This examination of the fiscal health of local governments offers a "how-to" approach to identifying and solving financial problems. It will serve as a primer for readers interested in understanding financial processes and alternatives, and as a practical guide for those who need access to fiscal measurement tools. Its principal selling point lies in its assumptions: instead of using the vocabulary and research agendas of economists (such as Musgrave, Fisher), finance scholars (Ladd/Yinger) and political scientists (Peterson/Strachota), it will appeal to readers who lack sophisticated knowledge in these areas and nevertheless need practical advice.
The book stems from the "Fiscal Health Education Program," an applied economics program at the University of Minnesota. It uses three measures of fiscal health-financial condition, trend analysis, and financial trend monitoring system-as the basis for advocating particular fiscal strategies. The book examines the tools that can be used to assess the condition of a local government's fiscal health and some of the policy causes or remedies for certain situations, as well as some of the strategies governments can pursue to maintain and improve health.
*How-to approach will appeal to readers who lack sophisticated knowledge
* Contains discussion questions and anonymous case studies of actual cities and municipalities
* Presents practical methods for identifying and solving common fiscal problems

Computational Finance presents a modern computational approach to mathematical finance within the Windows environment, and contains financial algorithms, mathematical proofs and computer code in C/C++. The author illustrates how numeric components can be developed which allow financial routines to be easily called by the complete range of Windows applications, such as Excel, Borland Delphi, Visual Basic and Visual C++.
These components permit software developers to call mathematical finance functions more easily than in corresponding packages. Although these packages may offer the advantage of interactive interfaces, it is not easy or computationally efficient to call them programmatically as a component of a larger system. The components are therefore well suited to software developers who want to include finance routines into a new application.
Typical readers are expected to have a knowledge of calculus, differential equations, statistics, Microsoft Excel, Visual Basic, C++ and HTML.
A CD-ROM is included which contains: working computer code, demonstration applications and also pdf versions of several research articles.
* Enables reader to incorporate advanced financial modelling techniques in Windows compatible software
* Aids the development of bespoke software solutions covering GARCH volatility modelling, derivative pricing with Partial Differential Equations, VAR, bond and stock options
* Includes CD-ROM with adaptive software

The Handbooks in Finance are intended to be a definitive source for comprehensive and accessible information in the field of finance. Each individual volume in the series should present an accurate self-contained survey of a sub-field of finance, suitable for use by finance and economics professors and lecturers, professional researchers, graduate students and as a teaching supplement. The goal is to have a broad group of outstanding volumes in various areas of finance. The Handbook of Heavy Tailed Distributions in Finance is the first handbook to be published in this series.

This volume presents current research focusing on heavy tailed distributions in finance. The contributions cover methodological issues, i.e., probabilistic, statistical and econometric modelling under non- Gaussian assumptions, as well as the applications of the stable and other non -Gaussian models in finance and risk management.

This research annual publication intends to bring together investment analysis and portfolio theory and their implementation to portfolio management. It seeks theoretical and empirical research manuscripts with high quality in the area of investment and portfolio analysis. The contents will consist of original research on: The principles of portfolio management of equities and fixed-income securities. The evaluation of portfolios (or mutual funds) of common stocks, bonds, international assets, and options. The dynamic process of portfolio management. Strategies of international investments and portfolio management. The applications of useful and important analytical techniques such as mathematics, econometrics, statistics, and computers in the field of investment and portfolio management. Theoretical research related to options and futures. In addition, it also contains articles that present and examine new and important accounting, financial, and economic data for managing and evaluating portfolios of risky assets.

Corporate valuation underlies the interrelationship between corporate strategy, financial analysis and financial management. Acquisitions, mergers, ESOPs and private placements are becoming increasingly common in the middle-market as investment banks and non-bank entities become players in the field. Managers and financial professionals need to become conversant in corporate valuation methods in order to expand their relationships with customers and to create profitable opportunities for their organization.;This text provides a catalogue of valuation tools, together with guidance on analyzing and valuing a business. The author breaks down the topic to provide advice for any business, no matter how complex. He presents eight different methods of firm valuation and discusses the benefits and limitations of each method, supporting this information with examples from international markets.

An Introduction to Wavelets and Other Filtering Methods in Finance and Economics presents a unified view of filtering techniques with a special focus on wavelet analysis in finance and economics. It emphasizes the methods and explanations of the theory that underlies them. It also concentrates on exactly what wavelet analysis (and filtering methods in general) can reveal about a time series. It offers testing issues which can be performed with wavelets in conjunction with the multi-resolution analysis. The descriptive focus of the book avoids proofs and provides easy access to a wide spectrum of parametric and nonparametric filtering methods. Examples and empirical applications will show readers the capabilities, advantages, and disadvantages of each method.
*The first book to present a unified view of filtering techniques
*Concentrates on exactly what wavelets analysis and filtering methods in general can reveal about a time series
*Provides easy access to a wide spectrum of parametric and non-parametric filtering methods

This first volume of the Handbook of Asset and Liability Management presents the theories and methods supporting models that align a firm's operations and tactics with its uncertain environment. Detailing the symbiosis between optimization tools and financial decision-making, its original articles cover term and volatility structures, interest rates, risk-return analysis, dynamic asset allocation strategies in discrete and continuous time, the use of stochastic programming models, bond portfolio management, and the Kelly capital growth theory and practice. They effectively set the scene for Volume Two by showing how the management of risky assets and uncertain liabilities within an integrated, coherent framework remains the core problem for both financial institutions and other business enterprises as well.
*Each volume presents an accurate survey of a sub-field of finance
*Fills a substantial gap in this field
*Broad in scope

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"

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
Introduces China s regional economies, often overlooked in US and European texts within larger contexts of social and geopolitical concernsExplains the reform process since 1978 in a comprehensive, non-technical, and accessible mannerIncludes online ancillaries of documents, links, and more, expanding the text and keeping it up-to-dateFeatures case studies in each chapter"

A former member of the American Stock Exchange introduces trading and financial markets to upper-division undergraduates and graduate students who are planning to work in the finance industry. Unlike standard investment texts that cover trading as one of many subjects, "Financial Trading and Investing"gives primary attention to trading, trading institutions, markets, and the institutions that facilitate and regulate trading activities what economists call "market microstructure." Thetext will be accompanied by a website that can be used in conjunction with "TraderEx," "Markit," "StocklinkU," "Virtual Trade," "Vecon Lab Experiment," "Tradingsim," "IB Student Trading Lab," "Brenexa," "Stock Trak "and "How the Market Works."
Introduces the financial markets and the quantitative tools used in them so students learn how the markets operate and gain experience with their principal toolsHelps students develop their skills with the most popular trading simulation programs so they can reuse the book to solve day-to-day problems Stretches from investor behavior to hedging strategies and noise trading, capturing recent advances in an up-to-date reference source"

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"

This book asserts that intangibles create financial transactions, not vice versa. It offers distinct, reproducible methods of valuing intangibles in intangible forms, with associated and meaningful financial values. It also presents new management frameworks in which all forms of intangibles can be classified, measured, managed, and reported.
*A practical, hands-on guide to a new approach to valuing intangibles
*Progresses from simple to complex, using case studies that begin with short simple cases and progress to comprehensive real-life case studies
*Highlights the distinction between what is currently required by law and what is not required but will give firms a competitive edge

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.

Key Features
Feature: Contributors are experts in collectible investing from around the world
Benefit: Gives financial advisors and wealth managers handy access to expert opinions to better advise clients interested in collectible investments
Feature: Experts discuss the pros and cons of collectibles from an investment perspective in their area of expertise
Benefit: One stop shopping, all expertise brought together in one volume, creating a handy reference guide
Feature: Experts discuss art, stamps, coins, antiques, wine, from around the world in one global perspective
Benefit: Wealth managers can gain information about a wide range of collectibles and learn about investing in these types with a global perspective

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.
In this book, veteran exchange expert Michael Gorham joins his twenty-five years of experience with CME and CBOT to the technical expertise of Nidhi Singh of Goldman Sachs to write a book that tells the story of this dramatic transformation. They chronicle the shift:
--from floors to screens
--from private clubs to public companies, and
--from local and national to global competition.
They analyze each of these shifts, identify the drivers behind them and look forward to the implications arising out of them for exchange business in the future. They also explore several key trends:
--an increase in product innovation
--the integration of markets from all over the world onto a single screen,
--the rise of the modular exchange
--the outsourcing of various exchange functions, and
--the difficulty of transcending geography for regulatory purposes.
So join Gorham and Singh in learning the story of this fundamental transformation. As old ways of working are being destroyed, entirely new types of jobs are being created, and new ways of working with exchanges. This book will help you chart the way forward to financial success.
*Gorham is an exchange expert and Singh is an electronic trading expert, they combine their expertise to reveal the inner workings of the exchanges and where they will go in the future
*Only book to point to new skills needed and new ways of making money for users of exchange services

The 3e of this well-respected textbook continues the tradition of providing clear and concise explanations for fixed income securities, pricing, and markets. The book matches well with fixed income securities courses. The book's organization emphasizes institutions in the first part, analytics in the second, selected segments of fixed income markets in the third, and fixed income derivatives in the fourth. This enables instructors to customize the material to suit their course structure and the mathematical ability of their students.
* New material on Credit Default Swaps, Collateralized Debt Obligations, and an intergrated discussion of the Credit Crisis have been added.
*Online Resources for instructors on password protected website provides worked out examples for each chapter.
* A detailed description of all key financial terms is provided in a glossary at the back of the book.

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.
--Written by two life-long insiders who can explain India's financial markets to outsiders
--Clear and comprehensive coverage of this economic powerhouse
--Caters to the needs of foreign investors

For the recorded history of management, the world has managed value creation according to what can be seen, touched and proven. In today's knowledge-based economy, value creation is derived primarily from how well firms manage intangibles (knowledge, service, expectations, response time, innovation, change management, etc). The large capital outlays that signified the manufacturing economy are no longer required. In fact, such 'tangibles' now explain less than 20% of the value of most publicly listed firms. For example, Time Warner has only 6.49% of its value attributable to tangibles. As such, for every $1 of true value, only $0.065 cents is being measured and managed by conventional management practices. For Oracle Corporation, tangibles account for only 4% of its value. For General Electric (worth over US$450 billion), tangibles account for less than 11% of its value.
Intention, context, emotional intelligence, escalation, and sustainability are words that are generally absent from the operational management techniques of managers worldwide. They form, however, the basis of skills required to manage organizations in today's knowledge-based economy. The authors investigate the ways that intangible values can be identified, measured, and managed. Their revolutionary and innovative taxonomy not only reveals fundamental differences between a manufacturing economy and one which creates value through knowledge, relationships, and time. By using case studies, a compelling mixture of theory and applications, and a set of accounting tools, the authors demonstrates how a new value framework can protect investors while giving companies the ability to generate long-term growth.
*Shows how intangible values can be identified, measured, and managed
*Presents a revolutionary and innovative taxonomy with a new set of accounting tools
*Demonstrates with case studies how a new value framework can protect investors while enabling companies to generate long-term growth

This book has two themes: Private Banking and investment decisions regarding Structural Financial Products. Dr. Dimitris Chorafas examines in a rigorous way whether structured financial products are advisable investments for retail and institutional investors and, if yes, which risks they entail. As our society becomes increasingly affluent, and state-supported pension schemes find it difficult to survive, a growing number of high net-worth individuals, and families, have become retail investors - looking for ways and means to optimize wealth management, and Private Banking deals with these sorts of clients. Private banking also deals with clients that are institutional investors, such as pension funds, mutual funds, and insurance companies, as well as not-for-profits, foundations and companies explicitly set up for wealth management. Both institutional and retail investors are being offered by the banks they work with structured products. Typically, these are securities that provide them with a redemption amount, with may be either with full or partial capital protection, and some type of return. The book examines structured financial products, their polyvalent nature, and the results which could be expected from them.
Return on structural instruments, which are essentially derivatives, is paid in function of a specific investment strategy on selected underlying asset(s). This essentially means on the performance of the underlyings, obtained by asset managers, which may be banks or hedge funds, through purchase or sale of embedded options. But there are risks. Both risk and return from structured products are related to three main issues: the volatility of future value of anunderlying, the uncertainty of future events, and the exposure of the product. Every type of investment is subject to market forces, and the more leveraged a portfolio is, the greater will probably be both the assumed risk and the expected reward. The fact that structured financial products appeal, or at least are being marketed, to both retail investors and institutional investors makes the dual approach deliberately chosen in this book most advisable. This book addresses all these issues in a practical manner with numerous case studies and real-world examples drawn from the author's intensive research.
*Because it is based on intensive research, the book is rich in practical examples and case studies
*Addresses the growing trend towards the use of structured financial instruments in private banking
*Thorough treatment of structured financial products that keeps maths to a minimum

The Bond and Money Markets is an invaluable reference to all aspects of fixed income markets and instruments. It is highly regarded as an introduction and an advanced text for professionals and graduate students.
Features comprehensive coverage of:
* Government and Corporate bonds, Eurobonds, callable bonds, convertibles
* Asset-backed bonds including mortgages and CDOs
* Derivative instruments including futures, swaps, options, structured products
* Interest-rate risk, duration analysis, convexity, and the convexity bias
* The money markets, repo markets, basis trading, and asset/liability management
* Term structure models, estimating and interpreting the yield curve
* Portfolio management and strategies, total return framework, constructing bond indices
* A stand alone reference book on interest rate swaps, the money markets, financial market mathematics, interest-rate futures and technical analysis
* Includes introductory coverage of very specialised topics (for which one previously required several texts) such as VaR, Asset & liability management and credit derivatives
* Combines accessible style with advanced level topics

Edited by Rajnish Mehra, this volume focuses on the equity risk premium puzzle, a term coined by Mehra and Prescott in 1985 which encompasses a number of empirical regularities in the prices of capital assets that are at odds with the predictions of standard economic theory.

This monograph is practically oriented, presenting a survey and explanation of credit insurance services for protection of short-term trade receivables primarily against commercial risk of insolvency and protracted default. The subject matter (i.e., main functions, features and principles of credit insurance with detailed description of credit insurance coverage, insurance conditions, and credit insurance policy management) follows procedural stages and presents commercial, financial, legal, and practical points of view which emphasize the needs of both the providers of these services andtheir clients - existing and potential credit insured companies - as well asother practitioners.
Explains how credit insurance has changed from an esoteric type of property insurance into a flexible and frequently used credit risk mitigation tool used on a global basisCompares credit insurance with self-insurance and equivalent substitutesDescribes the types of insurance available and how to obtain and manage credit insurance policies"

Mergers and Acquisitions Basics: All You Need to Know provides an introduction to the fundamental concepts of mergers and acquisitions. Key concepts discussed include M&As as change agents in the context of corporate restructuring; legal structures and strategies employed in corporate restructuring; takeover strategies and the impact on corporate governance; takeover defenses; and players who make mergers and acquisitions happen. The book also covers developing a business plan and the tools used to evaluate, display, and communicate information to key constituencies both inside and outside the corporation; the acquisition planning process; the negotiation, integration planning, and closing phases; financing transactions; and M&A post-merger integration. This book is written for buyers and sellers of businesses, financial analysts, chief executive officers, chief financial officers, operating managers, investment bankers, and portfolio managers. Others who may have an interest include bank lending officers, venture capitalists, government regulators, human resource managers, entrepreneurs, and board members. The book may also be used as a companion or supplemental text for undergraduate and graduate students taking courses on mergers and acquisitions, corporate restructuring, business strategy, management, governance, and entrepreneurship.