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Books > Money & Finance > Investment & securities
Every consumer in a modern economy is indirectly exposed to the
work of a price reporting agency (PRA) each time they fill up their
car, take a flight or switch on a light, and yet the general public
is completely unaware of the existence of PRAs. Firms like Platts,
Argus and ICIS, which are referenced every day by commodity traders
and which influence billions of dollars of trade, are totally
unfamiliar to consumers. The Price Reporters: A Guide to PRAs and
Commodity Benchmarks brings the mysterious world of price reporting
out of the shadows for the first time, providing a comprehensive
guide to the agencies that set the world's commodity prices. This
book explains the importance of PRAs to the global commodities
industry, highlighting why PRAs affect every consumer around the
world. It introduces the individual PRAs, their history and the
current state of play in the industry, and also presents the
challenges that the PRA industry is facing now and in the future,
in particular how regulation might impact on the PRAs, their
relationships with commodity exchanges, and their likely direction.
This is the first-ever guide to PRAs and is destined to become the
standard reference work for anyone with an interest in commodity
prices and the firms that set them.
Quantitative Modeling of Derivative Securities demonstrates how to take the basic ideas of arbitrage theory and apply them - in a very concrete way - to the design and analysis of financial products. Based primarily (but not exclusively) on the analysis of derivatives, the book emphasizes relative-value and hedging ideas applied to different financial instruments. Using a "financial engineering approach," the theory is developed progressively, focusing on specific aspects of pricing and hedging and with problems that the technical analyst or trader has to consider in practice.
More than just an introductory text, the reader who has mastered the contents of this one book will have breached the gap separating the novice from the technical and research literature.
Revised and updated in its fifth edition, this internationally
renowned and respected book provides the essentials to
understanding all areas of airline finance. Designed to address
each of the distinct areas of financial management in an air
transport industry context, it also shows how these fit together,
while each chapter and topic - for example, aircraft leasing -
provides a detailed resource that can also be consulted separately.
Supported at each stage by practical airline examples and recent
data, Airline Finance examines the financial trends and longer term
prospects for the airline industry as a whole, contrasting the
developments for the major regions and airlines together with
critical discussion of key issues that affect the industry as a
whole. Important techniques in financial analysis are applied to
the airlines as well as their investors such as banks and other
financial institutions. Thoroughly amended and updated throughout,
and expanded with the addition of two new chapters, the fifth
edition reflects the many developments that have affected the
industry, such as the impacts of the banking and sovereign debt
crises on the airline industry, signs of re-nationalisation of
airlines that have emerged in Europe, and the substantial changes
that have occurred in connection with rating agencies and LIBOR.
New start-ups and bankruptcies are covered for the first time in a
new chapter, joined by airline mergers and acquisitions (M&A),
both playing a role in airline concentration. Reflecting their
status as a permanent feature, fuel hedging and fuel surcharges now
also have their own chapter. The medium- to long-term future in
terms of further concentration and government intervention (or the
lack of it) and a shift in aircraft financing towards capital
markets are discussed in the final chapter. The book is written for
employees of airlines, airports and their suppliers, and investment
bank and other analysts. It is also popular for use by universities
and in-house courses on air transport management, within both
academia and industry.
This book reexamines the economic crash of 1929 and compares the
event to the modern stock market crash of 2008-2009. Twice in the
last century the usually stalwart economy of United States has
crumbledâfirst in 1929, when the stock market crash that led to
the Great Depression hit, and again with the financial market
meltdown of 2008-2009 that is still crippling much of America.
While it is still too soon to state unequivocally how this latest
economic disaster came about, it is possible to theorize that much
of what has happened could have been foreseen and even
avoidedâjust as it could have been in 1929. This book accurately
describes the economic situations in the United States before the
1929 and 2008-2009 stock market crashes, and carefully examines the
causes of both financial crises. This comprehensive assessment of
both time periods allows readers to better grasp the present market
situation, understand the connection between the explosion of the
sub-prime mortgage market and the current state of the economy, and
more wisely forecast the future.
This book examines in detail the timely area of Japanese banking
and investment activities in the United States, and offers a clear
picture of both the causes of the recent growth of foreign
investment activity and the consequences of this trend for American
companies, households, and government agencies. Peter S. Rose
argues that multiple factors have shaped the growing roles played
by Japanese banks in the U.S. financial system and by Japanese
investors in the U.S. economy, but remains optimistic that this is
not necessarily a cause for alarm.
Rose provides a detailed look at nearly every aspect of Japan's
involvement in the U.S. financial sector, as well as offering a
useful overview of the banking and financial system of Japan. Among
the causes of Japanese expansion that Rose discusses are the rapid
appreciation of the Japanese yen in international markets, Japan's
large trade surpluses with the U.S., the high personal savings rate
of the Japanese, periodically depressed U.S. stock prices, and the
low barriers to entry into most U.S. markets. Also fully detailed
are the consequences of possible reductions in Japanese financial
activity, which could be felt in the U.S. through higher domestic
interest rates, a reduction in the creation of new jobs, rising
unemployment, reduced availability of long-term capital, and a
slackening in the growth of U.S. output. This unique work will be
an important reference tool for professionals in the banking,
finance, and securities industries, for public policy makers and
bank regulatory agencies, and for students and researchers of
international banking and finance.
Smart Portfolios is about building and maintaining smart investment
portfolios. At its heart are the three key questions every investor
needs to answer: 1. What to invest in. 2. How much to invest. 3.
When to make changes to a portfolio. Author Robert Carver addresses
these three areas by providing a single integrated approach to
portfolio management. He shows how to follow a step-by-step process
to build a multi-asset investment portfolio, and how to rebalance
the portfolio efficiently. He covers both investment in collective
funds like ETFs, and also direct investment in individual equities.
Important features include: -- Why forecasting future returns is so
difficult, and how to account for uncertainty when making
investment decisions. -- How to accurately calculate the true costs
of an investment, including costs that you may not even be aware
of. -- How to select the best ETF for each asset class. -- How to
compare the costs and other features of different ETFs. -- How to
select individual shares. -- Calculating the number of shares
needed for adequate diversification. -- How to use systematic
forecasting algorithms to adjust portfolio allocations. -- How to
cut trading costs through smart rebalancing strategies and
execution tactics. Robert Carver also explains how to blend assets
with different levels of risk, and how to construct portfolios that
suit the level of risk that the investor can cope with. Smart
Portfolios is detailed, comprehensive, and full of practical
methods, rules of thumb and techniques, all fully explained with
examples. It is intended for professional investors worldwide,
including financial advisors, private bankers, wealth managers and
institutional funds; as well as experienced private investors.
This book is written for quantitative finance professionals,
students, educators, and mathematically inclined individual
investors. It is about some of the latest developments in pricing,
hedging, and investing in incomplete markets. With regard to
pricing, two frameworks are fully elaborated: neutral and
indifference pricing. With regard to hedging, the most conservative
and relaxed hedging formulas are derived. With regard to investing,
the neutral pricing methodology is also considered as a tool for
connecting market asset prices with optimal positions in such
assets.
SrdjanD.Stojanovic isProfessor in the Department of Mathematical
Sciences at University of Cincinnati (USA) and Professor in the
Center for Financial Engineering at Suzhou University (China)."
The Definitive Guide to Valuing Hard-to-Value Companies: Fully
Revised for Today's Financial Markets Valuing money-making
companies that have long histories and established business models
is straightforward. It is when you encounter difficult-to-value
companies that you feel the urge to go over to the dark side of
valuation-where you abandon first principles and create new
metrics. Aswath Damodaran looks at a range of these companies, from
start-ups in new businesses to distressed companies, from banks
facing regulatory turmoil to commodity firms, and from emerging
market upstarts to multinationals that spread across geographies
and businesses. With each grouping, he helps you examine the call
of the dark side and its practices and frameworks to value these
firms. To answer these questions, Aswath looks at companies across
the life cycle and in different markets, from Uber and Shake Shack
at one end of the spectrum to Vale, Royal Dutch, and United
Technologies at the other end. In the process, you learn how to
Deal with "abnormally low" and negative risk-free rates in
valuation Adapt to dynamic and changing risk premiums Value young
companies that are disrupting existing businesses Analyze commodity
and cyclical companies across cycles Value a company as the sum of
its parts or as an aggregation of its users/subscribers and
customers Determine the difference between pricing and valuation,
and why some investments can only be priced
Stop falling for nonsense advice peddled by "#finfluencers" online
and start investing successfully. Whether you're an investment
veteran or just starting out, this concise, finance-focused guide
will unpick risky "get rich quick" myths, explain proven investment
strategies using real-life case studies, and grow your confidence
in the markets. Learn about: ⢠How to achieve a new investment
mindset; one that's analytical, well-informed, and cultivates
beneficial qualities ⢠Why "get rich quick" schemes fail and how
you can avoid falling for them ⢠Case studies and hyper-condensed
wisdom from leading experts to inspire smarter investment choices
⢠Having the confidence to trust your investing plan and stay
invested long enough for compound interest to work its magic.
Refreshingly honest and accessible, The Investor's Mindset is a
much-needed antidote to the bad investment advice peddled online,
instead helping you develop the confidence and resolve to build
wealth sustainably and achieve financial freedom.
Investment Banks, Hedge Funds, and Private Equity, Fourth Edition
provides a real-world view of this fast-evolving field, reviewing
and analyzing recent innovations and developments. This reference
captures the actual work of bankers and professional investors,
providing readers with templates for real transactions and insight
on how investment banks, hedge funds, and private equity firms
provide services to each other while creating opportunities for
corporations and investors to raise capital, invest, hedge,
finance, acquire, divest, and risk manage. For each type of
institution, the business model, organizational structure,
products, challenges, regulatory issues, and profit-making
opportunities are explained. In addition, specific transactions are
analyzed to make clear how advisory services, financings,
investments, and trades produce profits or losses, and which types
of risks are most commonly taken by each type of institution.
Importantly, the linkage of investment banks, hedge funds, and
private equity to corporations, governments, and individuals is
described, enabling the reader to more clearly understand how these
organizations impact them and how their products and services can
be best utilized.
Over the past several years, the field of international investing
has been transformed by a host of new, state-of-the-art techniques.
"Quantitative Investing for the Global Markets" is the definitive
handbook for money and portfolio managers, research analysts,
pension consultants, corporate treasurers, and other professionals
seeking a competitive edge in the global investment marketplace.
Topics include: international asset allocation; optimum
diversification levels; style analysis and evaluation; market
neutral strategies; global stock valuation; advanced strategies for
hedging currency risk; international benchmarking; etc.
This book provides a thorough overview of the European real estate
Market. It evaluates the performance difference between countries
and sectors, and what implications this has for optimal investment
strategy within real estate asset classes.
This collection of papers arises from two major international
conferences on inward investment and regional development, and the
role of accumulated capital in regional business development. The
papers cover a wide spectrum of development and finance issues with
the common theme that capital flows can have a substantial impact
on regional development.
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.
Examining various methods of debt management used in the US.,
Handbook of Debt Management, provides a comprehensive analysis of
securities offered for sale by municipalities, states, and the
federal government. The book covers laws regarding municipal bonds,
the economic choice between debt and taxes and the tax-exempt
status of municipal bond owners, capital budgeting, including state
and local government practices, developing governmental and
intergovernmental debt policies, pay-as-you-go with debt financing
for capital projects, US Internal Revenue Service regulations on
arbitrage in state and local government debt proceeds investment,
US treasury auctions, and more.
This volume: * Uses the Coronavirus pandemic to explore the link
between news sentiment and global financial markets * Shows how the
COVID-19 crisis differs from the Global Financial Crisis of 2008 *
Focuses on the Noise vs Signal in news sentiment * will be
invaluable for business professionals, bankers, media
professionals, and investment consultants.
This book provides a guide to 20 years of China's stock markets. Carl Walter and Fraser Howie analyze the changes that have occurred in all areas of China's securities industry including legal, regulatory, share structure, issuers, investor base, and market performance. These topics are examined in the context of the industry's overall development to highlight the market's current situation as China enters the new century.
Part of a series which focuses on advances in futures and options
research, this volume discusses a variety of topics in the field.
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