Leverage Python for expert-level volatility and variance derivative trading Listed Volatility and Variance Derivatives is a comprehensive treatment of all aspects of these increasingly popular derivatives products, and has the distinction of being both the first to cover European volatility and variance products provided by Eurex and the first to offer Python code for implementing comprehensive quantitative analyses of these financial products. For those who want to get started right away, the book is accompanied by a dedicated Web page and a Github repository that includes all the code from the book for easy replication and use, as well as a hosted version of all the code for immediate execution. Python is fast making inroads into financial modelling and derivatives analytics, and recent developments allow Python to be as fast as pure C++ or C while consisting generally of only 10% of the code lines associated with the compiled languages. This complete guide offers rare insight into the use of Python to undertake complex quantitative analyses of listed volatility and variance derivatives. * Learn how to use Python for data and financial analysis, and reproduce stylised facts on volatility and variance markets * Gain an understanding of the fundamental techniques of modelling volatility and variance and the model-free replication of variance * Familiarise yourself with micro structure elements of the markets for listed volatility and variance derivatives * Reproduce all results and graphics with IPython/Jupyter Notebooks and Python codes that accompany the book Listed Volatility and Variance Derivatives is the complete guide to Python-based quantitative analysis of these Eurex derivatives products.

First published in 1990, International Bond Markets analyses how the markets in public-sector debt have developed and how they operate in a number of countries, including those with chronic budget deficits. Alongside a detailed introduction to government borrowing, chapters consider the bond markets and debt management systems of the U.S.A., Japan, France, Italy and the U.K. With governments around the world struggling to manage their huge deficits, this is a particularly relevant title to students observing the current global economic situation, and those with a general interest in public debt management and bond markets.

Moving Beyond Modern Portfolio Theory: Investing That Matters tells the story of how Modern Portfolio Theory (MPT) revolutionized the investing world and the real economy, but is now showing its age. MPT has no mechanism to understand its impacts on the environmental, social and financial systems, nor any tools for investors to mitigate the havoc that systemic risks can wreck on their portfolios. It's time for MPT to evolve. The authors propose a new imperative to improve finance's ability to fulfil its twin main purposes: providing adequate returns to individuals and directing capital to where it is needed in the economy. They show how some of the largest investors in the world focus not on picking stocks, but on mitigating systemic risks, such as climate change and a lack of gender diversity, so as to improve the risk/return of the market as a whole, despite current theory saying that should be impossible. "Moving beyond MPT" recognizes the complex relations between investing and the systems on which capital markets rely, "Investing that matters" embraces MPT's focus on diversification and risk adjusted return, but understands them in the context of the real economy and the total return needs of investors. Whether an investor, an MBA student, a Finance Professor or a sustainability professional, Moving Beyond Modern Portfolio Theory: Investing That Matters is thought-provoking and relevant. Its bold critique shows how the real world already is moving beyond investing orthodoxy.

Trend Following Mindset brings to life the timeless conversations between Tom Basso and Michael Covel originally featured on Michael's renowned Trend Following podcast. In these profound and enlightening exchanges, Tom shares with Michael his deep wisdom on trading, business, life, and the how and why of his mindset. Tom Basso, dubbed Mr. Serenity by Jack Schwager, is one of the most experienced and knowledgeable trend-following traders in the world today-a trading legend who lives life to the fullest. Tom's most important trend following research papers are presented together for the first time, delivering a treasure trove of trading insights. Michael also pulls from Tom his perspective on: How to get started in trading; What trend following is, and how and why it works so well; Constructing your trading system; Position sizing and account management; The work-life balance of a trader; The transition from independent trader to professional money manager; and so much more. Trend Following Mindset will teach you the mindset of one of the great trend followers. Most important of all, it will show you how to do as Tom does ... and enjoy the ride.

The futures industry is unique, entertaining and, for far too many people, ultimately heartbreaking. What other industry possesses such an entertaining cast of soothsayers, self-proclaimed experts and charlatans? Where else do people become fabulously wealthy simply by acting on their own convictions? And where else does the possibility of failure loom so large and so constant? No other book captures the essence of the futures industry better than Winner Take All. With a penetrating intelligence and a sharp wit, Bill Gallacher dissects many of the industry's leading lights, exposing the frauds, deflating the pompous and poking fun at the seers who believe they can predict the future. Along the way, he demonstrates why most traders lose and, most importantly, what it takes to win. Winner Take All is a book for all traders. For those who believe in easy-money trading systems, it is a sobering antidote. For those who think the markets can't be beaten, it is a work of great inspiration. And for those who are trading profitably, it is an affirmation of the trading success principles. Winner Take All is a wise and profound book. But it is also perhaps the wittiest book on trading ever written. Read Mr. Gallacher on Fibonacci numbers: "Surely the medieval mathematician would be astounded at his impact on the twentieth-century commodity man. His mathematical series was constructed from observations on the incestuous copulation patterns of rabbits. Let's see, you start with a male and a female, then you take the first female offspring and you...well, better not get into it". Mr. Gallacher, a successful private trader, questions all conventional wisdom. He exposes the false premises that underliemuch of technical analysis, and he demonstrates why mechanical trading approaches - while sometimes producing marginal profits - can never provide truly superior results. Although out-of-favor in today's computer age, Mr. Gallacher shows why fundamental analysis, if conducted with insight and imagination, offers the best chance of anticipating and profiting from the big trends which regularly rock the futures markets. Ultimately, Mr. Gallacher asserts, superior trading requires vision - the ability to see what others can't, the ability to envision a major change when everybody else is caught up in the current trend and, most importantly, the courage to act on one's vision. A stellar addition to the literature of trading, Winner Take All will provide traders with inspiration and insights for many years to come.

The violent fluctuations of the Japanese Yen through the 1980s and 1990s have played a critical role in Japan's economic decline. Brendan Brown highlights the causes of the yen's bizarre behavior, and analyzes the consequences for the Japanese and global economies. Through this analysis he presents an original hypothesis, linking the periodic sharp upswings of the Yen to poor economic performance and offers a new view as to where the responsibility for failure of the Japanese currency market to function normally lies.

This book focuses on various types of crowdfunding and the lessons learned from academic research. Crowdfunding, a new and important source of financing for entrepreneurs, fills a funding gap that was traditionally difficult to close. Chapters from expert contributors define and carefully evaluate the various market segments: donation-based and reward-based crowdfunding, crowdinvesting and crowdlending. They further provide an assessment of startups, market structure, as well as backers and investors for each segment. Attention is given to the theoretical and empirical findings from the recent economics and finance literature. Furthermore, the authors evaluate relevant regulatory efforts in several jurisdictions. This book will appeal to finance, entrepreneurship and legal scholars as well as entrepreneurs and platform operators.

The chief investment officers (CIOs) at endowments, foundations, family offices, pension funds, and sovereign wealth funds are the leaders in the world of finance. They marshal trillions of dollars on behalf of their institutions and influence how capital flows throughout the world. But these elite investors live outside of the public eye. Across the entire investment industry, few participants understand how these holders of the keys to the kingdom allocate their time and their capital. What's more, there is no formal training for how to do their work. So how do these influential leaders practice their craft? What skills do they require? What frameworks do they employ? How do they make investment decisions on everything from hiring managers to portfolio construction? For the first time, Capital Allocators lifts the lid on this opaque corner of the investment landscape. Drawing on interviews from the first 150 episodes of the Capital Allocators podcast, Ted Seides presents the best of the knowledge, practical insights, and advice of the world's top professional investors. These insights include: The best practices for interviewing, decision-making, negotiations, leadership, and management. Investment frameworks across governance, strategy, process, data analysis, and uncertainty. The wisest and most impactful quotes from guests on the Capital Allocators podcast. Learn from the likes of the CIOs at the endowments of Princeton and Notre Dame, family offices of Michael Bloomberg and George Soros, pension funds from the State of Florida, CalSTRS, and Canadian CDPQ, sovereign wealth funds of New Zealand and Australia, and many more. Capital Allocators is the essential new reference manual for current and aspiring CIOs, the money managers that work with them, and everyone allocating a pool of capital.

Licensing, Selling and Finance in the Pharmaceutical and Healthcare Industries is an assessment of the turbulent state of pharmaceutical and biotechnology markets as we enter the second decade of the 21st Century. At the same time, the book offers a cautionary evaluation of the future financing of innovation in terms of what's gone wrong and how to succeed in the future. Martin Austin explores the challenge that the pharmaceutical (and related) industries face in terms of balancing short term, cost containment and expenditure control in areas such as internal research and development; whilst embracing in-licensing and the acquisition of innovative therapies to counteract their impending portfolio weaknesses in the mid to longer term. The first part of the book provides an engaging and convincing perspective on the context in which the industry currently finds itself; the second part is a pragmatic guide to commercialising your intellectual property; including how to recognise and value what you have as well as the new ways of working that you will need to adopt when negotiating, collaborating and contracting in partnership and alliance with others. Commentators have described in great detail the cocktail of commercial, clinical and social issues that threaten to overwhelm the pharmaceutical industry; Martin Austin's book offers a very distinctive perspective on these issues and their solution.

This volume, based on a series analysis using up to date econometric technique, systematically investigates the role that exports and foreign direct investment (FDI) have played in China's development process, and questions the received wisdom that exports and FDI are always an unalloyed blessing. It focuses on the transmission mechanisms through which exports and FDI influence growth and economic development and investigates the impact of exports and FDIs on employment, development financing and productivity growth, amongst other issues, in China. MARKET 1: Postgraduates and scholars in the fields of international trade, development economics, and globalization

Most investment books try to assess the attractiveness of a stock price by estimating the value of the company. Expectations Investing provides a powerful and insightful alternative to identifying gaps between price and value. Michael J. Mauboussin and Alfred Rappaport suggest that an investor start with a known quantity, the stock price, and ask what it implies for future financial results. After showing how to read expectations, Mauboussin and Rappaport provide a guide to rigorous strategic and financial analysis to help investors assess the likelihood of revisions to these expectations. Their framework traces value creation from the triggers that shape a company's performance to the impact on the value drivers. This allows a practitioner of expectations investing to determine whether a stock is an attractive buy or sell candidate. Investors who read this book will be able to evaluate stocks of companies in any sector or geography more effectively than those who use the standard approaches of most investors. Managers can use the book's principles to devise, adjust, and communicate their company's strategy in light of shareholder expectations. This revised and updated edition reflects the many changes in accounting and the business landscape since the book was first published and provides a wealth of new examples and case studies.

• This textbook presents an excellent overview of responsible investing and an abundance of cases and historical development of responsible investing, which is an increasingly important area in asset management • New chapter on “Regulation, Reporting, and Taxonomy in ESG Investing� • Reorganised material on KPIs and risk modelling methods in ESG investing, to improve flow for readers • Large collection of updated/new case studies, along with interactive sections designed to get students actively engaged • A more comprehensive test bank and rubric for assessment for use by instructors at the end of every chapter • PowerPoint slides for instructors

In Entrepreneurship and Sustainability the editors and contributors challenge the notion that not-for-profit social entrepreneurship is the only sort that can lead to the alleviation of poverty. Entrepreneurship for profit is not just about the entrepreneur doing well. Entrepreneurs worldwide are leading successful for-profit ventures which contribute to poverty alleviation in their communities. With the challenge of global poverty before them, entrepreneurs continue to develop innovative, business-oriented ventures that deliver promising solutions to this complex and urgent agenda. This book explores how to bring commercial investors together with those who are best placed to reach the poorest customers. With case studies from around the World, the focus of the contributions is on the new breed of entrepreneurs who are blending a profit motive with a desire to make a difference in their communities and beyond borders. A number of the contributions here also recognize that whilst much research has been devoted to poverty alleviation in developing countries, this is only part of the story. Studies in this volume also focus upon enterprise solutions to poverty in pockets of significant deprivation in high-income countries, such as the Appalachia region of the US, in parts of Europe, and the richer Asian countries. Much has been written about the achievements of socially orientated non-profit microfinance institutions. This valuable, academically rigorous but accessible book will help academics, policy makers, and business people consider what the next generation of more commercially orientated banks for the 'bottom billion' might look like.

Credit and financial services institutions are obliged to ensure that laws, regulations and practices in securities operations are abided by, especially conflicts of interest are avoided and insider information are not disclosed dishonestly - summarized under the term Compliance according to article 33 section 1 1WpHG (German Securities Trading Law). The author answers questions resulting from this obligation with a dogmatic foundation and makes fundamental proposals for contemporary Compliance practice.

Beat the market with the tips and techniques from the best value investors in the world The classic, seminal work in the field, Value Investing has been updated in a new, second edition to include the latest trends and a close look at some of the emerging investors who continue in the value investing tradition of Ben Graham and Warren Buffett. Featuring an exploration of the history of value investing and those that brought this investment approach to the fore, you will also discover the real-world techniques you can use to propel your own portfolio using a sound, proven approach to discovering value. In the modern era, investors are increasingly caught up in so-called hot tips, can't-miss startups, excessive optimism, and short-term speculation. Value investing is the antithesis to these short-sighted approaches, and stresses what Ben Graham the father of value investing referred to as the 'margin of safety' when describing the gap between an equity's price and its value. * Provides an overview of the techniques of value investing as practiced by some of the greatest value investors of all time * Includes an exploration of the history of value investing, including an explanation of underlying principles and successful execution of value investing techniques * Features updates in the new edition that include an analysis of the investment returns of value investing versus growth strategies * Offers profiles of some of the emerging players in the field of value investing, including Andrew Weiss, Joel Greenblatt, Mason Hawkins, and Bill Nygren Value Investing, Second Edition is your guide to implementing value investing principles in your own portfolio, complete with a look at the approaches used by the best value investors past and present.

Praise for Managing a Corporate Bond Portfolio

"Crabbe and Fabozzi’s Managing a Corporate Bond Portfolio is a refreshingly good book on the neglected topic in fixed income portfolio management. If you want to understand the latest thinking in corporate bonds, what drives prices and why, read this book. You will emerge with knowledge that will help you get an edge in the competitive investing arena."
–Tim Opler
Director, Financial Strategy Group, CSFB

"A practitioner’s guide . . . a creative, comprehensive, and practical book that addresses the myriad of challenges facing managers of corporate bond portfolios. The chapter on liquidity, trading, and trading costs is a must read."
–Mary Rooney
Head of Credit Strategy, Merrill Lynch

"As a Senior Portfolio Manager responsible for managing billions of dollars invested in fixed income product during the mid-1990s, Lee Crabbe was the one Wall Street strategist that I would read every week to help me figure out where value was in the corporate bond market, and for insightful and easy-to-understand special reports that educated me and most investors on the risks and opportunities inherent in new structures and subordinated products. Fortunately for me and investors, Lee Crabbe and Frank Fabozzi have written this book, which compiles much of their previous work on corporate bond valuation, along with new features that are a must read, especially in light of the volatile times in the corporate bond market over the past few years. For portfolio managers, analysts, traders, and even strategists, if there is one book in your bookshelf that you should have on corporate bond portfolio management, it is this one."
–William H. Cunningham
Managing Director, Director of Credit Strategy, J.P. Morgan Securities Inc.

www.wileyfinance.com

An all-time bestseller, Dolf de Roos's classic "Real Estate Riches" shows you how to find great deals and make great profits in the real estate market. You?ll learn why real estate is such a reliable moneymaker and how to achieve the biggest return possible on your investment. Full of time-honored wisdom, proven tactics, and quick-and-easy tips, this book shows you how to find the best properties with the most potential, analyze deals, negotiate and submit offers, effectively manage properties, and dramatically increase the value of your real estate without spending much money. If you want to be your own boss and quit the nine-to-five life, "Real Estate Riches" shows you how.

With the collapse of Barings, the expulsion of Dalwa Bank from the US, and the bankruptcy of Orange County California, derivatives are increasingly intruding into the public consciousness. Key issues are whether derivatives are sufficiently understood and how they can be effectively regulated. These are increasingly acute because, as recent statistics show, derivatives, with a turnover of more than $2 trillion a day, constitute the world's biggest business activity. For lawyers, regulators and compliance officers operating in the international market, it is increasingly important to have a firm grasp of where derivatives fit in the financial services spectrum and how they are regulated in major market centres. This book provides critical information on these issues. It draws on a broad spectrum of legal regulatory, tax, and clearing and exchange trading expertise from both sides of the Atlantic. Consequently, it provides a resource for the views of leading experts from a variety of disciplines. It includes chapters by the market counsel of one of the world's leading exchanges, a managing director of one of the world's most important clearing houses, and the former chief derivatives regulator of the US, in addition to legal analysis and explication of a number of important derivatives issues by UK and US legal experts. Along with Swan's previous volume, "Derivative Instruments", it should help newcomers learn about derivative instruments and help experienced practitioners expand their understanding of the key issues involved.

This study examines determinants of foreign direct investment (FDI) as well as its sectoral and geographical distribution in the large and relatively closed economies of India and China, and contrasts them with the small but highly open economies of the Caribbean. Providing an extensive analysis of existing data, this study is a valuable contribution to policy formulation relating to FDI in developing countries.