Thorough, accessible coverage of the key issues in XVA XVA Credit, Funding and Capital Valuation Adjustments provides specialists and non-specialists alike with an up-to-date and comprehensive treatment of Credit, Debit, Funding, Capital and Margin Valuation Adjustment (CVA, DVA, FVA, KVA and MVA), including modelling frameworks as well as broader IT engineering challenges. Written by an industry expert, this book navigates you through the complexities of XVA, discussing in detail the very latest developments in valuation adjustments including the impact of regulatory capital and margin requirements arising from CCPs and bilateral initial margin. The book presents a unified approach to modelling valuation adjustments including credit risk, funding and regulatory effects. The practical implementation of XVA models using Monte Carlo techniques is also central to the book. You'll also find thorough coverage of how XVA sensitivities can be accurately measured, the technological challenges presented by XVA, the use of grid computing on CPU and GPU platforms, the management of data, and how the regulatory framework introduced under Basel III presents massive implications for the finance industry. * Explores how XVA models have developed in the aftermath of the credit crisis * The only text to focus on the XVA adjustments rather than the broader topic of counterparty risk. * Covers regulatory change since the credit crisis including Basel III and the impact regulation has had on the pricing of derivatives. * Covers the very latest valuation adjustments, KVA and MVA. * The author is a regular speaker and trainer at industry events, including WBS training, Marcus Evans, ICBI, Infoline and RISK If you're a quantitative analyst, trader, banking manager, risk manager, finance and audit professional, academic or student looking to expand your knowledge of XVA, this book has you covered.

This book explores three particular strategies in the extractives sector for creating shared wealth, increased labour opportunities and positive social, environmental and economic outcomes from corporate projects, namely: state wealth funds (SWF), local content policies (LCP) and corporate social responsibility (CSR) practices. Collectively, the chapters explore the associated experiences and challenges in different parts of the world with the view to inform equitable and sustainable development for the communities living adjacent to extractives sites and the wider society and environment. Examples of LCPs, SWFs and CSR practices from 12 jurisdictions with diverse experiences offer usefull insights. The book illuminates challenges and opportunities for sustainable development outcomes of the extractives sector. It reflects the need to take on board the lessons of these global experiences in order to improve outcomes for poverty reduction, inequality reduction and sustainable development.

This book shows that research contributions from different fields-finance, economics, computer sciences, and physics-can provide useful insights into key issues in financial and cryptocurrency markets. Presenting the latest empirical and theoretical advances, it helps readers gain a better understanding of financial markets and cryptocurrencies. Bitcoin was the first cryptocurrency to use a peer-to-peer network to prevent double-spending and to control its issue without the need for a central authority, and it has attracted wide public attention since its introduction. In recent years, the academic community has also started gaining interest in cyptocurrencies, and research in the field has grown rapidly. This book presents is a collection of the latest work on cryptocurrency markets and the properties of those markets. This book will appeal to graduate students and researchers from disciplines such as finance, economics, financial engineering, computer science, physics and applied mathematics working in the field of financial markets, including cryptocurrency markets.

This book is written in honor of Horst Brezinski and explores a wide and diverse range of topics related to comparative economic studies. Containing contributions from a number of former Presidents of the European Association for Comparative Economic Studies, the chapters discuss the hard budget constraint, economic transformation in Central Eastern Europe, illiberal democracy, sovereign wealth fund, higher education, the euro, the shadow economy, multinational companies, and economic power. Additional attention is given to new areas of study such as the digital economy and sports economics. This book aims to examine comparative economies across a wide range of geographical areas including China, Hungary, the United Kingdom, Poland, and the United States and will be relevant to those interested in emerging and transition economies, the political economy, economic policy, and international relations.

In this book, the authors outline how policymakers in advanced countries have moved away from exclusive reliance on the public sector in social service delivery, towards a more multi-faceted approach that seeks to combine the strengths of public agencies, private firms and voluntary organizations. This development raises interesting and complex questions concerning the comparative advantages of these respective groups in the delivery of goods and services. The Political Economy of the Voluntary Sector adopts a comparative institutions approach to assess the strengths and weaknesses of the government, market and voluntary sectors as alternative instruments for implementing social and economic policies. The authors examine existing market failure, government failure and supply-side models of non-profit organizations before proposing a new leadership theory of the voluntary sector. They then explore the interface between the voluntary sector and the development of social capital. The book culminates in an investigation of appropriate public policy approaches towards the voluntary sector. This book will be warmly welcomed by academics, students, and researchers working on alternative methods of public policy program delivery, primarily from the disciplines of economics, political science and public administration. Practitioners drawn from the public and voluntary sectors, as well as public policymakers in governments from around the world, will also find this accessible book of great interest.

This handbook offers a comprehensive overview of the most important and fundamental elements for the management of team sports organisations. It is intended to meet the needs of full-time and voluntary individuals in management positions in professional and semi-professional sports clubs, leagues and federations, and those who aspire to such positions. In addition to management-relevant aspects, its interdisciplinary approach also includes the basics of law and media, which are vital to the successful management of team sports organisations. Bringing together experts from the respective disciplines, the book's content is presented in a clear and straightforward manner, facilitating its implementation in practice.

Real estate is sold as a much safer investment than the constantly fluctuating stock market. Share price volatility is compared unfavourably with the steadier and impressive gains made from real estate which is, we are told, 'as safe as houses'. As millions of Americans - and countless others in the Western world - have recently found to their cost, house prices can also suddenly and dramatically drop. Yet no other text on real estate, either current or from the past, mentions this fact, reinforcing the perception that real estate is an almost risk-free investment. Now for the first time, and long overdue, a book that details and explains the cyclical nature of real estate. The latest real estate downturn in the USA (and in other countries) is just one of many that have occurred since 1800 with astonishing regularity. This book is the story of the American experience of those downturns: the move out of recession, how the banking system facilitates that move, the boom and the characters that shaped it, the bust and accompanying bank failures, and then the recession, or worse, depression. This is always followed by a new cycle repeating each phase again, varied only by the new ways bankers find to avoid the regulations put in place after each collapse to ensure it will never happen again. The Secret Life of Real Estate and Banking explains, quite simply, how the real estate cycle originates, offers a fascinating study of US history to illustrate the stages through which each cycle passes, then explains why this cycle of boom and bust must repeat, given present economic conditions. Real estate can only be a truly winning investment if you know the cycle. For investors, the author has designed an 18-year Real Estate Clock which plots the progress of the cycle, with tell-tale signs so that investors can recognise exactly where they are in the cycle at any point in time and so help them decide whether to invest, sit tight or sell. He has refined this clock over a period of many years and those who have attended his courses have found it an invaluable and remarkably accurate guide for their investment strategies, not only in real estate. With its invaluable insights and practical guidance, The Secret Life of Real Estate and Banking is a book for both novice and experienced investors alike who want to know why the real estate cycle moves as it does, learn how this movement can be forecast well in advance, and more importantly, wish to learn how to profit from this knowledge. A must read for any serious investor.

This bookdescribes computational financetools. It covers fundamental numerical analysis and computational techniques, such asoption pricing, and givesspecial attention tosimulation and optimization. Many chapters are organized as case studies aroundportfolio insurance and risk estimation problems. In particular, several chapters explain optimization heuristics and how to use them for portfolio selection and in calibration of estimation and option pricing models. Such practical examples allow readers to learn the steps for solving specific problems and apply these steps to others. At the same time, the applications are relevant enough to make the book a useful reference. Matlab and R sample code is provided in the text and can be downloaded from the book's website.
Shows ways to build and implement tools that help test ideasFocuses on the application of heuristics; standard methods receive limited attentionPresents as separate chapters problems from portfolio optimization, estimation of econometric models, and calibration of option pricing models"

In the 1990s many Latin American countries decided upon full or partial pension privatisation, and a similar wave of reforms is currently taking place in Eastern Europe. Privatising Old-Age Security aims to examine what may account for this paradigm change in an area previously considered difficult to reform. Attempting to explore and explain the similarities and differences in pension policy both intra- and inter-regionally, this book analyses the political economy of radical pension reform in using case studies from Argentina, Bolivia, Bulgaria, Croatia, Hungary, Peru, Poland and Uruguay. By shedding light on the political viability of market-oriented reforms the book is a valuable and unique contribution to the understanding of the political economy of policy reform. With its unprecedented selection of case studies and application of theoretical insights, this book will appeal to researchers and academics of economics, public finance, social policy administration and transition studies. Moreover, policymakers will be intrigued by the up-to-date analysis of recent pension reforms.

Private bankers have been defined as owner-managers of their bank, irrespective of their type of activity, which could be in any field of banking, sometimes in conjunction with another one, especially commerce in the earlier periods. Analysing the experiences of European private bankers from the early modern period to the early twenty-first century, this book starts by examining the slow emergence of specialist private bankers, largely from amongst those who provided commercial credit. This initial consideration culminates in a focus upon the roles that they played, both during the onset of the continent's industrialization, and in orchestrating the finances of the emerging world economy. Its second theme is private banking's waning importance with the rise of joint-stock competitors, which became increasingly apparent in Britain during the mid-nineteenth century, and elsewhere within Europe some decades later. Lastly, attention is paid to the decline of private bankers in the twentieth century -a protracted and uneven decline, combined with the persistence and even the enduring success of some segments of the profession. It concludes with the revival of private banking in the late twentieth century as a response to the development of a new market - the management of personal wealth.

Mountains of bills and credit debt don't appear overnight, nor can they be erased by the time you wake in the morning. Debt is not something that happens to you. Debt sometimes comes from poor choices and the desire to have more than you can afford. It's time to give instant gratification an overhaul and realize what's important. This may require a return to the days of a more simple life when we earned it before we spent it. Engulfing debt, sleepless nights, and never-ending worry can be rectified with three easy tools: discipline, sacrifice, and patience. Once you learn how to make and stick to a budget, you'll be on the path to a debt-free life. If you're in an overwhelming financial pit, you'll need the tools to help you out of the abyss. Here you'll find the guidance to help.

1,134 Days to 0 is a collection of witty stories and true, heartfelt experiences that guide you along the path to financial freedom. It was written in layman's terms by an everyday person, not your typical intimidating financial guru. You'll laugh, you'll cry, you'll be inspired but most of all, you'll relate. Through the course of your reading, you will have your "aha" moment, when everything seems clear. You will comprehend that true sacrifice can come in many forms. This may be making sure your children have properly fitted clothes and shoes, or a nutritious meal while you are resewing your hems to get one more season out of your work pants. You may recognize yourself in the stories, realize where you went wrong, and identify how to correct your mistakes. In the end, you can reminisce about days gone past when you were in over your head. You'll find your inner rock star and become a savvy shopper and ultimate budget-keeper.