Drawing on advanced probability theory, Ambit Stochastics is used to model stochastic processes which depend on both time and space. This monograph, the first on the subject, provides a reference for this burgeoning field, complete with the applications that have driven its development. Unique to Ambit Stochastics are ambit sets, which allow the delimitation of space-time to a zone of interest, and ambit fields, which are particularly well-adapted to modelling stochastic volatility or intermittency. These attributes lend themselves notably to applications in the statistical theory of turbulence and financial econometrics. In addition to the theory and applications of Ambit Stochastics, the book also contains new theory on the simulation of ambit fields and a comprehensive stochastic integration theory for Volterra processes in a non-semimartingale context. Written by pioneers in the subject, this book will appeal to researchers and graduate students interested in empirical stochastic modelling.

In financial and actuarial modeling and other areas of application, stochastic differential equations with jumps have been employed to describe the dynamics of various state variables. The numerical solution of such equations is more complex than that of those only driven by Wiener processes, described in Kloeden & Platen: Numerical Solution of Stochastic Differential Equations (1992). The present monograph builds on the above-mentioned work and provides an introduction to stochastic differential equations with jumps, in both theory and application, emphasizing the numerical methods needed to solve such equations. It presents many new results on higher-order methods for scenario and Monte Carlo simulation, including implicit, predictor corrector, extrapolation, Markov chain and variance reduction methods, stressing the importance of their numerical stability. Furthermore, it includes chapters on exact simulation, estimation and filtering. Besides serving as a basic text on quantitative methods, it offers ready access to a large number of potential research problems in an area that is widely applicable and rapidly expanding. Finance is chosen as the area of application because much of the recent research on stochastic numerical methods has been driven by challenges in quantitative finance. Moreover, the volume introduces readers to the modern benchmark approach that provides a general framework for modeling in finance and insurance beyond the standard risk-neutral approach. It requires undergraduate background in mathematical or quantitative methods, is accessible to a broad readership, including those who are only seeking numerical recipes, and includes exercises that help the reader develop a deeper understanding of the underlying mathematics.

In Brown/Suter/Churchill's BASIC MARKETING RESEARCH, 10th Edition, you will learn how to convert marketplace data into actionable marketing information using the two dominant approaches, behavioral data that exists and customer insights gathered for a specific purpose, and how interactions in the research process give managers and researchers confidence in the result. BASIC MARKETING RESEARCH's easy-to-read writing style helps you see the research process from the perspectives of researchers who gather information and marketing managers who use it and helps you apply your market research skills in experiential learning activities.

Currency trading techniques you can bank on

Forex trading can be remarkably lucrative--and complex, confusing, and risky. Too many investors dive right into Forex, suffering big losses. If you want to trade currencies successfully, read this book, take your time, and plan accordingly. The $4 trillion Forex market will be waiting.

"All About Forex Trading" walks you through everything you need to know to make currency trading a vibrant part of your diversified portfolio and generate handsome returns--regardless of what is happening to stocks and bonds. Whether your investing style is conservative or aggressive, this no-nonsense guide has what you need to build a powerful Forex trading strategy. Learn all there is to know about: What (and who) drives currency prices Investment vehicles for Forex trading Technical analysis techniques Key fundamental indicators Navigating the economic calendar All the traded currencies--from the Americas to Europe to Asia

This book shows the growing phenomenon and the broad impact of socio-environmental conflicts in the grassroots communities-farmers, fishermen and urban poor-in Indonesia, as the effects of government's development strategies based on neoliberal and New Public Management (NPM) views without a clear accountability system or socio-environmental accountability practices and reports are becoming apparent. Inspired by the emancipatory socio-environmental accounting discourse, which focuses on the socio-local context in developing alternative models of accountability based on local views and people's aspirations, this book uses research methodology based on the principles put forth by Indonesian national hero and critical scholar Tan Malaka to develop a framework of integrated accountability for the local government. This book fills the present gap in English publications that analyse the intents and outcomes of the public management reforms in Indonesia with regard to socio-environmental issues, as a basis for further research at the international level as well as policymaking in Indonesia. As the Indonesian government has recently undertaken key structural and accounting reforms in the public sector, this book is a timely and valuable read for graduate students, researchers,- and policymakers.

This 32 volume set reissues key out-of-print titles that will prove invaluable in understanding the current resurgence of economic nationalism. Covering all aspects of international trade policy, and focusing particularly on tariffs and protectionism, this set will be invaluable to the modern student.

The credit crisis that started in 2007, with the collapse of well-established financial institutions and the bankruptcy of many public corporations, has clearly shown the importance for any company entering the derivative business of modelling, pricing, and hedging its counterparty credit exposure.

Building an accurate representation of firm-wide credit exposure, for both risk and trading activities, is a significant challenge from the technical as well as the practical point of view. This volume can be considered as a roadmap to finding practical solutions to the problem of computing counterparty credit exposure for large books of both vanilla and exotic derivatives usually traded by large Investment Banks. It is divided into four parts, (I) Methodology, (II) Architecture and Implementation, (III) Products, and (IV) Hedging and Managing Counterparty Risk.

Starting from a generic modelling and simulation framework based on American Monte Carlo techniques, it presents a software architecture, which, with its modular design, allows the computation of credit exposure in a portfolio-aggregated and scenario-consistent way. An essential part of the design is the definition of a programming language, which allows trade representation based on dynamic modelling features. Several chapters are then devoted to the analysis of credit exposure of various products across all asset classes, namely foreign exchange, interest rate, credit derivatives, and equity. Finally it considers how to mitigate and hedge counterparty exposure. The crucial question of dynamic hedging is addressed by constructing a hybrid product, the Contingent-Credit Default Swap.This volume addresses these and other problems, as well as recent developments related to counterparty credit exposure, from a quantitative perspective. Its unique characteristic is the combination of a rigorous but simple mathematical approach with a practical view of the financial problem at hand.

This important book presents a new original study of the German and UK financial markets. It addresses the relationship between corporate governance, ownership and financial performance in German and UK firms floated during the 1980s. Marc Goergen uses detailed company micro-data to examine the ownership and performance of each firm from the time of its flotation to six years later. He finds that the evolution of ownership depends on certain corporate characteristics and that differences in financial performance cannot be explained simply by differences in the concentration of ownership. The book sheds new light on the important issue of whether corporate ownership influences or is influenced by financial performance. The main findings of the book have important implications for public policy and the current public debate on corporate governance and the globalisation of financial markets. They are important for established financial markets and the transitional economies of Eastern and Central Europe as well as for international scholars interested in issues of corporate governance and the performance of firms.

The role of asymmetric information in allocation of resources, together with the associated information-revelation process, has long been a central focus of economic research. While the bulk of the literature addresses these is sues within the framework of principal-agent relationship, which essentially reduces the problem to the sole principal's (the sole Stackelberg leader's) optimization problem subject to the agents' (the Stackelberg followers') re sponses, there are recent attempts to extend analysis to other economic setups characterized by different relationships among decision-makers. A notable strand of such attempts is the core analysis of incomplete in formation. Here, there is no Stackelberg-type relationship, and more impor tantly the players can talk to each other for coordinated choice of strategies. See, e.g., Wilson (1978) for a pioneering work; Yannelis (1991) for formula tion of feasibility of a strategy as its measurability; Ichiishi and Idzik (1996) for introduction of Bayesian incentive-compatibility to this strand; Ichiishi, Idzik and Zhao (1994) for information revelation (that is, endogenous deter mination of updated information structures); Ichiishi and Radner (1997) and Ichiishi and Sertel (1998) for studies of a specific model of Chandler's firm in multidivisional form for sharper results; and Vohra (1999) for a recent work. It is a common postulate in these works that every player takes part in design of a mechanism and also in execution of the signed contract."

This book is a thorough, balanced, and insightful study of what is happening and what should be happening in health care financing. Americans want unlimited access to the best care at affordable prices. Fiscal pressures in American health care point in all different directions, like a pile of jackstraws. This important book analyzes how new payment incentives stimulate planned competition or reregulation; and the far-reaching impact these changes have on hospitals, physicians, long-term care facilities, HMOs, public health clinics, and multihospital systems. Tools for survival include better financial planning, productivity improvement, better scheduling systems, and total quality management.

Steven R. Eastaugh begins his book with a general overview of cost management, accounting, product-line selection, and new payment incentives. Part II provides an in-depth survey of fiscal trends in long-term care, managed care, HMOs, and PPOs. Part III analyzes five basic strategies that a provider may consider; with special focus on market analysis, diversification, and pricing. The next part reviews physician payment options, the new Medicare 1992 payment systems for hospitals and physicians, and cost analysis of hospital patient care, research, and education. Part V considers productivity enhancement methods, incentives to assist productivity programs, and the Deming method of total quality management. Part VI focuses on investment, financing, and capital structure decisions in health care institutions and also in large multifacility systems. The last part summarizes major strategies for success in the 1990s, future policy alternatives, and suggests a number of alternative roads to universal entitlement and national health care reform. As Eastaugh suggests in this book, Our health system faces . . . immense opportunity and danger in a reformation on four fronts: access, efficiency, effectiveness, and quality of life. The challenge for providers and managers during this period of unparalleled opportunity is to win a clear victory on all four fronts, and not erode either access or quality in the name of efficiency. The range of coverage in Health Care Finance is extremely wide and detailed--making it essential and useful reading for health care professionals and students alike.

The purpose of this paper is to incorporate both skewness and kurtosis explicitly through extending Zhang (1994) to provide bounds for the prices of and expected payoffs for options, given the first two moments of skewness and kurtosis. The rest of this paper is organized as follows. Section II - distributions of terminal stock prices with given expected prices, standard deviation, skewness, and kurtosis under the assumption that the underlying asset price is continuously distributed. Similar to the results given in (1), the bounds derived in this paper depend on the information of the cumulative distribution of the underlying asset. However, it is shown in Section II that for each set of moments, there always exists one semi-parametric upper bound which is independent of the information of any distribution of the underlying asset. This semi-parametric upper bound has the same property as that in the case of the first two moments in Zhang (1994), that is, it is always greater than, or equal to, the distribution dependent bounds.

Credit Risk Pricing Models - now in its second edition - gives a deep insight into the latest basic and advanced credit risk modelling techniques covering not only the standard structural, reduced form and hybrid approaches but also showing how these methods can be applied to practice. The text covers a broad range of financial instruments, including all kinds of defaultable fixed and floating rate debt, credit derivatives and collateralised debt obligations.This volume will be a valuable source for the financial community involved in pricing credit linked financial instruments. In addition, the book can be used by students and academics for a comprehensive overview of the most important credit risk modelling issues.

Who enjoys statutory preferred creditor status? What justifications exist for jurisdictions to maintain statutes that favour 'priority' creditors over other creditors and contributories? This book examines preferential debts derived from specific legislative provisions applying to corporate insolvency. In exploring the concept of preferential treatment, Statutory Priorities in Corporate Insolvency Law includes chapters that provide a doctrinal, theoretical and historical analysis of who enjoys preferred creditor status. As well as examining the traditional major categories of priorities, this work also identifies potential new categories for priority status such as environmental clean-up costs, international creditors, tort claimants and consumers among other non-consensual creditors. While the study focuses on Australian corporate insolvency law, where appropriate, comparisons are made with other common law jurisdictions, particularly the UK, Canada, New Zealand and the US.

Handbook of Alternative Data in Finance, Volume I motivates and challenges the reader to explore and apply Alternative Data in finance. The book provides a robust and in-depth overview of Alternative Data, including its definition, characteristics, difference from conventional data, categories of Alternative Data, Alternative Data providers, and more. The book also offers a rigorous and detailed exploration of process, application and delivery that should be practically useful to researchers and practitioners alike. Features Includes cutting edge applications in machine learning, fintech, and more Suitable for professional quantitative analysts, and as a resource for postgraduates and researchers in financial mathematics Features chapters from many leading researchers and practitioners.

Using examples from finance and modern warfare to the flocking of birds and the swarming of bacteria, the collected research in this volume demonstrates the common methodological approaches and tools for modeling and simulating collective behavior.

Thetopics presented point toward new and challenging frontiers of applied mathematics, making the volume a useful referencetext forapplied mathematicians, physicists, biologists, and economists involved in the modeling of socio-economic systems."

Saunders and Cornett's Financial Institutions Management: A Risk Management Approach provides an innovative approach that focuses on managing return and risk in modern financial institutions. The central theme is that the risks faced by financial institutions managers and the methods and markets through which these risks are managed are becoming increasingly similar whether an institution is chartered as a commercial bank, a savings bank, an investment bank, or an insurance company. Although the traditional nature of each sector's product activity is analyzed, a greater emphasis is placed on new areas of activities such as asset securitization, off-balance-sheet banking, and international banking.

U.S. firms doing business in Germany are succeeding far better than usually reported. Indeed, 14 of the top 1,700 American companies with direct investment in Germany placed among the top 100 German industrial firms in sales in 1994, a fact that made big news in Germany but was never mentioned in the U.S. press. Here now, in one succinct, readable volume, is all of the vital information that American companies, and companies elsewhere, will need to enter and succeed in this lucrative German market. Certainly there are drawbacks, but attorneys James A. Hart and Dieter Schultze-Zeu make clear there are significant advantages as well, and in certain important ways it may be even easier to do business there than in other major industrial countries such as Japan.

The authors look carefully at the scope of U.S.-German business, and then compare the three economic superpowers -- Germany, Japan, and the United States -- in terms of such variables as gross domestic product, economic growth, and industrial production. They review the political, economic, and social considerations that have emerged from the unification of West and East Germany, and show their effects on the ways in which business in Germany is now done. They examine the principle methods of selling to Germany, the impact of the German government and legal system on American businesses. Then they discuss in detail specifics such as the legal forms of business, Germany's accounting and tax laws, and laws relating to product liability, anti-trust, labor, and social security. Also covered are the German banking and accounting systems, stock markets, and the presence of U.S. commercial banks in Germany. Of special interest are case histories of several important U.S. companies doing business there. An exceptionally useful guide for corporate executives, attorneys, and a cogent introduction to the German business environment for students, researchers, and analysts in the academic community.

One of the most important trends in information systems today is the increasing use of electronic data interchange whereby paper is replaced by electronic communication for transactions between companies. Written for financial and accounting professionals as well as the MIS managers with whom they interface, this book offers a comprehensive discussion of the elements of EDI systems that are particularly useful in finance and accounting applications. Thierauf introduces the underlying framework for EDI, comparing it to the present paper operating mode; explains the fundamentals of national and international electronic communication, and explores the hardware and software necessary as well as the typical costs involved. Numerous real-world case studies are included to demonstrate the feasibility, development, and implementation of EDI systems in finance, accounting, and banking operations.

The text's structure follows a logical sequence from concept through application designed to assist the typical end user in the design and installation of an EDI system. Part One shows the relationship of EDI systems to various types of management information systems and discusses factors underlying both U.S. and international systems. In Part Two, Thierauf investigates the currently available EDI hardware and software and presents a custom-designed approach to software. In the final chapter of Part Two, Thierauf provides in-depth treatment of typical EDI applications as well as the design considerations for their development. The feasibility of undertaking an EDI system and detailed procedures for developing and implementing such a system form the focus of Part Three. Separate chapters cover EDI in strategic planning, banking, finance, and accounting. Numerous figures amplify points made in the text. In addition to providing a thorough guide to EDI for accounting, finance, and MIS professionals, this volume will also be ideal as a supplemental text for undergraduate and graduate courses in business information systems.

This book introduces readers to the basic concepts of and latest findings in the area of differential equations with uncertain factors. It covers the analytic method and numerical method for solving uncertain differential equations, as well as their applications in the field of finance. Furthermore, the book provides a number of new potential research directions for uncertain differential equation. It will be of interest to researchers, engineers and students in the fields of mathematics, information science, operations research, industrial engineering, computer science, artificial intelligence, automation, economics, and management science.

Understanding the New Global Economy: A European Perspective argues that globalisation is facing economic and political headwinds. A new global economic geography is emerging, cross-border relationships are changing, and global governance structures must come to terms with a new multipolar world. This book clarifies the fundamental questions and trade-offs in this new global economy, and gives readers the tools to understand contemporary debates. It presents a range of possible policy options, without being prescriptive. Following a modular structure, each chapter takes a similar approach but can also be read as a stand-alone piece. State-of-the-art academic research and historical experiences are weaved throughout the book, and readers are pointed towards relevant sources of information . This text is an accessible guide to the contemporary world economy, suited to students of international economics, political economy, globalisation, and European studies. It will also be valuable reading for researchers, professionals, and general readers interested in economics, politics, and civil society.

The book discusses the mechanisms by which securities are traded, as well as examining economic models of asymmetric information, inventory control, and cost-minimizing trading strategies.

A fieldwork-based sociological study of how participants in City of London financial markets view the markets in which they work and the market mechanism in general. It is more than a narrow study of financial market participants because it is also an empirical investigation into how ideologies function and it develops a critique of pro-market ideologies such as "Thatcherism". Finally, it is a sociological study into the privileged world of high earners and the wealthy.

Museum Finance: Issues, Challenges, and Successes looks at why museum finance is inherently challenging and how difficult it is to balance the need to generate adequate funding while providing accessible, meaningful mission-based services. The book's purpose is to help museum leaders at all levels recognize and avoid certain financial minefields and realize that while there are financial hurdles in the museum world, they are solvable. The book is filled with numerous examples illustrating the range of challenges faced by museums and how institutions met these challenges along with advice on how institutions can be successful in the face of financial difficulty.