A detailed, one-stop guide for experienced options traders Positional Option Trading: An Advanced Guide is a rigorous, professional-level guide on sophisticated techniques from professional trader and quantitative analyst Euan Sinclair. The author has over two decades of high-level option trading experience. He has written this book specifically for professional options traders who have outgrown more basic trading techniques and are searching for in-depth information suitable for advanced trading. Custom-tailored to respond to the volatile option trading environment, this expert guide stresses the importance of finding a valid edge in situations where risk is usually overwhelmed by uncertainty and unknowability. Using examples of edges such as the volatility premium, term-structure premia and earnings effects, the author shows how to find valid trading ideas and details the decision process for choosing an option structure that best exploits the advantage. Advanced topics include a quantitative approach for directionally trading options, the robustness of the Black Scholes Merton model, trade sizing for option portfolios, robust risk management and more. This book: Provides advanced trading techniques for experienced professional traders Addresses the need for in-depth, quantitative information that more general, intro-level options trading books do not provide Helps readers to master their craft and improve their performance Includes advanced risk management methods in option trading No matter the market conditions, Positional Option Trading: An Advanced Guide is an important resource for any professional or advanced options trader.

This study provides a timely and useful benchmark for analysis of the effects of the recently negotiated North American Free Trade Agreement on investment flows. It also presents a unified history of foreign investment in Canada, Mexico, and the United States over the twentieth century, stressing interactions among these countries and their changing policies towards inward and outward investment. Twomey analyzes economic theories of foreign investment from the perspectives of neoclassical economics and political science and places them in the context of the ongoing debate over neo-protectionist policies and the role of the United States in the global economy.

The most salient feature of security returns is uncertainty. The purpose of the book is to provide systematically a quantitative method for analyzing return and risk of a portfolio investment in di?erent kinds of uncertainty and present the ways for striking a balance between investment return and risk such that an optimal portfolio can be obtained. In classical portfolio theory, security returns were assumed to be random variables, and probability theory was the main mathematical tool for h- dling uncertainty in the past. However, the world is complex and uncertainty is varied. Randomnessis nottheonly typeofuncertaintyinreality, especially when human factors are included. Security market, one of the most complex marketsintheworld, containsalmostallkindsofuncertainty. Thesecurity- turns are sensitive to various factors including economic, social, political and very importantly, people's psychological factors. Therefore, other than strict probability method, scholars have proposed some other approaches including imprecise probability, possibility, and interval set methods, etc., to deal with uncertaintyinportfolioselectionsince1990's. Inthisbook, wewantto addto thetools existingin sciencesomenewandunorthodoxapproachesforanal- ing uncertainty of portfolio returns. When security returns are fuzzy, we use credibility which has self-duality property as the basic measure and employ credibilitytheorytohelpmakeselectiondecisionsuchthatthedecisionresult will be consistent with the laws of contradiction and excluded middle. Being awarethat one tool is not enough for solving complex practical problems, we further employ uncertain measure and uncertainty theory to help select an optimal portfolio when security returns behave neither randomly nor fuzzily. One core of portfolio selection is to ?nd a quantitative risk de?nition of a portfolio investment.

Infrastructure drives economic growth, jobs, quality of life, health and welfare, but public mechanisms for delivering infrastructure services face particular challenges of efficiency and politicized decision making. Public Private Partnerships (PPPs), if well designed and implemented, can provide Governments with more efficient, more effective, better managed, more transparent and more competitive sources of infrastructure services, financed through new sources of funding.

The three volumes of Interest Rate Modeling present a comprehensive and up-to-date treatment of techniques and models used in the pricing and risk management of fixed income securities. Written by two leading practitioners and seasoned industry veterans, this unique series combines finance theory, numerical methods, and approximation techniques to provide the reader with an integrated approach to the process of designing and implementing industrial-strength models for fixed income security valuation and hedging. Aiming to bridge the gap between advanced theoretical models and real-life trading applications, the pragmatic, yet rigorous, approach taken in this book will appeal to students, academics, and professionals working in quantitative finance. Volume II is dedicated to in-depth study of term structure models of interest rates. While providing a thorough analysis of classical short rate models, the primary focus of the volume is on multi-factor stochastic volatility dynamics, in the setups of both the separable HJM and Libor market models. Implementation techniques are covered in detail, as are strategies for model parameterization and calibration to market data.

This book develops key messages for city stakeholders: how can cities and properties adapt to this crisis and how can public and private actors help to make cities more resilient in the long run. The book is addressed to actors from the real estate industry and the city, to project developers, architects, planners, engineers, financiers, investors and asset managers - and to everyone who lives and works in cities.

This book comprises an edited series of papers about risk management and the latest developments in the field. Covering topics such as Stochastic Volatility, Risk Dynamics, Weather Derivatives and Portfolio Diversification, this book will have broad international appeal. It is highly relevany for optimal portfolio allocation for both private and institutional investors worldwide.

Investing for a Lifetime is designed to make saving and investing understandable to the investor. Wharton Professor Richard C. Marston, 2014 recipient of the Investment Management Consultants Association s prestigious Matthew R. McArthur Award, guides an investor through the main investment decisions throughout a lifetime. Investing for a Lifetime shows: * how younger investors can set savings goals * how both younger and older investors can choose investment portfolios to achieve these goals * how investors can sustain spending once reaching retirement. Younger and older investors alike should understand savings goals that will provide enough income to sustain spending in retirement. They should devise rates of saving that allow them to reach their goals by the time of retirement. Though retirement is often the main goal of investing, it s not the only one. Marston discusses how funding a child s education or saving for a down payment for a home affects overall saving. Sensible investing is also necessary for savings goals to be realized. Investing need not be complicated, but Marston explains that a diversified portfolio should include a mix of different types of U.S. stocks, foreign stocks, real estate as well as bonds. He describes each of these asset classes and shows how they fit in an investor s portfolio. He shows how investors can monitor the performance of their portfolios by establishing benchmarks for each asset class to judge how well their investments are doing. He focuses particular attention on those investors nearing retirement. In today s low interest rate environment, he discusses whether it is possible to fund retirement from interest and dividends alone. He shows how savings combined with Social Security can fund retirement spending. And he asks how the New Normal of lower returns might force investors to save more than in past decades, and to spend less in retirement than in the past. Investing for a Lifetime is for investors who want to understand more about the savings and investment process, particularly those who worry about whether their retirement savings will last a lifetime.

An interactive guide to successfully trading in today's markets

"Mastering the Art of Equity Trading Through Simulation" is a guidebook to interactive computer trading simulation designed to provide participants with hands-on experience in making tactical decisions and implementing them in different market environments-from continuous order drive markets to call auction markets, and from dealer markets to dark liquidity pools.

By showing traders how to operate in these different markets, this reliable resource quickly reveals a good deal about what trading involves and how market design impacts trading decisions.Provides a virtual platform that gives users hands-on experience in making tactical trading decisionsShows exactly how prices are established in the marketplaceTeaches how the structure of a marketplace influences participant decisions

Learning to trade through study is like learning about a roller coaster ride verbally. You may get the idea of going up and down and around curves, but will lack the actual experience. "Mastering the Art of Equity Trading Through Simulation" will get you as close as possible to the markets-without actually going in them-and prepare you to profit once you're really there.

ISO 50001 - A strategic guide to establishing an energy management system provides a practical but strategic overview for leadership teams of what an EnMS (energy management system) is and how implementing one can bring added value to an organisation.

This significant new book addresses the important issue of diversification in an age where it is vital to reduce volatility on investments. Properly applied portfolio management can lead to greater gains. The expert authors guide investors through international portfolio diversification, make clear how to help improve the efficiency of their investments, and explain how international diversification reduces the risk of an investment portfolio. This key book educates investors about how international mutual finds enhance the performance of their portfolio. The authors analyze which factors are most essential to investors, and find that both financial factors and behavioural arguments must be considered. This book is a crucial tool for any investor looking to improve the profit gain from their investment.

Both quantitative and qualitative analysis is used to review China's stock market in a book containing the latest research on China's IPO market, the 2006-07 market bubble, the development of institutional investors, the stock index futures market, stock sector performance, corporate governance of listed firms and China's growth enterprise market.

This book provides insights into the hidden role of intuitive expertise in financial decision-making. The authors show and discuss how expertise combined with intuitive judgments positively affect decision-making outcomes. The book builds on the latest academic studies in this emergent field. In combination with the academic perspective, the authors provide a field study that they conducted in the context of mergers and acquisitions (M&As), a common and critical strategic investment for companies. The interviews were carried out with experts and decision-makers in large and successful international companies (i.e., M&A experts, CEOs, CFOs, and board members). The book provides a solid theoretical and empirically based grounding of the topic. In addition, it offers suggestions to practitioners on how they can develop and nurture intuitive expertise in strategic investment decision-making. The report of the field study provides examples and quotes from interviews to visualize findings, thus helping practitioners gain understanding and insights from the text. The authors also discuss the downsides of intuitive expertise, such as biases and flawed decision-making. For scholars, students, and professionals, the book offers a concise and up-to-date summary of an emergent stream of research, exploring how cognition and judgment affect financial decision-making.

With fifty trillion in worldwide assets, the growth of mutual funds is a truly global phenomenon and deserves a broad international analysis. Local political economies and legal regimes create different regulatory preferences for the oversight of these funds, and academics, public officials and legal practitioners wishing to understand the global investing environment will require a keen awareness of these international differences. The contributors, leading scholars in the field of investment law from around the world, provide a current legal analysis of funds from a variety of perspectives and using an array of methodologies that consider the large fundamental questions governing the role and regulation of investment funds. This volume also explores the identity and behavior of investors as well as issues surrounding less orthodox funds, such as money market funds, ETFs, and private funds. This Handbook will provide legal and financial scholars, academics, lawyers and regulators with a vital tool for working with mutual funds. Contributors include: W.A. Birdthistle, M. Bullard, I.H-Y Chiu, B. Clarke, Q. Curtis, D.A. DeMott, J. Fanto, J.E. Fisch, P. Hanrahan, L.P.Q. Johnson, W.A. Kaal, A.K. Krug, A.B. Laby, J.D. Morley, A. Palmiter, I. Ramsay, E.D. Roiter, M. White, D.A. Zetzsche

This innovative book analyses the geographical patterns in foreign direct investment flows by combining elements from the theory of international production and the theory of economic geography. It develops a model for explaining why foreign direct investment is attracted to certain locations. The book examines foreign direct investment from a spatial perspective and considers how knowledge, regional synergies, economic integration, corporate strategies and networking affect patterns of investment. Using a model, Robert Morsink derives sets of determinants for different foreign direct investment patterns of multinationals and evaluates the corporate strategy behind these flows. First, he analyses investment flows within the European Union. Then, he goes into investments originating from the United States, Japan, Germany and the Netherlands and destined for Western Europe, South and Southeast Asia and North and South America. These analyses enable him to make suggestions for government policy at both the national and international level to attract foreign investment. Foreign Direct Investment and Corporate Networking will be of interest to economists working in the areas of international trade and investment, economic geographers and corporate strategy advisors as well as to policymakers from government and non-governmental organizations.

The performance of various types of capital resources in the economic reforms of China are of great interest to those involved in the reforms as policymakers, scholars, and businesspeople. Four major areas of financial development are identified--banking and loans, trade and foreign direct investments, official flows and foreign exchanges, and the stock market. The quality, or efficiency, of the capital resource has not been given equal weight with quantity, as it is difficult to measure the quality of a resource, and because more of a capital resource is generally preferred to less. A comprehensive analysis of trade and investment issues in China has been provided.

The service field constitutes the cutting edge of the new industrial revolution and already surpasses manufacturing as the principal economic activity in the private sector. This contemporary revolution has witnessed the launching of many new companies and industries, assisted by venture capitalists committed to their success. This book emphasizes the creation of new industries with the aid of venture capitalists, arguing that investment bankers/venture capitalists contribute to the economy by conceiving and developing innovative financing to help along fledgling businesses.

An Empirical Investigation of Stock Markets: The CCF Approach attempts to make an empirical contribution to the literature on the movements of stock prices in major economies, i.e. Germany, Japan, the UK and the USA. Specifically, the cross-correlation function (CCF) approach is used to analyze the stock market. This volume provides some empirical evidence regarding the economic linkages among a group of different countries.

Chapter 2 and Chapter 3 analyze the international linkage of stock prices among Germany, Japan, the UK and the USA. Chapter 2 applies the standard approach, whereas Chapter 3 uses the CCF approach. Chapter 4 analyzes the relationship between stock prices and exchange rates. Chapter 5 analyzes the relationship among stock prices, exchange rates, and real economic activities. Chapter 6 summarizes the main results obtained in each chapter and comments on the possible directions of future research.

There is a foundational crisis in financial theory and professional investment practice: There is little, if any, credible evidence that active investment strategies and traditional institutional quantitative technologies are able to provide superior risk-adjusted, cost-adjusted return over investment relevant horizons. Economic and financial theory has been in error for more than fifty years and is the fundamental cause of the persistent ineffectiveness of professional asset management. Contemporary sociological and economic theory, agent-based modeling, and an appreciation of the social context for preference theory provides a rational and intuitive framework for understanding financial markets and economic behavior. The author narrates his long-term experience in the use and limitations of traditional tools of quantitative asset management as an institutional asset manager in practice and as a quantitative analyst and strategist on Wall Street. Monte Carlo simulation methods, modern statistical tools, and U.S. patented innovations are introduced to redefine portfolio optimality and procedures for enhanced professional asset management. A new social context for expected utility theory leads to a novel understanding of modern equity markets as a financial intermediary for purchasing power constant time-shift investing uniquely appropriate for meeting investor long-term investment objectives. This book addresses the limitations and indicated resolutions for more useful financial theory and more reliable asset management technology. In the process, it traces the major historical developments of theory and institutional asset management practice and their limitations over the course of the 20th century to the present, including Markowitz and the birth of modern finance, CAPM theory and emergence of institutional quantitative asset management, CAPM and VM theory limitations and ineffective iconic tools and strategies, and innovations in statistical methodologies and financial market theory.

Recently there has been a growing demand for mutual funds and how their performance compares to other funds on an international level. This significant new book focuses on the changes in some countries regarding the new paradigm of international investing through mutual funds. This is an indispensable collection of original papers on the mutual fund industry focusing on various European countries, the U.S. and New Zealand. Performance is assessed using a fresh approach, innovative techniques and various models. This book will allow the reader and practitioner to gain a perspective and understanding of mutual funds on an international level.

There is a seasonal bias to the stock market, and by paying attention to the seasonal market tendencies you can gain an edge in the stock market over the long haul. Seasonality offers a practical approach to investing and trading. What better way to learn how to employ seasonal systems than learning from Jay Kaeppel, a master in the analysis of seasonal trends? Kaeppel walks you through this phenomenon that continues to work consistently, providing you with his ultimate seasonal index to make the calendar work for you. Stock Market Seasonals provides a never-before-seen definitive guide that illustrates how to utilize a combination of four basic seasonal tendencies in order to maximize returns.