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This book shows how current and recent market prices convey information about the probability distributions that govern future prices. Moving beyond purely theoretical models, Stephen Taylor applies methods supported by empirical research of equity and foreign exchange markets to show how daily and more frequent asset prices, and the prices of option contracts, can be used to construct and assess predictions about future prices, their volatility, and their probability distributions.
Stephen Taylor provides a comprehensive introduction to the dynamic behavior of asset prices, relying on finance theory and statistical evidence. He uses stochastic processes to define mathematical models for price dynamics, but with less mathematics than in alternative texts. The key topics covered include random walk tests, trading rules, ARCH models, stochastic volatility models, high-frequency datasets, and the information that option prices imply about volatility and distributions.
"Asset Price Dynamics, Volatility, and Prediction" is ideal for students of economics, finance, and mathematics who are studying financial econometrics, and will enable researchers to identify and apply appropriate models and methods. It will likewise be a valuable resource for quantitative analysts, fund managers, risk managers, and investors who seek realistic expectations about future asset prices and the risks to which they are exposed.
In the first book of its kind, Turnbull traces the development and implementation of actuarial ideas, from the conception of Equitable Life in the mid-18th century to the start of the 21st century. This book analyses the historical development of British actuarial thought in each of its three main practice areas of life assurance, pensions and general insurance. It discusses how new actuarial approaches were developed within each practice area, and how these emerging ideas interacted with each other and were often driven by common external factors such as shocks in the economic environment, new intellectual ideas from academia and developments in technology. A broad range of historically important actuarial topics are discussed such as the development of the blueprint for the actuarial management of with-profit business; historical developments in mortality modelling methods; changes in actuarial thinking on investment strategy for life and pensions business; changing perspectives on the objectives and methods for funding Defined Benefit pensions; the application of risk theory in general insurance reserving; the adoption of risk-based reserving and the Guaranteed Annuity Option crisis at the end of the 20th century. This book also provides an historical overview of some of the most important external contributions to actuarial thinking: in particular, the first century or so of modern thinking on probability and statistics, starting in the 1650s with Pascal and Fermat; and the developments in the field of financial economics over the third quarter of the twentieth century. This book identifies where historical actuarial thought heuristically anticipated some of the fundamental ideas of modern finance, and the challenges that the profession wrestled with in reconciling these ideas with traditional actuarial methods. Actuaries have played a profoundly influential role in the management of the United Kingdom's most important long-term financial institutions over the last two hundred years. This book will be the first to chart the influence of the actuarial profession to modern day. It will prove a valuable resource for actuaries, actuarial trainees and students of actuarial science. It will also be of interest to academics and professionals in related financial fields such as accountants, statisticians, economists and investment managers.
Choose the best speak-up arrangements for your organisation The last five years have seen dramatic and fundamental changes in whistleblower procedures for organisations. Prompted by a spate of important public disclosures, organizations are now mandated by law to implement effective arrangements enabling employees to speak up about perceived wrongdoing. Currently few resources exist to help with this. To help fill the gap, The Whistleblowing Guide examines the opportunities and challenges associated with different types of whistleblowing and speak-up arrangements, making recommendations based on best practices you can trust. Identifies the major organisational, structural and cultural obstacles to speaking up through speak-up arrangements Proposes effective whistleblowing and speak-up arrangements Explains the specific policy and legislation requirements that can promote or impede the effective implementation of speak-up arrangements, and how these can be translated into commercial and public organizations across sectors and cultures Makes a clear distinction between internal and external reporting arrangements The Whistleblowing Guide offers conceptual clarification about these key issues, including a focus on internal and external speak-up procedures, organisational response and communication, impartiality and trust.
The Handbook of Finance and Development provides a thorough assessment of the existing research on the relationship between the financial system and economic growth. Containing chapters on theory, empirical work and historic accounts, this is the first Handbook to provide a comprehensive overview of the fields of finance and development. As leading researchers in the field the contributors analyse the emergence of, and innovations in, financial instruments, markets and intermediaries, providing commentary on how these components of financial systems shape resource allocation, poverty, income inequality and aggregate economic growth. They also explore the causes and consequences of financial fragility, the historic development of financial systems, and the regulatory and supervisory underpinnings of financial sector development. Further chapters examine financial development at both the aggregate and country levels and assess the degree to which individuals and firms can access financial services. Recent literature on the financial inclusion of households and enterprises is also analysed. The Handbook will be of great value to scholars and researchers who are interested in the fields of finance, development and financial inclusion. Throughout the chapters contributors highlight how insights drawn from research inform policy debates on the topics at hand, making this work a useful resource for policy makers and regulators.
You've probably thought about where you will live in retirement and how you plan to spend your time. But do you know how much income you will need to pay for the type of retirement you want? With Social Security's uncertain future, as well as the increasing cost of healthcare, you need to formulate a retirement strategy with an income stream-available from annuities-that you can't outlive. In The Income Revolution, you will learn what questions to ask and what planning you should do, whether you are years away from retirement or expecting to retire in the near future. This book will help you: * Understand why pensions are disappearing and what you can do if you don't have one * Reallocate your portfolio to reduce your risk from market volatility * Figure out whether you can afford the retirement lifestyle you have chosen * Work with insurance agents and financial planners to find out how much monthly income you need * Learn the differences between fixed and variable annuities * Figure out what type of annuity to consider
Based on the International Auditing Standards, which have been established by the International Federation of Accountants, this book offers an international treatment of the basic principles of auditing.
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.
Islamic finance distinguishes itself from conventional finance with its strong emphasis on the moral consequences of financial transactions; prohibiting interest, excessive uncertainty, and finance of harmful business. When it comes to risk mitigation, it is unique in its risk sharing approach. This authoritative book tracks the evolution of the takaful industry over the course of the last four decades and makes a major attempt to highlight the importance of risk sharing through a discussion of various models of cooperation and critical analysis of their performance, including illuminating case studies and a critical assessment of the Islamic insurance model and the role of alternate financing mechanisms. Its high-level discourse on shari'ah compliance and its nuances places emphasis on the importance of solidarity, cooperation, mutuality and reciprocity. Scholars and practitioners working in Islamic finance will appreciate the context and nuance of this important book, and it will be essential reading for anyone interested in alternative forms of shari'ah-compliant cooperative finance. The book is equally vital for academics and researchers interested in understanding various takaful models and their shari'ah considerations.
The comprehensive and crystal-clear companion to making the right acquisition decisions and executing them well: Acquisition is the most powerful corporate development tool available to companies and will therefore always be on the business agenda. Very practical and easy to follow: diagrams, checklists and case studies throughout. The authors have an accessible style and approach The Audience: High level entrepreneurs, senior executives, directors, and business strategists. Updates include: new and updated case studies, analysis of different types of company and how this could affect the transaction, a guide to working with external advisors.
This new edition restructures and updates the political economy view of the responsibilities and limitations of government. Public-choice and behavioural concepts are prominent. Gender issues are included. Technical concepts are explained from first principles. Economic theory is rigorously applied. Excessive technicality is avoided. The book integrates traditional public finance topics - taxation, public goods, externalities, and income redistribution - with political self-interest, bureaucracy, voting, rent seeking, corruption, and the common-pool problem of public spending. Social justice is viewed as income equality, equality of opportunity, or the right to benefit from one's own effort. Public policies studied include the environment, education, health insurance, welfare payments and entitlements under moral hazard, unemployment insurance, paternalistic impositions, and defence and public safety. This book is ideal for advanced undergraduate and graduate courses that combine economic theory with a real-world perspective on the politics of public finance and public policy. A broad scope makes the book suitable for students in all countries.
Get effective and efficient instruction for all CMA exam competencies in 2020 Wiley CMAexcel Learning System Exam Review 2020 Test Bank Complete Exam (2-year access) offers readers 2 years of access to over 3800 practice questions for Parts 1 and 2 of the Certified Management Accountants exam, as well as 16 sample essays. You ll be able to comprehensively prepare for each part of the exam with challenging multiple-choice questions, as well as answer explanations.
The 2008 financial collapse, the expansion of corporate and private wealth, the influence of money in politics-many of Wall Street's contemporary trends can be traced back to the work of fourteen critical figures who wrote, and occasionally broke, the rules of American finance. Edward Morris plots in absorbing detail Wall Street's transformation from a clubby enclave of financiers to a symbol of vast economic power. His book begins with J. Pierpont Morgan, who ruled the American banking system at the turn of the twentieth century, and ends with Sandy Weill, whose collapsing Citigroup required the largest taxpayer bailout in history. In between, Wall Streeters relates the triumphs and missteps of twelve other financial visionaries. From Charles Merrill, who founded Merrill Lynch and introduced the small investor to the American stock market; to Michael Milken, the so-called junk bond king; to Jack Bogle, whose index funds redefined the mutual fund business; to Myron Scholes, who laid the groundwork for derivative securities; and to Benjamin Graham, who wrote the book on securities analysis. Anyone interested in the modern institution of American finance will devour this history of some of its most important players.
Starting from the practical viewpoint of, "I would rather be approximately right than perfectly wrong" this book provides a commonsense comprehensive framework for small business valuation that offers solutions to common problems faced by valuators and consultants both in performing valuations and providing ancillary advisory services to business owners, sellers, and buyers. If you conduct small business valuations, you may be seeking guidance on topics and problems specific to your work. Focus on What Matters: A Different Way of Valuing a Small Business fills a previous void in valuation resources. It provides a practical and comprehensive framework for small and very small business valuation (Companies under $10 million of revenues and often under $5 million of revenues), with a specialized focus on the topics and problems that confront valuators of these businesses. Larger businesses typically have at least Reviewed Accrual Accounting statements as a valuation starting point. However, smaller businesses rarely have properly reviewed and updated financials. Focus on What Matters looks at the issue of less reliable data, which affects every part of the business valuation. You'll find valuation solutions for facing this challenge. As a small business valuator, you can get direction on working with financial statements of lower quality. You can also consider answers to key questions as you explore how to value each small business. Is this a small business or a job? How much research and documentation do you need to comply with standards? How can you use cash basis statements when businesses have large receivables and poor cutoffs? Should you use the market method or income method of valuation? Techniques that improve reliability of the market method multiplier How might you tax affect using the income method with the advent of the Estate of Jones and Section 199A? Do you have to provide an opinion of value or will a calculation work? How do you calculate personal goodwill? As a valuation professional how can you bring value to owners and buyers preparing to enter into a business sale transaction? How does the SBA loan process work and why is it essential to current small business values? What is the business brokerage or sale process and how does it work? How do owners increase business value prior to a business sale? This book examines these and other questions you may encounter in your valuation process. You'll also find helpful solutions to common issues that arise when a small business is valued.
Want to become an accountant? Own a small business but need help
balancing your books? Worried about managing your finances under
the cloud of the recession?
"Accounting Workbook For Dummies, UK Edition" covers:
Part I: Business Accounting Basics
Part II: Preparing Financial Statements
Part III: Managerial, Manufacturing, and Capital
Part IV: The Part of Tens
Main changes in the UK edition include: UK Accounting
practiceCurrencyUK institutions - Inland Revenue and Customs and
Excise etcNational Insurance, PAYEUK taxation and VATPartnerships
and Limited company informationUK legal practiceUK specific formsUK
specific case studies
The original chapters in this book connect the microeconomic and macroeconomic approaches to public debt. Through their thought-provoking views, leading scholars offer insights into the incentives that individuals and governments may have in resorting to public debt, thereby promoting a clearer understanding of its economic consequences. The authors explore public debt along two distinct but complementary analytical paths. One path concerns microeconomic aspects of public debt as it emerges through budgetary processes where individuals respond to the costs and gains of different courses of action. The other concerns the systemic properties of rational individuals acting within a democratic system of political economy. Within this scheme of thought, the two levels of analysis are integrated by recognition that efforts to control macro-level outcomes must address the micro-level circumstances and conditions that promote public debt as systemic budgetary outcomes. Scholars and students, as well as policy makers in public debt and political economy, will find this critical resource invaluable to understanding this vital issue.
The widespread availability of high-quality, high-frequency data has revolutionised the study of financial markets. By describing not only asset prices, but also market participants' actions and interactions, this wealth of information offers a new window into the inner workings of the financial ecosystem. In this original text, the authors discuss empirical facts of financial markets and introduce a wide range of models, from the micro-scale mechanics of individual order arrivals to the emergent, macro-scale issues of market stability. Throughout this journey, data is king. All discussions are firmly rooted in the empirical behaviour of real stocks, and all models are calibrated and evaluated using recent data from Nasdaq. By confronting theory with empirical facts, this book for practitioners, researchers and advanced students provides a fresh, new, and often surprising perspective on topics as diverse as optimal trading, price impact, the fragile nature of liquidity, and even the reasons why people trade at all.
This Handbook charts the development of venture capital research in light of the global financial crisis, starting with an analysis of the current venture capital market and the changing nature of the business angel market. Looking at governance structures, the performance of venture capitalists in terms of investments, economic impact and human capital, and the geographical organization of business angels and venture capital global 'hotspots', this book also analyses the current state of venture capital research and offers a roadmap for the future.
Praise for THE ELEMENTS OF INVESTING "A common misperception is that successful investing requires a ton of money, a complicated portfolio, or a detailed understanding of where the markets are headed next. The truth is, sometimes the simplest approach is the toughest to beat. Charley Ellis and Burt Malkiel do a masterful job in The Elements of Investing of laying out clear, simple rules that any investor can follow to grow their wealth over time." --TIM BUCKLEY, Vanguard Chairman & CEO "These noted authors have distilled all you need to know about investing into a very small package. The best time to read this book is when you turn eighteen (or maybe thirteen) and every year thereafter." --HARRY MARKOWITZ, Nobel Laureate in Economics 1990 "Struggling to find money to save? Befuddled by the bewildering array of investment choices? As you venture into the financial markets for the first time, it's helpful to have a trusted guide--and, in Charley Ellis and Burt Malkiel, you have two of the finest." --JONATHAN CLEMENTS, author of The Little Book of Main Street Money "No one knows more about investing than Charley Ellis and Burt Malkiel, and no one has written a better investment guide. These are the best basic rules of investing by two of the world's greatest financial thinkers." --CONSUELO MACK, Anchor and Managing Editor, Consuelo Mack WealthTrack
This concise book gives a unique overview of bank taxation as an alternative or a compliment to prudential regulation or non-revenue taxation. Existing bank taxation is reviewed with a view to eliminating distortions in the tax system, which have incentivized banks to engage in risky activities in the past. The authors analyse the taxation of financial instruments trading, as well as the taxation of banking products and services to gauge whether this could finance resolution mechanisms and also help to ensure the stability of banks. In this respect, the authors put forward several arguments. Firstly, they contend that a financial transaction tax is economically inefficient, potentially costly for the economy, but if set at an appropriately low rate may be used to assure banks make a 'true and fair contribution' to their implicit insurance by taxpayers. Secondly, they show that a bank levy used to finance deposit guarantee and bank resolution mechanisms is potentially useful for financial stability, but that it poses the threat of double taxation, together with the proposed Basel III liquidity ratios. Thirdly, the authors argue in favour of the elimination of exemption from value added tax (VAT) for financial services in order to provide banks with a level playing field, whilst retaining exemption for basic payment services that are infrastructural. This is expected to improve efficiency by reducing the wasteful use of financial services. This book is an invaluable resource to students, academics and researchers in the fields of banking regulation and taxation. Policymakers and those with a wider interest in the issues will find it both topical and enlightening.
The Fintech Entrepreneur's Guide to Regulation and Regulatory Strategy Fintech has been growing dramatically over the last few years, and it is now an important sector in its own right. This means that Fintech companies, who could so far often rely on a comparatively lenient regulatory regime, will now have to give serious thoughts on compliance with applicable regulatory rules. Operating in a highly regulated environment is tedious, but not all bad--companies that can play the regulatory game well have a strategic advantage, especially with regard to time-to-market and scaling. Nothing spells missed opportunity like a competitor building market share with a copycat product whilst you are still waiting for your license! Written for professionals, this book helps anyone whose job has to do with formulating or executing a Fintech startup strategy or whose job touches financial services regulation, or anyone who simply wants an easy- to-read introduction to financial services and their regulation. Describes the purpose of and principle behind modern financial services regulation Explains how to include regulation into a startup's strategic planning to optimize time-to-market and scaling Gives an overview of the entire financial services space, and which regulations apply where Gives detailed references to 20 key regulations in the EU regulatory system, including PSD, GDPR, CRD, AMLD, MiFID, UCITSD, AIFMD The first part introduces financial services regulation, its purpose, how it is created (especially in the EU and in the US), and it develops a framework for including regulations into the strategic planning of a company. It also gives a rundown of the current financial services space--players and products--and its key regulations. The second part describes a regulatory system in more detail. The system chosen is the EU because it is more consistent and unified than the US system where a lot of the regulation still is created at the state-level. However, as most financial regulation nowadays is determined at the global level, the principles found in EU regulation will be by and large also be found the US and other systems.
A history of financial fraud that includes topics such as the motives and methods of fraudsters, when and why frauds happen, how old scams can be repackaged, and the types of financial product that become vehicles for fraud.
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