Throughout the world the nature and regulation of financial systems have changed dramatically following the global financial crisis. This book introduces the necessary theory and a range of relevant statistics to supplement the narrative. Coverage includes a critique of the UK financial institutions and markets, as well as regulation emanating both from within the UK and also from supranational bodies such as the Bank for International Settlements and the European Union. The discussion is based on both the underlying theory as well as the operating practices of the institutions and markets. The book is subdivided into three main sections, each supplemented by a comprehensive glossary: financial institutions; financial markets; and the regulation of banks and other financial institutions. It will be essential reading for undergraduate students enrolled on courses in financial economics and banking. -- .

This book explores the Italian stock exchange through its construction and consolidation while examining and criticizing the birth of the capital city. Through the evolution of the stock exchange, the transformation of Rome is examined from the capital of a pre-unification state to the papal state, exploring its social, political, administrative and financial fabric. The book examines that path to becoming the capital of Italy, offering a unique volume for researchers, academics, and students of financial history and financial markets.

Presents a comprehensive study of the logic and mode of existence of capital in the 21st centuryDevelops a new theory of Speculative Capital related to other forms of capital, the world market, and the state Distinguishes credit and fictitious capital from speculative capital to show its hegemony today in the capital market

The Mathematics of Finance has been a hot topic ever since the discovery of the Black-Scholes option pricing formulas in 1973. Unfortunately, there are very few undergraduate textbooks in this area. This book is specifically written for advanced undergraduate or beginning graduate students in mathematics, finance or economics. This book concentrates on discrete derivative pricing models, culminating in a careful and complete derivation of the Black-Scholes option pricing formulas as a limiting case of the Cox-Ross-Rubinstein discrete model.

This second edition is a complete rewrite of the first edition with significant changes to the topic organization, thus making the book flow much more smoothly. Several topics have been expanded such as the discussions of options, including the history of options, and pricing nonattainable alternatives. In this edition the material on probability has been condensed into fewer chapters, and the material on the capital asset pricing model has been removed.

The mathematics is not watered down, but it is appropriate for the intended audience. Previous knowledge of measure theory is not needed and only a small amount of linear algebra is required. All necessary probability theory is developed throughout the book on a "need-to-know" basis. No background in finance is required, since the book contains a chapter on options. "

This book covers in detail the building blocks of Chinese capital markets at the financial instrument level, the analytical pricing term structure of those instruments, the macro and industry economic framework and progress of the liberalization processes at work in the respective markets, the interaction of various participants in the markets, their trading and investment objectives and rationales, some of the most frequently applied trading and investment strategies, and risk management techniques. The book will especially benefit financial practitioners with in-depth knowledge of their respective capital markets area regarding foreign exchange, money markets, fixed income, and related derivatives, and who have a keen interest in gaining deeper insights into the Chinese market so as to develop or strengthen their global strategy application and risk management practice.

When you're finished, make sure you have something to show for your efforts.

In Work Toward Reward, Chia-Li Chien, Succession Strategist at Value Growth Institute and award-winning author of "Show Me the Money," presents the results of her Business Value Drivers Study. This two-year study reveals challenges business owners face and the Mission Critical Activities crucial to building a business in value.

Chia-Li invited business owners to participate in the study, answering questions such as: $ Why are you in business? $ What have you created from your business (job, lifestyle, 3x to 5x value)? $ What gets you going in the morning? $ What keeps you up at night? $ What are the most common problems in your industry?

Using examples of business owners she interviewed in the study, she illustrates the successes and challenges of their businesses to inspire and motivate us to focus on value creation through Mission Critical Activities-and how those activities can transform not only a business, but communities and even our world as well.

Work Toward Reward helps you start building your business in value, and when you are ready, cash out with the reward you deserve after the risks you've taken and the years you've spent

(In praise of "Show Me the Money") "With empowering advice for understanding true business value, attaining financial independence and knowing when to quit. "Show Me the Money" is a fine guide to making a profit."

John Burroughs, Midwest Book Review, Oregon, WI

This book explores the relationships between financial inclusion, poverty and inclusive development from Islamic perspectives. Financial inclusion has become an important global agenda and priority for policymakers and regulators in many Muslim countries for sustainable long-term economic growth. It has also become an integral part of many development institutions and multilateral development banks in efforts to promote inclusive growth. Many studies in economic development and poverty reduction suggest that financial inclusion matters. Financial inclusion, within the broader context of inclusive development, is viewed as an important means to tackle poverty and inequality and to address the sustainable development goals (SDGs). This book contributes to the literature on these topics and will be of interest to researchers and academics interested in Islamic finance and financial inclusion.

The authors present a comprehensive and timely discussion of economic capital and financial risk management for financial services firms and conglomerates.
Topics covered include:
*the different types of risks that firms collect;
*risk governance issues;
*how stress testing can be used to measure risk;
*the provision of a clear and precise definition of economic capital;
*the different types of capital that are eligible to back regulatory capital, and;
*the development of models that can be used to estimate a firms economic capital requirements.
A unique feature of the book is that, for the first time, the economic capital requirements of financial services firms across the entire risk spectrum, from the short end to the long end, are considered in one book. The authors develop models to estimate the economic capital requirements of banks, asset management firms, life and non-life insurance firms, pension funds, and the financial services conglomerates that comprise these firms.
Economic capital is compared to regulatory capital and regulatory capital arbitrage is discussed. The diversification benefit present in financial services conglomerates is quantified and the practical management of this diversification benefit is dealt with. The authors give new insights into capital management and performance measurement for financial services conglomerates and provide detailed descriptions of the main financial services firm regulatory capital changes that are ongoing at the time of writing.
This superb and original book charts new ground in the practical application of economic capital for financial services firms and conglomerates. It is requiredreading for all capital allocation and risk professionals.

This first of three volumes starts with a short introduction to historical metrology as a scientific discipline and goes on with an anthology of acient and modern measurement systems of all kind, scientific measures, units of time, weights, currencies etc. It concludes with an exhaustive list of references. Units of measurement are of vital importance in every civilization through history. Since the early ages, man has through necessity devised various measures to assist him in everyday life. They have enabled and continue to enable us to trade in commonly and equitably understood amounts, and to investigate, understand, and control the chemical, physical, and biological processes of the natural world. The essence of the work is an alphabetically ordered, comprehensive list of measurement nomenclature, units and scales. It provides an understanding of almost all quantitative expressions observed in all imaginable situations, including spelling variants and the abbreviations and symbols for units, and various acronyms used in metrology. It will be of use not only to historians of science and technology, but also to economic and social historians and should be in every major academic and national library as standard reference work on the topic.

This book is the second edition of Behavioral Decision Theory, published in 2014. The main approach and structure of this book have been retained in the new edition. However, this second edition provides a fresh overview of the idea of behavioral decision theory and related research findings such as theoretical and empirical discoveries of preference formation, time discounting, social interaction, and social decision making. The book covers a wide range from classical to relatively recent major studies concerning behavioral decision theory, which, in brief, is a general term for descriptive theories to explain the psychological knowledge related to people's decision-making behavior. It is called a theory but is actually a combination of various psychological theories, for which no axiomatic systems-such as those associated with the utility theory widely used in economics-have been established. The utility theory is often limited to qualitative knowledge; however, as the studies of Nobel laureates H. A. Simon, D. Kahneman, and R. Thaler have suggested, the psychological methodology and knowledge of behavioral decision theory have been applied widely in such fields as economics, business administration, and engineering and are expected to become even more useful in the future. Research into people's decision making represents an important part in those fields, various aspects of which overlap with the scope of behavioral decision theory. This theory is closely related to behavioral economics and behavioral finance, which have come into greater use in recent years. This book will appeal especially to graduate students, advanced undergraduate students, and researchers who are interested in decision-making phenomena.

This book presents a new approach to the valuation of capital asset investments and investment decision-making. Starting from simple premises and working logically through three basic elements (capital, income, and cash flow), it guides readers on an interdisciplinary journey through the subtleties of accounting and finance, explaining how to correctly measure a project's economic profitability and efficiency, how to assess the impact of investment policy and financing policy on shareholder value creation, and how to design reliable, transparent, and logically consistent financial models. The book adopts an innovative pedagogical approach, based on a newly developed accounting-and-finance-engineering system, to help readers gain a deeper understanding of the accounting and financial magnitudes, learn about new analytical tools, and develop the necessary skills to practically implement them. This diverse approach to capital budgeting allows a sophisticated economic analysis in both absolute terms (values) and relative terms (rates of return), and is applicable to a wide range of economic entities, including real assets and financial assets, engineering designs and manufacturing schemes, corporate-financed and project-financed transactions, privately-owned projects and public investments, individual projects and firms. As such, this book is a valuable resource for a broad audience, including scholars and researchers, industry practitioners, executives, and managers, as well as students of corporate finance, managerial finance, engineering economics, financial management, management accounting, operations research, and financial mathematics. It features more than 180 guided examples, 50 charts and figures and over 160 explanatory tables that help readers grasp the new concepts and tools. Each chapter starts with an abstract and a list of the skills readers can expect to gain, and concludes with a list of key points summarizing the content.

This book critically reviews transnational banking regulations that specifically impact consumer lending in Africa's largest economy. It provides a comprehensive analysis on the politics and economics of financial sector consolidation in an emerging market in West Africa, also covering law, consumer credit, and consumer policy along with a discussion of banking sector reforms heavily influenced by the neoliberal economics paradigm. There have been several developments since the publication of the existing books especially in the area of regulatory theory and social protection that are captured in this book, which will be of interest to researchers, students, and scholars of banking regulation, development economics, and international finance.

This advanced undergraduate/graduate textbook teaches students in finance and economics how to use R to analyse financial data and implement financial models. It demonstrates how to take publically available data and manipulate, implement models and generate outputs typical for particular analyses. A wide spectrum of timely and practical issues in financial modelling are covered including return and risk measurement, portfolio management, option pricing and fixed income analysis. This new edition updates and expands upon the existing material providing updated examples and new chapters on equities, simulation and trading strategies, including machine learnings techniques. Select data sets are available online.

Theories of Financial Disturbance examines how the operations of market-driven finance may initiate and transmit disturbances to the economy at large, by looking in detail at how various economists envisaged such disturbances occurring. This book is more than just a study in the history of economic thought - it illustrates how economic debate focuses upon financial disturbance at times of financial instability, and then conveniently discards critical views when such instability recedes. Jan Toporowski looks at the development of critical theories from the views of Adam Smith and Francois Quesnay, and their reflection in recent new Keynesian ideas of Joseph Stiglitz and Ben Bernanke, through credit cycles in Alfred Marshall and Ralph Hawtrey, to the financial theories of Thorstein Veblen and Irving Fisher. Also studied are the theories of John Kenneth Galbraith, Michal Kalecki, John Maynard Keynes, Charles Kindleberger, Rosa Luxemburg, Hyman P. Minsky, Robert Shiller and Josef Steindl. Not least among the original features of this book are a discussion of Quesnay's attitude towards interest, and a chapter devoted to the work of the Polish monetary economist Marek Breit, whose work inspired Kalecki. Jan Toporowski's fascinating work will find its audience in academics of finance and financial economics, bankers, financiers and policy makers concerned with financial stability as well as anyone looking for arguments on the imperfect functioning of finance.

This book explores the evolution of credit and financing in Europe from the Middle Ages through to Modern Times. It engages with the distinct political, economic and institutional frameworks of the examined areas (England, Italy, France, Germany, Spain, the Netherlands and Turkey) and discusses how these affected the credit market. It covers a wide range of different types of lending and borrowing instruments, the destination of capital, the way it was raised, and the impact it had on local or national economies in a very long run. Presented in two parts, part one of the book focuses on credit markets in the preindustrial age, in particular the period before the advent of modern joint stock banks. Part two examines the evolution of credit at the time of the emergence of modern banks. This volume will be of interest to academics and researchers in the field of finance who are interested in the historic evolution of credit and the credit market.

This volume in the Mastering Mathematical Finance series strikes just the right balance between mathematical rigour and practical application. Existing books on the challenging subject of stochastic interest rate models are often too advanced for Master's students or fail to include practical examples. Stochastic Interest Rates covers practical topics such as calibration, numerical implementation and model limitations in detail. The authors provide numerous exercises and carefully chosen examples to help students acquire the necessary skills to deal with interest rate modelling in a real-world setting. In addition, the book's webpage at www.cambridge.org/9781107002579 provides solutions to all of the exercises as well as the computer code (and associated spreadsheets) for all numerical work, which allows students to verify the results.

This book deals with de minimis aid and demonstrates that it is both a sui generis legal concept in the context of State aid and subject to a complex regime. On the one hand, it is a sui generis concept in that (i) it seeks to strike a balance between simplifying the grant process and not distorting competition in the internal market, while being a tool that Member States are able to apply easily and (ii) it is subject to ex ante control by Member States. On the other hand, it is complex in that (i) it requires determining the sectors of economic activity it applies to; (ii) a few notions specific to the regime are not easy to understand, such as the notion of "single undertaking"; and (iii) it requires combining four de minimis regimes (one general and three special), which in turn requires reconciling those regimes with each other and with other aid, not least because of the cumulation rules. Lastly, these particularities were also reflected in the recovery regime for unlawful de minimis aid. Aimed at lawyers, legal consultants and those working in undertakings as well as students, the book provides a comprehensive overview of the current de minimis regimes and is clear and complete, while also proposing a fresh view on the area of EU State aid law. Ricardo Pedro is Researcher at the Centro de Investigacao de Direito Publico (CIDP), Universidade de Lisboa, Portugal.

An informative primer on the new landscape of leading prime brokers

Before the recent financial crisis, both regulators and market participants disregarded the complex and dangerous nature of the relationship between prime brokers (the banks) and their clients (the funds). In "When Prime Brokers Fail, " J. S. Aikman examines the convoluted structure of this relationship, the main participants, and the impact of the near collapse of prime brokerages on the financial world.

Filled with in-depth insights and expert advice, "When Prime Brokers Fail" takes a close look at the unheeded risks of prime finance and lays out the steps required for managers to protect their funds and bankers to protect their brokerages.Examines the challenges, trends, and risks within the prime brokerage spaceDiscusses the structural adjustments firms will need to make to avoid similar disastersAnalyzes the complex relationship between hedge funds and their brokerages and the risks that multiply in extraordinary marketsCovers new ways to manage an inherently risky business and the regulations that may soon be introduced into this arena

Engaging and informative, this timely book details the intricacies and interdependencies of prime brokerages and the role that these operations play in our increasingly dynamic financial system.

This volume illuminates and critically assesses Paul A. Samuelson's voluminous and groundbreaking contributions to the field of economics. The volume includes contributions from eminent scholars, including six Nobel Laureates, covering the extraordinary depth and breadth of Samuelson's contributions.

This book discusses ideas for stakeholders to develop strategies to access and use financial products and services such as deposits, loans, and fund transfer mechanism, insurance, payment services, and intermediaries, distribution channels at economical prices in order to cater to the needs of the poor and underprivileged people. Financial inclusion ensures ease of access, availability, and usage of the financial products and services to all the sections of the society. The book will help in recognizing the role of financial inclusion as one of the main drivers in reducing income inequality and thus supporting sustainable economic growth of the countries, especially of an emerging economy. The book provides conceptual and practical ideas from the practitioners, best practices from the experts, and empirical views from the researchers on the best practices and how to mitigate the challenges and issues plaguing the development of the financial inclusion.

The global halal industry is likely to grow to between three and four trillion US dollars in the next five years, from the current estimated two trillion, backed by a continued demand from both Muslims and non-Muslims for halal products. Realising the importance of the halal industry to the global community, the Academy of Contemporary Islamic Studies (ACIS), the Universiti Teknologi MARA Malaysia (UiTM) and Sultan Sharif Ali Islamic University (UNISSA) Brunei have organised the 4th International Halal Conference (INHAC) 2019 under the theme "Enhancing Halal Sustainability'. This book contains selected papers presented at INHAC 2019. It addresses halal-related issues that are applicable to various industries and explores a variety of contemporary and emerging issues. It covers aspects of halal food safety, related services such as tourism and hospitality, the halal industry - including aspects of business ethics, policies and practices, quality assurance, compliance and Shariah governance Issues, as well as halal research and educational development. Highlighting findings from both scientific and social research studies, it enhances the discussion on the halal industry (both in Malaysia and internationally), and serves as an invitation to engage in more advanced research on the global halal industry.

The volume starts with the trends in bank deposits (and hence available financial resources) in the region around North Dakota's Bakken Formation oil reserves. Then comes a contribution analyzing how various regulatory uncertainties are undermining real estate investment. We have a study of corporate governance and firm performance for companies listed on the Indian Exchange, plus an ex-dividend analysis of emerging country stocks listed on the Dhaka Stock Exchange (DSE), where the tax rate is higher on dividends than on capital gains. Further analysis of dividend policy includes a study of how executives manage dividend growth in companies included in the Dow Jones Industrial Average and the NASDAQ Index (with data from 1989 into 2011). Also on the global stage we have analysis of systemic risk and financial contagion in Morocco. Then we also have an analysis of hedge fund performance. We also have analysis of share price response to operating cash flow in corporate bankruptcies. In the quantitative arena we have an application of the IZO Model (using a principal component approach), and improved empirical estimation of option volatility.