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Books > Academic & Education > Professional & Technical > Finance
In May 2007, an extraordinary meeting took place in London'sThe
Exchange Forum. Chief executives from many of the world's most
important financial exchanges came together with senior executives
from a wide array of global banking, trading, and investing firms,
index providers, regulators, system suppliers, and key academics to
discuss the rapidly changing business and technological environment
in which exchanges function. The forum was an exclusive event, open
only to the most senior-level individuals in the global exchanges
community: those who run exchanges, who are clients of exchanges,
who invest in exchanges, and who supply goods and services to
exchanges.
Risk model validation is an emerging and important area of
research, and has arisen because of Basel I and II. These
regulatory initiatives require trading institutions and lending
institutions to compute their reserve capital in a highly analytic
way, based on the use of internal risk models. It is part of the
regulatory structure that these risk models be validated both
internally and externally, and there is a great shortage of
information as to best practise. Editors Christodoulakis and
Satchell collect papers that are beginning to appear by regulators,
consultants, and academics, to provide the first collection that
focuses on the quantitative side of model validation. The book
covers the three main areas of risk: Credit Risk and Market and
Operational Risk.
In this book, Pascal Costantini gives a lively and wonderfully
readable account of ten years of efforts by a small group of
investment analysts to find a reliable, practical and implementable
method for valuing and selecting shares. The result of their effort
is an original investment methodology called CROCI (Cash Return on
Capital Invested), best described as a variation of the economic
profit model. For over a decade now, Costantinis group at Deutsche
Bank has been using this valuation tool every time it has had to
take a view on the pricing of an equity asset, be it a market, a
sector or an individual sharein other words, every single working
day, since it is this groups job to advise institutional investors
on equity valuation. Costantini describes in detail, accompanied by
concrete examples in the form of charts and graphs, the precise
investment results of the actual implementation of the CROCI
approach in the global equity markets since 1996. Readers will
enjoy taking this journey with Costantini to see how and why the
model was developed, assess the results of ten years of actual
implementation and measure the successes of using this model in
stock picking and portfolio construction. This book will also make
it easy for them to see how the CROCI approach can be used
successfully by others now and in the future.
The term "project finance" is now being used in almost every
language in every part of the world. It is the solution to
infrastructure, public and private venture capital needs. It has
been successfully used in the past to raise trillions of dollars of
capital and promises to continue to be one of the major financing
techniques for capital projects in both developed and developing
countries.
Credit Risk Management will enable general bankers, staff, and credit analyst trainees to understand the basic information and principles underlying credit risk evaluation, and to use those underlying principles to undertake an analysis of non financial and financial risks when preparing a credit proposal. Since the best loans are the ones that do not present problems during the repayment phase, the authors also focus on elements relating to the proactive management of those loans during their inception. This book introduces:
This book is a detailed account of the instruments that are used in
the corporate bond markets, from conventional "plain vanilla" bonds
to hybrid instruments and structured products. There is background
information on bond pricing and yield, as well as a detailed look
at the yield curve. The book covers the full set of instruments
used by companies to raise finance, and which are aimed at a wide
range of investors. It also discusses the analysis of these
instruments. Topics covered include:
Introduction to International Trade Finance covers the complete cycle of international trade and explains the roles of the specialist operators. Introduction to International Trade Finance aims to:
An initial public offering (IPO) is one of the most significant
events in corporate life. It follows months, even years of
preparation. During the boom years of the late 1990s bull market,
IPOs of growth companies captured the imagination and pocketbooks
of investors like never before.
'Financial Performance' presents the foundation concepts underlying
the Senior Executive Programmes the Authors have taught together
and separately over the last 15 years in Europe, Asia and North
America.
This book revolves around the concept of value and it is
organised into two parts. Rory Knight MA(Oxon), MCom, PhD, CA Marc Bertoneche MA, MBA, DBA, Phd
This bookdescribes computational financetools. It covers
fundamental numerical analysis and computational techniques, such
asoption pricing, and givesspecial attention tosimulation and
optimization. Many chapters are organized as case studies
aroundportfolio insurance and risk estimation problems. In
particular, several chapters explain optimization heuristics and
how to use them for portfolio selection and in calibration of
estimation and option pricing models. Such practical examples allow
readers to learn the steps for solving specific problems and apply
these steps to others. At the same time, the applications are
relevant enough to make the book a useful reference. Matlab and R
sample code is provided in the text and can be downloaded from the
book's website.
Just how successful is that investment? Measuring portfolio performance requires evaluation (measuring portfolio results against benchmarks) and attribution (determining individual results of the portfolio's parts), In this book, a professor and an asset manager show readers how to use theories, applications, and real data to understand these tools. Unlike others, Fischer and Wermers teach readers how to pick the theories and applications that fit their specific needs. With material inspired by the recent financial crisis, Fischer and Wermers bring new clarity to defining investment success. Gives readers the theories and the empirical tools to handle
their own data
The second edition of "An Introduction to Credit Derivatives" provides a broad introduction to products and a marketplace that have changed significantly since the financial crisis of 2008. Author Moorad Choudhry gives a practitioner's perspective on credit derivative instruments and the risks they involve in a succinct style without sacrificing technical details and scientific precision. Beginning with foundational discussions of credit risk, credit
risk transfer and credit ratings, the book proceeds to examine
credit default swaps and related pricing, asset swaps,
credit-linked notes, and more. Ample references, appendices and a
glossary add considerably to the lasting value of the book for
students and professionals in finance.
The sharp realities of financial globalization become clear during crises, when winners and losers emerge. Crises usher in short- and long-term changes to the status quo, and everyone agrees that learning from crises is a top priority. "The Evidence and Impact of Financial Globalization" devotes separate articles to specific crises, the conditions that cause them, and the longstanding arrangements devised to address them. While other books and journal articles treat these subjects in isolation, this volume presents a wide-ranging, consistent, yet varied specificity. Substantial, authoritative, and useful, these articles provide material unavailable elsewhere. Substantial articles by top scholars sets this volume apart from other information sources Rapidly developing subjects will interest readers well into the future Reader demand and lack of competitors underline the high value of these reference works"
Political and social forces exert pressure on our globalized
economy in many forms, from formal and informal policies
tofinancial theories and technical models. Our efforts toshape and
direct these forces to preserve financial stability reveal much
about the ways we perceive the financial economy. The "Handbook of
Safeguarding Global Financial Stability" examines our political
economy, particularly the ways in which these forces inhabit
ourinstitutions, strategies, and tactics. As economies expand and
contract, these forces also determinethe ways we supervise and
regulate. Thishigh-level examination of the global political
economyincludes articles about specific countries, crises, and
international systems as well as broad articles about major
concepts and trends..
This primer enablesprofessionals with technical expertiseto collaborate with their business-side colleagues. Emphasizing brevity and clarity, it givestechnical staff answers to their most pressing questions about economics, finance, marketing, strategic decision-making, accounting, management, and related subjects. It does notoffer condensed 1st year MBA courses; instead, it presents streamlined concepts and insights that areeasy enough to be accessible and challenging enough to holdone's interest. Its examples from pharma, IT, aircraft/navigation, and otherindustrieshighlight problems that technical professionals face daily.Written by "one of them," its credibility makes it more useful thanInternet resources.Because it concentrateson pragmatic (as opposed to academic) approaches to business, it empowers technical staff to stay with the conversation--and take it to a higher level. Bertrand C. Liang, MD, PhD, MBA, is Managing Director of LCC
Ventures and Executive Director of Pfenex, Inc. He is trained in
molecular biology and genetics (PhD) and is a clinician (MD) with
subspecialty training in neurology and oncology, and serves as a
Visiting University Professor at Liaoning He University, Shenyang,
China.
China's economic growth has been more robust in some regions
than others. In a country as large as China, examinations of
regional differences can provide a viable way tolearn about the
economy as a whole. Rongxing Guoprovides a systematic introduction
to the economies of China by describing their external and internal
drivers and by placing them within geopolitical and even
socio-cultural boundaries. Hispairingsofcase studies andempirical
techniques reveala rich, deep appreciationof the growth process and
ofinteractions between key factors.This book delves more deeply
into issues surrounding the economy than other books, offering a
unique and important perspective that many will find useful.
Covering history and administrative structures, unique economic
features, some domestic economic issues, and international economic
engagement, itdescribesanoften inaccessibleperspectivewith nuances
all students of China will find valuable
This comprehensive examination of short selling, which is a bet
on stocks declining in value, explores the ways that this strategy
drives financial markets. Its focus on short selling by region, its
consideration of the history and regulations of short selling, and
its mixture of industry and academic perspectives clarify the uses
of short selling and dispel notions of its destructive
implications. With contributions from around the world, this volume
sheds new light on the ways short selling uncovers market forces
and can yield profitable trades.
Negotiations form the heart of mergers and acquisitions efforts,
for their conclusions contain both anticipated and unforeseen
implications. Don DePamphilis presents a summary ofnegotiating and
deal structuring that captures itsdynamic process, showing readers
howbrokers, bankers, accountants, attorneys, tax experts, managers,
investors, and others must work together and what happens when they
don't.Writtten for those who seek a broadly-based view of M&A
and understandtheir own roles in theprocess, this book treads a
middle ground between highly technical and dumbed-down descriptions
of complex events. It mixestheory withcase studies so the text is
current and useful. Unique and practical, this book can add
hard-won insightsto anybody's list of M&A titles.. Presents negotiation as a team effort Includes all participants, from investment bankers to accountants and business managers Emphasizes the interactive natures of decisions about assets, payments, and appropriate legal structures Written for those who seek summarizing, non-technical information"
How do financial markets operate on a daily basis? This first of
four volumes introduces the structures, instruments, business
functions, technology, regulations, and issues that commonlyfoundin
financial markets. Placing each of these elements into context, Tee
Williams describes what people do to make the markets run. His
descriptions apply to all financial markets, and he
includescountry-specific features, stories, historical facts,
glossaries, and brief technical explanations that reveal individual
variations and nuances. Reinforcing his insights are visual cues
that guide readers through the material. While this book won t turn
you into an expert broker, it will explain where brokers fit into
front office, middle office, and back office operations. And that
knowledge is valuable indeed. * Provides easy-to-understand descriptions of all major elements of financial markets *Filled with graphs and definitions that help readers learnquickly * Offers an integrated context based on the author's 30 years' experience"
The distinctive nature of the European pe/vc environment is on
display in Stefano Caselli s presentation of its complete
conceptual framework, from the volatile (its financial side) to the
stable (its legal organization). A Bocconi University professor,
Caselli offers a European perspective on market fundamentals, the
v.c. cycle, and valuation issues, supporting his observations with
recent examples and case studies. Written for investors, his book
achieves many "firsts," such as clarifying many aspects of EU and
UK financial institutions. Complete with finding aids, keywords,
exercises, and an extensive glossary, Private Equity and Venture
Capital in Europe is written not just for Europeans, but for
everybody who needs to know about this growing market.
Anyone reading the business section of a newspaper lately knows
that the financial exchanges--stock, bonds, FX, commodities, and so
forth--are undergoing tremendous transformations. Fund managers,
market makers, traders, exchange professionals, marekt data
providers and analyzers, investors--anyone involved with the
financial exchanges needs to understand the major forces pushing
this transformation in order to position themselves and their
institutions to the best advantage.
Many high net worth individuals are interested in diversifying
their portfolios and investing in collectibles. A collectible is
any physical asset that appreciates in value over time because it
is rare or desired by many. Stamps, coins, fine art, antiques,
books, and wine are examples of collectibles. Where does the
financial advisor or investment manager for these high net worth
individuals go to learn about these investments? There is no
comprehensive resource from the financial standpoint--until now. Dr
Stephen Satchell of Trinity College, Cambridge, has developed a
book in which experts in various types of collectibles analyze the
financial aspects of investing in these collectibles. Chapters
address issues such as: liquidity challenges, tax ramifications,
appreciation timelines, the challenge of forecasting and measuring
appreciation, and the psychological component of collecting and the
role of emotion in collectible investing.
The whole world wants to invest in India. But how to do this
successfully? Written by two Indian financial experts with a
seasoned expert of the Chicago Mercantile Exchange, this book tells
you the why and how of investing in India. It explains how India's
financial markets work, discusses the amazing growth of the Indian
economy, identifies growth drivers, uncovers areas of uncertainty
and risk. It describes how each market works: private equity and
IPOs, bonds, stocks, derivatives, commodities, real estate,
currency. The authors include a discussion of capital controls in
each section to address the needs of foreign investors. Learn about
the the markets, the instruments, the participants, and the
institutions governing trading, clearing, and settlement of
transactions, as well as the legal and regulatory framework
governing financial securities transactions.
Behavioral finance is the study of how psychology affects financial
decision making and financial markets. It is increasingly becoming
the common way of understanding investor behavior and stock market
activity. In this 2nd Edition Hersh Shefrin examines the reigning
assumptions of asset pricing theory and reconstructs them to
incorporate findings from behavioral finance. In other words, he
takes the traditional tools in asset pricing and behavioralizes
them. He constructs a solid, intact structure that challenges
classic assumptions and at the same time provides a strong theory
and efficient empirical tools. Building on the models developed by
both traditional asset pricing theorists and behavioral asset
pricing theorists, Shefrin's book takes the discussion to the next
step. He provides a general behaviorally based intertemporal
treatment of asset pricing theory that extends to the discussion of
derivatives, fixed income securities, mean-variance efficient
portfolios, and the market portfolio, based on all the latest
research and theory.
While the highly technical measurement techniques and methodologies
of Value at Risk have attracted huge interest, much less attention
has been focused on how Value at Risk and the risk-adjusted
performance measures such as RAROC or economic profit/EVA . can be
effectively used to improve a bank s decision making processes.
Academic books are typically concerned primarily with measurement
techniques, and devote only a small section to describing the
applications, usually without discussing the problems that changing
organizational processes in banks may have on business units
behaviour. Practitioners books are often based on a single
experience, presenting the approach that has been pursued by a
single bank, but often do not adequately evaluate that approach. In
actual practice, the choice of how to use Value at Risk and
risk-adjusted performance measures has no single optimal solution,
but requires effective decision making that can identify the
solution that is consistent with the bank s style of management and
coordination mechanisms, and often with characteristics of
individual business units as well. In this book, Francesco Saita of
Bocconi University argues that even though risk measurement
techniques have greatly improved in recent years for market, credit
and now also operational risk, capital management and capital
allocation decisions are far from becoming purely technical and
mechanical. On one hand, decisions about capital management must
consider handling different capital constraints (e.g. regulatory
vs. economic capital ) and face remarkable difficulties in
providing a measure of aggregated ] Value at Risk (i.e. a measure
that considers the overall value at risk of the bank after
diversification across risk types). On the other hand, the aim of
using capital more efficiently through capital allocation cannot be
achieved only through a sort of centralized asset allocation
process, but rather by designing a Value at Risk limit system and a
risk-adjusted performance measurement system that are designed to
provide the right incentives to individual business units. This
connection between sophisticated and cutting edge risk measurement
techniques and practical bank decision making about capital
management and capital allocation make this book unique and provide
readers with a depth of academic and theoretical expertise combined
with practical and real-world understanding of bank structure,
organizational constraints, and decisionmaking processes. |
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