In recent years there has been a significant increase of interest in continuous-time Principal-Agent models, or contract theory, and their applications. Continuous-time models provide a powerful and elegant framework for solving stochastic optimization problems of finding the optimal contracts between two parties, under various assumptions on the information they have access to, and the effect they have on the underlying "profit/loss" values. This monograph surveys recent results of the theory in a systematic way, using the approach of the so-called Stochastic Maximum Principle, in models driven by Brownian Motion.

Optimal contracts are characterized via a system of Forward-Backward Stochastic Differential Equations. In a number of interesting special cases these can be solved explicitly, enabling derivation of many qualitative economic conclusions.

Although there are many books on mathematical finance, few deal with the statistical aspects of modern data analysis as applied to financial problems. This textbook fills this gap by addressing some of the most challenging issues facing financial engineers. It shows how sophisticated mathematics and modern statistical techniques can be used in the solutions of concrete financial problems. Concerns of risk management are addressed by the study of extreme values, the fitting of distributions with heavy tails, the computation of values at risk (VaR), and other measures of risk. Principal component analysis (PCA), smoothing, and regression techniques are applied to the construction of yield and forward curves. Time series analysis is applied to the study of temperature options and nonparametric estimation. Nonlinear filtering is applied to Monte Carlo simulations, option pricing and earnings prediction. This textbook is intended for undergraduate students majoring in financial engineering, or graduate students in a Master in finance or MBA program. It is sprinkled with practical examples using market data, and each chapter ends with exercises. Practical examples are solved in the R computing environment. They illustrate problems occurring in the commodity, energy and weather markets, as well as the fixed income, equity and credit markets.The examples, experiments and problem setsare based on the library Rsafd developed for the purpose of the text. The book should help quantitative analysts learn and implement advanced statistical concepts. Also, it will be valuable for researchers wishing to gain experience with financial data, implement and test mathematical theories, and address practical issues that are often ignored or underestimated in academic curricula.

This is the new, fully-revised edition to the book "Statistical Analysis of Financial Data in S-Plus."

Rene Carmona is the Paul M. Wythes '55 Professor of Engineering and Finance at Princeton University in the department of Operations Research and Financial Engineering, and Director of Graduate Studies of the Bendheim Center for Finance. His publications include over one hundred articles and eight books in probability and statistics. He was elected Fellow of the Institute of Mathematical Statistics in 1984, and of the Society for Industrial and Applied Mathematics in 2010. He is on the editorial boardof several peer-reviewed journals and book series. Professor Carmona has developed computer programs for teaching statistics and research in signal analysis and financial engineering. He has workedfor many years on energy, the commodity markets and more recently in environmental economics, and he is recognized as a leadingresearcher and expert in these areas."

The 12 articles in this second of twoparts condense recent advances on investment vehicles, performance measurement and evaluation, and risk management into a coherent springboard for future research. Written by world leaders in asset pricing research, they present scholarship about the 2008 financial crisis in contexts that highlight both continuity and divergence in research. For those who seek authoritative perspectives and important details, this volume shows how the boundaries of asset pricing have expanded and at the same time have grown sharper and moreinclusive.
Offers analyses by top scholars of recent asset pricing scholarshipExplains how the 2008 financial crises affected theoretical and empirical researchCovers core and newly developing fields"

The easy money that flowed through the banking system prior to 2008 fuelled a boom in buy-outs. Now it is gone, how will the private equity industry reinvent itself? This book features a series of interviews with some of the most respected and innovative firms and gives rare insights to the strategies that will drive this secretive sector over the next economic cycle.

Toward the late 1990s, several research groups independently began developing new, related theories in mathematical finance. These theories did away with the standard stochastic geometric diffusion "Samuelson" market model (also known as the Black-Scholes model because it is used in that most famous theory), instead opting for models that allowed minimax approaches to complement or replace stochastic methods. Among the most fruitful models were those utilizing game-theoretic tools and the so-called interval market model. Over time, these models have slowly but steadily gained influence in the financial community, providing a useful alternative to classical methods. A self-contained monograph, The Interval Market Model in Mathematical Finance: Game-Theoretic Methods assembles some of the most important results, old and new, in this area of research. Written by seven of the most prominent pioneers of the interval market model and game-theoretic finance, the work provides a detailed account of several closely related modeling techniques for an array of problems in mathematical economics. The book is divided into five parts, which successively address topics including: * probability-free Black-Scholes theory; * fair-price interval of an option; * representation formulas and fast algorithms for option pricing; * rainbow options; * tychastic approach of mathematical finance based upon viability theory. This book provides a welcome addition to the literature, complementing myriad titles on the market that take a classical approach to mathematical finance. It is a worthwhile resource for researchers in applied mathematics and quantitative finance, and has also been written in a manner accessible to financially-inclined readers with a limited technical background.

Warren Buffett--widely considered the most successful investor of all time--has repeatedly acknowledged Benjamin Graham as the primary influence on his investment approach. Indeed, there is a direct line between the record-shattering investing performance of Buffett (and other value investors) and Graham's life. In six books and dozens of papers, Graham--known as the "Dean of Wall Street"--left an extensive account of an investing system that, as Buffett can attest, actually works
This biography of Benjamin Graham, the first written with access to his posthumously published memoirs, explains Graham's most essential wealth-creation concepts while telling the colorful story of his amazing business career and his multifaceted, unconventional personal life. The author distills the best from Graham's extensive published works and draws from personal interviews he conducted with Warren Buffett, Charles Brandes, and many other top US and global value investors, as well as Graham's surviving children and friends.
Warren Buffett once said, "No one ever became poor by reading Graham." Find out for yourself by reading Carlen's lively account of Benjamin Graham's fascinating life and time-tested techniques for generating wealth.

This collection of articles and papers has been organised under a limited number of specific themes in international financial economics, including balance of payment theory and policy, the activities of the IMF, Special Drawing Rights, the role of the private financial markets, and the international economic order. A unifying theme running through all the essays is that some degree of management of international financial affairs is desirable. The book has a strong policy orientation and should be of interest to students and practitioners of international financial economics alike.

Financial analysis, based on ratio analysis, has been used as a tool for analyzing the financial strength of corporations. Although ratio analysis is generally used as a univariate strategy, the accounting and finance literature has evolved to include multivariate-based models in financial analysis, and these models can be used to explain important economic events and often predict them. Thus, in an exhaustive coverage of the economic events to which they can be applied, Riahi-Belkaoui discusses these models in a way that will have special value to corporate management, financial planners, and to their colleagues in the academic community who specialize in business and economic analysis.

This book provides a broad and balanced introduction to the principle Western financial makets and institutions. Unlike other books which tend to focus on an individual market, An Introduction to Western Financial Markets is international in scope. Valdez acknowledges the current movement towards a single global market and recognizes that a parochial knowledge of just one local market is no longer sufficient.

Various financial sectors are described in clear and easy to understand terms. Topics covered include banking (commercial and investment), money and bond markets, foreign exchange, stock markets, finance for trade, insurance options, futures, and other derivative products. A final chapter surveys the key trends and issues in the markets today. A useful glossary of terms is included.

Pages of mathematical formulae, common in introductory books on finance, are avoided. Valdez clearly shows the importance of these formulae, but is constantly aware of his non-numeric readers. This book will appeal to students of banking, finance, economics, business studies and the securities markets.

Financial statements capture and report on four key business activities: planning, financing, investing, and operating activities. To intelligently understand, analyze, and interpret financial statements you must look for the right information, know where to locate it, and then act swiftly on the findings.
Analysis of Financial Statements provides the essential concepts and tools needed by analysts who make decisions on the basis of information found in financial statements. This book offers a comprehensive approach to understanding financial statements, from sources of financial information and the three basic types of statements to the various measures that common stock and equity analysts can use to assess a company. Analysis of Financial Statements also includes examples of real world applications from practicing analysts plus review questions at the end of each chapter.

This book provides a broad-based approach to decision support systems (DSS) and their applications to finance and accounting. Heymann and Bloom go beyond mere description of DSS applications for particular system configurations to provide a comprehensive, technical analysis. They identify the changing roles over time of finance and accounting within organizational management and business control systems, outline the foundation of economic models within the objectives and methodology of scientific research, and provide an introduction to the logical structure of theoretical models in finance and accounting. The systems approach is examined as an alternative to the traditional decision model approach, and different tasks within a firm are presented in terms of complex and integrated management processes. In addition, the authors describe the role of DSS in the management of a firm, present specific applications of DSS in the areas of finance and accounting, and discuss the future outlook of DSS in computerized management systems as well as their possible effects on organizational structures and management control procedures.

Get the straight goods on how to build a thriving side hustle from someone who's been there before In Clever Girl Finance: The Side Hustle Guide, celebrated finance expert, influencer, CEO, and author Bola Sokunbi delivers your own personal key to unlocking more money, more freedom, and more security in your life. You'll find out how to achieve financial prosperity by leveraging a side hustle business to increase your income and build wealth. You'll discover how to: Build your confidence, eliminate your fears, and strengthen your focus Establish a strong foundation for your new business, even without prior experience Create a solid plan to brand, market, and grow a business your customers won't be able to get enough of Write a realistic financial plan for your side hustle and to create long-term wealth Perfect for those with a side hustle dream and some energy to spare, Clever Girl Finance: The Side Hustle Guide will also earn a place in the libraries of anyone who's ever thought about building a successful and profitable side hustle from the ground up but didn't know where to start.

With an emphasis on models and techniques, this textbook introduces many of the fundamental concepts of stochastic modeling that are now a vital component of almost every scientific investigation. In particular, emphasis is placed onlaying the foundationfor solvingproblemsin reliability, insurance, finance, and credit risk.

The material has been carefully selected to cover the basic concepts and techniques on each topic, making this an ideal introductory gateway to more advanced learning. With exercises and solutions to selected problems accompanying each chapter, this textbook is for a wide audience including advanced undergraduate and beginning-level graduate students, researchers, and practitioners in mathematics, statistics, engineering, and economics."

International acquisitions are failing at a rate of three out of four and international location decisions two times out of three. Where does corporate management locate a new facility or find one to acquire that will best satisfy the business objectives of survival and growth? A variety of decision making methodologies have emerged from the literature, but which are most workable? Schniederjans surveys these and other methods, analyzes and explains them carefully, and provides a new approach to help optimize the location selection decision. Included are cutting-edge applications and quantitative examples that can be easily grasped and quickly applied. With detailed appendices covering sources of international information available in print and electronically, the book will be essential for upper management and others who are engaged in planning the corporation's expansion and growth.

Schniederjans organizes his book into two parts. He defines his terminology and establishes a foundation to understand the use of acquisition and location methodologies in the first part, and covers the use of one or more methodologies in facility acquisition and location analysis internationally, supported by current research findings, in the second part. Included in his four appendices of source material is one that lists currently available computer software that supports the methodologies covered in the book. The book will also help save consulting fees and help redirect the study of its topic to make the facilities acquisition and location task yield more reliable results in coming years.

This is the ideal resource for college professors, school teachers, and others who need financing for their programs. The directory includes more than 140 funding sources that are sorted into four categories: organisations federal grants and contracts private and corporate foundation announcements awards, fellowships, and scholarships. Detailed entries offer highly specific, useful information: deadlines program descriptions funding levels contact information areas of interest eligibility restrictions. This comprehensive reference also provides answers to frequently asked questions about the most effective ways to research and apply for grant money.

This book is exclusively focused on the practice of transfer pricing audits which the Chinese government operates in the case of the vast number of foreign enterprises operating in the Chinese economy. It is presented with candour and includes the extensive testimony of Chinese officials about their work, material that given the traditional secrecy of Chinese business and governmental culture, is difficult to come by.

This volume contains a collection of papers dedicated to Professor Eckhard Platen to celebrate his 60th birthday, which occurred in 2009. The contributions have been written by a number of his colleagues and co-authors. All papers have been - viewed and presented as keynote talks at the international conference "Quantitative Methods in Finance" (QMF) in Sydney in December 2009. The QMF Conference Series was initiated by Eckhard Platen in 1993 when he was at the Australian - tional University (ANU) in Canberra. Since joining UTS in 1997 the conference came to be organised on a much larger scale and has grown to become a signi?cant international event in quantitative ?nance. Professor Platen has held the Chair of Quantitative Finance at the University of Technology, Sydney (UTS) jointly in the Faculties of Business and Science since 1997. Prior to this appointment, he was the Founding Head of the Centre for Fin- cial Mathematics at the Institute of Advanced Studies at ANU, a position to which he was appointed in 1994. Eckhard completed a PhD in Mathematics at the Technical University in Dresden in 1975 and in 1985 obtained his Doctor of Science degree (Habilitation degree in the German system) from the Academy of Sciences in Berlin where he headed the Stochastics group at the Weierstrass Institute.

This book examines the options for adopting an appropriate model of the exchange rate determination and its associated regime suitable for developing countries, with a case study of Indonesia. It examines exchange rate issues, develops market based, equilibrium and shadow pricing exchange rate models for developing countries, and suggests a suitable approach which is based on the consideration of all these three types of models and the choice of its associated exchange rate regime. This book shows that a credible exchange rate regime and policy, which reduces uncertainty in the exchange rate market, may mitigate the flight to currency from broad money, and ensure the stability and certainty for private sectors, especially in terms of export competitiveness.

Micro and small business finance are fast growing segments of the financial industry, opening the door to a whole range of financial products for fund managers and private investors worldwide. This edited collection of papers presents the business case for micro and small business finance.To become sustainable and attractive to private capital this volume will argue that, microfinance has to 'grow up' and recognise the fact that it has to build the ability to grow small entrepreneurs.

In her multi-million-copy bestseller Mindset Carol Dweck coined the terms ‘fixed’ and ‘growth’ mindset, transforming our view of individual success. In a fixed mindset, talent and intelligence are viewed as predetermined traits, while in a growth mindset, talent and intelligence can be nurtured,

In Cultures of Growth, award-winning social psychologist Mary C. Murphy argues that mindset transcends individuals. Drawing on compelling examples from her work with Fortune 500 companies, startups and schools, she shows how we can all create a growth mindset culture.

Murphy’s original decade-long research reveals that organisations and teams more geared toward growth inspire deeper learning, spark collaboration, spur innovation, and build trust necessary for risk-taking and inclusion. They are also less likely to cheat, cut corners, or steal each other’s ideas. And they’re more likely to achieve top results. In these cultures, great ideas come from people from all backgrounds and at all levels - not just those anointed as brilliant or talented.

In a world where success seems reserved for a chosen few, Cultures of Growth unveils a radically different approach to creating organisations that inspire learning, growth, and success at all levels.

From traditional brick and mortar to new start-ups, businesses are harnessing the power of digital enterprise as a cost-effective model to deliver goods and services online. Digital enterprise strategy is adopted for transforming business, streamlining processes, and making the best use of online technologies to enhance interaction with customers and employees and deliver excellent customer experience in real time. Digital enterprises increasingly need digital workers to establish greater digital skills to bear on every activity and to drive management, strategy, and innovation, which are key for digital enterprise transformation. The Handbook of Research on Management and Strategies for Digital Enterprise Transformation is a crucial reference source that discusses leveraging technology for the customers', employees', and suppliers' benefit, as well as integrating complex processes to management, marketing, production, manufacturing, and financial systems. Combining management, strategy, technology, and digital enterprise topics into one book provides the reader with a holistic understanding of the new developments in these emerging fields. This study will also include key topics of interest on how to address structural changes underway in the local and global business environment for digital enterprise transformation. Featuring research on topics such as e-commerce, organizational learning, and agile management, this book is ideally designed for business professionals, policymakers, researchers, students, and managers.

I carefully curated reader designed to be a core text for philanthropy programmes International and inclusive, incorporating global voices translated into English, in some cases for the first time Focused on the concept, practice and theory of fundraising, with a particular focus on informed and critical decision-making in both the academic and professional fields Contains excepts rather than full pieces for a condensed experience that saves the reader time While designed for courses, its focus on practice and the professionalisation of fundraising will appeal to fundraisers and non-profit sector professionals A rich and varied mixture of pieces ranging from the cutting edge of research through to biographies, autobiographies, journalism and historic sources

'Managing Technology in The Operations Function' looks at issues in technology from the operations function rather than from an IT perspective. It explores the use of technology for processing, provision of client services, risk management and business management. The authors analyse the benefits of straight through processing and the practical implications of managing technology products in operations. System risk and opportunities are explored and case studies are examined along with industry trends to assess upcoming developments and their impacts.
The use of technology is one of the key drivers of growth in the volumes of business in the financial markets today. The impact that technology has had, and is still having in the operations function is truly substantial. Technology now reaches into just about every aspect of the business. Electronic trading, messaging systems, and information distribution have created a global market that is, relatively speaking, instantly accessible and available.
For operations this manifests itself in two ways: the automation of processes and the automation of information gathering and distribution. For operations managers this period of change has elevated the function from a pure support service into a dynamic revenue protector/generator, with a heavy client service and risk management focus.
The reliance on technology to drive this progression forward and to meet the challenge is therefore of crucial consideration for the operations manager.
The challenge for the operations teams and managers is to embrace technology and maximize the use of this vital and powerful tool within the business. A failure to do so will inevitably have a negative impact on the operations function and ultimately damage the whole business.

The definitive series of professional references for those finance professionals concerned with "Back office" or operations management unique to this industry.

Presents concise references on the essential management functions such as technology, client services, and risk management for financial operations management professionals.A comprehensive resource from a leading financial management consultant for global banks and institutions. DMS has also developed a wide range of financial management courses, materials and programs over the last seven years.

Leasing is by far the most important source of finance for various types of assets needed by firms, but this may cause problems. Among them are the decisions to buy or lease and the accounting decisions to capitalize or expense. Riahi-Belkaoui addresses both problems by examining the models and standards used both for management of and accounting for leases.

In five chapters Riahi-Belkaoui covers the issues involved in leasing and financing decision models and offers a decision format to reconcile disagreements among various approaches to the lease-or-buy analysis. He examines all the techniques proposed for accounting for long-term leases as formulated by the Statement of Accounting Standards No. 13 and then looks at specific issues. In his final chapter, a unique contribution to the literature on leasing, Riahi-Belkaoui explores the economics of buying. This is a valuable resource for financial accountants, decision makers, and researchers interested in the management of leases.

Written by one of North America's foremost authorities on the subject, this is the first sustained treatment of the complex relationship between real interest rates and investment returns. Spiro focuses specifically on the problems of measuring and predicting real interest rates in order to optimize corporate investment and borrowing strategy. The book provides a wealth of practical advice in such key areas as choosing types of investment instruments, selecting the best term to maturity, and assessing the risks versus rewards of different types of bond instruments. Considering the complex subject, the book is surprisingly well written. Corporate financial officers, in particular, will want to read it. "Journal of Accountancy"

Written by one of North America's foremost authorities on the subject, this is the first sustained treatment of the complex relationship between real interest rates and investment returns. The author focuses specifically on the problems of measuring and predicting real interest rates in order to optimize corporate investment and borrowing strategy. An invaluable decisionmaking tool for financial officers, treasurers, and portfolio managers, the book is written in clear, non-technical language and provides a wealth of practical advice in such key areas as choosing types of investment instruments, selecting the best term to maturity, and assessing the risks versus rewards of different types of bond instruments.

Spiro bases his book on rigorous empirical research and relates new findings in financial economics to the on-the-job problems and uncertainties faced by corporate investment managers. He highlights research which indicates that even moderate rates of inflation can have a substantial negative effect on the real interest rate and provides detailed empirical estimates to help the reader predict the value of the real interest rate under varying conditions. Additional topics covered include the impact of real interest rate changes on stock prices, the effects of exchange rate risk on international fixed income investment and borrowing, and the effects of government debts and deficits on real interest rates. Taken together, the information offered here will enhance the financial professional's ability to predict important interest rate trends and therefore increase the quality of their investment and financial decisions.