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A substantially revised edition of a bestselling text combining explanation and implementation using Excel; for classroom use or as a reference for finance practitioners. Financial Modeling is now the standard text for explaining the implementation of financial models in Excel. This long-awaited fourth edition maintains the "cookbook" features and Excel dependence that have made the previous editions so popular. As in previous editions, basic and advanced models in the areas of corporate finance, portfolio management, options, and bonds are explained with detailed Excel spreadsheets. Sections on technical aspects of Excel and on the use of Visual Basic for Applications (VBA) round out the book to make Financial Modeling a complete guide for the financial modeler. The new edition of Financial Modeling includes a number of innovations. A new section explains the principles of Monte Carlo methods and their application to portfolio management and exotic option valuation. A new chapter discusses term structure modeling, with special emphasis on the Nelson-Siegel model. The discussion of corporate valuation using pro forma models has been rounded out with the introduction of a new, simple model for corporate valuation based on accounting data and a minimal number of valuation parameters. New print copies of this book include a card affixed to the inside back cover with a unique access code. Access codes are required to download Excel worksheets and solutions to end-of-chapter exercises. If you have a used copy of this book, you may purchase a digitally-delivered access code separately via the Supplemental Material link on this page. If you purchased an e-book, you may obtain a unique access code by emailing [email protected] or calling 617-253-2889 or 800-207-8354 (toll-free in the U.S. and Canada). Praise for earlier editions "Financial Modeling belongs on the desk of every finance professional. Its no-nonsense, hands-on approach makes it an indispensable tool." -Hal R. Varian, Dean, School of Information Management and Systems, University of California, Berkeley "Financial Modeling is highly recommended to readers who are interested in an introduction to basic, traditional approaches to financial modeling and analysis, as well as to those who want to learn more about applying spreadsheet software to financial analysis." -Edward Weiss, Journal of Computational Intelligence in Finance "Benninga has a clear writing style and uses numerous illustrations, which make this book one of the best texts on using Excel for finance that I've seen." -Ed McCarthy, Ticker Magazine
This title contains a selection of papers presented at an international conference entitled 'The politics of restorative justice in South Africa and beyond', held near Cape Town in 2006. The conference aimed to foster debate on and about restorative justice, its methodological assumptions, its policy permutations, and the kinds of strategic interventions and practices adopted in its name.
This text examines all aspects of extinctive prescription, in an holistic fashion - the theory, the policies, and the practical application. There is also a critical analysis of issues such as whether prescription brings about the extinction of a debt, the concept of debt as the subject matter of extinctive prescription, and the relationship between extinctive prescription as governed by the Prescription Act, and the other prescription provisions or limitation periods.
The comparative guide to the old and new companies acts aims to assist the reader in making the transition from the Companies Act 61 of 1973 to the Companies Act 71 of 2008 by providing a variety of reference tables comparing provisions of the old and new Acts. Compiled with the assistance Prof. Richard Jooste, co-author of the acclaimed Commentary on the Companies Act, the comparative guide contains the following: a comprehensive table containing the full text of all sections and definitions of the old Companies Act in the left-hand column of each page contrasted against the comparable sections of the new Companies Act in the right-hand column. The table allows the reader to use their knowledge of the well-known old Act to find which portions of the new Act now fulfill a similar purpose. Relevant provisions are juxtaposed to allow the reader to quickly assess similarities and differences in the Acts. A quick guide (containing only section numbers) comparing the old and new Companies Acts and vice versa allowing the reader to quickly and easily establish whether a section of either Act has an analogous provision in the other and where it is to be found. A quick guide showing the association between regulations promulgated under the new Act and the comparable new sections. The full text of the new Companies Act using shading to distinguish between portions that are comparable to the old Act and those that are entirely new. A comprehensive list of reported judgments decided under the old Companies Act to assist with research.
In the Third Edition of "Managing Investment Portfolios," financial experts John Maginn, Donald Tuttle, Jerald Pinto, and Dennis McLeavey provide complete coverage of the most important issues surrounding modern portfolio management.
Now, in "Managing Investment Portfolios Workbook," Third Edition, they offer you a wealth of practical information and exercises that will solidify your understanding of the tools and techniques associated with this discipline. This comprehensive study guide--which parallels the main book chapter by chapter--contains challenging problems and a complete set of solutions as well as concise learning outcome statements and summary overviews.
Topics reviewed include:
The portfolio management process and the investment policy statement
Managing individual and institutional investor portfolios
Capital market expectations, fixed income, equity, and alternative investment portfolio management
Monitoring and rebalancing a portfolio
Global investment performance standards
The Law & Practice Of Interdicts is the successor to Interlocutory Interdicts (1993) by the same author. This publication serves as a comprehensive resource book on interdicts and consists of two parts.
Part A, “The Requirements of the Law of Interdict”, is an updated and expanded version of Interlocutory Interdicts. It deals with the nature, history and development of interdictal applications in South Africa, including a useful comparison of the English and South African law on the subject.
Part B, “Practice” consists of eight chapters dealing with the procedure; the court’s discretion; urgency; jurisdiction; locus standi; the discharge, referral and variation of interdictory orders; appeals and costs.
A general introduction to the criminal law of Botswana. It seeks to elucidate the substantive criminal law of Botswana.
This is the first title on the South African law of unjustified enrichment, covering the entire field of this area of the law. It aims not only at giving an accurate description of the current law, but also to investigate new solutions to old problems, making use of comparative insights. Unjustified enrichment is structured in an accessible way to make it possible for anyone easily to locate the law relevant to the specific problem that is being investigated - and to allow those who are not familiar with the subject to find their way into it.
This guide to effective academic research covers all facets of the research process, from finding and defining a suitable topic, performing literature surveys, and conducting research to analyzing and disseminating the results. The subject is placed in the context of South Africa, where the university systems, funding bodies, and the country's research needs are different than those of Europeans and North Americans. The methodologies discussed include traditional modes of inquiry, research technology such as the Internet, and the role of oral tradition in the social sciences. Discussion questions and exercises are provided at the end of each section.
South Africa’s history of colonialism and apartheid has created deep patterns of inequality and poverty. One of the ways in which the government has tried to address the high levels of inequality that characterise the South African labour market, is through an extensive process of legislative reform, which includes the Employment Equity Act (EEA) of 1998.
The EEA was enacted to achieve equity in the workplace by prohibiting unfair discrimination and by requiring the implementation of affirmative action measures to ensure the equitable representation of designated groups (blacks, women and disabled persons) in all occupational categories and levels in the workforce. The Act gives effect to the constitutional imperative for substantive equality in respect of the workplace.
One decade after the enactment of the EEA, this collection of essays evaluates its efficacy in achieving its stated goals. This is done against the background of comparative experiences elsewhere, in particular India, Canada, the United Kingdom, Germany and the European Union.
English For Law Students has been written by experts in communication and aims at encouraging dialogue and interaction between lecturer and student. The methodology used is not only useful to law students but also to those lecturers who do not have a legal background.
This third edition has been updated and includes an audio CD, containing exercises for listening practice, aimed at developing and refining note-making skills.
An academic, legal text that places moral and political philosophy at the centre of certain legal debates. In this book, Professor Meyerson specifically investigates the "Limitation Clause" in the South African Constitution, a clause that leaves open the possibility of limits to the Bill of Rights and certain entrenched "freedoms". Through discussions regarding the Freedoms of Expression and Religion, this book aims to play a role in defining, expanding and challenging the South African Constitution.
Navigate equity investments and asset valuation with confidence Equity Asset Valuation, Third Edition blends theory and practice to paint an accurate, informative picture of the equity asset world. The most comprehensive resource on the market, this text supplements your studies for the third step in the three-level CFA certification program by integrating both accounting and finance concepts to explore a collection of valuation models and challenge you to determine which models are most appropriate for certain companies and circumstances. Detailed learning outcome statements help you navigate your way through the content, which covers a wide range of topics, including how an analyst approaches the equity valuation process, the basic DDM, the derivation of the required rate of return within the context of Markowitz and Sharpe's modern portfolio theory, and more. Equity investments encompass the buying and holding of shares of stock in the anticipation of collecting income from dividends and capital gains. Determining which shares will be profitable is key, and an array of valuation techniques is applied on today's market to decide which stocks are ripe for investment and which are best left out of your portfolio. * Access the most comprehensive equity asset valuation text on the market * Leverage detailed learning outcome statements that focus your attention on key concepts, and guide you in applying the material accurately and effectively * Explore a wide range of essential topics, such as the free cash flow approach, valuation using Graham and Dodd type concepts of earning power, associated market multiples, and residual income models * Improve your study efforts by leveraging the text during your CFA certification program prep Equity Asset Valuation, Third Edition is a comprehensive, updated text that guides you through the information you need to know to fully understand the general analysis of equity investments.
Retaining the signature clarity and depth that made it an instant classic, this new fourth edition of The Law and Policy of the World Trade Organization examines both the institutional and substantive law of the World Trade Organization (WTO).
Fully updated to incorporate all new developments in the WTO's body of case law, this market-leading text offers readers a clear introduction to the basic principles of the multilateral trading system and a detailed examination of the law of the WTO. With integrated questions and assignments which allow readers to easily assess and reinforce their understanding and develop their analytical skills, The Law and Policy of the World Trade Organization is essential reading for all WTO law students and practitioners.
Suitable for postgraduate and advanced undergraduate students, this classic text is also the ideal resource for practitioners, diplomats and policymakers looking for an introduction to the law of the WTO.
This book provides a thorough analysis of the state of collective bargaining in South Africa today. Drawing on extensive empirical research, it examines the processes which have shaped the collective bargaining system, as well as identifying some crucial questions hanging over its future. Collective bargaining is approached from legal, sociological, economic and historical perspectives, thereby giving a multifaceted view of the system.
While the country's unique history may have left trade unions and bargaining councils in a position of relative strength, it is argued that global market forces - manifested in trends towards non-standard employment and other changes in the job market undermining traditional bargaining relationships - pose a serious threat to these institutions. Trade unionists acknowledge that new strategies are needed to meet these challenges, and many employers see the value of stable bargaining relationships.
The book considers empirical data and initiatives developed by trade unions and employers around the world and raises some policy options that might be considered in seeking a way forward. Ultimately it is up to the parties to debate and negotiate improvements to the legal institutions within which collective bargaining takes place. This book will go a long way to stimulating and informing the debate.
The second edition of this seminal work is the only book which comprehensively addresses current environmental management in South Africa from an interdisciplinary perspective.
Key themes in environmental management including agriculture, air quality, biodiversity, energy, climate change, the coast, freshwater and marine resources, mining, protected areas, rivers, soil and waste management are covered from both scientific and legal perspectives. Legal and scientific aspects of each topic are covered by different authors, who are experts in their field.
Environmental Management in South Africa also explains the legal frameworks in regional environmental law, international environmental law, administrative law and the National Environmental Management Act.
For more than a decade, South Africans have been advocating a reform of the country’s laws on sexual offences. South Africa has one of the highest levels of reported rape in the world, and legislative reform was seen as an essential step towards shifting the understanding of rape and its treatment within the criminal justice system.
Since 1996 the activism has focused on the South African Law Reform Commission’s investigation into sexual offences, and the parliamentary process, which culminated at the end of 2007 in the Criminal Law (Sexual Offences and Related Matters) Amendment Act.
Many of the authors of Should We Consent? were involved in substantive legal submissions, research and legislative drafting and promoting changes to the law to provide rape victims with effective redress and protection. Drawing on a body of empirical, social and legal scholarship, this unique text charts the critical social and legal debates and jurisprudential developments that took place during the rape law reform process.
This book also provides important insights into the engagement of civil society with law reform and includes thoughtful and contemporary discussions on topics such as ‘defining’ rape, HIV, sexual offences against children and sentencing of sexual offenders.
The 1993 and 1996 Constitutions introduced a new set of norms for the South African legal system: equality, freedom and human dignity have replaced racism, caprice and arbitrariness as guiding principles.;This work analyzes the fundamental values upon which the new democratic legal order in South Africa is based. It examines the challenges posed by these developments to legal practice and scholarship and concludes that lawyers have adopted an approach of "business as usual" to the new order.
The growing importance of this area of law both locally and internationally has prompted a number of local academics to pool their knowledge in compiling a book that not only deals with the core aspects of the law but also covers developing aspects that are drawing substantial attention both internationally and locally.
This book makes a major contribution to the surveys of intellectual property that already exist.
The last twenty years have witnessed an extraordinary measure of globalisation of finance and trade, seen most prominently in the establishment of the World Trade Organisation and other organisations inspired by the ‘Washington Consensus’. At a national level, the exercise of those bodies’ executive and administrative authority is typically regulated by administrative law in its various guises. The rapid process of globalising economic power raises vital questions about its global regulation, in the absence of supra-national institutions and rules dedicated to this task.
This volume brings together papers given at a workshop held in Cape Town in March 2008, which was a joint venture between the New York University Law School and the Faculty of Law at the University of Cape Town. The papers critically explore the concept of Global Administrative Law in theory and its relevance to developing countries; the efficacy of regulatory regimes focussed on international trade and finance; and recent developments in the crucially important area of intellectual property law. The lessons learned in the process will inform intellectual debate and assist in the development of practical measures in pursuit of the good governance of global power through the law.
This book is designed to serve as a textbook for advanced
undergraduate and beginning graduate students who seek a rigorous
yet accessible introduction to the modern financial theory of
security markets. This is a subject that is taught in both business
schools and mathematical science departments. The full theory of
security markets requires knowledge of continuous time stochastic
process models, measure theory, mathematical economics, and similar
prerequisites which are generally not learned before the advanced
graduate level. Hence a proper study of the full theory of security
markets requires several years of graduate study. However, by
restricting attention to discrete time models of security prices it
is possible to acquire mathematics. In particular, while living in
a discrete time world it is possible to learn virtually all of the
important financial concepts. The purpose of this book is to
provide such an introductory study.
There is still a lot of mathematics in this book. The reader
should be comfortable with calculus, linear algebra, and
probability theory that is based on calculus, (but not necessarily
measure theory). Random variables and expected values will be
playing important roles. The book will develop important notions
concerning discrete time stochastic processes; prior knowledge here
will be useful but is not required. Presumably the reader will be
interested in finance and thus will come with some rudimentary
knowledge of stocks, bonds, options, and financial decision making.
The last topic involves utility theory, of course; hopefully the
reader will be familiar with this and related topics of
introductory microeconomic theory. Some exposure to
linearprogramming would be advantageous, but not necessary.
The aim of this book is to provide a rigorous treatment of the financial theory while maintaining a casual style. Readers seeking institutional knowledge about securities, derivatives, and portfolio management should look elsewhere, but those seeking a careful introduction to financial engineering will find that this is a useful and comprehensive introduction to the subject.
For introductory courses in Forensic Science and Crime Scene Investigation. This best-selling text, written for the non-scientist, is appropriate for a wide variety of students, including criminal justice, law enforcement, law, and more Criminalistics: An Introduction to Forensic Science, 11e, strives to make the technology of the modern crime laboratory clear and comprehensible to the non-scientist. The nature of physical evidence is defined, and the limitations that technology and current knowledge impose on its individualization and characterization are examined. By combining case stories with applicable technology, Criminalistics endeavors to capture the pulse and fervor of forensic science investigations. A major portion of the text centers on discussions of the common items of physical evidence encountered at crime scenes. These chapters include descriptions of forensic analysis, as well as updated techniques for the proper collection and preservation of evidence at crime scenes. Particular attention is paid to the meaning and role of probability in interpreting the evidential significance of scientifically evaluated evidence.Teaching and Learning Written by a well-known authority in forensic science, this text introduces the non-scientific student to the field of forensic science. It provides: * Clear and comprehensible writing for the non-scientific student: Makes text appropriate for a wide variety of students, including criminal justice, law enforcement, and more * Comprehensive, up-to-date coverage of forensics and its role in criminal investigation: Captures the pulse and intensity of forensic science investigations and the attention of the busiest student * Outstanding pedagogical features: Supports both teaching and learning
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