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Mergers & Acquisitions Integration Handbook
Helping Companies Realize the Full Value of Acquisitions, Revised and Updated
by Scott C. Whitaker
Part of the Wiley Finance series
A comprehensive, up-to-date discussion of maximizing the value of M&A transactions
In the newly updated second edition of the Mergers & Acquisitions Integration Handbook: Helping Companies Realize the Full Value of Acquisitions, Revised and Updated, 30-year M&A professional Scott Whitaker delivers a pragmatic and actionable discussion of how to plan and execute integrations across a wide variety of tiers, markets, and business sectors. The author provides best practices and lessons learned from his first-hand experience managing hundreds of integrations.
You'll find expert guidance on managing mergers and acquisitions, integration and carve-out planning, and the overall PMI (post-merger integration) process. . You'll also discover resources for managing communications, culture, and change management requirements. This book provides a no-nonsense handbook-style approach to manage an effective integration and to help integration managers quickly get up to speed on various integration challenges and learn how to navigate them. It is a desktop reference to inform and craft the optimal integration strategy for your company. The 2nd edition update includes:
• Samples of tools and templates to illustrate how to accomplish many tasks, as well as suggested approaches to address many typical challenges and "blockers" to peak integration performance.
• Real-world examples of successful integrations across a broad range of industries, deal types and transaction sizes.
• Guidance on leveraging AI tools in the M&A and integration process.
• Updated developments on M&A trends that impact real-life integration planning and execution
The Merger & Acquisition Integration Handbook 2nd Edition will get readers up to speed on the most common integration issues and outline some basic practices to tackle integration projects in a rational and efficient manner that preserves and protects the value of your transaction.
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Climate Risks
An Investor's Field Guide to Identification and Assessment
by Bob Buhr
Part of the Wiley Finance series
As our economy shifts from recession to recovery, our current economic climate is ripe for transformation. CIOs are in a unique position to leverage technology in order to drive innovation and boost business growth.
The CIO Playbook is the handy desk reference for CIOs, CEOs, CFOs, and up and coming leaders, revealing a dynamic seven-step framework (Partner—Organize—Innovate—Deliver—Support—Protect—Grow) that will guide you in making essential changes to your organization.
The proven strategies, tools, and techniques in The CIO Playbook make it the ultimate "how-to" resource for creating a high-performance IT organization that delivers value-added products and services to employees, customers, and shareholders. Author Nicholas Colisto provides solutions to the issues that concern business leaders and IT practitioners, including:
• How to truly partner with business peers
• Delivering high-quality products and services that are embraced by your user community
• How to ensure your team is focused on the right innovations
• Measuring performance and running your department like a business
• Ways to attract, motivate, and retain a talented team working toward a common vision
• Managing risks to operate effectively and protect corporate reputation
Featuring online templates for each of the seven steps described in the book, “The CIO Playbook” can help you transform your IT department from a mere order taker to a high-performance organization that delivers extraordinary business outcomes, despite this era of turbulent economic challenges.
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M&A Information Technology Best Practices
by Janice M. Roehl-Anderson
Part of the Wiley Finance series
Add value to your organization via the mergers & acquisitions IT function
As part of Deloitte Consulting, one of the largest mergers and acquisitions (M&A) consulting practice in the world, author Janice Roehl-Anderson reveals in M&A Information Technology Best Practices how companies can effectively and efficiently address the IT aspects of mergers, acquisitions, and divestitures. Filled with best practices for implementing and maintaining systems, this book helps financial and technology executives in every field to add value to their mergers, acquisitions, and/or divestitures via the IT function.
• Features a companion website containing checklists and templates
• Includes chapters written by Deloitte Consulting senior personnel
• Outlines best practices with pragmatic insights and proactive strategies
Many M&As fail to meet their expectations. Be prepared to succeed with the thorough and proven guidance found in M&A Information Technology Best Practices. This one-stop resource allows participants in these deals to better understand the implications of what they need to do and how
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FX Options and Smile Risk
by Antonio Castagna
Part of the Wiley Finance series
The future of the insurance regulation begins now.
For those involved with the insurance industry, from investment professionals to policy makers, and regulators to legislators, tremendous change is coming. With insurance premiums constituting an ever-growing portion of annual U.S. GDP and provisions of the Dodd-Frank Act specifically calling for modernization of insurance regulations, the issues at hand are pervasive. In Modernizing Insurance Regulation, these issues are described against a backdrop of the political and industry discussions that surround insurance, regulation, and systemic risk. Experts Viral V. Acharya and Matthew Richardson discuss a variety of issues with top thinkers in the fields of finance, derivatives, credit risk, and banking to bring to light the most germane elements of this ongoing discussion.
In “Modernizing Insurance Regulation”, Acharya and Richardson call on the expertise of all the relevant stakeholders within government, academia, and industry to offer a well-rounded and independent view of insurance regulation and how the evolution of this key industry affects the U.S. economy now and in the future.
• Provides an overview of the feasibility of maintaining a state-level regulatory structure
• Offers a view of the issues from top academics, industry leaders, and state regulators
• Explores the debate surrounding the insurance industry and systemic risk
• Provides an in-depth look at upcoming changes under the Dodd-Frank Act
Modernizing Insurance Regulation provides a look into the crucial changes coming to insurance regulation and an overview of how those changes will affect almost everyone.
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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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Demystifying Exotic Products
Interest Rates, Equities and Foreign Exchange
by Chia Tan
Part of the Wiley Finance series
In recent times, derivatives have been inaccurately labelled the financial weapons of mass destruction responsible for the worst financial crisis in recent history. Inherently complex and perilous for the ill-informed investment professional they can however also be gainfully harnessed.
This book is a practical guide to the complexities of exotic products written in simple terms based on the premise that derivatives are not homogenous, and not necessarily dangerous.
By exploring common themes behind the construction of various structured products in interest rates, equities and foreign exchange, and investigating the economic environment that promoted the explosive growth of these products, this book will help readers make sense of their relevance in this period of economic uncertainty. Subsequently, by explaining exotic products with simple mathematics, it will aid readers in understanding their potential use in certain investment strategies whilst having a firm control over risk.
Exotic products need not be inaccessible. By understanding the products available investors can make informed decisions ensuring features are consistent with their investment objectives and risk preferences. Author Chia Chiang Tan takes readers through the risks and rewards of each product, illustrating when products can damage investment strategies and how to avoid them, leading to suitable, profitable investments.
Ultimately, this book will provide practitioners with an understanding of derivatives, enabling them to determine for themselves which products will fit their investment strategy, and how to use them based on the economic environment and inherent risks.
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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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Creating a Balanced Scorecard for a Financial Services Organization
by James Creelman
Part of the Wiley Finance series
How to plan for the commercial real estate collapse.
Encompassing apartment, office, retail, hospitality, warehouse, manufacturing, and flex or R & D buildings, commercial real estate (CRE) investment in the U.S. totaled $6.4 trillion at the end of 2008. As noted in the February 2010 Congressional Oversight Panel Report, $1.4 trillion of CRE debt is coming due by 2014 and half of the CRE projects securing such debt are underwater. Commercial Real Estate Restructuring Revolution: Strategies, Tranche Warfare, and Prospects for Recovery looks at how we got into this mess—impacts of the housing crisis, debt structures, lender-borrower collusion, and bankruptcy abuses—and offers possible solutions to the CRE crisis. Along the way, author Stephen Meister:
• Discusses how CRE value losses are being driven by investors' risk adjusted cap rates, not just poorer market fundamentals
• Discusses strategies and emerging trends in CRE foreclosures, including forced lender fundings, lender attempts to chill bids and UCC foreclosure tactics and pitfalls
• Proposes legislative solutions and explains how any rebound will require federal spending cuts, a vast deleveraging and a market clearing process
With a crashing CRE debt market and the hundreds of CRE-heavy regional banks destined for failure, getting out ahead of the curve is essential. Commercial Real Estate Restructuring Revolution addresses how we got here and how you can plan for the impending crash.
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Market Consistency
Model Calibration in Imperfect Markets
by Malcolm Kemp
Part of the Wiley Finance series
Achieving market consistency can be challenging, even for the most established finance practitioners. In Market Consistency: Model Calibration in Imperfect Markets, leading expert Malcolm Kemp shows readers how they can best incorporate market consistency across all disciplines. Building on the author's experience as a practitioner, writer and speaker on the topic, the book explores how risk management and related disciplines might develop as fair valuation principles become more entrenched in finance and regulatory practice.
This is the only text that clearly illustrates how to calibrate risk, pricing and portfolio construction models to a market consistent level, carefully explaining in a logical sequence when and how market consistency should be used, what it means for different financial disciplines and how it can be achieved for both liquid and illiquid positions. It explains why market consistency is intrinsically difficult to achieve with certainty in some types of activities, including computation of hedging parameters, and provides solutions to even the most complex problems.
The book also shows how to best mark-to-market illiquid assets and liabilities and to incorporate these valuations into solvency and other types of financial analysis, it indicates how to define and identify risk-free interest rates, even when the creditworthiness of governments is no longer undoubted, and it explores when practitioners should focus most on market consistency and when their clients or employers might have less desire for such an emphasis.
Finally, the book analyses the intrinsic role of regulation and risk management within different parts of the financial services industry, identifying how and why market consistency is key to these topics, and highlights why ideal regulatory solvency approaches for long term investors like insurers and pension funds may not be the same as for other financial market participants such as banks and asset managers.
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Listed Volatility and Variance Derivatives
A Python-based Guide
by Yves Hilpisch
Part of the Wiley Finance series
Leverage Python for expert-level volatility and variance derivative trading
Listed Volatility and Variance Derivatives is a comprehensive treatment of all aspects of these increasingly popular derivatives products, and has the distinction of being both the first to cover European volatility and variance products provided by Eurex and the first to offer Python code for implementing comprehensive quantitative analyses of these financial products. For those who want to get started right away, the book is accompanied by a dedicated Web page and a Github repository that includes all the code from the book for easy replication and use, as well as a hosted version of all the code for immediate execution.
Python is fast making inroads into financial modelling and derivatives analytics, and recent developments allow Python to be as fast as pure C++ or C while consisting generally of only 10% of the code lines associated with the compiled languages. This complete guide offers rare insight into the use of Python to undertake complex quantitative analyses of listed volatility and variance derivatives.
• Learn how to use Python for data and financial analysis, and reproduce stylised facts on volatility and variance markets
• Gain an understanding of the fundamental techniques of modelling volatility and variance and the model-free replication of variance
• Familiarise yourself with micro structure elements of the markets for listed volatility and variance derivatives
• Reproduce all results and graphics with IPython/Jupyter Notebooks and Python codes that accompany the book
Listed Volatility and Variance Derivatives is the complete guide to Python-based quantitative analysis of these Eurex derivatives products.
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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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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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Valuation
Measuring and Managing the Value of Companies
by McKinsey & Company Inc.
Part of the Wiley Finance series
Master the navigation of private equity deals from sourcing to exit with this comprehensive guide.
“The Private Equity Toolkit: A Step-by-Step Guide to Getting Deals Done from Sourcing to Exit” offers readers the first complete guide to executing a private equity deal from start to finish. Written by an accomplished professional with twenty years of experience in the private equity space, this book is perfect for current private equity analysts and associates, as well as business students and professionals seeking to enter the private equity field.
This book covers every stage of the private equity process, from sourcing the deal to company exit. It provides a systematic overview of how to:
Originate attractive investment opportunities
Generate superior deal insights
Form effective working relationships with management teams
Add value on portfolio company boards and
Achieve profitable investment exits.
“The Private Equity Toolkit” equips its readers with actionable frameworks and proprietary tools that can be applied on a daily basis in the private equity industry. The content found within is designed to be current and helpful for years to come and appeals to a global audience.
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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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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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FX Options and Structured Products
by Uwe Wystup
Part of the Wiley Finance series
Addresses significant developments in the valuation of early stage enterprises at fair value with emphasis on practical applications-features a broad selection of case studies of early stage valuation.
“Early Stage Valuation: A Fair Value Perspective” provides a comprehensive review of the current methodologies used to value Early Stage Enterprises (ESEs) at fair value for financial reporting, investment, and mergers and acquisitions. Author Antonella Puca, Senior Director with Alvarez & Marsal Valuation Services in New York, provides accurate, up-to-date information on recent guidelines and new approaches for valuation assessments.
This authoritative guide examines how to apply market analysis, discounted cash flows models, statistical techniques such as option pricing models (OPM) and Monte Carlo simulation, the venture capital method and non-GAAP metrics to ESE valuation. The text considers the most recent AICPA, Appraisal Foundation and IPEV guidance, and examines developments in both academic research and venture capital investor practice. Numerous real-world case studies illustrate early stage valuation suitable for structuring sound, internally consistent business transactions. Covering current trends and the latest regulatory guidance in the area, this book:
• Provides step-by-step guidance on practical valuation applications
• Reflects current standards for ESE valuation, including the AICPA Guide to the Valuation of Portfolio Company Investments, the IPEV guidelines and guidance from the Appraisal Foundation
• Covers new approaches to the valuation of ESEs with option pricing models, Monte Carlo Simulation, calibration and non-GAAP metrics
• Offers an overview of start-up valuation
• Discusses how intangible assets are impacting the valuation of ESEs
The book also includes contributions from Neil Beaton, Andreas Dal Santo, Alexander Davie, John Jackman and Mark Zyla.
“Early Stage Valuation: A Fair Value Perspective” is an essential resource for valuation specialists, private equity and venture capital fund managers, analysts, attorneys, investment bankers, regulators and auditors, and investors with interest in the private equity and venture capital industry.
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ERM - Enterprise Risk Management
Issues and Cases
by Jean-Paul Louisot
Part of the Wiley Finance series
A wealth of international case studies illustrating current issues and emerging best practices in enterprise risk management
Despite enterprise risk management's relative newness as a recognized business discipline, the marketplace is replete with guides and references for ERM practitioners. Yet, until now, few case studies illustrating ERM in action have appeared in the literature. One reason for this is that, until recently, there were many disparate, even conflicting definitions of what, exactly ERM is and, more importantly, how organizations can use it to utmost advantage. With efforts underway, internationally, to mandate ERM and to standardize ERM standards and practices, the need has never been greater for an authoritative resource offering risk management professionals authoritative coverage of the full array of contemporary ERM issues and challenges. Written by two recognized international thought leaders in the field, ERM-Enterprise Risk Management provides that and much more.
• Packed with international cases studies illustrating ERM best practices applicable across all industry sectors and business models
• Explores contemporary issues, including quantitative and qualitative measures, as well as potential pitfalls and challenges facing today's enterprise risk managers
• Includes interviews with leading risk management theorists and practitioners, as well as risk managers from a variety of industries
• An indispensable working resource for risk management practitioners everywhere and a valuable reference for researchers, providing the latest empirical evidence and an exhaustive bibliography
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Foundation and Endowment Investing
Philosophies and Strategies of Top Investors and Institutions
by Lawrence E. Kochard
Part of the Wiley Finance series
In Foundation and Endowment Investing, authors Lawrence Kochard and Cathleen Rittereiser offer you a detailed look at this fascinating world and the strategies used to achieve success within it. Filled with in-depth insights and expert advice, this reliable resource profiles twelve of the most accomplished Chief Investment Officers within today's foundation and endowment community-chronicling their experiences, investment philosophies, and the challenges they face-and shares important lessons that can be used as you go about your own investment endeavors.
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Fourier Transform Methods in Finance
by Umberto Cherubini
Part of the Wiley Finance series
In recent years, Fourier transform methods have emerged as one of the major methodologies for the evaluation of derivative contracts, largely due to the need to strike a balance between the extension of existing pricing models beyond the traditional Black-Scholes setting and a need to evaluate prices consistently with the market quotes.
Fourier Transform Methods in Finance is a practical and accessible guide to pricing financial instruments using Fourier transform. Written by an experienced team of practitioners and academics, it covers Fourier pricing methods, the dynamics of asset prices, non-stationary market dynamics, arbitrage free pricing, generalized functions and the Fourier transform method.
Readers will learn how to:
• compute the Hilbert transform of the pricing kernel under a Fast Fourier Transform (FFT) technique
• characterise the price dynamics on a market in terms of the characteristic function, allowing for both diffusive processes and jumps
• apply the concept of characteristic function to non-stationary processes, in particular in the presence of stochastic volatility and more generally time change techniques
• perform a change of measure on the characteristic function in order to make the price process a martingale
• recover a general representation of the pricing kernel of the economy in terms of Hilbert transform using the theory of generalised functions
• apply the pricing formula to the most famous pricing models, with stochastic volatility and jumps.
Junior and senior practitioners alike will benefit from this quick reference guide to state-of-the-art models and market calibration techniques. Not only will it enable them to write an algorithm for option pricing using the most advanced models, calibrate a pricing model on options data, and extract the implied probability distribution in market data, they will also understand the most advanced models and techniques and discover how these techniques have been adjusted for applications in finance.
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Levy Processes in Credit Risk
by Wim Schoutens
Part of the Wiley Finance series
This book is a detailed and step-by-step introduction to the mathematical foundations of ordinary and partial differential equations, their approximation by the finite difference method and applications to computational finance. The book is structured so that it can be read by beginners, novices and expert users.
Part A Mathematical Foundation for One-Factor Problems
Chapters 1 to 7 introduce the mathematical and numerical analysis concepts that are needed to understand the finite difference method and its application to computational finance.
Part B Mathematical Foundation for Two-Factor Problems
Chapters 8 to 13 discuss a number of rigorous mathematical techniques relating to elliptic and parabolic partial differential equations in two space variables. In particular, we develop strategies to preprocess and modify a PDE before we approximate it by the finite difference method, thus avoiding ad-hoc and heuristic tricks.
Part C The Foundations of the Finite Difference Method (FDM)
Chapters 14 to 17 introduce the mathematical background to the finite difference method for initial boundary value problems for parabolic PDEs. It encapsulates all the background information to construct stable and accurate finite difference schemes.
Part D Advanced Finite Difference Schemes for Two-Factor Problems
Chapters 18 to 22 introduce a number of modern finite difference methods to approximate the solution of two factor partial differential equations. This is the only book we know of that discusses these methods in any detail.
Part E Test Cases in Computational Finance
Chapters 23 to 26 are concerned with applications based on previous chapters. We discuss finite difference schemes for a wide range of one-factor and two-factor problems.
This book is suitable as an entry-level introduction as well as a detailed treatment of modern methods as used by industry quants and MSc/MFE students in finance. The topics have applications to numerical analysis, science and engineering.
More on computational finance and the author's online courses, see www.datasim.nl.
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Financial Risk Manager Handbook
by Philippe Jorion
Part of the Wiley Finance series
The essential reference for financial risk management
Filled with in-depth insights and practical advice, the Financial Risk Manager Handbook is the core text for risk management training programs worldwide. Presented in a clear and consistent fashion, this completely updated Sixth Edition, mirrors recent updates to the new two-level “Financial Risk Manager” (FRM) exam and is fully supported by GARP as the trusted way to prepare for the rigorous and renowned FRM certification. This valuable new edition includes an exclusive collection of interactive multiple-choice questions from recent FRM exams.
“Financial Risk Manager Handbook”, Sixth Edition supports candidates studying for the Global Association of Risk Professional's (GARP) annual FRM exam and prepares you to assess and control risk in today's rapidly changing financial world. Authored by renowned risk management expert Philippe Jorion, with the full support of GARP, this definitive guide summarizes the core body of knowledge for financial risk managers.
• Offers valuable insights on managing market, credit, operational, and liquidity risk
• Examines the importance of structured products, futures, options, and other derivative instruments
• Contains new material on extreme value theory, techniques in operational risk management, and corporate risk management
“Financial Risk Manager Handbook” is the most comprehensive guide on this subject, and will help you stay current on best practices in this evolving field. “The FRM Handbook” is the official reference book for GARP's FRM certification program.
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Implementing Models of Financial Derivatives
Object Oriented Applications with VBA
by Nick Webber
Part of the Wiley Finance series
Identify Texas wildflowers with this easy-to-use field guide, organized by color and featuring full-color photographs and helpful information.
With this famous field guide by Nora Bowers, Rick Bowers, and Stan Tekiela, you can make wildflower identification simple, informative, and productive. There's no need to look through dozens of photos of wildflowers that don't grow in Texas. Learn about 200 of the most common and important species found in the state. They're organized in the field guide by color and then by size for ease of use. Fact-filled information contains the particulars that you want to know, while full-page photographs provide the visual detail needed for accurate identification.
Book Features
• 200 species: Only Texas wildflowers!
• Simple color guide: See a purple flower? Go to the purple section
• Fact-filled information and stunning professional photographs
• Icons that make visual identification quick and easy
• Naturalist notes, including tidbits and facts
• Plants typical of Texas
This new edition includes updated photographs, expanded information, and even more of the authors' expert insights.
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Life Insurance in Asia
Sustaining Growth in the Next Decade
by Stephan Binder
Part of the Wiley Finance series
An incisive look at the war for market share in the Asian life insurance market
Although the life insurance industry in Asia has emerged from the financial crisis stronger than ever, it has not escaped unchanged. As the general focus of insurance companies across the continent moves towards profitability beyond growth, tightening regulatory measures, shifts in consumer preferences, and risk tolerance, battle lines have been drawn between local incumbents, attackers, and foreign players. “Life Insurance in Asia: Winning in the Next Decade”, Second Edition looks at the ways in which small local agencies and multinational companies alike are seizing control of as much of the market as they can by aggressively recruiting new agents, leveraging new channels, and selling new products to cash in on the explosive Asian markets.
Thoroughly revised and updated, this new edition offers a comprehensive introduction to the booming Asian life insurance markets and outlines exactly what it takes to capture the opportunities that are emerging. Drawing on the research and experience of the McKinsey Asia financial services team, it includes everything you need to know about the battle for the life insurance market in Asia.
• Looks at how China and India are becoming increasingly important players on the international life insurance scene
• Goes behind the scenes of the Asian life insurance industry and the contentious battle for market share
• Outlines the steps to successfully entering, and prospering, in the Asian market
The life insurance industry in Asia is changing like never before. What the future holds, no one knows, but with Life Insurance in Asia in hand, you'll have a clear idea of the factions in play and the rules of the game.
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Credit Risk Management in and Out of the Financial Crisis
New Approaches to Value at Risk and Other Paradigms
by Anthony Saunders
Part of the Wiley Finance series
A classic book on credit risk management is updated to reflect the current economic crisis.
“Credit Risk Management In and Out of the Financial Crisis” dissects the 2007-2008 credit crisis and provides solutions for professionals looking to better manage risk through modeling and new technology.
Authors Anthony Saunders and Linda Allen address everything from the implications of new regulations to how the new rules will change everyday activity in the finance industry. They also provide techniques for modeling-credit scoring, structural, and reduced form models-while offering sound advice for stress testing credit risk models and when to accept or reject loans.
• Breaks down the latest credit risk measurement and modeling techniques and simplifies many of the technical and analytical details surrounding them
• Concentrates on the underlying economics to objectively evaluate new models
• Includes new chapters on how to prevent another crisis from occurring
Understanding credit risk measurement is now more important than ever. “Credit Risk Management In and Out of the Financial Crisis” will solidify your knowledge of this dynamic discipline.
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Foundations of Shari'ah Governance of Islamic Banks
by Karim Ginena
Part of the Wiley Finance series
A practical guide for robust sharī'ah governance of the Islamic banking industry
Debate in the market on the extent of sharī'ah compliance of Islamic banks, their products, and activities has piqued stakeholders' interest. In Foundations of Sharī'ah Governance of Islamic Banks, Karim Ginena and Azhar Hamid explore the depths of sharī'ah governance to unravel its mysterious dimensions and equip academics and practitioners with a solid understanding of the subject, which has become a serious challenge and thus deserves dedicated attention.
The authors make a strong case for the need to contain the sharī'ah risk that Islamic banks experience and present a compelling argument for how this should be done. Ginena and Hamid propose a robust sharī'ah governance model that comprehensively tackles thisrisk and helps improve the extent of sharī'ah compliance of market players. The authors detail the internal, external, and institutional arrangements needed to promote responsible sharī'ah governance, and critically analyze current laws, regulations, and industry practices on the topic. The chapters of the book do the following:
• Examine the roots, characteristics and objectives of sharī'ah and its relation to financial dealings
• Probe the role of regulators in sharī'ah governance, explore the different approaches adopted by banking supervisors, and provide examples of relevant legal and regulatory measures
• Explain to bank directors and management the fiduciary duty they assume with respect to sharī'ah compliance, and detail how they could discharge this responsibility in line with best practices
• Elaborate on the purpose of the Sharī'ah Supervisory Board (SSB), its responsibilities, competence criteria, internal regulations, and key governance guidelines; additionally, they explore different SSB models
• Describe the internal sharī'ah control system including its six components, and examine the internal sharī'ah audit function as well as different stages of conducting a sharī'ah audit
• Clarify the role of a sharī'ah auditor, with guidance on reporting lines, scope of duties, authority, and practical ways on fulfilling tasks, such as a sample sharī'ah risk assessment grid and audit checklists
• Discuss the newly emerging external sharī'ah advisory firms that are expected to play a key role in the coming years and the services they provide.
Through an effective treatment of each of these elements, and the way that they interact with one another, the book offers a fresh take on how robust sharī'ah governance of Islamic banks can be successfully accomplished. It is a comprehensive resource for academics, regulators, directors, lawyers, auditors, consultants, employees, and customers of Islamic banks interested in learning more about these challenges. This essential reading persuasively extends the discourse on the subject and addresses critical sharī'ah issues that have policy implications for decision makers in jurisdictions aiming to attract the fast-growing Islamic finance industry or increase their market share.
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Commercial Real Estate Restructuring Revolution
Strategies, Tranche Warfare, and Prospects for Recovery
by Stephen B. Meister
Part of the Wiley Finance series
How to lead the digital transformation of governments
“Digital Government Excellence: Lessons from Effective Digital Leaders” delivers a fascinating treatment of digital leadership as governments around the world start or restart the digital transformation of their work and service delivery.
The author provides a playbook on how to achieve digital excellence via interviews with 20 remarkable digital government leaders from around the world. Each one offers insights on strategies for how to incorporate the best of digital into public services and practical tips on leading digital reforms and delivery teams. The book also:
• Explores how to begin the task of making all of government to "go digital" or go deeper and bolder in this direction, including the first steps and beyond
• Highlights leadership styles and practices for effective and lasting delivery of digital strategies and reforms
• Provides food for thought about what it takes to be an impactful digital transformation leader—in government and beyond
The book is ideal for Chief Digital/Information/Technology Officers or digital agency leaders in public service. “Digital Government Excellence” is also an indispensable resource for any practitioner, policymaker or political leader in governments at any level, as well as any student or advisor of governments looking into how to deliver digital transformation in the public sector.
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Commodity Modeling and Pricing
Methods for Analyzing Resource Market Behavior
by Peter V. Schaeffer
Part of the Wiley Finance series
Commodity Modeling and Pricing provides extensions and applications of state-of-the-art methods for analyzing resource commodity behavior. Drawing from the seminal work of Professor Walter Labys on the development of econometric methods for forecasting commodity prices, this collection of essays features expert contributors ranging from practitioners in private industry, public sector, and nongovernmental organizations to scholars in higher education—all of whom were Labys's former students or collaborators. Filled with in-depth insights and expert advice, Commodity Modeling and Pricing contains the information you need to excel in this demanding environment.
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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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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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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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How to Invest in Structured Products
A Guide for Investors and Asset Managers
by Andreas Bluemke
Part of the Wiley Finance series
This book is essential in understanding, investing and risk managing the holy grail of investments - structured products. The book begins by introducing structured products by way of a basic guide so that readers will be able to understand a payoff graphic, read a termsheet or assess a payoff formula, before moving on to the key asset classes and their peculiarities. Readers will then move on to the more advanced subjects such as structured products construction and behaviour during their lifetime. It also explains how to avoid important pitfalls in products across all asset classes, pitfalls that have led to huge losses over recent years, including detailed coverage of counterparty risk, the fall of Lehman Brothers and other key aspects of the financial crisis related to structured products. The second part of the book presents an original approach to implementing structured products in a portfolio.
Key features include:
• A comprehensive list of factors an investor needs to take into consideration before investing. This makes it a great help to any buyer of structured products,
• Unbiased advice on product investments across several asset classes: equities, fixed income, foreign exchange and commodities,
• Guidance on how to implement structured products in a portfolio context,
• A comprehensive questionnaire that will help investors to define their own investment preferences, allowing for a greater precision when facing investment decisions,
• An original approach determining the typical distribution of returns for major product types, essential for product classification and optimal portfolio implementation purposes,
• Written in a fresh, clear and understandable style, with many figures illustrating the products and very little mathematics.
This book will enable you to better comprehend the use of structured products in everyday banking, quickly analyzing a product, assessing which of your clients it suits, and recognizing its major pitfalls. You will be able to see the added value versus the cost of a product and if the payoff is compatible with the market expectations.
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Designing Successful Target-Date Strategies for Defined Contribution Plans
Putting Participants on the Optimal Glide Path
by Stacy L. Schaus
Part of the Wiley Finance series
The ultimate guide to electronic records management, featuring a collaboration of expert practitioners including over 400 cited references documenting today's global trends, standards, and best practices.
Nearly all business records created today are electronic, and are increasing in number at breathtaking rates, yet most organizations do not have the policies and technologies in place to effectively organize, search, protect, preserve, and produce these records. Authored by an internationally recognized expert on e-records in collaboration with leading subject matter experts worldwide, this authoritative text addresses the widest range of in-depth e-records topics available in a single volume.
Using guidance from information governance (IG) principles, the book covers methods and best practices for everything from new e-records inventorying techniques and retention schedule development, to taxonomy design, business process improvement, managing vital records, and long term digital preservation. It goes further to include international standards and metadata considerations and then on to proven project planning, system procurement, and implementation methodologies. “Managing Electronic Records” is filled with current, critical information on e-records management methods, emerging best practices, and key technologies.
• Thoroughly introduces the fundamentals of electronic records management
• Explains the use of ARMA's Generally Accepted Recordkeeping Principles (GARP®)
• Distills e-records best practices for email, social media, and cloud computing
• Reveals the latest techniques for e-records inventorying and retention scheduling
• Covers MS SharePoint governance planning for e-records including policy guidelines
• Demonstrates how to optimally apply business process improvement techniques
• Makes clear how to implement e-document security strategies and technologies
• Fully presents and discusses long term digital preservation strategies and standards
Managing e-records is a critical area, especially for those organizations faced with increasing regulatory compliance requirements, greater litigation demands, and tightened internal governance. Timely and relevant, “Managing Electronic Records” reveals step-by-step guidance for organizing, managing, protecting, and preserving electronic records.
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Islamic Banking in Indonesia
New Perspectives on Monetary and Financial Issues
by Rifki Ismal
Part of the Wiley Finance series
A comprehensive overview of key developments in Islamic banking
In “Islamic Banking in Indonesia”, renowned economist Dr. Rifki Ismal explores current issues in Islamic banking and financial products with a particular focus on the danger of liquidity risk in Indonesia. It approaches liquidity risk from the conventional perspective of international banking standards, as well as from the Islamic banking perspective. Dr. Ismal also covers the issues of asset-liability balancing, liquidity risk index, organizational structures for managing liquidity, industrial analysis, withdrawal risk, bankruptcy risk, moral hazard risk, and market risk.
Compiling all the latest academic research on liquidity risk and other risks in Islamic banking, the book provides a theoretical foundation for managing risk that will is highly useful for researchers on Islamic banking and practitioners and academics.
• Written by a renowned expert on Islamic banking who works on monetary policy at the central bank of Indonesia
• Covers the latest developments in Islamic banking, particularly liquidity risk, for a rapidly expanding market
• Ideal for European and American readers, in addition to Asian readers, who need a fuller understanding of Islamic banking institutions, markets, and products
With the latest academic research and the expertise of a leading practitioner in Islamic banking, this book offers in-depth coverage of the most pressing issues in the field.
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Hedge Fund Operational Due Diligence
Understanding the Risks
by Jason A. Scharfman
Part of the Wiley Finance series
How to develop and support a credible opinion of value based on a foundational framework.
This book provides knowledge and guidance to valuation practitioners on achieving a new level of professionalism and credibility, as well as to those stakeholders in the valuation process in need of assessing the credibility of an appraiser's work product for decision-making purposes. It introduces a well-defined framework of key credibility concepts and procedures at each step of the appraisal process, including reasonableness tests, valuation methodologies, financial analysis, economic and industry analysis, engagement planning, and informed judgment.
• Provides needed guidance to valuation practitioners to enhance their valuation practice and improve the credibility of the appraiser's work product
• Offers guidance to stakeholders in the valuation process in need of assessing the credibility of an appraiser's work product for decision-making purposes
Get foundational framework appraisal advice with the proven guidance found in Determination of Value.
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Foreign Exchange Operations
Master Trading Agreements, Settlement, and Collateral
by David F. Derosa
Part of the Wiley Finance series
The ultimate nuts-and-bolts guide to foreign exchange operations
The foreign exchange landscape is particularly risky since so much of the world is unregulated and takes place over the counter (off exchange). Brilliant traders and money managers who are profitable may find themselves underperforming, or worse, losing, simply because they failed to establish strong operations. In this book, David DeRosa provides industry players with everything they need for strong operational functions from all the types of trades to execution, master trading agreements, documentation, settlement, margin and collateral, and prime brokerage services.
• Contains vital work flow solutions for trading in the volatile foreign exchange marketplace
• Offers information for mastering the operational aspect of foreign exchange trading to help determine best partners such as prime brokers and others
• Written by David DeRosa a leading foreign exchange expert who has consulted to hundreds of financial institutions
Foreign Exchange Operations helps traders mitigate risks and offers a guide to all aspects of trading operations from mastering trading agreements to margin documentation.
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Frequently Asked Questions in Islamic Finance
by Brian Kettell
Part of the Wiley Finance series
In “Facilitating Desistance from Aggression and Crime: Theory, Research, & Strength-Based Practices”, Drs. Calvin Langton and James Worling have gathered together internationally renowned authorities in the fields of psychology, psychiatry, criminology, social work, and law, to critically examine desistance as a construct, process, and outcome as well as the place of strengths work in correctional and forensic mental health settings. Integrating theory, emprical evidence, and applied practices, this timely volume is an essential scholarly resource with a clear practical emphasis for policy makers, researchers, practitioners, and graduate students.
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Managing Credit Risk
The Great Challenge for Global Financial Markets
by John B. Caouette
Part of the Wiley Finance series
Make sense of the new regulatory requirements with expert clarification and practical tools for compliance.
“Private Foundations: Tax Law and Compliance”, 5th Edition provides clarification, expert insight, and helpful instruction for executives and supporting professionals navigating extensive federal tax law requirements. Despite their relatively low numbers, private foundations are subject to complex, burdensome regulations that continue to expand; the recent tax overhaul has compounded this issue, bringing massive changes beyond the usual annual adjustments, and throwing a wrench into the status quo of compliance-as-usual. This book summarizes and clarifies the statutory regulations governing private foundations, offers expert insight into the underlying logic, and provides a host of practical tools that ease the filing process and help ensure compliance with the latest laws.
Detailed explanations are bolstered by checklists, sample documents and letters, practice forms, and real-world examples in order to provide both conceptual and practical guidance for maintaining tax-exempt eligibility and tax compliance. By untangling the complex maze of constantly-evolving requirements, this book offers a much-needed resource to those tasked with ensuring compliance amidst regulatory changes year after year.
• Learn how the recent changes to tax laws affect private foundations and related organizations
• Understand the practical implications of maintaining compliance
• Access critical tools that help streamline the filing process
• Avoid mistakes and oversights with line-by-line instruction
This book is updated annually to provide guidance based on the most recent iteration of the law, but this year's edition is unusually critical; federal law has undergone sweeping changes that will substantially alter filings across the board, and the complex nature of the regulations governing private foundations promises additional confusion as the new laws are applied. “Private Foundations: Tax Law and Compliance”, 5th Edition provides insight, clarification, and explanation from the nation's leading authority on tax-exempt organizations to help private foundations maintain compliance amidst the changes.
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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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Financial Modeling With Crystal Ball and Excel
by John Charnes
Part of the Wiley Finance series
Updated look at financial modeling and Monte Carlo simulation with software by Oracle Crystal Ball
This revised and updated edition of the bestselling book on financial modeling provides the tools and techniques needed to perform spreadsheet simulation. It answers the essential question of why risk analysis is vital to the decision-making process, for any problem posed in finance and investment. This reliable resource reviews the basics and covers how to define and refine probability distributions in financial modeling, and explores the concepts driving the simulation modeling process. It also discusses simulation controls and analysis of simulation results.
The second edition of Financial Modeling with Crystal Ball and Excel contains instructions, theory, and practical example models to help apply risk analysis to such areas as derivative pricing, cost estimation, portfolio allocation and optimization, credit risk, and cash flow analysis. It includes the resources needed to develop essential skills in the areas of valuation, pricing, hedging, trading, risk management, project evaluation, credit risk, and portfolio management.
• Offers an updated edition of the bestselling book covering the newest version of Oracle Crystal Ball
• Contains valuable insights on Monte Carlo simulation-an essential skill applied by many corporate finance and investment professionals
• Written by John Charnes, the former finance department chair at the University of Kansas and senior vice president of global portfolio strategies at Bank of America, who is currently President and Chief Data Scientist at Syntelli Solutions, Inc. Risk Analytics and Predictive Intelligence Division (Syntelli RAPID)
Engaging and informative, this book is a vital resource designed to help you become more adept at financial modeling and simulation.
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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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Operational Risk Management
Best Practices in the Financial Services Industry
by Ariane Chapelle
Part of the Wiley Finance series
One of the most important strategies for a successful investment advisory or wealth management firm is how to manage growth and profits. Once an advisory firm begins to add any staff, it has started to accelerate its growth. It will need to monitor and measure performance, coach and counsel people, produce an increasing amount of revenue to cover the added overhead, and invest in more technology solutions, office space, and employee benefits. Author Mark Tibergien, named by Investment Advisor as one of the most influential people in the industry, provides a comprehensive analysis of:
• Managing the rising costs of an advisory firm
• Management and quality control
• Client satisfaction
• Training staff
Filled with models, statistics, and case studies, this chapter from “Practice Made Perfect” looks at the client-service approach, infrastructure, and compensation techniques necessary for an advisory firm to grow into an elite practice.
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Rebuilding Trust in Banks
The Role of Leadership and Governance
by John Zinkin
Part of the Wiley Finance series
An outline of the core principles and strategies required to restore the credibility of the global finance industry
Since 2008, the global financial industry has lurched from crisis to crisis, calamity to calamity, resulting in an epic loss of public trust in banking and financial institutions. Rebuilding Trust in Banks argues that this series of disasters have usually been the result failures of leadership and governance, combined with unenforced systems of checks and balances. Often, leaders lose their way, believing their own hype and buying into their own propaganda. The more successful these leaders are initially the greater their self-confidence grows along with the certainty that they're right. The result is a dangerous hubris with no countervailing power to stop or change reckless, unethical, or self-interested strategies. This book offers a solution, with useful benchmarks for corporate governance and a global perspective.
• Features effective best practices for ensuring good corporate governance and responsible leadership in banking and finance
• Written by a renowned expert in corporate governance with more than 40 years of experience, particularly in Asia
• Intended for corporate leaders and board members in financial companies, as well as regulators, advisors, and students
If banks and other financial institutions truly want to rebuild the trust they once enjoyed, this practical and prescriptive guide offers effective best practices that can-and should-be widely implemented throughout the industry.
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Principles of Islamic Accounting
by Nabil Baydoun
Part of the Wiley Finance series
Your introduction to Islamic accounting
“Principles of Islamic Accounting” is the first and only text that covers the fundamentals of Islamic accounting in English. A comprehensive guide, this groundbreaking reference offers both insight into Islamic accounting best practices and disclosure for Shariah-compliant instruments. Covering everything from basic transaction analysis to the preparation of financial statements, this reference serves as a broad framework around which undergraduate students can build their understanding of the Islamic business environment by offering context and showcasing how Islamic values can influence the disclosure of financial information.
Islamic accounting is becoming an increasingly important aspect of the business field as globalization results in a surge in business partnerships and transactions around the world. Today's students need to understand Islamic accounting principles in order to effectively work with professionals who adhere to these standards, and accessing this information via text in English was not possible until this revolutionary reference.
• Review the basics through an introduction to Islamic accounting
• Understand the recording process, and how to complete the accounting cycle and adjust accounts as necessary
• Explore accounting for assets, liabilities, equity, and sukuk, as well as zakat and takaful accounting
• Discover details regarding Islamic commercial law, accounting for Islamic financial institutions, and Islamic corporate governance and sustainability, and look at auditing from an Islamic perspective
“Principles of Islamic Accounting” is an essential text for first-year university students who are studying Islamic accounting, as well as professional societies and organizations that support the use of Islamic accounting principles, such as The Islamic Finance Professionals Association.
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Business Valuation and Bankruptcy
by Ian Ratner
Part of the Wiley Finance series
An essential guide to business valuation and bankruptcy
Business Valuation and Bankruptcy helps you, whether you are an accountant dealing with a troubled company, a lender, an investor, a bankruptcy and restructuring lawyer/financial advisor, or a private equity player, to focus on solving everyday and case determinative disputes when creditors, lenders, and debtors have differing views of value.
Introducing valuation issues early on in the restructuring/bankruptcy process so you can plan accordingly, this book offers
• Many real life case examples, case descriptions, and tables to demonstrate the applicable sections of the Bankruptcy Laws
• A review of the methods, applications, pros and cons of restructuring with the basic tools to understanding it
• A description of the life cycle of a troubled company and the various stages of a restructuring
• An analysis of the valuation issues that confront practitioners in the real world of application of the law
“Business Valuation and Bankruptcy” is written in terms that are common to bankruptcy professionals and is essential, timely reading for players in the bankruptcy and restructuring environment.
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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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Private Equity Operational Due Diligence
Tools to Evaluate Liquidity, Valuation, and Documentation
by Jason A. Scharfman
Part of the Wiley Finance series
A step-by-step guide to develop a flexible comprehensive operational due diligence program for private equity and real estate funds.
Addressing the unique aspects and challenges associated with performing operational due diligence review of both private equity and real estate asset classes, this essential guide provides readers with the tools to develop a flexible comprehensive operational due diligence program for private equity and real estate. It includes techniques for analyzing fund legal documents and financial statements, as well as methods for evaluating operational risks concerning valuation methodologies, pricing documentation and illiquidity concerns.
• Covers topics including fund legal documents and financial statement analysis techniques
• Includes case studies in operational fraud
• Companion website includes sample checklists, templates, spreadsheets, and links to laws and regulations referenced in the book
• Equips investors with the tools to evaluate liquidity, valuation, and documentation
• Also by Jason Scharfman: Hedge Fund Operational Due Diligence: Understanding the Risks
Filled with case studies, this book is required reading for private equity and real estate investors, as well as fund managers and service providers, for performing due diligence on the noninvestment risks associated with private equity and real estate funds.
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Handbook of Corporate Equity Derivatives and Equity Capital Markets
by Juan Ramirez
Part of the Wiley Finance series
Equity strategies are closely guarded secrets and as such, there is very little written about how investors and corporate can utilise equity vehicles as part of their growth strategies. In this much-needed book, industry expert Juan Ramiraz guides readers through the whole range of equity derivative instruments, showing how they can be applied to a range of equity capital market situations, including hedging, yield enhancement and disposal of strategic stakes, mergers and acquisitions, stock options plan hedging, equity financings, share buybacks and other transactions on treasury shares, bank regulatory capital arbitrage and tax driven situations. The book includes case studies to highlight how equity derivative strategies have been used in real-life situations.