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Working capital refers to the money that a company uses to finance
its daily operations. Proper management of working capital is
critical to financial health and operational success. Working
capital management (WCM) aims to maximize operational efficiency by
maintaining a delicate balance among growth, profitability, and
liquidity. WCM is a continuous responsibility focusing on a firm's
day-to-day operations involving short-term assets and liabilities.
By efficiently managing a firm's cash, accounts receivable,
inventories, and accounts payable, managers can help maintain
smooth operations and improve a company's earnings and
profitability. By contrast, poor WCM could lead to a lower credit
score, financial insolvency, legal troubles, liquidation of assets,
and potential bankruptcy.This book provides an objective look into
the dynamic world of WCM. Its coverage extends from discussing
basic concepts and their applications to increasingly complex and
real-world situations. The book stresses that WCM is a combination
of both art and science. This volume spans the gamut from
theoretical to practical while offering the right balance of
detailed and user-friendly coverage. Readers can gain an in-depth
understanding of this subject from experts in this field. Those who
want a broad survey will benefit, as will readers looking for more
in-depth presentations of specific areas within this field of
study. In summary, Working Capital Management: Concepts and
Strategies provides a fresh look at this intriguing but often
complex subject of WCM.
Mutual Funds and Exchange-Traded Funds: Building Blocks to Wealth
offers a synthesis of the theoretical and empirical literature
primarily on mutual funds but also discusses related investment
vehicles, especially ETFs. In this edited volume, noted scholars
and practitioners write chapters in their areas of expertise. It
interweaves the contributions of multiple authors into an
authoritative overview of important but selective topics. Readers
will gain an in-depth understanding of mutual funds and ETFs from
experts from around the world. Based on research-based evidence,
this is not intended to be a "how to " book; instead, it is a
scholarly and in-depth approach to important investment subjects.
Although the book places greater attention on these different types
of investments in the United States, it also examines them in a
global context. In today's financial environment, mutual funds and
ETFs are dynamic areas that continue to evolve at a rapid pace.
Because the flow of materials on the subject is voluminous, this
book, by necessity, must be selective because it cannot cover every
aspect of this field. However, readers can gain important insights
about each investment vehicle including its structure and uses,
performance and measurement. Beyond these core topics and issues,
the book also examines the latest trends, cutting-edge
developments, and real-world situations. Given its broad scope,
this practical and comprehensive book should appeal to investors,
investment professionals, academics, and others interested in
mutual funds and ETFs. In particular, this book should help
investors make key asset allocation decisions while capturing the
benefits of a highly diversified, well-constructed, lower-cost
portfolio of complementary strategies that enhance financial
wealth.
All investments carry with them some degree of risk. In the
financial world, individuals, professional money managers,
financial institutions, and many others encounter and must deal
with risk. Risk management is a process of determining what risks
exist in an investment and then handling those risks in the
best-suited way. This is important because it can reduce or augment
risk depending on the goals of investors and portfolio managers.
The main purpose of Investment Risk Management is to provide an
overview of developments in risk management and a synthesis of
research involving these developments. The book examines ways to
alter exposures through measuring and managing those exposures and
provides an understanding of the latest strategies and trends
within risk management. The scope of the coverage is broad and
encompasses the most important aspects of investment risk
management. Its 30 chapters are organized into six sections: (1)
foundations of risk management, (2) types of risk, (3) quantitative
assessment of risk, (4) risk and risk classes, (5) hedging risk and
(6) going forward.
The book should be of particular interest to sophisticated
practitioners, investors, academics, and graduate finance students.
Investment Risk Management provides a fresh look at this intriguing
but complex subject.
Portfolio management is an ongoing process of constructing
portfolios that balances an investor's objectives with the
portfolio manager's expectations about the future. This dynamic
process provides the payoff for investors. Portfolio management
evaluates individual assets or investments by their contribution to
the risk and return of an investor's portfolio rather than in
isolation. This is called the portfolio perspective. Thus, by
constructing a diversified portfolio, a portfolio manager can
reduce risk for a given level of expected return, compared to
investing in an individual asset or security. According to modern
portfolio theory (MPT), investors who do not follow a portfolio
perspective bear risk that is not rewarded with greater expected
return. Portfolio diversification works best when financial markets
are operating normally compared to periods of market turmoil such
as the 2007-2008 financial crisis. During periods of turmoil,
correlations tend to increase thus reducing the benefits of
diversification. Portfolio management today emerges as a dynamic
process, which continues to evolve at a rapid pace. The purpose of
Portfolio Theory and Management is to take readers from the
foundations of portfolio management with the contributions of
financial pioneers up to the latest trends emerging within the
context of special topics. The book includes discussions of
portfolio theory and management both before and after the 2007-2008
financial crisis. This volume provides a critical reflection of
what worked and what did not work viewed from the perspective of
the recent financial crisis. Further, the book is not restricted to
the U.S. market but takes a more global focus by highlighting
cross-country differences and practices. This 30-chapter book
consists of seven sections. These chapters are: (1) portfolio
theory and asset pricing, (2) the investment policy statement and
fiduciary duties, (3) asset allocation and portfolio construction,
(4) risk management, (V) portfolio execution, monitoring, and
rebalancing, (6) evaluating and reporting portfolio performance,
and (7) special topics.
Do you want to see your wealth grow? If so, then this easy-to-read
guide that focuses on alternative investments - hedge funds,
private equity, real estate, commodities, and infrastructure - is
just for you. The fourth book in The H. Kent Baker Investments
Series attempts to remove some of the mystery surrounding these
investments so that you can determine whether any of these are
right for you. If you're willing to gain the necessary knowledge,
you may be able to build long-term wealth by taking advantage of
the benefits that each investment has to offer. The Savvy
Investor's Guide to Building Wealth Through Alternative Investments
is written for investors familiar with traditional investments but
with limited knowledge of alternative assets and strategies.
Debt Markets and Investments provides an overview of the dynamic
world of markets, products, valuation, and analysis of fixed income
and related securities. Experts in the field, practitioners and
academics, offer both diverse and in-depth insights into basic
concepts and their application to increasingly intricate and
real-world situations. This volume spans the entire spectrum from
theoretical to practical, while attempting to offer a useful
balance of detailed and user-friendly coverage. The volume begins
with the basics of debt markets and investments, including basic
bond terminology and market sectors. Among the topics covered are
the relationship between fixed income and other asset classes as
well as the differences in fundamental risk. Particular emphasis is
given to interest rate risk as well as credit risks as well as
those associated with inflation, liquidity, reinvestment, and ESG.
Authors then turn to market sectors, including government debt,
municipal bonds, the markets for corporate bonds, and developments
in securitized debt markets along with derivatives and private debt
markets. The third section focuses on models of yield curves,
interest rates, and swaps, including opportunities for arbitrage.
The next two sections focus on bond and securitized products, from
sovereign debt and mutual funds focused on bonds to how
securitization has increased liquidity through such innovations as
mortgaged-and asset- backed securities, as well as collateralized
debt-, bond-, and loan obligations. Authors next discuss various
methods of valuation of bonds and securities, including the use of
options and derivatives. The volume concludes with discussions of
how debt can play a role in financial strategies and portfolio
creation. Readers interested in a broad survey will benefit as will
those looking for more in-depth presentations of specific areas
within this field of study. In summary, the book provides a fresh
look at this intriguing and dynamic but often complex subject.
Do you only have a relatively small amount of money to invest? Do
you think this limitation give you only a few investment choices?
Well, it doesn't. Investing experts H. Kent Baker, Greg Filbeck,
and Halil Kiymaz offer an essential guide to one of the most common
ways to invest: a pooled investment vehicle (PIV). A PIV is an
investment fund that commingles the monies of many different
investors to buy a portfolio that reflects a particular investment
objective. - By using PIVs, you gain a diversified portfolio, which
once was only available to large investors. The Savvy Investor's
Guide to Pooled Investments clearly explains the risks and
advantages of investing in a PIV. This book introduces you to five
PIVs - mutual funds, exchange-traded funds (ETFs), closed-end funds
(CEFs), unit investment trusts (UITs), and real estate investment
trusts (REITs) - with a unique Q&A format employed to delve
into issues that investors want and need to know before choosing a
PIV. If you have ever felt limited by your investment choices,
Baker, Filbeck, and Kiymaz explain your options to creating an
investment portfolio, which is an initial step to becoming a savvy
investor.
Hedge Funds: Structure, Strategies, and Performance provides a
synthesis of the theoretical and empirical literature on this
intriguing, complex, and frequently misunderstood topic. The book
dispels some common misconceptions of hedge funds, showing that
they are not a monolithic asset class but pursue highly diverse
strategies. Furthermore, not all hedge funds are unusually risky,
excessively leveraged, invest only in illiquid asses, attempt to
profit from short-term market movements, or only benefit hedge fund
managers due to their high fees. Among the core issues addressed
are how hedge funds are structured and how they work, hedge fund
strategies, leading issues in this investment, and the latest
trends and developments. The authors examine hedge funds from a
range of perspectives, and from the theoretical to the practical.
The book explores the background, organization, and economics of
hedge funds, as well as their structure. A key part is the diverse
investment strategies hedge funds follow, for example some are
activists, others focusing on relative value, and all have views on
managing risk. The book examines various ways to evaluate hedge
fund performance, and enhances understanding of their regulatory
environment. The extensive and engaging examination of these issues
help the reader understands the important issues and trends facing
hedge funds, as well as their future prospects.
Financial Behavior: Players, Services, Products, and Markets
provides a synthesis of the theoretical and empirical literature on
the financial behavior of major stakeholders, financial services,
investment products, and financial markets. The book offers a
different way of looking at financial and emotional well-being and
processing beliefs, emotions, and behaviors related to money. The
book provides important insights about cognitive and emotional
biases that influence various financial decision-makers, services,
products, and markets. With diverse concepts and topics, the book
brings together noted scholars and practitioners so readers can
gain an in-depth understanding about this topic from experts from
around the world. In today's financial setting, the discipline of
behavioral finance is an ever-changing area that continues to
evolve at a rapid pace. This book takes readers through the core
topics and issues as well as the latest trends, cutting-edge
research developments, and real-world situations. Additionally,
discussion of research on various cognitive and emotional issues is
covered throughout the book. Thus, this volume covers a breadth of
content from theoretical to practical, while attempting to offer a
useful balance of detailed and user-friendly coverage. Those
interested in a broad survey will benefit as will those searching
for more in-depth presentations of specific areas within this field
of study. As the seventh book in the Financial Markets and
Investment Series, Financial Behavior: Players, Services, Products,
and Markets offers a fresh looks at the fascinating area of
financial behavior.
During the past few decades, private equity (PE) has attracted
considerable attention from investors, practitioners, and
academicians. In fact, a substantial literature on PE has emerged.
PE offers benefits for institutional and private wealth management
clients including diversification and enhancement of risk-adjusted
returns. However, the lack of transparency, regulatory
restrictions, and liquidity concerns that exist for some PE options
limit their attractiveness for some investors. Private Equity:
Opportunities and Risks offers a synthesis of the theoretical and
empirical literature on PE in both emerging and developed markets.
The book examines PE and provides important insights about topics
such as major types of PE (venture capital, leveraged, buyouts,
mezzanine capital, and distressed debt investments), how PE works,
performance and measurement, uses and structure, and trends.
Readers can gain an in-depth understanding about PE from academics
and practitioners from around the world. Private Equity:
Opportunities and Risks provides a fresh look at the intriguing yet
complex subject of PE. A group of renowned experts take readers
through the core topics and issues of PE, and also examine the
latest trends and cutting-edge developments in the field.
Additionally, discussion of research on PE permeates the book. The
coverage extends from discussing basic concepts and their
application to increasingly complex and real-world situations.
Thus, this volume spans the gamut from theoretical to practical,
while offering a useful balance of detailed and user-friendly
coverage. This fresh and intriguing examination of PE is essential
reading for anyone hoping to gain a better understanding of PE,
from seasoned professionals to those aspiring to enter the
demanding world of finance.
People tend to be penny wise and pound foolish and cry over spilt
milk, even though we are taught to do neither. Focusing on the
present at the expense of the future and basing decisions on lost
value are two mistakes common to decision-making that are
particularly costly in the world of finance. Behavioral Finance:
What Everyone Needs to KnowR provides an overview of common
shortcuts and mistakes people make in managing their finances. It
covers the common cognitive biases or errors that occur when people
are collecting, processing, and interpreting information. These
include emotional biases and the influence of social factors, from
culture to the behavior of one's peers. These effects vary during
one's life, reflecting differences in due to age, experience, and
gender. Among the questions to be addressed are: How did the
financial crisis of 2007-2008 spur understanding human behavior?
What are market anomalies and how do they relate to behavioral
biases? What role does overconfidence play in financial decision-
making? And how does getting older affect risk tolerance?
People tend to be penny wise and pound foolish and cry over spilt
milk, even though we are taught to do neither. Focusing on the
present at the expense of the future and basing decisions on lost
value are two mistakes common to decision-making that are
particularly costly in the world of finance. People are also
tempted to throw good money after bad. Behavioral finance is the
field that sheds light on how people make decisions and make
predictable mistakes due to mental and emotional characteristics.
It also provides insights into how markets operate. Having a better
understanding of both can mitigate mistakes. Behavioral Finance:
What Everyone Needs to Know (R) provides an overview of common
shortcuts and mistakes people make in managing their finances that
can affect their wealth. An extensive discussion sets forth the
cognitive biases or errors in thinking that occur when people are
collecting, processing, and interpreting information. Emotional
biases that can create distortions in cognition and decision-making
are also covered, as are the influence of social factors, from
culture to the behavior of one's peers. These effects vary during
one's life, reflecting differences in cognitive ability due to age,
experience, and gender effects. Of great importance is framing, how
the presentation of a choice affects people's forecasts about the
stock market, claiming social security benefits, savings behavior,
mortgage choice, charitable contributions, and more. Throughout the
authors combine discussions of concepts, insights from research,
and examples from recent events. Among the questions to be
addressed are: How did the financial crisis of 2007-2008 spur
understanding human behavior? What are market anomalies and how do
they relate to behavioral biases? What role does overconfidence
play in financial decision- making? And how does getting older
affect risk tolerance?
Commodities: Markets, Performance, and Strategies provides a
comprehensive view of commodity markets by describing and analyzing
historical commodity performance, vehicles for investing in
commodities, portfolio strategies, and current topics. It begins
with the basics of commodity markets and various investment
vehicles. The book then highlights the unique risk and return
profiles of commodity investments, along with the dangers from
mismanaged risk practices. The book also provides important
insights into recent developments, including high frequency
trading, financialization, and the emergence of virtual currencies
as commodities. Readers of Commodities: Markets, Performance, and
Strategies can gain an in-depth understanding about the multiple
dimensions of commodity investing from experts from around the
world. Commodity markets can be accessed with products that create
unique risk and return dynamics for investors worldwide. The
authors provide insights in a range of areas, from the economics of
supply and demand for individual physical commodities through the
financial products used to gain exposure to commodities. The book
balances useful practical advice on commodity exposure while
exposing the reader to various pitfalls inherent in these markets.
Readers interested in a basic understanding will benefit as will
those looking for more in-depth presentations of specific areas
within commodity markets. Overall, Commodities: Markets,
Performance, and Strategies provides a fresh look at the myriad
dimensions of investing in these globally important markets.
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