP environment. The 123s of ABC in SAP is the first book of its kind designed to help business managers understand the capabilities of the SAP R/3 business application to support Activity-Based Costing, Management, and Budgeting.
Divided into three parts-the conceptual foundation, the capabilities of SAP ABC, and integration with other tools-the book provides readers with the following:
* An explanation of how Activity-Based Costing can be used with SAP
* Helpful hints for implementing ABC into SAP
* Insights into the most common difficulties and potential solutions when implementing ABC into SAP
* Summary tables that highlight key decisions to be made, implementation hints, and organizational challenges
* Detailed descriptions of SAP software applications to support the Activity-Based Costing approach as well as the integration of SAP R/3 with Oros software
* Examples of the tandem usage of Resource Consumption Accounting with Activity-Based Costing
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Hedge Fund Modelling and Analysis
An Object Oriented Approach Using C++
by Paul Darbyshire
Part of the Wiley Finance series
Use powerful C++ algorithms and Object-Oriented Programming (OOP) to aid in hedge fund decision making
Low interest rates, overcrowded markets and greater regulatory oversight are just some of the many reasons it is close to impossible for hedge funds to draw competitive returns. The solution for many hedge fund managers, quantitative investment analysts and risk managers is to adopt new technologies, platforms and programming languages to better manage their risks and maximise the benefits of their return profiles.
“Hedge Fund Modelling and Analysis” is a full course in the latest analytic strategies for hedge fund investing, complete with a one-of-a-kind primer on both C++ and object-oriented programming (OOP). Covering both basic and risk-adjusted performance measures, this practitioner's guide enables you to manage risk easily and make the most of key statistics with simple and advanced analysis techniques. This highly anticipated third book in the widely used Hedge Fund Modelling and Analysis series is the only guide available for applying the powerful C++ language to revolutionise hedge fund trading. Even if you've never worked with code before, the focused overview of C++ gives you everything you need to navigate the technical aspects of object-oriented programming, which enables you to build sophisticated analysis programs from small units of reusable code. This book is your breakthrough introduction to winning with hedge funds in the new reality of trading.
Jumpstart your new approach to beating the markets with:
• All the guidance and hands-on support you need to use quantitative strategies to optimise hedge fund decision-making.
• Illustrative modelling exercises and worked-out problems demonstrating what to expect when assessing risk and return factors in the real world.
• A companion website offering additional C++ programs, algorithms and data to download.
Make reading “Hedge Fund Modelling and Analysis” your new routine and gain all the insight and relevant information you need to beat the markets.
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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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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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Strategic Fixed Income Investing
An Insider's Perspective on Bond Markets, Analysis, and Portfolio Management
by Sean P. Simko
Part of the Wiley Finance series
Bringing a timely synthesis to the field, “The Handbook of Law and Society” presents a comprehensive overview of key research findings, theoretical developments, and methodological controversies in the field of law and society.
• Provides illuminating insights into societal issues that pose ongoing real-world legal problems
• Offers accessible, succinct overviews with in-depth coverage of each topic, including its evolution, current state, and directions for future research
• Addresses a wide range of emergent topics in law and society and revisits perennial questions about law in a global world including the widening gap between codified laws and "law in action", problems in the implementation of legal decisions, law's constitutive role in shaping society, the importance of law in everyday life, ways legal institutions both embrace and resist change, the impact of new media and technologies on law, intersections of law and identity, law's relationship to social consensus and conflict, and many more
• Features contributions from 38 international expert scholars working in diverse fields at the intersections of legal studies and social sciences
• Unique in its contributions to this rapidly expanding and important new multi-disciplinary field of study
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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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Security Analysis and Business Valuation on Wall Street
A Comprehensive Guide to Today's Valuation Methods
by Jeffrey C. Hooke
Part of the Wiley Finance series
An insider's look at security analysis and business valuation, as practiced by Wall Street, Corporate America, and international businesses.
Two major market crashes, numerous financial and accounting scandals, growth in private equity and hedge funds, Sarbanes Oxley and related regulations, and international developments changed security analysis and business valuation substantially over the last fourteen years. These events necessitated a second edition of this modern classic, praised earlier by Barron's as a "welcome successor to Graham and Dodd" and used in the global CFA exam.
This authoritative book shows the rational, rigorous analysis is still the most successful way to evaluate securities. It picks up where Graham and Dodd's bestselling “Security Analysis” for decades considered the definitive word on the subject, leaves off. Providing a practical viewpoint, “Security Analysis on Wall Street” shows how the values of common stock are really determined in today's marketplace. Incorporating dozens of real-world examples and spotlighting many special analysis cases, including cash flow stocks, unusual industries and distressed securities, this comprehensive resources delivers all the answers to your questions about security analysis and corporate valuation on Wall Street.
The Second Edition of “Security Analysis on Wall Street” examines how mutual funds, private equity funds, hedge funds, institutional money managers, investment banks, business appraisers, and corporate acquirers perform their craft of security analysis and business valuation in today's highly charged environment. Completely updated to reflect the latest methodologies, this reliable resource represents the most comprehensive book written by someone who has actually worked as an investment banker, private equity executive, and international institutional investor.
• Shows the methodical process that practitioners use to value common stocks and operating companies and to make buy/sell decisions
• Discusses the impact of the two stock market crashes, the accounting and financial scandals, and the new regulations on the evaluation process
• Covers how Internet and computing power automate portions of the research and analytical effort
• Includes new case study examples representative of valuation issues faced daily by mutual funds, private equity funds, hedge funds, institutional investors, investment banks, business appraisers, and corporate acquirers
• Is a perfect tool for professors wishing to show their MBA students the essential tools of equity and business valuation
Security analysis and business valuation are core financial disciplines for Wall Streeters, corporate acquirers, and international investors. This is an important book for anyone who needs a solid grounding in these critical finance topics.
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Islamic Commercial Law
by Muhammad Yusuf Saleem
Part of the Wiley Finance series
A concise study of the practices in Islamic commercial law
Filling a gap in the current literature, Islamic Commercial Law is the only book available that combines the theory and practice of Islamic commercial law in an English-language text. From the experts at the International Islamic University Malaysia, the book examines the source materials in the Qur'an and Hadith and highlights the views and positions of leading schools of Islamic law, without burying the reader in juristic minutia. It combines theory with practice to address the needs of students while providing a pragmatic treatment of Islamic contracts. It provides diagrams for individual contracts to reveal the type and nature of the contractual relationships between parties and discusses all types of fundamental transactions, including sales, loans, debt transfers, partnerships, and more.
• Written by experts from the International Islamic University Malaysia, the leading organisation in research in Islamic finance
• Closes a vital gap in the English-language literature on Islamic commercial law
• Features end-of-chapter questions to enable self-testing and provoke critical thinking
An ideal guide for current students, researchers, and practitioners, Islamic Commercial Law offers a concise yet comprehensive coverage of the subject.
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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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Collateral Management
A Guide to Mitigating Counterparty Risk
by Michael Simmons
Part of the Wiley Finance series
Insight into collateral management and its increasing relevance in modern banking
In the wake of recent financial crises, firms of all sizes have adjusted their policies to incorporate more frequent instances of collateral management. “Collateral Management: A Guide to Mitigating Counterparty Risk” explains the connection between the need for collateral management in order to alleviate counterparty risk and the actions that firms must take to achieve it. Targeted at middle and back-office managers seeking a hands-on explanation of the specifics of collateral management, this book offers a thorough treatment of the subject and attends to details such as internal record management, daily procedures used in making and receiving collateral calls, and settlement-related issues that affect the movements of cash and securities collateral. An expert in financial topics ranging from trade lifecycle to operational risk, author Michael Simmons offers readers insight into a field that, so far, is struggling to produce enough expertise to meet its high demand.
• Presents hands-on advice and examples from a bestselling, internationally renowned author who introduces his third book on operations and operations-related activities
• Explains the relationship between collateral management and preventing institutional defaults, such as the recent Lehman Brothers downfall
Since 2008, firms have recognized and embraced the importance of collateral management, but this book will provide practitioners with a deeper understanding and appreciation of its relevance.
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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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Structured Finance and Insurance
The ART of Managing Capital and Risk
by Christopher L. Culp
Part of the Wiley Finance series
TABLE OF CONTENTS
Foreword: Wherefore ART Thou? The Importance of Principle-Based Structured Finance
Preface.
PART ONE: Integrated Risk and Capital Management.
Chapter 1: Real and Financial Capital.
Chapter 2: Risk and Risk Management.
Chapter 3: Leverage.
Chapter 4: Adverse Selection and Corporate Financing Decisions.
Chapter 5: Capital Budgeting, Project Selection, and Performance Evaluation.
Chapter 6: Risk Transfer.
Chapter 7: Risk Finance.
PART TWO: Traditional Risk Transfer.
Chapter 8: Insurance.
Chapter 9: Reinsurance.
Chapter 10: Credit Insurance and Financial Guaranties.
Chapter 11: Derivatives.
Chapter 12: Credit Derivatives and Credit-Linked Notes.
PART THREE: Structured Finance.
Chapter 13: The Structuring Process.
Chapter 14: Hybrids, Convertibles, and Structured Notes.
Chapter 15: Contingent Capital.
Chapter 16: Securitization
Chapter 17: Cash Collateralized Debt Obligations.
Chapter 18: Synthetic Collateralized Debt Obligations.
Chapter 19: Structured Synthetic Hybrids.
Chapter 20: Securitizing Private Equity and Hedge Funds.
Chapter 21: Project and Principal Finance.
PART FOUR: Structured Insurance and Alternative Risk Transfer.
Chapter 22: Risk Securitizations and Insurance-Linked Notes.
Chapter 23: Captives, Protected Cells, and Mutuals.
Chapter 24: Finite Risk.
Chapter 25: Multiline and Multitrigger Insurance Structures.
Chapter 26: Contingent Cover.
PART FIVE: Case and Issue Studies.
Chapter 27: The Emerging Role of Patent Law in Risk Finance
Chapter 28: Critical Distinctions between Weather Derivatives and Insurance
Chapter 29: Is Insurance a Substitute for Capital under the Revised Basel Accord?
Chapter 30: Is My SPE a VIE under FIN46R, and, If So, So What?
Chapter 31: Credit Derivatives, Insurance, and CDOs: The Aftermath of Enron
Chapter 32: Project Finance Collateralized Debt Obligations: What? Why? Now?
Chapter 33: 2004 Review of Trends in Insurance Securitization: Exploring Outside the Cat Box
: The Case of United Grain Growers
Chapter 35: Representations and Warranties Insurance and Other Insurance Products Designed to Facilitate Corporate Transactions
APPENDIXES.
Appendix A: Capital Structure Irrelevance.
Appendix B: Risk-Based Capital Regulations on Financial Institutions.
Appendix C: Risk Capital.
Commonly Used Abbreviations.
Notes.
References.
Index.
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Pricing and Hedging Financial Derivatives
A Guide for Practitioners
by Leonardo Marroni
Part of the Wiley Finance series
The only guide focusing entirely on practical approaches to pricing and hedging derivatives
One valuable lesson of the financial crisis was that derivatives and risk practitioners don't really understand the products they're dealing with. Written by a practitioner for practitioners, this book delivers the kind of knowledge and skills traders and finance professionals need to fully understand derivatives and price and hedge them effectively. Most derivatives books are written by academics and are long on theory and short on the day-to-day realities of derivatives trading. Of the few practical guides available, very few of those cover pricing and hedging, two critical topics for traders. What matters to practitioners is what happens on the trading floor-information only seasoned practitioners such as authors Marroni and Perdomo can impart.
• Lays out proven derivatives pricing and hedging strategies and techniques for equities, FX, fixed income and commodities, as well as multi-assets and cross-assets
• Provides expert guidance on the development of structured products, supplemented with a range of practical examples
• Packed with real-life examples covering everything from option payout with delta hedging, to Monte Carlo procedures to common structured products payoffs
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Understanding Bitcoin
Cryptography, Engineering and Economics
by Pedro Franco
Part of the Wiley Finance series
Discover Bitcoin, the cryptocurrency that has the finance world buzzing
Bitcoin is arguably one of the biggest developments in finance since the advent of fiat currency. With “Understanding Bitcoin”, expert author Pedro Franco provides finance professionals with a complete technical guide and resource to the cryptography, engineering and economic development of Bitcoin and other cryptocurrencies. This comprehensive, yet accessible work fully explores the supporting economic realities and technological advances of Bitcoin, and presents positive and negative arguments from various economic schools regarding its continued viability.
This authoritative text provides a step-by-step description of how Bitcoin works, starting with public key cryptography and moving on to explain transaction processing, the blockchain and mining technologies. This vital resource reviews Bitcoin from the broader perspective of digital currencies and explores historical attempts at cryptographic currencies. Bitcoin is, after all, not just a digital currency, it's a modern approach to the secure transfer of value using cryptography. This book is a detailed guide to what it is, how it works, and how it just may jumpstart a change in the way digital value changes hands.
• Understand how Bitcoin works, and the technology behind it
• Delve into the economics of Bitcoin, and its impact on the financial industry
• Discover alt-coins and other available cryptocurrencies
• Explore the ideas behind Bitcoin 2.0 technologies
• Learn transaction protocols, micropayment channels, atomic cross-chain trading, and more
Bitcoin challenges the basic assumption under which the current financial system rests: that currencies are issued by central governments, and their supply is managed by central banks. To fully understand this revolutionary technology, Understanding Bitcoin is a uniquely complete, reader-friendly guide.
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Merger Arbitrage
How to Profit from Global Event-Driven Arbitrage
by Thomas Kirchner
Part of the Wiley Finance series
Mitigate risk and increase returns with an alternative hedge fund strategy
“Merger Arbitrage: How to Profit from Event-Driven Arbitrage”, Second Edition is the definitive guide to the ins and outs of the burgeoning merger arbitrage hedge fund strategy, with real-world examples that illustrate how mergers work and how to take advantage of them. Author Thomas Kirchner, founder of the Pennsylvania Avenue Event-Driven Fund, discusses the factors that drove him to invest solely in merger arbitrage and other event-driven strategies, and details the methods used to incorporate merger arbitrage into traditional investment strategies.
And while there is always a risk that a deal will fall through, the book explains how minimal such risks really are when the potential upside is factored in. Early chapters of the book focus on the basics of the merger arbitrage strategy, including an examination of mergers and the incorporation of risk into the arbitrage decision. Following chapters detail deal structures, financing, and legal aspects to provide the type of in-depth knowledge required to execute an effective investment strategy. The updated second edition stresses new, increasingly relevant information like:
• Worldwide legal deal regimes
• UK takeover code
• UK takeover code global offspring
• Regulators around the world
The book provides clear, concise guidance on critical considerations including leverage and options, shorting stocks, and legal recourse for inadequate merger consideration, allowing readers to feel confident about trying a new investment strategy. With simple benefits including diversification of risk and return streams, this alternative hedge fund strategy has a place in even the most traditional plan. “Merger Arbitrage: How to Profit from Event-Driven Arbitrage”, Second Edition provides the information that gives investors an edge in the merger arbitrage arena.
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The Hedge Fund Fraud Casebook
by Bruce Johnson
Part of the Wiley Finance series
An in-depth, well-researched look at 100 hedge fund frauds
Compared to mutual funds, hedge funds are the James Bonds of the marketplace. They have been relatively unfettered by government regulation, and they play bigger games, take bigger risks, use unorthodox methods, and have the power to capture the public imagination in a way that their lesser counterparts have difficulty approaching. At once fascinating and startling, “The Hedge Fund Fraud Casebook” provides readers with a broad knowledge of hedge fund regulation through a look at the first 100 cases of proven fraud at hedge funds.
Compiling concrete data on cases of hedge fund fraud, “The Hedge Fund Fraud Casebook” provides you with a factual foundation for assessing this difficult area of risk.
• First comprehensive survey of hedge fund fraud including 100 chronological fraud cases
• Includes descriptions of each case, diagram of the player interaction, and tables detailing monies recovered, fines paid, prison terms, and professional sanctions
• Useful for both individual and professional investors, particularly given the last eighteen months of fraud and mismanagement among leading financial professionals and companies
“The Hedge Fund Fraud Casebook” provides a hedge fund professional's look at fraud and can help you prevent or avoid similar frauds in the future. It's a vital resource for any hedge fund manager or investor.
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Investment Project Design
A Guide to Financial and Economic Analysis with Constraints
by Lech Kurowski
Part of the Wiley Finance series
Make more informed project investment decisions by knowing what issues to examine in the planning process and how to analyze their impacts
Poor or insufficient planning is primarily responsible for the inordinate number of idle and rusting capital facilities around the world, with investment decisions often made on the basis of either intuition or inadequate analysis. Investment Project Design: A Guide to Financial and Economic Analysis with Constraints alerts potential investors and other stakeholders to precipitous changes in the investment milieu as a result of constraints on resources and infrastructure, economic and political turmoil, and population growth. The guide
• Includes descriptions of specific methods of financial and economic analysis for new investments and for expansion of an existing enterprise
• Covers project risk assessment, mitigation and avoidance
• Provides real-life case studies, adapted for presentation, and addresses the design of projects large and small, as well as those in both private and public sectors
• Features spreadsheet layouts and computations
Investment Project Design is the ultimate resource in the methods of designing and appraising investment projects
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Cash Flow Analysis and Forecasting
The Definitive Guide to Understanding and Using Published Cash Flow Data
by Timothy Jury
Part of the Wiley Finance series
This book is an introductory guide to using Lévy processes for credit risk modelling. It covers all types of credit derivatives: from the single name vanillas such as Credit Default Swaps (CDSs) right through to structured credit risk products such as Collateralized Debt Obligations (CDOs), Constant Proportion Portfolio Insurances (CPPIs) and Constant Proportion Debt Obligations (CPDOs) as well as new advanced rating models for Asset Backed Securities (ABSs).
Jumps and extreme events are crucial stylized features, essential in the modelling of the very volatile credit markets-the recent turmoil in the credit markets has once again illustrated the need for more refined models.
Readers will learn how the classical models (driven by Brownian motions and Black-Scholes settings) can be significantly improved by using the more flexible class of Lévy processes. By doing this, extreme event and jumps can be introduced into the models to give more reliable pricing and a better assessment of the risks.
The book brings in high-tech financial engineering models for the detailed modelling of credit risk instruments, setting up the theoretical framework behind the application of Lévy Processes to Credit Risk Modelling before moving on to the practical implementation. Complex credit derivatives structures such as CDOs, ABSs, CPPIs, CPDOs are analysed and illustrated with market data.
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Modern Portfolio Theory
Foundations, Analysis, and New Developments
by Jack Clark Francis
Part of the Wiley Finance series
A strategy to profit when markets are range bound—which is half of the time.
One of the most significant challenges facing today's active investor is how to make money during the times when markets are going nowhere. Bookshelves are groaning under the weight of titles written on investment strategy in bull markets, but there is little guidance on how to invest in range bound markets. In this book, author and respected investment portfolio manager Vitaliy Katsenelson makes a convincing case for range-bound market conditions and offers readers a practical strategy for proactive investing that improves profits. This guide provides investors with the know-how to modify the traditional, fundamentally driven strategies that they have become so accustomed to using in bull markets, so that they can work in range bound markets. It offers new approaches to margin of safety and presents terrific insights into buy and sell disciplines, international investing, "Quality, Valuation, and Growth" framework, and much more.
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Fixed Income Securities
Tools for Today's Markets
by Bruce Tuckman
Part of the Wiley Finance series
Financial risk has become a focus of financial and nonfinancial firms, individuals, and policy makers. But the study of risk remains a relatively new discipline in finance and continues to be refined. The financial market crisis that began in 2007 has highlighted the challenges of managing financial risk. Now, in Financial Risk Management, author Allan Malz addresses the essential issues surrounding this discipline, sharing his extensive career experiences as a risk researcher, risk manager, and central banker. The book includes standard risk measurement models as well as alternative models that address options, structured credit risks, and the real-world complexities or risk modeling, and provides the institutional and historical background on financial innovation, liquidity, leverage, and financial crises that is crucial to practitioners and students of finance for understanding the world today.
“Financial Risk Management” is equally suitable for firm risk managers, economists, and policy makers seeking grounding in the subject. This timely guide skillfully surveys the landscape of financial risk and the financial developments of recent decades that culminated in the crisis. The book provides a comprehensive overview of the different types of financial risk we face, as well as the techniques used to measure and manage them. Topics covered include:
• Market risk, from Value-at-Risk (VaR) to risk models for options
• Credit risk, from portfolio credit risk to structured credit products
• Model risk and validation
• Risk capital and stress testing
• Liquidity risk, leverage, systemic risk, and the forms they take
• Financial crises, historical and current, their causes and characteristics
• Financial regulation and its evolution in the wake of the global crisis
• And much more
Combining the more model-oriented approach of risk management-as it has evolved over the past two decades-with an economist's approach to the same issues, “Financial Risk Management” is the essential guide to the subject for today's complex world.
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Restoring Financial Stability
How to Repair a Failed System
by New York University Stern School of Business
Part of the Wiley Finance series
An insightful look at how to reform our broken financial system
The financial crisis that unfolded in September 2008 transformed the United States and world economies. As each day's headlines brought stories of bank failures and rescues, government policies drawn and redrawn against the backdrop of an historic Presidential election, and solutions that seemed to be discarded almost as soon as they were proposed, a group of thirty-three academics at New York University Stern School of Business began tackling the hard questions behind the headlines. Representing fields of finance, economics, and accounting, these professors-led by Dean Thomas Cooley and Vice Dean Ingo Walter-shaped eighteen independent policy papers that proposed market-focused solutions to the problems within a common framework. In December, with great urgency, they sent hand-bound copies to Washington. Restoring Financial Stability is the culmination of their work.
• Proposes bold, yet principled approaches, including financial policy alternatives and specific courses of action, to deal with this unprecedented, systemic financial crisis
• Created by the contributions of various academics from New York University's Stern School of Business
• Provides important perspectives on both the causes of the global financial crisis as well as proposed solutions to ensure it doesn't happen again
• Contains detailed evaluations and analyses covering many spectrums of the marketplace
Edited by Matthew Richardson and Viral Acharya, this reliable resource brings together the best thinking of finance and economics from the faculty of one of the top universities in world.
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Foreign Exchange
A Practical Guide to the FX Markets
by Tim Weithers
Part of the Wiley Finance series
Synopsis currently unavailable.
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Structured Products in Wealth Management
by Steffen Tolle
Part of the Wiley Finance series
• Structured products in the form of equity-linked derrivatives have seen a rapid rise in popularity in the field of wealth management.
• Structured products are combinations of derivatives and traditional financial instruments such as stocks and bonds. The various components are combined into a single financial instrument and securitized.
• Discusses the characteristics and practical applications of structured products.
• In addition to providing a description of the structured products, this book focuses on their practical applications, showing how they can generate added value as part of an integrated investment process.
• Colourful charts help present the material in an attractive, real-world context.
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Wealth Creation
A Systems Mindset for Building and Investing in Businesses for the Long Term
by Bartley J. Madden
Part of the Wiley Finance series
Wealth creation insights by the creator of the company life-cycle framework known as the CFROI valuation model.
Investors searching for companies whose future profitability will far exceed that implied in current stock prices, those in business making decisions to improve company performance, and politicians crafting legislation, all use some form of a wealth creation framework.
In this book, author Bartley Madden addresses how to think about the complex dynamics in generating wealth and the practical benefits to be gained from upgrading one's wealth creation framework. Throughout these pages, Madden shares six critical insights:
• A systems mindset focuses not so much on the individual pieces of a system, but on how all the pieces work together to achieve the goal envisioned for the system. The systems way of thinking described in Wealth Creation helps to avoid unintended, bad consequences, and to generate insights for leveraging change that produces big gains in wealth
• Economic systems, the rules and relationships that exist to create wealth by delivering value to customers, are devilishly complex and therefore solving economic problems requires extensive knowledge. Seen in this light, knowledge growth and wealth creation are two sides of the same coin.
• A prerequisite to making better buy/hold/sell investment decisions and business judgments is an improved understanding of how wealth is created. An especially useful approach described in this book is to connect business firms' financial performance to stock prices via the firms' competitive life-cycle framework
• A deeper understanding of business firms makes it plain that customers, employees, and shareholders have mutual, long-term interests. In other words, a free-market system geared to serving customers through competition is a system in which participants share the wealth that is jointly created
• There is a huge opportunity for sustained, higher economic growth through voluntary initiatives by the private sector. One initiative involves an accelerated implementation of lean management, which was pioneered by Toyota. This is a systems approach that continually purges waste and optimizes the use of resources in delivering value to customers
• The other initiative concerns improved corporate governance. The wealth creation principles discussed in this book offer a blueprint for boards of directors to vastly improve how they fulfill their responsibility to shareholders, and in so doing, improve the performance of corporate America
These ideas have taken shape as a natural outgrowth of a commercial research program that began in 1969 at Callard, Madden & Associates focused on how to value business firms. It produced the CFROI (cash-flow-return-on-investment) metric and its related life-cycle valuation model. This work was further advanced at HOLT Value Associates, which was later acquired by Credit Suisse in 2002. Credit Suisse HOLT continues the research to improve the valuation tools and related global database that analyzes 20,000 companies in over 60 countries. This system is used by a large number of institutional money management firms worldwide in order to make better investment decisions.
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Hedge Fund Due Diligence
Professional Tools to Investigate Hedge Fund Managers
by Randy Shain
Part of the Wiley Finance series
Healthcare is changing, and data is the catalyst.
Data is taking over in a powerful way, and it's revolutionizing the healthcare industry. You have more data available than ever before, and applying the right analytics can spur growth. Benefits extend to patients, providers, and board members, and the technology can make centralized patient management a reality. Despite the potential for growth, many in the industry and government are questioning the value of data in health care, wondering if it's worth the investment.
“Data-Driven Healthcare: How Analytics and BI are Transforming the Industry” tackles the issue and proves why BI is not only worth it, but necessary for industry advancement. Healthcare BI guru Laura Madsen challenges the notion that data have little value in healthcare, and shows how BI can ease regulatory reporting pressures and streamline the entire system as it evolves. Madsen illustrates how a data-driven organization is created, and how it can transform the industry.
• Learn why BI is a boon to providers
• Create powerful infographics to communicate data more effectively
• Find out how Big Data has transformed other industries, and how it applies to healthcare
“Data-Driven Healthcare: How Analytics and BI are Transforming the Industry” provides tables, checklists, and forms that allow you to take immediate action in implementing BI in your organization. You can't afford to be behind the curve. The industry is moving on, with or without you. “Data-Driven Healthcare: How Analytics and BI are Transforming the Industry” is your guide to utilizing data to advance your operation in an industry where data-fueled growth will be the new norm.
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Managing Risks in Commercial and Retail Banking
by Amalendu Ghosh
Part of the Wiley Finance series
A practical guide to the practices and procedures of effectively managing banking risks
Managing Risks in Commercial and Retail Banking takes an in-depth, logical look at dealing with all aspects of risk management within the banking sector. It presents complex processes in a simplified way by providing real-life situations and examples.
The book examines all dimensions of the risks that banks face-both the financial risks-credit, market, and operational-and the non-financial risks-money laundering, information technology, business strategy, legal, and reputational. Focusing on methods and models for identifying, measuring, monitoring, and controlling risks, it provides practical advice backed up by solid theories, without resorting to the use of complicated mathematical and statistical formulas.
Author Amalendu Ghosh exposes topics that are usually absent in books on managing banking risk-such as design of control framework, risk management architecture, credit risk rating, risk-based loan pricing, portfolio analysis, business continuity planning, and corporate governance.
• Author has extensive experience with a variety of major banks and institutions worldwide and brings a fresh perspective in the wake of the global finance crisis
• Presents a novel approach using models of the credit risk rating of different types of borrowers, the methodology for assigning weights for deriving the rating, and the scoring process
• Covers the essentials of corporate governance and options for credit risk assessment in line with the recommendations made in the New Basel Capital Accord
• Explains the methodology of risk-based internal audit, including techniques to enable bank branches to switch over from the old transaction-based audit methods
With its logical sequence of the aspects of risk management, the book's layout is ideal for presentations, making it a handy tool for risk management training
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Virtual Banking
A Guide to Innovation and Partnering
by Dan Schatt
Part of the Wiley Finance series
Technology is permanently transforming the banking industry, and digital payments are the key
Electronic Payments, Mobile Commerce, and Virtual Banking: A Guide to Innovation, Partnering, and Regulation takes a hands-on approach to competing in the modern banking environment. Former PayPal Head of Financial Innovation Dan Schatt explores the reasons behind the massive consumer migration away from traditional banks, and provides clear, actionable guidance on beating new banking models at their own game. Digital payment is the hottest topic in banking today, and is set to define the future of the industry.
Consumers are rapidly abandoning traditional banks in favor of institutions that are lower-cost and more consumer-centric. Between the pace of financial regulatory reform and the cloud computing revolution, the old banking model is on the fast track to extinction. Electronic Payments, Mobile Commerce, and Virtual Banking provides the information banks need to compete in this new environment and details the integral implementation actions that will allow them to thrive. The book discusses real-world innovations from banks, non-banks, and up and comers, and the heavy competition from the new outsource bank model. Topics include:
• The changing POS landscape and the need for digital wallet partnerships
• Shifting gears to greenfield market opportunities versus non-profitable markets
• Digital channel best practices for superior customer experience
• When to outsource, and what capabilities to truly own
Case studies including PayPal, Google, Square, Facebook, Twitter, and more illustrate acceleration of innovation through banking partnerships, as well as the mechanics behind banking's biggest, scariest threats. The trick to surviving the paradigm shift is to embody innovation while providing a superior customer proposition. “Electronic Payments, Mobile Commerce, and Virtual Banking: A Guide to Innovation, Partnering, and Regulation” provides the inside track on managing the shift and dominating the new marketplace.
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The Volatility Smile
by Emanuel Derman
Part of the Wiley Finance series
The updated, real-world guide to interpreting and unpacking GAAP and non-GAAP financial statements.
In “Financial Statement Analysis”, 4th Edition, leading investment authority Martin Fridson returns with Fernando Alvarez to provide the analytical framework you need to scrutinize financial statements, whether you're evaluating a company's stock price or determining valuations for a merger or acquisition. Rather than taking financial statements at face value, you'll learn practical and straightforward analytical techniques for uncovering the reality behind the numbers. This fully revised and up-to-date 5th Edition offers fresh information that will help you to evaluate financial statements in today's volatile markets and uncertain economy. The declining connection between GAAP earnings and stock prices has introduced a need to discriminate between instructive and misleading non-GAAP alternatives. This book integrates the alternatives and provides guidance on understanding the extent to which non-GAAP reports, particularly from US companies, may be biased.
Understanding financial statements is an essential skill for business professionals and investors. Most books on the subject proceed from the questionable premise that companies' objective is to present a true picture of their financial condition. A safer assumption is that they seek to minimize the cost of raising capital by portraying themselves in the most favorable light possible. Financial Statement Analysis teaches readers the tricks that companies use to mislead, so readers can more clearly interpret statements.
• Learn how to read and understand financial statements prepared according to GAAP and non-GAAP standards
• Compare CFROI, EVA, Valens, and other non-GAAP methodologies to determine how accurate companies' reports are
• Improve your business decision making, stock valuations, or merger and acquisition strategy
• Develop the essential skill of quickly and accurately gathering and assessing information from financial statements of all types
Professional analysts, investors, and students will gain valuable knowledge from this updated edition of the popular guide. Filled with real-life examples and expert advice, “Financial Statement Analysis”, 4th Edition, will help you interpret and unpack financial statements.
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Business and Entrepreneurship in Saudi Arabia
Opportunities for Partnering and Investing in Emerging Businesses
by Edward Burton
Part of the Wiley Finance series
An investor's crucial guide to the changing face of Saudi Arabian business
Business and Entrepreneurship in Saudi Arabia is an essential reference guide, informing investors on the key issues that define how business will be done as the nation's family-owned businesses change hands. Supported by the U.S.-Saudi Arabian Business Council, this book introduces the reader to the new Saudi entrepreneur and explains why Saudi Arabia's boom deserves more of the world's attention. As the heads of family-owned businesses age and corporate boards are reshaped, business practices will be influenced by the ascension of the country's young leaders. Interviews with young Saudi entrepreneurs describe the challenges, triumphs, failed attempts, and successful endeavors they experience every day as time-tested traditional models bump up against more modern, innovative ideas and methods. The book's companion website features a variety of useful tools and documents that help readers implement the concepts presented, and the firsthand information provides deep insight into the future of these companies.
Saudi Arabia is profoundly influencing the technological advances of multiple industries through increasing collaboration and in-country partnerships with communities around the world. The evolution of the Kingdom's family-owned businesses is becoming more important to investors as young Saudis claim their legacies, and this book provides an insightful understanding of the changing nature of Saudi business.
• Meet the emerging entrepreneur class of Saudi Arabia
• Learn how the Saudi boom affects global business
• Discover what investors need to know about the Saudi economy
• Examine how time and technology is reshaping the way business is done
• Gain useful insight into the direction management of the Kingdom's growth will take over the next five years
The Saudi economy constitutes thirty percent of the Arab world's GDP, and sixty percent of the population is under the age of thirty. Business and Entrepreneurship in Saudi Arabia provides essential information investors need to navigate the changing tide of doing business in Saudi Arabia.
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Manufacturing and Managing Customer-Driven Derivatives
by Dong Qu
Part of the Wiley Finance series
“Managing Credit Risk”, Second Edition opens with a detailed discussion of today's global credit markets-touching on everything from the emergence of hedge funds as major players to the growing influence of rating agencies. After gaining a firm understanding of these issues, you'll be introduced to some of the most effective credit risk management tools, techniques, and vehicles currently available. If you need to keep up with the constant changes in the world of credit risk management, this book will show you how.
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The Capital Markets
Evolution of the Financial Ecosystem
by Gary Strumeyer
Part of the Wiley Finance series
The Capital Markets: evolution of the financial ecosystem is the new standard providing practical text book style coverage of this dynamic market and its products.
Written by the former President of BNY Mellon Capital Markets, LLC for both financial professionals and novices, The Capital Markets provides a comprehensive macro view of the marketplace and how its products operate.
The subject matter offers an authoritative discussion of the fundamentals of both, the fixed income and equity markets, underwriting, securitizations, derivatives, currency among other products through the lens of leading industry practitioners. Key Learning Concepts
• Understand the impact of both global and domestic regulatory changes
• Learn about the products that holistically make up the capital markets
• Explore the components of the infrastructure that underpins these markets
• Examine the tools used for trading and managing risk
• Review new product innovations
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Practical Risk-Adjusted Performance Measurement
by Carl R. Bacon
Part of the Wiley Finance series
A practitioner's guide to ex-post performance measurement techniques
Risk within asset management firms has an undeserved reputation for being an overly complex, mathematical subject. This book simplifies the subject and demonstrates with practical examples that risk is perfectly straightforward and not as complicated as it might seem. Unlike most books written on portfolio risk, which generally focus on ex-ante risk from an academic perspective using complicated language and no worked examples, this book focuses on ex-post risk from a buy side, asset management, risk practitioners perspective, including a number of practical worked examples for risk measures and their interpretation.
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Private Firm Valuation and M&A
Calculating Value and Estimating Discounts in the New Market Environment
by Kerstin Dodel
Part of the Wiley Finance series
A comprehensive guide to the changing face of valuation in private firm M&A transactions
Based on the author's extensive professional experience as well as her rigorous academic research, this book describes a more sensible approach to using discounts in private company valuations and provides readers with a deeper appreciation for the need to weigh a much broader range of influences on value in the M&A process. Does the idiosyncrasy of family-owned business influence transaction multiples? What of regional market differences and differing market environments over time? How do you estimate the influence of the subprime on the transaction process? With the help of fascinating case studies drawn from an eclectic array of M&A transactions, including a beauty contest, author Kerstin Dodel answers those and other central questions about the M&A process. Among other things, she vividly demonstrates that the ultimate price paid in such a transaction reflects not only a target company's unique characteristics, but the varying motivations and expectations of each of the participants within the context of a competitive M&A process.
• Dodel has an extensive background in the profession and her research draws upon rigorous scholarship and her years of working at Credit Suisse First Boston, Deutsche Bank, and other leading global financial institutions
• Emphasis is given to the post credit crunch environment, and responding to regulators' increasing rejection of over-simplified procedures for firm valuation.
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Financial Forensics Body of Knowledge
by Darrell D. Dorrell
Part of the Wiley Finance series
The definitive, must-have guide for the forensic accounting professional
Financial Forensics Body of Knowledge is the unique, innovative, and definitive guide and technical reference work for the financial forensics and/or forensic accounting professional, including nearly 300 forensic tools, techniques, methods and methodologies apply to virtually all civil, criminal and dispute matters. Many of the tools have never before been published.
It defines the profession: "The Art & Science of Investigating People & Money."
It defines Forensic Operators: "...financial forensics-capable personnel... possess unique and specific skills, knowledge, experience, education, training, and integrity to function in the financial forensics discipline."
It defines why: "If you understand financial forensics you understand fraud, but not vice versa" by applying financial forensics to all aspects of the financial community.
It contains a book-within-a-book Companion Section for financial valuation and litigation specialists.
It defines foundational financial forensics/forensic accounting methodologies: FAIM, Forensic Accounting Investigation Methodology, ICE/SCORE, CICO, APD, forensic lexicology, and others.
It contains a Reader Lookup Table that permits everyone in the financial community to immediately focus on the pertinent issues.
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International Economic Indicators and Central Banks
by Anne Dolganos Picker
Part of the Wiley Finance series
TABLE OF CONTENTS
List of Illustrations.
List of Tables.
Preface.
Acknowledgments.
A Brief Introduction to the Financial Markets.
About the Author.
PART ONE: Central Banks.
Chapter 1: An Overview of Central Banks.
Chapter 2: Bank of England.
Chapter 3: European Union and the European Central Bank.
Chapter 4: Bank of Japan.
Chapter 5: Bank of Canada.
Chapter 6: Reserve Bank of Australia.
Chapter 7: People’s Bank of China.
PART TWO: Economic Indicators.
Chapter 8: An Overview of International Economic Indicators.
Chapter 9: European Indicators: Eurostat and National Statistics.
Chapter 10: UK Indicators.
Chapter 11: Japanese Indicators.
Chapter 12: Canadian Indicators.
Chapter 13: Australian Indicators.
Chapter 14: Chinese Indicators.
Appendix A: Key Indicators by Country and Issuing Agencies.
Appendix B: National Income and Product Accounts vs. System of National Accounts.
Appendix C: Industrial Classification Systems.
Glossary.
Bibliography.
Index
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The Future of Hedge Fund Investing
A Regulatory and Structural Solution for a Fallen Industry
by Monty Agarwal
Part of the Wiley Finance series
A detailed look at how to fix the hedge fund industry
“The Future of Hedge Fund Investing” spells out in refreshingly stark terms exactly how the industry let down its clients, and the changes needed to restore their confidence. Written by Monty Agarwal, the founder of Predator Capital Management, this insider's guide gives a full assessment of the business, including the advantages of hedge funds, their pitfalls, and, most importantly, how to avoid these missteps.
The book begins by describing the hedge fund universe, which includes funds and fund of funds, fund regulators, major investors, and middlemen, and fee structures, incentives, and typical investment strategies. From here, Agarwal explores possible solutions and fixes as he touches upon several important issues within this field.
• Examines hedge funds' role in the 2008 market crisis and what can be learned from it
• Discusses the structural changes for fund of funds in areas including trading, diversification, risk management, and due diligence
• Provides guidance for investors to follow when interviewing hedge fund managers
Whether you're a financial professional, a potential investor, or simply an interested reader, “The Future of Hedge Fund Investing” gives you a clear look at the state of hedge funds today as well as a picture of what the future may hold for them.
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Valuing Pass-Through Entities
by Eric J. Barr
Part of the Wiley Finance series
The clarity and guidance valuation analysts have been thirsting for
The business appraisal community regularly names the valuation of pass-through entities as a major issue of concern. Courts, appraisers, and the IRS have long been at odds on the topic, and the contention within the appraisal community itself over methods and inputs further complicates the issue. “Valuing Pass-Through Entities” provides clarity for the analyst tasked with valuation, offering clear explanations of the different perspectives and approaches to the process.
“Valuing Pass-Through Entities” cuts through the chatter to:
• Explain the advantages and limitations of different types of pass-through entities
• Analyze the different viewpoints currently dividing the appraisal community
• Gain a fresh perspective on landmark cases
• Explain how to properly utilize a court-tested model
• Examine detailed sensitivity analyses of different inputs under the income and market approaches
The book includes illustrative examples, templates, and a useful technical supplement, plus case studies that demonstrate the real-world effects of various pass-through entity valuation methods and inputs. Detailed analyses and an easy-to-apply model simplify the process while positively affecting outcomes. The companion website provides the text of landmark court decisions, a blog featuring industry trends and tidbits, additional articles, and the insight of the author and other industry leaders.
Valuation requires the successful juggling of multiple variables, many of which can have a major impact on value. Analysts need to know how to balance each factor and apply the appropriate rates and discounts, but a lack of standard practice often leaves the issue too subjective. “Valuing Pass-Through Entities” clears the air, providing real-world guidelines and tools.
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Fundamentals of Islamic Money and Capital Markets
by Azmi Omar
Part of the Wiley Finance series
The first comprehensive guide to Islamic financial markets
Based on the course taught at the International Islamic University Malaysia, this is the first book on Islamic finance to focus exclusively on money and capital markets. Covering basic concepts as well as current practices in Islamic financial markets, the book features case studies from real markets. It outlines the theory of money in terms of value, supply, and demand, while explaining the Islamic capital markets in terms of classifications, types of operations, valuations of securities, Islamic unit trust, ETFs, Islamic stock broking, and much more.
• Written by experts from the International Islamic University Malaysia, the leading organisation in research in Islamic finance
• The first guide to Islamic finance focused solely on money and capital markets
An excellent introduction to money market principles for students in Islamic banking and finance, as well as researchers and current practitioners, Fundamentals of Islamic Money and Capital Markets is a vital resource on the subject.
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Behavioral Finance and Wealth Management
How to Build Optimal Portfolios That Account for Investor Biases
by Michael M. Pompian
Part of the Wiley Finance series
Fear and greed drive markets, as well as good and bad investment decision-making. In Behavioral Finance and Wealth Management, financial expert Michael Pompian shows you, whether you're an investor or a financial advisor, how to make better investment decisions by employing behavioral finance research. Pompian takes a practical approach to the science of behavioral finance and puts it to use in the real world. He reveals 20 of the most prominent individual investor biases and helps you properly modify your asset allocation decisions based on the latest research on behavioral anomalies of individual investors.
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The Cyber Risk Handbook
Creating and Measuring Effective Cybersecurity Capabilities
by Domenic Antonucci
Part of the Wiley Finance series
Achieve investing success by understanding your behavior type.
This groundbreaking book shows how to invest wisely by managing your behavior, and not just your money. Step by step, Michael Pompian (a leading authority in the practical application of Behavioral Finance concepts to wealth management) helps you plan a strategy targeted to your personality. The book includes a test for determining your investment type and offers strategies you can put into use when investing. It also includes a brief history of the stock market, and easy-to-comprehend information about stocks and investing to help you lay a solid foundation for your investment decisions.
“Behavioral Finance and Investor Types” is divided into two parts. Test Your Type, gives an overview of Behavioral Finance as well as the elements that come into play when figuring out BIT, like active or passive traits, risk tolerance, and biases. The book includes a quiz to help you discover what category you are in. Plan and Act, contains the traits common to your type; an analysis of the biases associated with your type; and strategies and solutions that compliment and capitalize on your BIT.
• Offers a practical guide to an investing strategy that fits both your financial situation and your personality type
• Includes a test for determining your tolerance for risk and other traits that will determine your investment type
• Written by the Director of the Private Wealth Practice for Hammond Associates-an investment consulting firm serving institutional and private wealth clients
“Behavioral Finance and Investor Types” offers investors a better sense of what drives them and what puts on their breaks. By using the information found here, you'll quickly become savvy about the world of investing because you'll come to understand your place in it.
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Financial Stability
Fraud, Confidence and the Wealth of Nations
by Frederick L. Feldkamp
Part of the Wiley Finance series
Applying the Lessons of History to Understanding Fraud Today and Tomorrow
Financial Stability provides a roadmap by which the world can anticipate and avoid future financial disruptions. This unique discussion of past and present financial events offers new insights that explain economic, political, and legal antecedents of financial crises in Western markets. With a detailed discussion of the history of finance, this book shows modern investors and finance professionals how to learn from past successes and failures to gauge future market threats.
Readers will gain new insight into the antecedents of todays financial markets and the political economy that surrounds them. Armed with this knowledge, they will be able to craft a strategy that steers away from financial disorder and toward maximum stability. Coverage includes discussion of capital, forecasting, and political reaction, and past, present, and future applications within all realms of business. The companion website offers additional data and research, providing a complete resource for those seeking a better understanding of the risk at hand.
As the world struggles to emerge from the latest financial crisis, professionals in finance, the law and other disciplines, and the people they advise, are searching for understanding to avoid future crises. Financial Stability argues that the best lessons are learned from our own mistakes, and that the ability to look ahead depends upon our willingness to look back. Readers will:
• Review the historical laws, practices, and outcomes that shaped the modern day financial markets of the great western economies
• Understand the theory of financial stability, the roles of law and transparency, and the importance of action to punish fraud in order to prevent future contagion
• Work through the theoretical proofs in terms of math, law, accounting, economics, philosophy, and international trade
• Build a strategy for the future with consideration toward needs, sources, balance, and learning from past mistakes
Everywhere around the globe, at all points in history, financial crises have always been rooted in the confluence of politics, finance, and law. Financial Stability puts the latest global financial crisis in perspective, highlighting the lessons we have already learned, and those we need to internalize today.
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Operational Risk Toward Basel III
Best Practices and Issues in Modeling, Management, and Regulation
by Greg N. Gregoriou
Part of the Wiley Finance series
This book consists of chapters by contributors (well-known professors, practitioners, and consultants from large and well respected money management firms within this area) offering the latest research in the OpRisk area. The chapters highlight how operational risk helps firms survive and prosper by givingreaders the latest, cutting-edge techniques in OpRisk management. Topics discussed include: Basel Accord II, getting ready for the New Basel III, Extreme Value Theory, the new capital requirements and regulations in the banking sector in relation to financial reporting (including developing concepts such as OpRisk Insurance which wasn't a part of the Basel II framework). The book further discussed quantitative and qualitative aspects of OpRisk, as well as fraud and applications to the fund industry.