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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 expected from the investment. Investment management is a concise, yet comprehensive introduction to investment analysis and portfolio management, specifically in South Africa. Investment management focuses on investment in financial assets such as shares and bonds, and explains fundamental and technical analysis. It investigates portfolio management and how derivative instruments such as futures, options and swaps may be used for this purpose. In addition, a chapter is devoted to the foreign exchange market and its management. The book provides a comprehensive framework and a thorough network of guidelines, with self-assessment questions at the end of each chapter. It is written with the Chartered Financial Analyst (CFA(R)) Level I learning outcomes for investment analysis and portfolio management in mind. Investment management aims to prepare undergraduate investment management students for postgraduate study.
Introduction to financial derivatives is a concise introduction to the fundamentals and applications of financial derivatives. Introduction to financial derivatives provides a framework and reference guide that lays the foundation for more advanced studies and titles. The basics of the derivatives market and its four main classes - forwards, futures, options and swaps - are discussed, with the generic principles and applications of each being covered in relative detail but in a simplified format (omitting all derivation of formulae and underlying assumptions). Related concepts and terminology, often confusing to first-time users, are explained. Introduction to financial derivatives is primarily aimed at second-year students and short-course providers, but undergraduate and graduate students that specialise in related disciplines (e.g. accounting or MBA) should also find it useful.
HOW WARREN BUFFETT DID IT -- AND HOW YOU CAN TOO In the world of investing, the name Warren Buffett is synonymous with success and prosperity. Building from the ground up, Buffett chose wisely and picked his stocks with care, in turn amassing the huge fortune for which he is now famous. Mary Buffett, former daughter-in-law of this legendary financial genius and a successful businesswoman in her own right, has teamed up with noted Buffettologist David Clark to create Buffettology, a one-of-a-kind investment guide that explains the winning strategies of the master. * Learn how to approach investing the way Buffett does, based on the authors' firsthand knowledge of the secrets that have made Buffett the world's second wealthiest man Complete with profiles of fifty-four "Buffett companies" -- companies in which Buffett has invested and which the authors believe he continues to follow -- Buffettology can show any investor, from beginner to savvy pro, how to create a profitable portfolio.
Master the most important areas of today's tax law with Whittenburg/Gill's best-selling INCOME TAX FUNDAMENTALS 2023. This concise, practical introduction to tax preparation uses a unique, step-by-step workbook format that integrates real, current examples and uses the most recent actual tax forms. You learn the complexities of the U.S. income tax code as this edition's clear, up-to-date presentation walks you through the most recent tax laws, revisions and changes. Updated end-of-chapter problems and online exercises let you practice completing tax return problems using real source documents identical to those of actual clients. You also learn to use professional Intuit (R) ProConnect (TM) tax preparation software that accompanies each new book. In addition, study tools and helpful resources within the CNOWv2 online homework tool help you further refine your knowledge and practical skills to become a successful tax preparer.
Governments have always endured economic woes, but the increasing severity of such challenges, from the Great Recession starting in 2008 to the unprecedented impact of the COVID-19 pandemic, highlights the need for better-developed fiscal analysis capacity in governments of all sizes using the most practical-yet robust-techniques available. This volume presents an array of real-world analytical approaches in a variety of service areas at the core of state and local government. The concrete insights provided by this book serve as important tools for policy analysts, government officials charged with policy implementation, and public finance scholars across developing and developed countries looking for the essential, high-level analytical skills needed to expand internal capacity to weather uncertain economic environments. The book bridges the research-practice gap and provides practical tools for state and local fiscal analysis, including a detailed how-to guide for producing local tax expenditure reports, an age-based homestead exemption estimate calculator with guide, and simple methods for fuzzy matching administrative data. It is backed up with a depth and breadth of case studies on governments of a variety of sizes. Public officials and analysts in local state/regional institutions and international institutions with a public policy focus as well as public finance scholars across developing and developed countries will find invaluable the analyses and tools provided by this book. It also serves as a key resource for students, researchers, and instructors across public policy.
An essential desk reference for stock brokers, private investors, employees in finance positions, business school students, commerce students, corporate managers or anyone trying to make sense of the financial media. The South African Dictionary of Finance gives guidance of the terminology you will come across in the finance world in plain, understandable English. The rapidly evolving world of finance keeps on generating new products, ideas, concepts and language that anyone seriously interested in money needs to get to grips with. Some of the concepts are peculiar to South Africa but many are international terms. All are essential to master in the areas of finance and banking.
This comprehensive book provides a complete overview of the international legal system of foreign investment protection. Proposing a simple, practical approach, it examines the problems one might face when studying or practising international investment law, including those arising from contemporary changes and controversies. In this incisive book, Arnaud de Nanteuil synthesises material from treaties, general international law, contracts and case law to demonstrate a coherent system of investment protection, rather than simply describing the law as it currently stands. Through this systematic approach, the book considers all aspects of the discipline, examining its history, the content of the law, investment arbitration, and its relationship with other areas of international law such as human rights, the environment and EU law. It also discusses answers to questions that remain open in current case law. Providing a thorough and accessible analysis, this book will be invaluable to both students and academics working in the field of international investment law, as well as practitioners who will appreciate its pragmatic style. Government officials and those working for international organisations in this area will also find its discussion of the possible future evolution of the law insightful.
Want big returns? Look at small stocks! Penny stocks are low-cost equities that often make large price moves, potentially leading to big gains--or losses--for investors. Penny Stocks For Dummies will help you determine whether this wild ride is right for you. With this hands-on guide, you can grasp the basics, find smart investments, avoid scams, and look for big success, even if you only have pocket change to start out with. This latest edition takes you right into today's unique penny stock market. You'll learn how to read penny stock charts, evaluate the strength of small companies, recognize price manipulations, and use smart trading strategies to maximize your returns. Buying and selling penny stocks can be extremely lucrative--if you know exactly what you're doing. This book will make a penny trader out of you, so you can start making money for the future. (Heads up: you're going to need a bigger piggy bank!) With Penny Stocks For Dummies, you will: Find out whether penny stocks are a good fit for your investment goals, available capital, and risk tolerance Do your due diligence and learn how to research potential penny stock investments Use fundamental analysis, financial ratios, and penny-specific technical analysis to identify winning bets Uncover expert tips that will boost your results and help prevent big losses Penny Stocks For Dummies will give you the knowledge and confidence you need to get in on the ground floor and discover those hidden gems for high rewards.
You Spend It. You Save It. You Never Have Enough of It. But how does money actually work? Understanding cash, currencies and the financial system is vital for making sense of what is going on in our world, especially now. Since the 2008 financial crisis, money has rarely been out of the headlines. Central banks have launched extraordinary policies, like quantitative easing or negative interest rates. New means of payment, like Bitcoin and Apple Pay, are changing how we interact with money and how governments and corporations keep track of our spending. Radical politicians in the US and UK are urging us to transform our financial system and make it the servant of social justice. And yet, if you stopped for a moment and asked yourself whether you really understand how it works, would you honestly be able to say 'yes'? In Money in One Lesson, Gavin Jackson, a lead writer for the Financial Times, specialising in economics, business and public policy, answers the most important questions to clarify for the reader what money is and how it shapes our societies. With brilliant storytelling, Jackson provides a basic understanding of the most important element of our everyday lives. Drawing on stories like the 1970s Irish Banking Strike to show what money actually is, and the Great Inflation of West Africa's cowrie shell money to explain how it keeps its value, Money in One Lesson demystifies the world of finance and explains how societies, both past and present, are forever entwined with monetary matters.
Part of The Elgar Series on Central Banking and Monetary Policy, this book explores the relationship between central banking, monetary policy and the economy at large, focusing on the specific relationship between central banking, monetary policy and the future of money. The book explores the complexity of the current monetary policy transmission channels and the issue of confidence in money. Scholars examine the specific relationship between central banking, monetary policy and the future of money, with a particular insight on digital and local currencies. Scholars and students interested in central banking and monetary policy, the digitalization of money and the relationship between central banks and the growth of local currencies will value this timely take on the new realities of central banking. entral
Elgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences, business and law, expertly written by the world's leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas. Covering all aspects of federal securities law, this Advanced Introduction provides an excellent understanding of how U.S. securities regulation works, particularly as this emerging area of law becomes more prevalent for those working or involved in general corporate and commercial practices. It examines the definition of securities and how modern investment opportunities may be subject to this regulation as well as more traditional forms such as stocks or bonds. Key Features: Providing up to date information on the latest developments in securities law Presenting complex material in a clear and comprehensive format and defining key concepts Thoroughly reviewing significant Supreme Court cases, alongside the noteworthy statues and Securities and Exchange Commission Rules This informative book will be invaluable reading for practitioners and others engaged in the business and securities world looking for a detailed overview of U.S. securities law. It will also be a useful resource for lawyers, scholars, and policy advisors.
Elgar Research Agendas outline the future of research in a given area. Leading scholars are given the space to explore their subject in provocative ways, and map out the potential directions of travel. They are relevant but also visionary. This insightful Research Agenda explores social finance and impact investing, surveying the latest research in this area. It considers a range of actors from across the social finance ecosystem, from investors and social banks, to the entrepreneurs who propose sustainable solutions and seek finance. Chapters discuss a variety of key topics, including impact investing practices by philanthropic and renewable energy sectors, the financing of social enterprises, social ventures and the effect of banking on the Sustainable Development Goals. The Research Agenda also examines market-figures to provide a holistic overview of the social finance and impact investing markets. Considering the perspectives of both investors and investees, this Research Agenda will be a useful guide for scholars and researchers in the areas of social finance, social entrepreneurship, impact investing and sustainability. Its evaluation of the challenges and successes of multiple social finance sectors will also be beneficial for practitioners in these fields.
Elgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences, business and law, expertly written by the world's leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas. Fully revised and updated, this Advanced Introduction provides a comprehensive understanding of entrepreneurial finance of new and growing ventures. With a unique research-based focus, Hans Landstroem synthesizes contemporary knowledge and presents diverse theoretical approaches to explain financial decision-making in entrepreneurial ventures. New features include: An updated synthesis of knowledge on entrepreneurial finance, which highlights accumulated knowledge as well as new contributions in entrepreneurial finance research Emphasis on entrepreneurial finance from the perspective of both entrepreneurs as well as capital providers An elaboration of financial issues not only in high-tech and high growth ventures, but also in the financing of more 'everyday' ventures A consideration of the ways the financial landscape has changed, featuring analysis of the FinTech revolution, crowdfunding and initial coin offerings (ICOs). This second edition will serve as an excellent up-to-date resource for advanced students and scholars in entrepreneurship, innovation, finance, and business. Policy-makers interested in financial issues in young and growing ventures will also find this Advanced Introduction a useful tool for exploring financial decision-making from an entrepreneur's perspective.
This book presents new, advanced, evidence-based guidance on investing in private equity funds: first by assessing the investor's environment and motivations, then by looking into the risks, returns and overall performance of funds and finally, by offering practical solutions to the illiquidity conundrum.
Securitization regulation remains, in the eyes of investors, banks, businesses, bureaucrats and politicians, one of the remaining unsolved puzzles of the post-Global Financial Crisis landscape. This book describes the key features of securitization, including the most common structures and their uses as well as the motivations of the participants in these markets. Important historical moments and case studies are frequently used to illustrate critical issues in the design and enforcement of regulation for securitized products. This work is intended to contextualize and contribute to the highly specialized debates between policymakers, regulators and the regulated financial intermediaries, setting out an agenda for discussion as well as providing some strongly held views on possible solutions. Written by an industry insider with over 20 years' experience in the markets, this book considers regulatory tools from all sides while avoiding common biases. It is a valuable source for not only regulators and policymakers, but also educators, students and researchers in financial regulation, financial engineering and investment management.
'Monetary policy is not just a matter of optimal stabilization policy; it is also fundamentally a matter of politics. But while this observation is commonplace, it is not adequately incorporated into economists' reasoning and analysis. Gerald Epstein's work represents perhaps the most prominent exception to this last rule. Reading him provides a salutary reminder that we need to pay closer attention to this political aspect when thinking about central banks and what they do.' - Barry Eichengreen, University of California, Berkeley, US Central banks are among the most powerful government economic institutions in the world. This volume explores the economic and political contours of the struggle for influence over the policies of central banks such as the Federal Reserve, and the implications of this struggle for economic performance and the distribution of wealth and power in society. Written over several decades by Gerald Epstein and co-authors, these works explore why central banks do what they do, and how they could better operate. Epstein shows that central banks are a contested terrain over which major economic and political groups fight for control; and demonstrates that though in the US and most other countries, private bankers have the upper-hand in this political struggle, they don t always win. Graduate students, faculty and advanced undergraduates in economics, political science and sociology who are interested in central banking and finance as well as specialists who focus on central banking will find greater understanding of central banks through The Political Economy of Central Banking.
This original book examines how investment theory and regulatory constraints are linked to the professional processes of portfolio investments, and how the principles of Islam as defined by sharia fit into these processes. It also explores the measures required to create and grow a global Islamic asset management industry. Established on a foundation of Modern Portfolio Theory, the book extends the theory to include asset management based on sharia. Chapters also consider how ethical investing is quickly becoming the driving force of the $100 trillion asset management industry. Taking a practical approach, John A. Sandwick, M. Kabir Hassan and Pablo Collazzo compare conventional and sharia portfolio performance and risk through measurement tools commonly used in asset management, including Sharpe ratio, standard deviation, Value at Risk, annualized mean return, and correlation. They map conventional portfolio construction and optimization, then reproduce the same processes with real-world, sharia-compliant portfolios. This book will be critical reading for scholars and students of Islamic economics and finance, Islamic studies, and financial regulation. Considering Islamic asset management as a unique function of Islamic finance, this book will also be a useful resource for practitioners and finance professionals.
This groundbreaking book analyzes how the ecology of taxation is fundamental for the success or failure of tax systems. It specifically focuses on the role of the ecological environment on taxation; the factors that determine the ecology of taxation; and how the ecology of taxation has changed and may continue to evolve. Income taxes operate well in highly industrialized countries, characterized by large enterprises, modern accounting, thousands of workers and tangible products. There are great difficulties, however, when they operate in countries with higher levels of informality. Vito Tanzi addresses this effect and the influence of economic structure; the income distribution; globalization; technology; and various other main elements that determine the ecology of taxation. The implicit, important conclusion is that there are no permanent or universal optimal tax theories: all theories are related to this ecology. Students of taxation from various fields and economists interested in taxation and public finance will appreciate this book's new perspective on success and failure of taxes and tax systems. It will also serve as a useful resource for tax historians, policy experts, teachers, and tax theorists.
Advocating a style of law and a role for legal agency which returns to its essential humanist ideology and represents public spiritedness, this unique book confronts the myths surrounding globalisation, advancing the role for law as a change agent unburdened from its current market functionality. Mark Findlay argues that law has a new and urgent relevance to confront the absence of resilience in self-determined market places, and to make coherent the anarchic forces which are running, and ruining the world. The inevitability of law's re-invention during global crises is considered, offering a critical evaluation of the future of legal agency, service delivery and access to justice. Chapters also engage with citizen-centric surveillance society to examine the dangers to personal data, individual integrity, and work-life quality from unregulated mass data sharing. Exciting and thought-provoking, this book will be critical reading for scholars and students in law, economics and governance interested in globalisation and crises, such as pandemics, as well as populist politics and anxiety governance.
This timely book analyses the elasticity of taxable income, a central concept in public finance with a rapidly growing wealth of literature. Combining original empirical research with rigorous theoretical modelling of tax revenue and optimal tax policy, this innovative study examines the complexities and new methods of estimating the elasticity of taxable income. Clarifying the role of the elasticity of taxable income in influencing total tax revenue in a complex multi-rate structure, John Creedy divides the change in revenue into various components to derive revenue-maximising rates. He examines the welfare effects and 'excess burden' of income taxation, and considers the role of the elasticity in 'optimal' tax rates and administrative policy aiming to reduce tax evasion. The book concludes with a discussion concerning the problems and various methods of elasticity estimation, including regression and bunching. With detailed illustrations to expand and engage, this will prove an invaluable read for students and scholars of economics, particularly those focusing on the economics of taxation and tax policy. The empirical analyses and practical insights will also benefit public sector economists and policy analysts concerned with tax design.
Stan Weinstein's "Secrets For Profiting in Bull and Bear Markets" reveals his successful methods for timing investments to produce consistently profitable results. Topics include: Stan Weinstein's personal philosophy on investing The ideal time to buy Refining the buying process Knowing when to sell Selling Short Using the best long-term indicators to spot Bull and Bear markets Odds, ends, and profits
The irreverent guide to investing, Boglehead style The Boglehead's Guide to Investing is a DIY handbook that espouses the sage investment wisdom of John C. Bogle. This witty and wonderful book offers contrarian advice that provides the first step on the road to investment success, illustrating how relying on typical "common sense" promoted by Wall Street is destined to leave you poorer. This updated edition includes new information on backdoor Roth IRAs and ETFs as mainstream buy and hold investments, estate taxes and gifting, plus changes to the laws regarding Traditional and Roth IRAs, and 401k and 403b retirement plans. With warnings and principles both precisely accurate and grandly counterintuitive, the Boglehead authors show how beating the market is a zero-sum game. Investing can be simple, but it's certainly not simplistic. Over the course of twenty years, the followers of John C. Bogle have evolved from a loose association of investors to a major force with the largest and most active non-commercial financial forum on the Internet. The Boglehead's Guide to Investing brings that communication to you with comprehensive guidance to the investment prowess on display at Bogleheads.org. You'll learn how to craft your own investment strategy using the Bogle-proven methods that have worked for thousands of investors, and how to: Choose a sound financial lifestyle and diversify your portfolio Start early, invest regularly, and know what you're buying Preserve your buying power, keeping costs and taxes low Throw out the "good" advice promoted by Wall Street that leads to investment failure Financial markets are essentially closed systems in which one's gain garners another's loss. Investors looking for a roadmap to successfully navigating these choppy waters long-term will find expert guidance, sound advice, and a little irreverent humor in The Boglehead's Guide to Investing.
From the award-winning author of "Diamond" A blazing exploration of
the human love affair with gold that "combines the engaging style
of a travel narrative with sharp-eyed journalistic expose"
("Publishers Weekly," starred review). |
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