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Discover a structured, applied approach to behavioral finance with the first academic text of its kind--Ackert/Deaves' BEHAVIORAL FINANCE: PSYCHOLOGY, DECISION MAKING, AND MARKETS. This comprehensive text--ideal for today's behavioral finance elective--links finance theory and practice to human behavior. The book begins by building upon the established, conventional principles of finance before moving into psychological principles of behavioral finance, including heuristics and biases, overconfidence, emotion and social forces. Readers learn how human behavior influences the decisions of individual investors and professional finance practitioners, managers, and markets. The book clearly explains what behavioral finance indicates about observed market outcomes as well as how psychological biases potentially impact the behavior of managers. Readers see, first-hand, the implications of behavioral finance on retirement, pensions, education, debiasing, and client management. This book spends a significant amount of time examining how behavioral finance can be used by practitioners today. Readers utilize theory and applications in every chapter with a wide variety of end-of-chapter exercises, discussion questions, simulations and experiments that reinforce the book's applied approach.
This book introduces the fundamentals of financial mathematics.
It begins with a discussion of simple and compound interest and then establishes the important concepts of effective and equivalent effective interest rates. Subsequent chapters discuss the applications of annuities to practical problems regarding the saving of money and repayment of loans. The notion of using net present value and internal rate of return to distinguish between two different investment opportunities is presented.
The concluding chapters of the book take a brief look at the use of differential and integral calculus in financial mathematics. Each chapter includes numerous worked examples that are solved with the aid of a financial calculator where applicable.
Athenia Sibindi (UNISA) joins Besley and Brigham on Corporate Finance: A South African Perspective. This new edition is based on the student-feedback driven CFIN3 title, and maintains its visually appealing, succinct content. Corporate Finance: A South African Perspective is designed specifically for South African students. Throughout the book, content has been made as clear as possible by being rewritten in UK English with Africanisation. This text is designed to help you understand the complex world of corporate finance, and guides you through the theory and practice of working within the South African corporate financial environment.
The goal of investment management is to achieve the investor's required rate of return by putting assets to their most productive use. The return should compensate the investor for the time during which the funds are committed, the expected rate of inflation and the uncertainty of the future financial benefits anticipated from the investment. Investment management is a concise, yet comprehensive introduction to investment analysis and portfolio management, specifically in the South African context. Investment management provides a broad framework and a thorough network of guidelines for the investment management student. It focuses on investment in financial assets such as shares and bonds, and explains both fundamental and technical analysis. It investigates portfolio management and how derivative instruments such as futures, options and swaps may be used for this purpose. A chapter is devoted to the foreign exchange market and its management, and a new chapter dealing with the governance of investment management has been added. With self-assessment questions at the end of each chapter, it prepares undergraduates for postgraduate study and is written with the Chartered Financial Analyst (CFA (R) ) Level I learning outcomes in mind. Investment management is aimed at undergraduate investment management students. Johan Marx (editor) is a professor in financial and investment management at the University of South Africa (Unisa). He is the author of five financial management publications, and has presented and published numerous articles. He has a keen interest in financial markets. Johan de Beer lectured at Unisa before joining the University of Pretoria as a senior lecturer in investments and derivatives. He has since immigrated to Canada. He is a CFA charter holder and completed his MCom on the topic of single stock futures. His particular field of interest is derivatives and technical analysis. Raphael Mpofu is a professor and the deputy executive dean of the College of Economic and Management Sciences at Unisa. His research interests include financing small businesses and personal investments in emerging market economies. Henry Mynhardt is head of the School of Business and Economics at Southern Business School (SBS). He has vast experience in securities trading and has a keen interest in fixed interest securities as well as corporate governance, risk and compliance management.
Wealth is about more than just money. But how can we come to grips with our financial situation at a time when no one seems to have enough? The authors of this book believe that the answer lies beyond the balance sheet, in the mind, heart and spirit of the individual investor.
How Much Is Enough? provides a framework for the reader to find the right balance between their time, money and happiness in order to achieve financial security and personal well-being. Through a holistic approach to wealth management, based on the premise that money is only one element in the overall chemistry of a happy life, readers will learn how to: overcome the challenges that the brain’s hard-wiring and the environment place on personal health and well-being; plan and invest to achieve personal goals and aspirations; become happier and avoid wealth-destroying behaviour to improve investment results; and help their kids achieve financial security and assume financial responsibility.
Combining the latest economic theory and behavioural research with compelling stories of those who have found peace beyond their bank accounts, including Warren Buffett, Archbishop Emeritus Desmond Tutu, Raymond Ackerman, Bill Gates and Patrice Motsepe, How Much Is Enough? is the perfect antidote to our acquisitive, materialistic times and a must-read for anyone who wants both financial wealth and personal well-being. Find happiness, and wealth will follow…
More than 60 000 readers can attest to finding Making Money out of Property an indispensable guide to investing in the lucrative South African property market. This bestselling property book has been updated to include the most current tax requirements and the latest developments relating to the local property market.
Author and property expert Jason Lee sets out every step of the property-investing process, including how to find the right deals, how to negotiate and finance a property, and whether to hold on to or sell a property for financial gain. This book focuses on some of the professionals’ best-kept secrets, such as how to utilise agreements of sale, property investment structures, financing options and key economic factors influencing the property cycle. Most importantly, it explains how to make money in both rising and falling property markets.
Making Money out of Property is a must-read for any first-time property purchaser or investor, as well as for experienced investors looking to polish their skills.
Too many South Africans are excluded from the benefits of the international marketplace. This book aims to change that, by showing how to grow your wealth through simple, sustainable investment principles, and how to harness the fundamental drivers of global growth.
Drawing from a career providing international investment solutions to global clients, David Joshua addresses the most common and costly blind spots individual investors have, and lays out the key fundamentals everyone can learn to transform their financial future.
This book provides the tools to understand:
To sell today, salespeople must add value, provide perspective, and show customers how a product will solve their specific needs. "The Sales Success Handbook" outlines a six-step program for hearing and understanding exactly what customers have to say and for selling solutions--instead of just selling products.
Learn the skills of trading on the stock market, and it can provide you with the opportunity to generate an income well into your retirement years. To those who have walked the journey for a while, the stock market becomes like an all-you-can-eat buffet, providing opportunity on a daily basis for individuals to make money for themselves and their families. How to Make Money on the Stock Exchange is written for the ordinary person, in everyday language, with the purpose of helping the beginner to understand how the market works, and how to use this knowledge to acquire the necessary skills to generate a secondary (and potentially a primary) income by investing and/or trading on the markets. You don't need to be a financial whizz-kid to make money on the stock market. All you have to do is be willing, and take the time, to learn about it. This book will show you how.
'This story literally has what it takes: the anecdotes, the insights and, most of all, the values to guide the next generation of entrepreneurs.' Mark Carney 'The real story of what it takes from a man who could turn dreams into realities.' Ray Dalio 'Candid, funny and real, Steve offers wisdom and the gift of much-needed common sense chapter by chapter and experience by experience. A great read!' John Kerry From Blackstone chairman, CEO and co-founder Stephen A. Schwarzman, a long-awaited book that uses impactful episodes from Schwarzman's life to show readers how to build, transform and lead thriving organisations. Whether you are a student, entrepreneur, philanthropist, executive or simply someone looking for ways to maximise your potential, the same lessons apply. People know who Stephen Schwarzman is - at least they think they do. He's the man who took $400,000 and co-founded Blackstone, the investment firm that manages over $500 billion (as of January 2019). He's the CEO whose views are sought by heads of state. But behind these achievements is a man who has spent his life learning and reflecting on what it takes to achieve excellence, make an impact, and live a life of consequence. Folding handkerchiefs in his father's linen shop, Schwarzman dreamed of a larger life, filled with purpose and adventure. After starting his career in finance with a short stint at a financial firm called DLJ, Schwarzman began working at Lehman Brothers where he ascended to run the mergers and acquisitions practice. He eventually partnered with his mentor and friend Pete Peterson to found Blackstone, vowing to create a new and different kind of financial institution. Building Blackstone into the leading global financial institution it is today didn't come easy. Schwarzman's simple mantra 'don't lose money' has helped Blackstone become a leading private equity and real estate investor, and manager of alternative assets for institutional investors globally. From deal-making to investing, leadership to entrepreneurship, philanthropy to diplomacy, Schwarzman has lessons for how to think about ambition and scale, risk and opportunities, and how to achieve success through the relentless pursuit of excellence. Schwarzman not only offers readers a thoughtful reflection on all his own experiences, but in doing so provides a practical blueprint for success.
Get a flying headstart on trend trading with this comprehensive how-to guide The Universal Tactics of Successful Trend Trading: Finding Opportunity in Uncertainty delivers powerful and practical advice for the serious trend trader. Using the principles identified in The Universal Principles of Successful Trading, author Brent Penfold shows curious investors how to become a long-term winner with tried-and-true trend trading methodologies. The book includes in-depth and comprehensive treatments of topics like: - Why trend trading is so appealing - Popular and effective trend trading strategies - How to measure risk - Common trend trading mistakes and how to avoid them Investors and readers will also discover the importance of risk, and how to judge outcomes and strategies on a risk-adjusted basis. Perfect for anyone interested in trading successfully, The Universal Tactics of Successful Trend Trading is a key strategy guide that belongs on the shelf of anyone involved in the buying and selling of financial securities.
An updated edition of the bestselling collection of timeless wisdom from the world's greatest investor Readers of Warren Buffett's letters to Berkshire Hathaway shareholders have gained an enormously valuable informal education in the art of investing. Broad in scope and long on wisdom, Buffett's letters explain his principles on sound investing, selecting managers, valuing businesses, using financial information profitably, and other vital topics for investors. This newly updated Fourth Edition includes Buffett's latest wisdom on such topics as the financial crisis, the housing bubble, corporate governance, Berkshire Hathaway's acquisition of Burlington Northern Santa Fe, the role of oversight in heavily regulated industries, today's best investing opportunities, and the weaknesses of popular option valuation models. * Features investing advice in plain English from one of the world's most legendary investors * Includes Buffett's insights on the current financial crisis and recession * Offers new and potent insight on good corporate governance and other issues vital to executives and managers For investors, corporate executives, managers, and Buffett fans, The Essays of Warren Buffett, Fourth Edition features the kind of wisdom on investing, finance, and leadership that can be found nowhere else.
This authoritative and accessible investment classic promises rare insight into what it really takes to run money in a top-performing investment fund. Anthony Bolton, the UK's most successful stock market investor, tells the story of his contrarian approach to managing money. He provides invaluable lessons on the factors that really matter in picking a stock: the need to identify good managers, how to run a portfolio, the importance of value investing, reading charts and how to trade successfully.
Understanding Investment Law in Zambia deals with both the domestic law and international legal norms pertaining to foreign direct investment. A wide array of topics is covered in this book, including the contractual, legislative and treaty-based protections available to investors as they consider entrusting their capital to another jurisdiction. These protections are considered through the prism of the Zambian investment climate, and give a glimpse into both historical and current issues.
Simple yet effective advice for anyone who wants their money to work harder than they do. Most investment books offer a bewildering array of complex strategies for how best to invest your money. But often the chances of success are remote and the rules are impossible to follow in practice. Smarter Investing introduces you to a simple and powerful set of rules for successful investing, helping you to build an investment portfolio that suits your needs, stays the course when markets get rough and quietly gets on with the job of generating better results. In this updated and revised edition, Tim Hale gives you all the advice you'll need and demonstrates that the key to successful investing is to do a few straightforward things exceptionally well. Smarter Investing will help you: Establish what you want your money to do for you Work out how much money you need to achieve your goals Avoid the mistakes that generations of investors have made Build a balanced portfolio that's right for you, using a simple set of understandable and accessible building blocks Select robust and transparent investment products easily and effectively
A new edition of this revealing and incisive account of the incredible inside workings of hedge funds. Shedding light on the incredible inside workings of hedge funds, this book charts the interminable rise of Holte Capital from 2002 to 2008, explaining what it was like to run a hedge fund in a period where the industry went from relative obscurity to something everyone wanted to discuss.
The world's top trader's reveal the secrets of their phenomenal success
How do the world's most successful traders amass tens, hundreds of millions of dollars a year? Are they masters of an occult knowledge, lucky winners in a random market lottery, natural-born virtuosi--Mozarts of the markets? In search of an answer, bestselling author Jack D. Schwager interviewed dozens of top traders across most financial markets. While their responses differed in the details, all of them could be boiled down to the same essential formula: solid methodology + proper mental attitude = trading success. In "Market Wizards" Schwager lets you hear, in their own words, what those super-traders had to say about their unprecedented successes, and he distils their responses down into a set of guiding principles you can use to become a trading star in your own right. Features interviews with superstar money-makers including Bruce Kovner, Richard Dennis, Paul Tudor Jones, Michel Steinhardt, Ed Seykota, Marty Schwartz, Tom Baldwin, and moreTells the true stories behind sensational trading coups, including the one about the trader who turned $30,000 into $80 million, the hedge fund manager who's averaged 30% returns every year for the past twenty-one years, and the T-bond futures trader who parlayed $25,000 into $2 billion in a single day
"Market Wizards is one of the most fascinating books ever written about Wall Street. A few of the 'Wizards' are my friends--and Jack Schwager has nailed their modus operandi on the head."--Martin W. Zweig, Ph.D., Editor, "The Zweig Forecast"
Critical Praise for Common Stocks and Uncommon Profits and Other Writings
"You will find lots of jewels in these pages that may do as much for you as they have for me."
"I sought out Phil Fisher after reading his Common Stocks and Uncommon Profits and Other Writings. When I met him, I was as impressed by the man as by his ideas. A thorough understanding of the business, obtained by using Phil’s techniques . . . enables one to make intelligent investment commitments."
"Little known to the public, rarely interviewed, and accepting few clients, Philip Fisher is nevertheless read and studied by most thoughtful investment professionals . . . everyone will profit from pondering–as Warren Buffett has done–the investment principles Fisher espouses."
"My own copy [of Common Stocks and Uncommon Profits and Other Writings] has underlinings and marginal thoughts throughout."
Updated features include a new Preface and Introduction from Kenneth L. Fisher
Widely respected and admired, Philip Fisher is among the most influential investors of all time. His investment philosophies, introduced almost forty years ago, are not only studied and applied by today’s finance professionals, but are also regarded by many as gospel. Common Stocks and Uncommon Profits and Other Writings reveals these timeless philosophies.
A timely updating of the only accessible single volume guide to the ISDA Credit Support Annexes, sanctioned under English and US law. The Annexes collateralise or secure over the counter derivatives risk exposure. This is the companion book to "Mastering the ISDA Master Agreements, "now in its third edition.
First published in 2002, the book is a guide to negotiation of the two main ISDA Credit Support Annexes which are used to support the ISDA Master Agreements. The ISDA Credit Support Annexes are the main support documents which relate to collateralised or secure over the counter derivatives risk exposure. This book covers collateral management from an operational perspective and focuses on the two main ISDA Credit Support Documents. It provides a clear concise narrative on their provisions and amendments
"The first port of call for anyone looking to truly understand
derivatives markets, appreciate the role they play within the
global financial system and develop the technical knowledge to
"An essential read for anyone serious about understanding the
impact of derivatives and technology on the global financial
"We have used Francesca for training on derivatives in the past.
She demonstrates a passion for these markets and for learning. In a
fast changing world, the combination of technical learning and
practical experience that Francesca applies is helpful in keeping
abreast of market developments."
"Mastering Derivatives Markets" provides full up-to-the-minute explanations ""-- with worked examples and screen shots -- covering the basics of options, swaps and futures across the key asset classes: rates, currency, equity, commodity and credit.
This book is relevant to anyone working within the financial markets, from the new entrant to the seasoned trader looking for updates, and to non-trading personnel working in IT, legal, compliance, risk, credit and operations.
Please note that the 'look inside' feature is currently displaying the content of "Mastering Derivatives Markets "Third Edition, this will be updated soon.
"Mastering Derivatives Markets "Fourth Edition has been completely revised and features new chapters on:
Many people stumble through their financial life reacting to events and advice in an ad hoc way. As a result, few choose the most suitable financial products, some fall prey to misselling and many never realise their financial goals. Are you one of them? Be Your Own Financial Adviser shows you how to make sensible financial decisions without the need for expensive advice. Its accessible style, examples and case studies explain and evaluate financial products and put you firmly in control of your own financial well-being. It will advise on how to adopt the best saving, spending and investment strategies, make decisions tax-efficiently, manage risk wisely and protect and enhance your wealth. It also suggests when professional help is a good idea, and shows you how to protect yourself against misselling and get the best out of your adviser. Be Your Own Financial Adviser will show you how to: Stress-test your financial decisions Take advantage of legal tax breaks Achieve your financial goals Manage and preserve your wealth Accessing financial products and services is not difficult - there is no shortage of commercials, advertisements, direct mail, email and marketing calls to entice you to take out loans, buy insurance and invest your money. But choosing which products are right for you can be a hit and miss approach. Good financial planning requires a systematic strategy. You should start by assessing your own particular circumstances, attitudes and timescales and then work out how you can implement your strategy on a long term basis. Let Be Your Own Financial Adviser be your guide to making better financial decisions. It includes advice on the following: Financial planning Do you need an adviser? Protecting your income Providing for your family Health and care Somewhere to live Building a pension Retirement choices Saving and investing Managing your wealth Passing it on
Published by the International Swaps and Derivatives Association, the 1992 and 2002 ISDA(R) Master Agreements are the main contracts used in the over the counter global derivatives market. "Mastering the ISDA Master Agreements" provides a practical, clear and useful guide to help understand and negotiate these Master Agreements.
This revised and updated edition is an essential handbook for anyone involved in negotiating agreements, from financial institutions through to fund managers, law firms, credit officers, regulators and business students. The new edition includes:
The ISDA Mater Agreements are complex documents and it can take up to two years to become proficient in negotiating and understanding their key elements. "Mastering the ISDA Master Agreements" provides a detailed overview of the legal, credit and operational issues inherent in the ISDA Master Agreements.
The book includes:
The definitive compendium for the Insurance Digital Revolution From slow beginnings in 2014, InsurTech has captured US$7billion in investment since 2010 -- a 10% annual compound growth rate is predicted until at least 2020. Three in four insurance companies believe some part of their business is at risk of disruption and understanding the trends, drivers and emerging technologies behind Insurance's Digital Revolution is a business-critical priority for all growth-minded firms. The InsurTech Book offers essential updates, critical thinking and actionable insight -- globally -- from start-ups, incumbents, investors, tech companies, advisors and other partners in this evolving ecosystem, in one volume. For some, Insurance is either facing an existential threat; for others, it is a sector on the brink of transforming itself. Either way, business models, value chains, customer understanding and engagement, organisational structures and even what Insurance is for, is never going to be the same. Be informed, be part of it. Learn from diverse experiences, mindsets and applications of technologies Discover new ways of defining and grasping growth opportunities Get the inside track from innovators, disruptors and incumbents Be updated on the evolution of InsurTech, why it is happening and how it will evolve Explore visions of the future of Insurance to help shape yours The InsurTech Book is your indispensable guide to a sector in transformation.
Having the big idea is merely the beginning. Raising and using venture capital is pivotal to the success of many an ambitious new venture, but venture capital is more than money. It's far too expensive to be treated merely as cash, and if used well, far more critical to the successful venture.This can be a daunting process. Smarter Ventures leads you inside the world of European venture capital, and takes you step-by-step through the venture cycle. By holding a mirror up to both sides of the money-raising process, Katharine Campbell shows how entrepreneurs can better understand venture capitalists - and vice versa - leading to more productive relationships and smarter ventures. Katharine Campbell explains how venture capitalists think, what they are looking for and why. Learn how to spot the good -and the bad - investors, and equip yourself with the tools and the knowledge to seal a successful partnership. Smarter Ventures is the bible of the European venture capital market and your complete companion to the venture cycle. "Smarter Ventures is essential reading for anyone interested and involved in new ventures and venture capital - whether funding it, using it, providing it or teaching potential entrepreneurs.... The book is so complete it is almost a funding cookbook.... Anyone involved in enterprise, as a practitioner, venture capitalist or academic, should regard Smarter Ventures as required reading." - Book Review, Financial Times
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