The credit crisis that started in 2007, with the collapse of well-established financial institutions and the bankruptcy of many public corporations, has clearly shown the importance for any company entering the derivative business of modelling, pricing, and hedging its counterparty credit exposure.

Building an accurate representation of firm-wide credit exposure, for both risk and trading activities, is a significant challenge from the technical as well as the practical point of view. This volume can be considered as a roadmap to finding practical solutions to the problem of computing counterparty credit exposure for large books of both vanilla and exotic derivatives usually traded by large Investment Banks. It is divided into four parts, (I) Methodology, (II) Architecture and Implementation, (III) Products, and (IV) Hedging and Managing Counterparty Risk.

Starting from a generic modelling and simulation framework based on American Monte Carlo techniques, it presents a software architecture, which, with its modular design, allows the computation of credit exposure in a portfolio-aggregated and scenario-consistent way. An essential part of the design is the definition of a programming language, which allows trade representation based on dynamic modelling features. Several chapters are then devoted to the analysis of credit exposure of various products across all asset classes, namely foreign exchange, interest rate, credit derivatives, and equity. Finally it considers how to mitigate and hedge counterparty exposure. The crucial question of dynamic hedging is addressed by constructing a hybrid product, the Contingent-Credit Default Swap.This volume addresses these and other problems, as well as recent developments related to counterparty credit exposure, from a quantitative perspective. Its unique characteristic is the combination of a rigorous but simple mathematical approach with a practical view of the financial problem at hand.

The credit crisis that started in 2007, with the collapse of well-established financial institutions and the bankruptcy of many public corporations, has clearly shown the importance for any company entering the derivative business of modelling, pricing, and hedging its counterparty credit exposure.

Building an accurate representation of firm-wide credit exposure, for both risk and trading activities, is a significant challenge from the technical as well as the practical point of view. This volume can be considered as a roadmap to finding practical solutions to the problem of computing counterparty credit exposure for large books of both vanilla and exotic derivatives usually traded by large Investment Banks. It is divided into four parts, (I) Methodology, (II) Architecture and Implementation, (III) Products, and (IV) Hedging and Managing Counterparty Risk.

Starting from a generic modelling and simulation framework based on American Monte Carlo techniques, it presents a software architecture, which, with its modular design, allows the computation of credit exposure in a portfolio-aggregated and scenario-consistent way. An essential part of the design is the definition of a programming language, which allows trade representation based on dynamic modelling features. Several chapters are then devoted to the analysis of credit exposure of various products across all asset classes, namely foreign exchange, interest rate, credit derivatives, and equity. Finally it considers how to mitigate and hedge counterparty exposure. The crucial question of dynamic hedging is addressed by constructing a hybrid product, the Contingent-Credit Default Swap.This volume addresses these and other problems, as well as recent developments related to counterparty credit exposure, from a quantitative perspective. Its unique characteristic is the combination of a rigorous but simple mathematical approach with a practical view of the financial problem at hand.

Effective financial planning for executives and entrepreneurs is complex, dense, and impossible to reduce to a single, easy-to-understand formula. Designed to emphasize the importance of successful, targeted financial planning, this book begins by telling a story about a fictional, but plausible, power couple and their family who (spoiler alert!) do pretty much everything wrong in securing their financial future. In most cases, they don't do the things needed because they don't know what they are. Using this story as a case study of an executive and an entrepreneur, the book breaks down the case into chapters and offers practical discussions of all the key financial planning components-investment planning, tax planning, estate planning, philanthropic planning, risk management, and equity-based compensation to name a few-with the tools needed to tailor a plan for virtually every circumstance and need. While there is no single plan that works for everybody, this book provides a guide, with technical information alongside general themes, focused on how to build an effective financial plan. In addition to all the benefits of the first edition, this second edition provides significant new content and insights for the entrepreneur who is planning for a future liquidity event such as a sale. It also provides detail on how to manage concentrated ownership positions and on ESG investment strategies, a rapidly growing investment theme. Finally, the second edition includes tax, estate planning, regulatory, and other updates to reflect changes since the first edition was published.

Selected as a Doody's Core Title for 2022! Part of the best-selling Operative Techniques series, Operative Techniques in Plastic Surgery provides superbly illustrated, authoritative guidance on operative techniques along with a thorough understanding of how to select the best procedure, how to avoid complications and what outcomes to expect. This stand-alone book offers focused, easy-to-follow coverage of flaps for all anatomic regions, taken directly from the larger text. It covers nearly all flap techniques that are in current use, and is ideal for residents and physicians in daily practice. Comprehensively covers craniofacial and frontal sinus flaps; head and neck flaps; flaps for breast reconstruction; trunk reconstruction and body contouring flaps; flaps in hand surgery; flaps used in lower limb reconstruction and amputation; and flaps used in pediatric facial reanimation. Succinct text, bulleted points, and quick-reference tables allow you to review information quickly and understand best practices and potential problems for each procedure. Hundreds of full-color intraoperative photographs and illustrations, as well as numerous high-quality videos, capture procedures step by step and help you immediately apply your knowledge. Each clinical problem is discussed in the same templated format: definition, anatomy, patient history and physical findings, imaging, differential diagnosis, nonoperative management where applicable, surgical management including preoperative planning and approach, step-by-step surgical techniques, pearls and pitfalls, postoperative care, outcomes, complications and references. Perfect for a quick preoperative review of the steps of a procedure. Editors and contributors are globally renowned authorities in their respective subspecialties and are known for their surgical expertise. Enrich Your eBook Reading Experience with Enhanced Video, Audio and Interactive Capabilities! Read directly on your preferred device(s), such as computer, tablet, or smartphone Easily convert to audiobook, powering your content with natural language text-to-speech

Selected as a Doody's Core Title for 2022! A new addition to the best-selling Operative Techniques series, Operative Techniques in Plastic Surgery provides superbly illustrated, authoritative guidance on operative techniques along with a thorough understanding of how to select the best procedure, how to avoid complications, and what outcomes to expect. Easy to follow, up to date, and highly visual, this step-by-step reference covers nearly all operations in current use in plastic surgery, and is ideal for residents and physicians in daily practice. Comprehensively covers all areas of plastic surgery including facial aesthetic, breast, hand, trunk reconstruction and body contouring, head and neck reconstruction, craniofacial trauma and reconstruction, lower limb reconstruction, and pediatric plastic surgery. Succinct text, bulleted points, and quick-reference tables allow you to review information quickly and understand best practices and potential problems for each procedure. Hundreds of full-color intraoperative photographs and illustrations, as well as numerous high-quality videos, capture procedures step by step and help you immediately apply your knowledge. Each clinical problem is discussed in the same templated format: definition, anatomy, patient history and physical findings, imaging, differential diagnosis, nonoperative management where applicable, surgical management including preoperative planning and approach, step-by-step surgical techniques, pearls and pitfalls, postoperative care, outcomes, complications, and references. Perfect for a quick preoperative review of the steps of a procedure. Editors and contributors are globally renowned authorities in their respective subspecialties and are known for their surgical expertise. Enhance Your eBook Reading Experience: Read directly on your preferred device(s), such as computer, tablet, or smartphone. Easily convert to audiobook, powering your content with natural language text-to-speech.