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Books > Money & Finance > General
Pure and applied stochastic analysis and random fields form the
subject of this book. The collection of articles on these topics
represent the state of the art of the research in the field, with
particular attention being devoted to stochastic models in finance.
Some are review articles, others are original papers; taken
together, they will apprise the reader of much of the current
activity in the area.
Usually associated with large bank failures, the phrase too big
to fail, which is a particular form of government bailout, actually
applies to a wide range of industries, as this volume makes clear.
Examples range from Chrysler to Lockheed Aircraft and from New York
City to Penn Central Railroad. Generally speaking, when a
corporation, an organization, or an industry sector is considered
by the government to be too important to the overall health of the
economy, it will not be allowed to fail. Government bailouts are
not new, nor are they limited to the United States. This book
presents the views of academics, practitioners, and regulators from
around the world (e.g., Australia, Hungary, Japan, Europe, and
Latin America) on the implications and consequences of government
bailouts.
Build essential foundations around the derivatives market for your
future career in finance with the definitive guide on the subject.
Options, Futures, and Other Derivatives, Global Edition, 11th
edition by John Hull, is an industry-leading text and consistent
best-seller known as 'The Bible' to Business and Economics
professionals. Ideal for students studying Business, Economics, and
Financial Engineering and Mathematics, this edition gives you a
modern look at the derivatives market by incorporating the
industry's hottest topics, such as securitisation and credit
crisis, bridging the gap between theory and practice. Written with
the knowledge of how Maths can be a key challenge for this course,
the text adopts a simple language that makes learning approachable,
providing a clear explanation of ideas throughout the text. The
latest edition covers the most recent regulations and trends,
including the Black-Scholes-Merton formulas, overnight indexed
swaps, and the valuation of commodity derivatives. Key features
include: Tables, charts, examples, and market data discussions,
reflecting current market conditions. A delicate balance between
theory and practice with the use of mathematics, adding numerical
examples for added clarity. Useful practice-focused resources to
help students overcome learning obstacles. End-of-chapter problems
reflecting contemporary key ideas to support your understanding of
the topics based on the new reference rates. Whether you need an
introductory guide to derivatives to support your existing
knowledge in algebra and probability distributions, or useful study
content to advance your understanding of stochastic processes, this
must-have textbook will support your learning and understanding
from theory to practice.
Stochastic Finance provides an introduction to mathematical finance
that is unparalleled in its accessibility. Through classroom
testing, the authors have identified common pain points for
students, and their approach takes great care to help the reader to
overcome these difficulties and to foster understanding where
comparable texts often do not. Written for advanced undergraduate
students, and making use of numerous detailed examples to
illustrate key concepts, this text provides all the mathematical
foundations necessary to model transactions in the world of
finance. A first course in probability is the only necessary
background. The book begins with the discrete binomial model and
the finite market model, followed by the continuous Black-Scholes
model. It studies the pricing of European options by combining
financial concepts such as arbitrage and self-financing trading
strategies with probabilistic tools such as sigma algebras,
martingales and stochastic integration. All these concepts are
introduced in a relaxed and user-friendly fashion.
This book offers a comprehensive analysis of the problems that the
current working of capital markets are generating on both developed
and developing economies. It pays special attention to the reasons
explaining the unstable and volatile working of international
financial markets and to the consequences of that behaviour on both
the economic performance of the involved countries and on the
economic policies implemented.
First Published in 2005. This study uses the Baring archive to
provide a professional and contemporary understanding of the
foreign financial history of Continental Europe and the United
States from the years 1815 to 1870. The material gathered in this
book, for France, Russia, Austria, Spain and the United States, and
the conclusions reached in all the chapters, go far towards
supporting and confirming that the belief that capital exports give
rise to growth is an inflated claim.
This book showcases a large variety of multiple criteria decision
applications (MCDAs), presenting them in a coherent framework
provided by the methodology chapters and the comments accompanying
each case study. The chapters describing MCDAs invite the reader to
experiment with MCDA methods and perhaps develop new variants using
data from these case studies or other cases they encounter,
equipping them with a broader perception of real-world problems and
how to overcome them with the help of MCDAs.
This is the most comprehensive textbook available on the money
demand function and its role in modern macroeconomics. The book
takes a microeconomic- and aggregation-theoretic approach to the
topic and presents empirical evidence using state-of-the-art
econometric methodology, while recognizing the existence of
unsolved problems and the need for further developments. The new
edition is fully revised and includes new chapters.
Until not too many years ago, the Italian government bond market,
though the third largest in the world in terms of size, was
characterised by numerous inefficiencies and problems regarding
both policy in managing the public debt and the operation of the
market. These aspects tended to isolate the Italian market from the
international fmancial community and to keep large, international
investors away from our market. As the situation with Italy's
public finances grew worse and with financial markets being
deregulated and expanding internationally, several direct measures
were taken in recent years to encourage an even greater recourse to
the Italian government securities market and to improve it's
efficiency. Innovations in techniques for issuing government bonds,
the creation of an automated trading system for Italian state
securities, and the launch of a futures market in Italy, too, have
all been useful measures in getting the Italian market closer to
international standards. The measures adopted by economic policy
authorities have often been inspired by the works developed by
various study groups instituted by the treasury Ministry as well as
by research coming from the academic world. Likewise, many measures
aimed at improving the government bond market have been realised
thanks to the important contribution of the trade associations and
the main financial intermediaries operating in Italy, whose
studies, suggestions and proposals have been based on operating
expertise built up over decades.
The management of operational risk in the banking industry has
undergone explosive changes over the last decade due to substantial
changes in the operational environment. Globalization,
deregulation, the use of complex financial products, and changes in
information technology have resulted in exposure to new risks which
are very different from market and credit risks. In response, the
Basel Committee on Banking Supervision has developed a new
regulatory framework for capital measurement and standards for the
banking sector. This has formally defined operational risk and
introduced corresponding capital requirements.
Many banks are undertaking quantitative modelling of operational
risk using the Loss Distribution Approach (LDA) based on
statistical quantification of the frequency and severity of
operational risk losses. There are a number of unresolved
methodological challenges in the LDA implementation. Overall, the
area of quantitative operational risk is very new and different
methods are under hot debate.
This book is devoted to quantitative issues in LDA. In
particular, the use of Bayesian inference is the main focus. Though
it is very new in this area, the Bayesian approach is well suited
for modelling operational risk, as it allows for a consistent and
convenient statistical framework for quantifying the uncertainties
involved. It also allows for the combination of expert opinion with
historical internal and external data in estimation procedures.
These are critical, especially for low-frequency/high-impact
operational risks.
This book is aimed at practitioners in risk management, academic
researchers in financial mathematics, banking industry regulators
and advanced graduate students in the area. It is a must-read for
anyone who works, teaches or does research in the area of financial
risk.
This book offers comprehensive examination of research on the
relevance of individual behavior and technology to financial
innovations. The chapters cover current topics in finance including
integrated reporting, people finance, crowdfunding, and corporate
networks. It provides readers with an organized starting point to
explore individual behaviors and new technologies used in financial
innovations. The explicit and growing speed of the spread of new
technologies has hastened the emergence of innovation in the field
of finance. Topics like the Internet of Things, semantic computing
and big data finance are motivating the construction of financial
tools that translate into new financial mechanisms. This book
strives help readers better understand the dynamic of the changes
in financial systems and the proliferation of financial products.
Individual Behaviors and Technologies for Financial Innovations is
organized in 16 chapters, organized in three parts. Part I has
eight chapters that review the research on gender differences in
attitudes about risk and propensity to purchase automobile
insurance, financial literacy models for college students, wellness
and attitude of university students in the use of credit cards,
impact of programs income distribution and propensity to remain in
employment, financial literacy and propensity to resort to informal
financing channels, risk behavior in the use of credit cards by
students. Part II reviews the research on financing for startups
and SMEs, exploring funding through crowdfunding platform,
operating credit unions, and using networks of friends to finance
small businesses outside the domestic market. The four chapters of
Part III describe contexts of financial innovation in listed
companies, including society's demands on their behavior - we
discuss motivations for companies to participate in corporate
sustainability indexes, corporate performance through their profile
of socially responsible investments, influence of networks of
social relations in the formation of boards, and management of
companies, and also the precariousness of financial decisions in
large companies, as well as the role of the internet in corporate
communication with the market.
Well-known for its engaging, conversational style, this text makes
sophisticated concepts accessible, introducing students to how
markets and institutions shape the global financial system and
economic policy. Principles of Money, Banking & Financial
Markets incorporates current research and data while taking stock
of sweeping changes in the international financial landscape
produced by financial innovation, deregulation, and geopolitical
considerations. It is easy to encourage students to practice with
MyEconLab, the online homework and tutorial system. New to the
Twelfth Edition, select end-of-chapter exercises from the book are
assignable in MyEconLab and preloaded problem sets allow students
to practice even if the instructor has not logged in. For more
information about how instructors can use MyEconLab, click here.
The original impetus for this research was provided several years
ago by a request to assist Counsel for Fidelity Management and
Research Corporation in analyzing the mutual fund industry, with
particular emphasis on money market mutual funds. We were asked to
focus our efforts on the mechanism by which the advisory fees of
mutual funds are determined. This request arose out of litigation
that challenged the level of advisory fees charged to the
shareholders of the Fidelity Cash Reserve Fund. Subsequently, we
were asked to provide similar assistance to Counsel for T. Rowe
Price Associates regarding the fees charged to shareholders of
their Prime Reserve Fund. 1940, advisers of Under the Investment
Company Act of mutual funds have a fiduciary duty with respect to
the level of fees they may charge a fund's shareholders. Since the
passage of the Investment Company Act, there have been numerous
lawsuits brought by shareholders alleging that advisory fees were
excessive. In these lawsuits, the courts have failed to provide a
set of standards for determining when such fees are excessive.
Instead, they have relied on arbitrary and frequently ill-defined
criteria for jUdging the reasonableness of fees. This failure to
apply economic-based tests for evaluating the fee structure of
mutual funds provided the motivation for the present book, which
undertakes a comprehensive analysis of the economics of the mutual
fund industry.
This volume is designed to present a conceptual and practical
illustration for the contemporary developing role of Islamic
Banking and Finance components including Islamic Banking, Non
Islamic Banking (Takaful and Financial Markets Tools and Products.)
with stronger focus directed to the regulatory aspects, country,
regional case studies and International Financial Crisis impacts.
Consequently this Volume aimed at a fruitful contribution while
defining how public policies, governance, legal framework and field
studies' lessons can help decision makers to identify the major
factors that may shape the attitude of both Islamic Financial
Institutions and customers towards safe and sound services and
through defining main determinants for successful, strategic
inclusion of the Islamic Financial System into the real sustained
development nationally, regionally and internationally.
As over half the assets of many major companies are now intangible
assets, there is an increasing need to assess more accurately the
value of intellectual property (IP) from a wider interdisciplinary
perspective. Re-evaluating risk and understanding the true value of
intellectual property is a major problem, particularly important
for business practitioners, including business analysts and
investors, venture capitalists, accountants, insurance experts,
intellectual property lawyers and also for those who hold
intellectual property assets, such as media, publishing and
pharmaceutical companies, and universities and other research
bodies. Written by the foremost authorities in the field from
Britain, Japan and the US, this book considers the latest
developments and puts forward much new thinking. The book includes
thorough coverage of developments in Japan, which is reviewing the
value of IP at a much quicker pace than any other country and is
registering ever-increasing numbers of patents in the course of
inventing its way out of economic inertia.
This is a blind refereed serial publication published on an annual
basis. The objective of this research annual is to present
state-of-the-art studies in the integration of mathematical
programming into financial planning and management. The literature
and techniques in financial planning and management are becoming
increasingly complex. It is hoped that the monographs aid in the
dissemination of research efforts in quantitative financial
analysis. The topics will normally include cash management, capital
budgeting, financial decisions, portfolio management and
performance analysis, and financial planning models. The analyses
generally include mixed integer programming, goal programming,
biased regression techniques and simulation models, application of
forecasting methodologies to such areas as sales, marketing, and
strategic decision making (an accurate, robust forecast is critical
to effective decision making). It is the hope of the editors that
the majority of the papers will simulate questions and possible
solutions that are of interest to financial planners.
Contents: 1. Policy dialogue, surveillance and financial cooperation in East Asia Gordon de Brouwer and Yunjong Wang 2. Policy dialogue in East Asia: Principles for success Stephen Grenville 3. IMF and ADB perspectives on regional surveillance in East Asia Gordon de Brouwer 4. Structures to support stability and growth: Some observations based on UK experience Andrew Kilpatrick 5. The complex political economy of coooperation and integration C. Randall Henning 6. A Stocktake of institutions for regional cooperation Takatoshi Ito and Koji Narita 7. Strengthening regional financial cooperation in East Asia Haruhiko Kurado and Masahiro Kawai 8. The management of financial crises: Theory and Policy Prasanna Gai 9. Instruments and techniques for financial cooperation Yunjong Wang 10. The compatibility of capital controls with the development of financial markets Menzie D. Chinn 11. Unilateral regional and multilateral options for East Asia Ramkishen S. Rajan 12. The role of regional financial arrangements in the international financial architecture Martin Parkinson, Phil Garton and Ian Dickson 13. The Basel Process and regional harmonisation in an Asian context Shinichi Yoshikuni
Financial plans that stimulate growth and eliminate poverty in
developing African countries!
African Developmental Finance and Business Finance Policy presents
theoretical/conceptual and empirical articles that provide
invaluable insights into successful business techniques and
strategies for the African business arena--the last great frontier
of international business expansion. Researchers and practitioners
in the field of developmental finance discuss the design and
implementation of financial policies for pro-poor growth and
poverty alienation in developing countries, including Kenya,
Zambia, Nigeria, Mauritius, and Zimbabwe. The book focuses on
banking, business finance, and investment, detailing strategies for
coping with a small financial system, bank licensing policies,
correction action rules, quality of banking services, and the
revitalization of the African stock exchange.
African Developmental Finance and Business Finance Policy features
papers presented on keypolicy issues addressed at the April 2001
international conference of the Institute for Developmental Policy
and Management at the University of Manchester in England. Topics
addressed include: financial regulation, interest rates bank
ownership regulatory forbearance emerging stock markets
determinants of capital structure financial reform and much more!
Targeted to policymakers in government and international agencies,
academics, consultants, and executives, African Developmental
Finance and Business Finance Policy is an essential resource for
advancing and communicating research on developmental policy in
developing countries.
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