Wiley Finance
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Structured Credit Products
Credit Derivatives and Synthetic Securitisation
by Moorad Choudhry
Part of the Wiley Finance series
Updated coverage of structured credit products with in-depth coverage of the latest developments
Structured credit products are one of today's fastest growing investment and risk management mechanisms, and a focus of innovation and creativity in the capital markets. The building blocks of these products are credit derivatives, which are among the most widely used products in finance. This book offers a succinct and focused description of the main credit derivative instruments, as well as the more complex products such as synthetic collateralized debt obligations. This new edition features updated case studies from Europe and Asia, the latest developments in synthetic structures, the impact of the subprime meltdown, along with models and teaching aids.
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M&A Disputes
A Professional Guide to Accounting Arbitrations
by A. Vincent Biemans
Part of the Wiley Finance series
Nanoscale pattern transfer technology using molds is a rapidly advancing area and one that has seen much recent attention due to its potential for use in nanotechnology industries and applications. However, because of these rapid advances, it can be difficult to keep up with the technological trends and the latest cutting-edge methods. In order to fully understand these pioneering technologies, a comprehensive understanding of the basic science and an overview of the techniques are required.
“Nanoimprint Technology: Nanotransfer for Thermoplastic and Photocurable Polymers” covers the latest nanotransfer science based on polymer behaviour. Polymer fluid dynamics are described in detail, and injection moulding, nanoimprint lithography and micro contact printing are also discussed. Cutting-edge nanotransfer technologies and applications are also considered and future trends in industry are examined.
Key features:
• Covers the fundamentals of nanoimprint technology
• Presents cutting-edge techniques and applications
• Provides industrial examples and describes the mold fabrication process
• Considers nanotransfer of thermoplastics by simulation
• Describes the design and evaluation of UV curable polymer
“Nanoimprint Technology: Nanotransfer for Thermoplastic and Photocurable Polymers” is a comprehensive reference for industry engineers as well as graduate and undergraduate students and is a useful source of information for anyone looking to improve their understanding of nanotransfer mechanisms and methods.
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The Retirement Plan Solution
The Reinvention of Defined Contribution
by Don Ezra
Part of the Wiley Finance series
Synopsis currently unavailable.
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Business Valuation
An Integrated Theory
by Z. Christopher Mercer
Part of the Wiley Finance series
A guide that demystifies modern valuation theory and shows how to apply fundamental valuation concepts
The revised and updated third edition of “Business Valuation: An Integrated Theory” explores the core concepts of the integrated theory of business valuation and adapts the theory to reflect how the market for private business actually works.
In this third edition of their book, the authors-two experts on the topic of business valuation-help readers translate valuation theory into everyday valuation practice. This important updated book:
• Includes an extended review of the core concepts of the integrated theory of business valuation and applies the theory on a total capital basis
• Explains "typical" valuation discounts (marketability and minority interest) and premiums (control premiums) in the context of financial theory, institutional reality and the behavior of market participants
• Explores evolving valuation perspectives in the context of the integrated theory
• Written by two experts on valuation theory from Mercer Capital
The third edition of “Business Valuation” is the only book available regarding an integrated theory of business valuation-offering an essential, unprecedented resource for business professionals.
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Business Risk and Simulation Modelling in Practice
Using Excel, VBA and @RISK
by Michael Rees
Part of the Wiley Finance series
The complete guide to the principles and practice of risk quantification for business applications.
The assessment and quantification of risk provide an indispensable part of robust decision-making, to be effective, many professionals need a firm grasp of both the fundamental concepts and of the tools of the trade. Business Risk and “Simulation Modelling in Practice” is a comprehensive, in—depth, and practical guide that aims to help business risk managers, modelling analysts and general management to understand, conduct and use quantitative risk assessment and uncertainty modelling in their own situations. Key content areas include:
• Detailed descriptions of risk assessment processes, their objectives and uses, possible approaches to risk quantification, and their associated decision-benefits and organisational challenges.
• Principles and techniques in the design of risk models, including the similarities and differences with traditional financial models, and the enhancements that risk modelling can provide.
• In depth coverage of the principles and concepts in simulation methods, the statistical measurement of risk, the use and selection of probability distributions, the creation of dependency relationships, the alignment of risk modelling activities with general risk assessment processes, and a range of Excel modelling techniques.
• The implementation of simulation techniques using both Excel/VBA macros and the @RISK Excel add-in. Each platform may be appropriate depending on the context, whereas the core modelling concepts and risk assessment contexts are largely the same in each case. Some additional features and key benefits of using @RISK are also covered.
“Business Risk and Simulation Modelling in Practice” reflects the author′s many years in training and consultancy in these areas. It provides clear and complete guidance, enhanced with an expert perspective. It uses approximately one hundred practical and real-life models to demonstrate all key concepts and techniques, these are accessible on the companion website.
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Foundations of Financial Risk
An Overview of Financial Risk and Risk-based Financial Regulation
by GARP (Global Association of Risk Professionals)
Part of the Wiley Finance series
Gain a deeper understanding of the issues surrounding financial risk and regulation
Foundations of Financial Risk details the various risks, regulations, and supervisory requirements institutions face in today's economic and regulatory environment. Written by the experts at the Global Association of Risk Professionals (GARP), this book represents an update to GARP's original publication, Foundations of Banking Risk. You'll learn the terminology and basic concepts surrounding global financial risk and regulation and develop an understanding of the methods used to measure and manage market, credit, and operational risk. Coverage includes traded market risk and regulation, treasury risk and regulation, and much more, including brand new coverage of risk management for insurance companies. Clear explanations, focused discussion, and comprehensive relevancy make this book an ideal resource for an introduction to risk management.
The textbook provides an understanding of risk management methodologies, governance structures for risk management in financial institutions and the regulatory requirements dictated by the Basel Committee on Banking Supervision. It provides thorough coverage of the issues surrounding financial risk, giving you a solid knowledgebase and a practical, applicable understanding.
• Understand risk measurement and management
• Learn how minimum capital requirements are regulated
• Explore all aspects of financial institution regulation and disclosure
• Master the terminology of global risk and regulation
Financial institutions and supervisors around the world are increasingly recognizing how vital sound risk management practices are to both individual firms and the capital markets system as a whole. Savvy professionals recognize the need for authoritative and comprehensive training, and Foundations of Financial Risk delivers with expert-led education for those new to risk management.
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Restoring Financial Stability
How to Repair a Failed System
by New York University Stern School of Business
Part of the Wiley Finance series
An insightful look at how to reform our broken financial system
The financial crisis that unfolded in September 2008 transformed the United States and world economies. As each day's headlines brought stories of bank failures and rescues, government policies drawn and redrawn against the backdrop of an historic Presidential election, and solutions that seemed to be discarded almost as soon as they were proposed, a group of thirty-three academics at New York University Stern School of Business began tackling the hard questions behind the headlines. Representing fields of finance, economics, and accounting, these professors-led by Dean Thomas Cooley and Vice Dean Ingo Walter-shaped eighteen independent policy papers that proposed market-focused solutions to the problems within a common framework. In December, with great urgency, they sent hand-bound copies to Washington. Restoring Financial Stability is the culmination of their work.
• Proposes bold, yet principled approaches, including financial policy alternatives and specific courses of action, to deal with this unprecedented, systemic financial crisis
• Created by the contributions of various academics from New York University's Stern School of Business
• Provides important perspectives on both the causes of the global financial crisis as well as proposed solutions to ensure it doesn't happen again
• Contains detailed evaluations and analyses covering many spectrums of the marketplace
Edited by Matthew Richardson and Viral Acharya, this reliable resource brings together the best thinking of finance and economics from the faculty of one of the top universities in world.
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Risk Finance and Asset Pricing
Value, Measurements, and Markets
by Charles S. Tapiero
Part of the Wiley Finance series
A comprehensive guide to financial engineering that stresses real-world applications
Financial engineering expert Charles S. Tapiero has his finger on the pulse of shifts coming to financial engineering and its applications. With an eye toward the future, he has crafted a comprehensive and accessible book for practitioners and students of Financial Engineering that emphasizes an intuitive approach to financial and quantitative foundations in financial and risk engineering. The book covers the theory from a practitioner perspective and applies it to a variety of real-world problems.
• Examines the cornerstone of the explosive growth in markets worldwide
• Presents important financial engineering techniques to price, hedge, and manage risks in general
• Author heads the largest financial engineering program in the world
Author Charles Tapiero wrote the seminal work Risk and Financial Management.
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Effective Product Control
Controlling for Trading Desks
by Peter Nash
Part of the Wiley Finance series
Improve the Effectiveness of your Product Control Function
“Effective Product Control” is a detailed how-to guide covering everything you need to know about the function. Considered essential reading for:
• New controllers entering the profession
• Auditors and regulators reviewing product control
• Established controllers wanting a refresher on the latest skills and core controls within the industry.
Encompassing both a technical skills primer and key insights into core controls used to mitigate major risks emanating from trading desks, you will get expert advice on practical topics such as:
• The key IFRS and U.S. GAAP accounting standards for a trading desk
• How to approach the pricing of a financial instrument
• Market risk and how is it quantified
• The controls necessary for a trading desk
• Rogue trading and how it can be detected
• Valuation adjustments and why they are necessary
• How the prices used to value a trading portfolio are independently verified
• The financial accounting entries used to record financial instruments in the balance sheet and profit & loss statement
• Financial reporting and how the results of a trading desk are presented
• How a new financial product can be introduced in a controlled manner
Complete with a wealth of insightful graphs, illustrations and real-world examples to enliven the covered material, the dependable answers you need are in Effective Product Control.
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Interest Rate Risk in the Banking Book
A Best Practice Guide to Management and Hedging
by Beata Lubinska
Part of the Wiley Finance series
Introduces practical approaches for optimizing management and hedging of Interest Rate Risk in the Banking Book (IRRBB) driven by fast evolving regulatory landscape and market expectations.
Interest rate risk in the banking book (IRRBB) gained its importance through the regulatory requirements that have been growing and guiding the banking industry for the last couple of years. The importance of IRRBB is shifting for banks, away from 'just' a regulatory requirement to having an impact on the overall profitability of a financial institution. Interest Rate Risk in the Banking Book sheds light on the best practices for managing this importance risk category and provides detailed analysis of the hedging strategies, practical examples, and case studies based on the author's experience. This handbook is rich in practical insights on methodological approach and contents of ALCO report, IRRBB policy, ICAAP, Risk Appetite Statement (RAS) and model documentation. It is intended for the Treasury, Risk and Finance department and is helpful in improving and optimizing their IRRBB framework and strategy. By the end of this IRRBB journey, the reader will be equipped with all the necessary tools to build a proactive and compliant framework within a financial institution.
• Gain an updated understanding of the evolving regulatory landscape for IRRBB
• Learn to apply maturity gap analysis, sensitivity analysis, and the hedging strategy in banking contexts • Understand how customer behavior impacts interest rate risk and how to manage the consequences
• Examine case studies illustrating key IRRBB exposures and their implications
Written by London market risk expert Beata Lubinska, Interest Rate Risk in the Banking Book is the authoritative resource on this evolving topic.
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A Workout in Computational Finance
by Andreas Binder
Part of the Wiley Finance series
A comprehensive introduction to various numerical methods used in computational finance today
Quantitative skills are a prerequisite for anyone working in finance or beginning a career in the field, as well as risk managers. A thorough grounding in numerical methods is necessary, as is the ability to assess their quality, advantages, and limitations. This book offers a thorough introduction to each method, revealing the numerical traps that practitioners frequently fall into. Each method is referenced with practical, real-world examples in the areas of valuation, risk analysis, and calibration of specific financial instruments and models. It features a strong emphasis on robust schemes for the numerical treatment of problems within computational finance. Methods covered include PDE/PIDE using finite differences or finite elements, fast and stable solvers for sparse grid systems, stabilization and regularization techniques for inverse problems resulting from the calibration of financial models to market data, Monte Carlo and Quasi Monte Carlo techniques for simulating high dimensional systems, and local and global optimization tools to solve the minimization problem.
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Funds
Private Equity, Hedge and All Core Structures
by Matthew Hudson
Part of the Wiley Finance series
Investment funds are the driving force behind much global private economic development, and yet the world of investment funds can be complex and confusing.
“Funds: Private Equity, Hedge and All Core Structures” is a practical introductory guide to the legal and commercial context in which funds are raised and invest their money, with examinations of the tax and regulatory background, and an analysis of the key themes and trends that the funds industry face following the financial crisis. The book looks at asset classes, investor return models, the commercial and legal pressures driving different structures and key global jurisdictions for both fund establishment and making investments. It also contains a comprehensive analysis of fund managers, from remuneration, best practice through to regulation.
The book is written for readers from all backgrounds, from students or newcomers to the industry to experienced investors looking to branch out into alternative asset classes, or existing asset managers and their advisers wanting to know more about the structures elsewhere within the industry.
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Material Adverse Change
Lessons from Failed M&As
by Robert V. Stefanowski
Part of the Wiley Finance series
Boost M&A outcomes with less risk by learning from mistakes of the past
Material Adverse Change will help you close more successful mergers and acquisitions by analyzing the common root causes of deal failures from before the Great Recession to today. The time between signing and closing a deal is a particularly risky period where the buyer has committed to purchase the company, but the seller continues to operate it while waiting for regulatory approval or funding to close out the deal. A Material Adverse Change clause allows the buyer to back out of the transaction if certain adverse events occur during this period. By designing this safety net into the contract, you're free to take the time to examine records, meet with employees, and fully understand the legal issues at hand. If the target loses value during that time, in certain cases, you're free to walk away. This book explores the full power of the Material Adverse Change clause, and today's M&A in general. You'll dig into the real causes of M&A failure, and discover the traits and practices that lead to poor results as you learn how to avoid these common mistakes and drive more successful deals. Recent case studies highlight common mistakes made-and propagated-by otherwise intelligent people, so you can identify and eliminate these practices within your own organization.
A large acquisition is already a delicate balancing act. Why complicate it with the exponential risk by not doing your homework? This book shows you how to apply best practices to increase your chances of successful deals and avoid potentially career ending mistakes.
• Explore the true root causes of M&A failures of the past
• Analyze the personality traits that drive suboptimal outcomes
• Implement new practices to avoid mistakes and close successful deals
• Learn why common-sense errors are repeated over and over again The M&A market has grown to become a major factor in the global economy, yet many buyers do less investigation than consumers making everyday purchases. Material Adverse Change shows you how to slash risk and improve your chances of completing better deals.
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Introduction to C++ for Financial Engineers
An Object-Oriented Approach
by Daniel J. Duffy
Part of the Wiley Finance series
This book introduces the reader to the C++ programming language and how to use it to write applications in quantitative finance (QF) and related areas. No previous knowledge of C or C++ is required - experience with VBA, Matlab or other programming language is sufficient. The book adopts an incremental approach, starting from basic principles then moving on to advanced complex techniques and then to real-life applications in financial engineering. There are five major parts in the book:
• C++ fundamentals and object-oriented thinking in QF
• Advanced object-oriented features such as inheritance and polymorphism
• Template programming and the Standard Template Library (STL)
• An introduction to GOF design patterns and their applications in QF Applications
The kinds of applications include binomial and trinomial methods, Monte Carlo simulation, advanced trees, partial differential equations and finite difference methods.
This book includes a companion website with all source code and many useful C++ classes that you can use in your own applications. Examples, test cases and applications are directly relevant to QF.
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ActiveBeta Indexes
Capturing Systematic Sources of Active Equity Returns
by Khalid Ghayur
Part of the Wiley Finance series
An informative guide offering new and innovative ways to think about active management and investing
ActiveBeta Indexes presents exciting new research that shows how above-market returns can be achieved in a low-cost, transparent, and efficient fashion. Active Betas reflect fundamental investment principles that have long been the foundation of active equity returns, but are commonly masqueraded as investment skill, or alpha. This groundbreaking book lifts the veil to uncover the common sources of active returns and reveals their beta-like properties.
Developed by leading investment practitioners at Westpeak Global Advisors, ActiveBeta Indexes introduces Active Beta sources and explains how the behavior of short- and long-term earnings growth gives rise to systematic sources of active equity returns.
• Details a new index framework and research findings that could change the face of active portfolio management
• Presents patent-pending innovations for constructing style indexes and informationally-efficient active portfolios
• Explores the historical performance of ActiveBeta Indexes
Wealth advisers, consultants, pensions and endowments, and other institutional investors will find the intellectual honesty of ActiveBeta Indexes a refreshing perspective on the active management industry. They will also find it a useful guide to a more strategic allocation of their risk and management fee budgets — a growing necessity in these challenging times.
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Private Equity
History, Governance, and Operations
by Harry Cendrowski
Part of the Wiley Finance series
An authoritative guide to understanding the world of private equity (PE) investing, governance structures, and operational assessments of PE portfolio companies
An essential text for any business/finance professional's library, Private Equity: History, Governance, and Operations, Second Edition begins by presenting historical information regarding the asset class. This information includes historical fundraising and investment levels, returns, correlation of returns to public market indices, and harvest trends. The text subsequently analyzes PE fund and portfolio company governance structures. It also presents ways to improve existing governance structures of these entities. A specific focus on portfolio company operations, including due diligence assessments, concludes the text.
• Seamlessly blends historical information with practical guidance based on risk management and fundamental accounting techniques
• Assists the book's professional audience in maximizing returns of their PE investments
• Highly conducive to advanced, graduate-level classroom use
• Purchase of the text includes access to a website of teaching materials for instructional use
Learn more about PE history, governance, and operations with the authoritative guidance found in Private Equity: History, Governance, and Operations, Second Edition.
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Applied Equity Analysis and Portfolio Management
Tools to Analyze and Manage Your Stock Portfolio
by Robert A. Weigand
Part of the Wiley Finance series
A "hands-on" guide to applied equity analysis and portfolio management.
From asset allocation to modeling the intrinsic value of a stock, “Applied Equity Analysis and Portfolio Management Course” offers readers a solid foundation in the practice of fundamental analysis using the same tools and techniques as professional investors. Filled with real-world illustrations and hands-on applications, Professor Weigand's learning system takes a rigorous, empirical approach to topics such as analyzing the macro-finance environment, sector rotation, financial analysis and valuation, assessing a company's competitive position, and reporting the performance of a stock portfolio.
Unlike typical books on this subject-which feature chapters to read and exercises to complete-this resource allows readers to actively participate in the learning experience by completing writing exercises and manipulating interactive spreadsheets that illustrate the principles being taught. The learning system also features instructional videos that demonstrate how to use the spreadsheet models and excerpts from the author's blog, which are used to depict additional examples of the analysis process. Along the way, it skillfully outlines an effective approach to creating and interpreting outputs typically associated with a top-down money management shop-including a macroeconomic forecasting newsletter, detailed stock research reports, and a portfolio performance attribution analysis.
• Covers topics including active and passive money management, fundamental analysis and portfolio attribution analysis
• Companion streaming videos show how to use free online data to create yourown analyses of key economic indicators, individual stocks, and stock portfolios
• A valuable resource for universities who have applied equity analysis and portfolio management courses
Practical and up-to-date, the book is an excellent resource for those with a need for practical investment expertise.
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Active Alpha
A Portfolio Approach to Selecting and Managing Alternative Investments
by Alan H. Dorsey
Part of the Wiley Finance series
Interest in high-frequency trading continues to grow, yet little has been published to help investors understand and implement high-frequency trading systems-until now. This book has everything you need to gain a firm grip on how high-frequency trading works and what it takes to apply this approach to your trading endeavors.
Written by industry expert Irene Aldridge, “High-Frequency Trading” offers innovative insights into this dynamic discipline. Covering all aspects of high-frequency trading-from the formulation of ideas and the development of trading systems to application of capital and subsequent performance evaluation-this reliable resource will put you in a better position to excel in today's turbulent markets.
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The Hedge Fund Book
A Training Manual for Professionals and Capital-Raising Executives
by Richard C. Wilson
Part of the Wiley Finance series
An accessible and up-to-date survey of scholarly thinking about Hinduism, perfect for courses on Hinduism or world religions
“The Wiley-Blackwell Companion to Hinduism” examines the historical trajectories that have led to the modern religion of Hinduism. Covering main themes such as philosophy, practice, society, and science, this comprehensive volume brings together a variety of approaches and perspectives in Hindu Studies to help readers better appreciate the richness, complexity, and diversity of Hinduism. Essays by acknowledged experts in the field present historical accounts of all major traditions, analyze key texts, engage with Hindu theology and philosophy, address contemporary questions of colonialism and identity, and more. Throughout the text, the authors highlight the links, common threads, and issues that reoccur in the history of Hinduism.
Fully revised and updated, the second edition of the Companion incorporates the most recent scholarship and reflects the trend away from essentialist understandings of Hinduism. New chapters examine the Goddess tradition, Hindu diaspora, Hinduism and inter-religious comparison, Hindu philosophy, and Indian astronomy, medicine, language, and mathematics. This edition places further emphasis on the importance of region-specific studies in analyzing Hinduism, discusses important theoretical issues, and offers fresh perspectives on current discourse in Hindu society and politics.
• Provides a thorough overview of major texts, their histories, and the traditions that preserve them
• Describes the major textual traditions in Sanskrit with examples in different Indian vernacular languages
• Addresses major issues and contemporary debates about the nature and study of Hinduism
• Discusses the importance of systematic, rational thinking in Indian sciences, philosophy, and theology
• Examines key socio-political themes in Hinduism that are of particular relevance to the modern world
“The Wiley-Blackwell Companion to Hinduism”, Second Edition is an excellent text for undergraduate courses on Hinduism in Religious Studies and Philosophy departments, and an invaluable resource for scholars and researchers in Hindu Studies.
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The Handbook of Convertible Bonds
Pricing, Strategies and Risk Management
by Jan De Spiegeleer
Part of the Wiley Finance series
This is a complete guide to the pricing and risk management of convertible bond portfolios. Convertible bonds can be complex because they have both equity and debt like features and new market entrants will usually find that they have either a knowledge of fixed income mathematics or of equity derivatives and therefore have no idea how to incorporate credit and equity together into their existing pricing tools.
Part I of the book covers the impact that the 2008 credit crunch has had on the markets, it then shows how to build up a convertible bond and introduces the reader to the traditional convertible vocabulary of yield to put, premium, conversion ratio, delta, gamma, vega and parity. The market of stock borrowing and lending will also be covered in detail. Using an intuitive approach based on the Jensen inequality, the authors will also show the advantages of using a hybrid to add value, pre-2008, many investors labelled convertible bonds as 'investing with no downside', there are of course plenty of 2008 examples to prove that they were wrong. The authors then go onto give a complete explanation of the different features that can be embedded in convertible bond.
Part II shows readers how to price convertibles. It covers the different parameters used in valuation models: credit spreads, volatility, interest rates and borrow fees and Maturity.
Part III covers investment strategies for equity, fixed income and hedge fund investors and includes dynamic hedging and convertible arbitrage.
Part IV explains the all important risk management part of the process in detail.
This is a highly practical book, all products priced are real world examples and numerical examples are not limited to hypothetical convertibles. It is a must read for anyone wanting to safely get into this highly liquid, high return market.
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The Bling Dynasty
Why the Reign of Chinese Luxury Shoppers Has Only Just Begun
by Erwan Rambourg
Part of the Wiley Finance series
Why the luxury market's fate rests in Chinese wallets
The media has negatively focused on the Chinese political administration clamping down on gifting. Observers have come to doubt the strength of Chinese consumption as the key driver for luxury. “The Bling Dynasty” illustrates how doubts about Chinese consumption are ill-founded and Chinese luxury demand is on the cusp of becoming dominant.
This book contains the research and expert views companies need to understand and address the new challenges posed by this dominance. Each chapter brings a different perspective, covering complex aspects of luxury consumption, with illustrations and real-world examples that support the research. Readers will gain insights through interviews with brand executives, retailers, experts, and consumers.
As an economic heavyweight, China is fast realizing its role in the luxury market. Chinese consumers should be accounting for more than a third of the global luxury market today, and half, if not more, in ten year's time. The Bling Dynasty runs counter to the conventional wisdom that expanding sectors become more global. Luxury is actually becoming over-dependent on Chinese sales.
Readers will:
• Understand how Western brands developed in Asia and the challenges they are met with, notably ubiquity
• Learn why Chinese are purchasing luxury items abroad and what it means for the future of the sector
• Gain insights on why there are no Chinese luxury brands challenging Western models
• Realize that Chinese consumers are becoming similar to their American peers and that luxury competition goes way beyond pre-conceptions
China's big spenders are increasingly mobile and this is affecting key markets. The Bling Dynasty provides new research and a comprehensive look at the booming business of luxury and the Chinese wallet.
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Regulating Wall Street
The Dodd-Frank Act and the New Architecture of Global Finance
by New York University Stern School of Business
Part of the Wiley Finance series
Experts from NYU Stern School of Business analyze new financial regulations and what they mean for the economy
The NYU Stern School of Business is one of the top business schools in the world thanks to the leading academics, researchers, and provocative thinkers who call it home. In Regulating Wall Street: The New Architecture of Global Finance, an impressive group of the Stern school's top authorities on finance combine their expertise in capital markets, risk management, banking, and derivatives to assess the strengths and weaknesses of new regulations in response to the recent global financial crisis.
• Summarizes key issues that regulatory reform should address
• Evaluates the key components of regulatory reform
• Provides analysis of how the reforms will affect financial firms and markets, as well as the real economy
The U.S. Congress is on track to complete the most significant changes in financial regulation since the 1930s. Regulating Wall Street: The New Architecture of Global Finance discusses the impact these news laws will have on the U.S. and global financial architecture.
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Value and Capital Management
A Handbook for the Finance and Risk Functions of Financial Institutions
by Thomas C. Wilson
Part of the Wiley Finance series
A value management framework designed specifically for banking and insurance
“The Value Management Handbook” is a comprehensive, practical reference written specifically for bank and insurance valuation and value management. Spelling out how the finance and risk functions add value in their respective spheres, this book presents a framework for measuring — and more importantly, influencing — the value of the firm from the position of the CFO and CRO. Case studies illustrating value-enhancing initiatives are designed to help Heads of Strategy offer CEOs concrete ideas toward creating more value, and discussion of "hard" and "soft" skills put CFOs and CROs in a position to better influence strategy and operations. The challenge of financial services valuation is addressed in terms of the roles of risk and capital, and business-specific "value trees" demonstrate the source of successful value enhancement initiatives.
While most value management resources fail to adequately address the unique role of risk and capital in banks, insurance, and asset management, this book fills the gap by providing concrete, business-specific information that connects management actions and value creation, helping readers to:
• Measure value accurately for more productive value-based management initiatives and evaluation of growth opportunities
• Apply a quantitative, risk-adjusted value management framework reconciled with the way financial services shares are valued by the market
• Develop a value set specific to the industry to inspire initiatives that increase the firm's value
• Study the quantitative and qualitative management frameworks that move CFOs and CROs from measurement to management
The roles of CFO and CRO in financial firms have changed dramatically over the past decade, requiring business savvy and the ability to challenge the CEO. “The Value Management Handbook” provides the expert guidance that leads CFOs and CROs toward better information, better insight, and better decisions.
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Risk Budgeting
Portfolio Problem Solving with Value-at-Risk
by Neil D. Pearson
Part of the Wiley Finance series
Covers the hottest topic in investment for multitrillion pension market and institutional investors
Institutional investors and fund managers understand they must take risks to generate superior investment returns, but the question is how much. Enter the concept of risk budgeting, using quantitative risks measurements, including VaR, to solve the problem. VaR, or value at risk, is a concept first introduced by bank dealers to establish parameters for their market short-term risk exposure. This book introduces VaR, extreme VaR, and stress-testing risk measurement techniques to major institutional investors, and shows them how they can implement formal risk budgeting to more efficiently manage their investment portfolios. Risk Budgeting is the most sophisticated and advanced read on the subject out there in the market.
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Operational Risk Management
A Complete Guide for Banking and Fintech
by Philippa X. Girling
Part of the Wiley Finance series
Identify, assess, and mitigate operational risk with this practical and authoritative guide
In the newly revised second edition of “Operational Risk Management: A Complete Guide for Banking and Fintech”, accomplished risk executive and expert Philippa Girling delivers an insightful and practical exploration of operational risk in organizations of all sizes. She offers risk professionals and executives the tools, strategies, and best practices they need to mitigate and overcome ever-present operational risk challenges that impact business in all industries.
This latest edition includes:
• Insight into how operational risk can be effectively managed and measured in today's digital banking age.
• Updates on the latest regulatory guidance on operational risk management requirements in all aspects of the operational risk framework.
• Updates on the new Basel II capital modeling methodology for operational risk.
• New explorations of operational risk events in recent years including the impact of the global Covid-19 pandemic.
• Updated case studies including large events at Wells Fargo, Credit Suisse and Archegos Capital Management.
Ideal for executives, managers, and business leaders, “Operational Risk Management” is also the perfect resource for risk and compliance professionals who wish to refine their abilities to identify, assess, mitigate, and control operational risk.
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A History of the Theory of Investments
My Annotated Bibliography
by Mark Rubinstein
Part of the Wiley Finance series
“A History of the Theory of Investments” is about ideas, where they come from, how they evolve, and why they are instrumental in preparing the future for new ideas. Author Mark Rubinstein writes history by rewriting history. In unearthing long-forgotten books and journals, he corrects past oversights to assign credit where credit is due and assembles a remarkable history that is unquestionable in its accuracy and unprecedented in its power.
Exploring key turning points in the development of investment theory, through the critical prism of award-winning investment theory and asset pricing expert Mark Rubinstein, this groundbreaking resource follows the chronological development of investment theory over centuries, exploring the inner workings of great theoretical breakthroughs while pointing out contributions made by often unsung contributors to some of investment's most influential ideas and models.
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FX Options and Smile Risk
by Antonio Castagna
Part of the Wiley Finance series
The future of the insurance regulation begins now.
For those involved with the insurance industry, from investment professionals to policy makers, and regulators to legislators, tremendous change is coming. With insurance premiums constituting an ever-growing portion of annual U.S. GDP and provisions of the Dodd-Frank Act specifically calling for modernization of insurance regulations, the issues at hand are pervasive. In Modernizing Insurance Regulation, these issues are described against a backdrop of the political and industry discussions that surround insurance, regulation, and systemic risk. Experts Viral V. Acharya and Matthew Richardson discuss a variety of issues with top thinkers in the fields of finance, derivatives, credit risk, and banking to bring to light the most germane elements of this ongoing discussion.
In “Modernizing Insurance Regulation”, Acharya and Richardson call on the expertise of all the relevant stakeholders within government, academia, and industry to offer a well-rounded and independent view of insurance regulation and how the evolution of this key industry affects the U.S. economy now and in the future.
• Provides an overview of the feasibility of maintaining a state-level regulatory structure
• Offers a view of the issues from top academics, industry leaders, and state regulators
• Explores the debate surrounding the insurance industry and systemic risk
• Provides an in-depth look at upcoming changes under the Dodd-Frank Act
Modernizing Insurance Regulation provides a look into the crucial changes coming to insurance regulation and an overview of how those changes will affect almost everyone.
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Infrastructure Finance
The Business of Infrastructure for a Sustainable Future
by Neil S. Grigg
Part of the Wiley Finance series
A comprehensive look at the emergence of infrastructure finance
Just as infrastructure development acts as a catalyst for economic growth, it is also changing the landscape for potential investors and the burgeoning field of infrastructure finance. Infrastructure systems for transportation, utilities, and public works are essential for economic growth and have quickly developed into an emerging alternative asset class.
“Infrastructure Finance” examines how the activities associated with updating and creating efficient transportation and communications, reliable and affordable energy, clean water, and other essential systems, have become a profitable financial endeavor. Recently, providing, operating, and maintaining infrastructure has advanced as a recognized and important investment sector that reaches beyond earlier business models. Infrastructure Finance puts this field in perspective and details what you need to know to succeed within it.
• An informative look at infrastructure finance-an emerging alternative investment for all types of institutional investors
• Dissects the central organizational and financial issues behind the revolutions that are occurring in infrastructure management and finance
• Contains detailed guidance for navigating the dynamic field of infrastructure finance
• Discusses infrastructure as arteries of life for a better world
• Highlights infrastructure undergoing transformations to adapt to turbulent environments
• Focuses on Green infrastructure to balance economic and environmental changes
As infrastructure finance continues to grow in importance, you'll need to enhance your understanding of its essential aspects. “Infrastructure Finance” will provide you with the insights to achieve this goal.
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Exotic Options and Hybrids
A Guide to Structuring, Pricing and Trading
by Mohamed Bouzoubaa
Part of the Wiley Finance series
“The Practical Guide to Wall Street” is an indispensable resource for anyone who aspires to a front-office sales or trading position on Wall Street and an essential desk reference for market practitioners and those who interact with this exciting but widely misunderstood industry. Written by an experienced trader in a clear, conversational style and assuming no previous background in finance, “The Practical Guide to Wall Street” provides a thorough schooling in the core curriculum of the equity and equity derivatives sales and trading business-exactly what you would learn from sitting beside the traders at a tier-one Wall Street investment bank (except that in practice, traders rarely have time to provide such detailed explanations!) Topics covered include: Clear, detailed and intuitive explanations of all major products, their function, pricing and risks (several of which are unavailable anywhere else despite producing billions of dollars in annual revenue for Wall St.) The layout of the trading floor, the roles and responsibilities of the different sales and trading groups and how they interact to service the client business An overview of the structure of the macro-economy and the traders perspective on the significance of economic data releases and their impact on the financial markets A review of those concepts from fundamental valuation and financial statement analysis of greatest relevance on the trading floor (as opposed to abstract valuation models) Practical details of the structure and functioning of the equity and derivative markets including translations of trader jargon, Bloomberg tips, market conventions, liquidity and risk considerations and much more This book provides the first comprehensive explanation of all aspects of the functioning of the equities division, with information, details and insights previously only available to those who already worked on a trading floor. The availability of this material in a format accessible to non-professionals fundamentally changes the level of industry knowledge employers in the financial services industry can expect of new hires.
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Credit Derivatives and Structured Credit Trading
by Vinod Kothari
Part of the Wiley Finance series
Covers the history of the entire African continent, from prehistory to the present day.
“A Companion to African History” embraces the diverse regions, subject matter, and disciplines of the African continent, while also providing chronological and geographical coverage of basic historical developments. Two dozen essays by leading international scholars explore the challenges facing this relatively new field of historical enquiry and present the dynamic ways in which historians and scholars from other fields such as archaeology, anthropology, political science, and economics are forging new directions in thinking and research.
Comprised of six parts, the book begins with thematic approaches to African history-exploring the environment, gender and family, medical practices, and more. Section two covers Africa's early history and its pre-colonial past-early human adaptation, the emergence of kingdoms, royal power, and warring states. The third section looks at the era of the slave trade and European expansion. Part four examines the process of conquest-the discovery of diamonds and gold, military and social response, and more. Colonialism is discussed in the sixth section, with chapters on the economy transformed due to the development of agriculture and mining industries. The last section studies the continent from post World War II all the way up to modern times.
• Aims at capturing the enthusiasms of practicing historians, and encouraging similar passion in a new generation of scholars
• Emphasizes linkages within Africa as well as between the continent and other parts of the world
• All chapters include significant historiographical content and suggestions for further reading
• Written by a global team of writers with unique backgrounds and views
• Features case studies with illustrative examples
In a field traditionally marked by narrow specialisms, “A Companion to African History” is an ideal book for advanced students, researchers, historians, and scholars looking for a broad yet unique overview of African history as a whole.
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Managing Energy Risk
An Integrated View on Power and Other Energy Markets
by Markus Burger
Part of the Wiley Finance series
An overview of today's energy markets from a multi-commodity perspective
As global warming takes center stage in the public and private sectors, new debates on the future of energy markets and electricity generation have emerged around the world. The Second Edition of Managing Energy Risk has been updated to reflect the latest products, approaches, and energy market evolution. A full 30% of the content accounts for changes that have occurred since the publication of the first edition. Practitioners will appreciate this contemporary approach to energy and the comprehensive information on recent market influences.
A new chapter is devoted to the growing importance of renewable energy sources, related subsidy schemes and their impact on energy markets. Carbon emissions certificates, post-Fukushima market shifts, and improvements in renewable energy generation are all included.
Further, due to the unprecedented growth in shale gas production in recent years, a significant amount of material on gas markets has been added in this edition. Managing Energy Risk is now a complete guide to both gas and electricity markets, and gas-specific models like gas storage and swing contracts are given their due.
The unique, practical approach to energy trading includes a comprehensive explanation of the interactions and relations between all energy commodities.
• Thoroughly revised to reflect recent changes in renewable energy, impacts of the financial crisis, and market fluctuations in the wake of Fukushima
• Emphasizes both electricity and gas, with all-new gas valuation models and a thorough description of the gas market
• Written by a team of authors with theoretical and practical expertise, blending mathematical finance and technical optimization
• Covers developments in the European Union Emissions Trading Scheme, as well as coal, oil, natural gas, and renewables
The latest developments in gas and power markets have demonstrated the growing importance of energy risk management for utility companies and energy intensive industry. By combining energy economics models and financial engineering, Managing Energy Risk delivers a balanced perspective that captures the nuances in the exciting world of energy.
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Financial Forensics Body of Knowledge
by Darrell D. Dorrell
Part of the Wiley Finance series
The definitive, must-have guide for the forensic accounting professional
Financial Forensics Body of Knowledge is the unique, innovative, and definitive guide and technical reference work for the financial forensics and/or forensic accounting professional, including nearly 300 forensic tools, techniques, methods and methodologies apply to virtually all civil, criminal and dispute matters. Many of the tools have never before been published.
It defines the profession: "The Art & Science of Investigating People & Money."
It defines Forensic Operators: "...financial forensics-capable personnel... possess unique and specific skills, knowledge, experience, education, training, and integrity to function in the financial forensics discipline."
It defines why: "If you understand financial forensics you understand fraud, but not vice versa" by applying financial forensics to all aspects of the financial community.
It contains a book-within-a-book Companion Section for financial valuation and litigation specialists.
It defines foundational financial forensics/forensic accounting methodologies: FAIM, Forensic Accounting Investigation Methodology, ICE/SCORE, CICO, APD, forensic lexicology, and others.
It contains a Reader Lookup Table that permits everyone in the financial community to immediately focus on the pertinent issues.
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Islamic Capital Markets
Theory and Practice
by Noureddine Krichene
Part of the Wiley Finance series
A comprehensive look at the essentials of Islamic capital markets
Bringing together theoretical and practical aspects of capital markets, “Islamic Capital Markets” offers readers a comprehensive insight into the institutions, instruments, and regulatory framework that comprise Islamic capital markets. Also exploring ideas about money, central banking, and economic growth theory and their role in Islamic capital markets, the book provides students and practitioners with essential information about the analytical tools of Islamic capital markets, serves as a guide to investing in Islamic assets, and examines risk management and the structure of Islamic financial products.
Author and Islamic finance expert Noureddine Krichene examines the development of leading Islamic capital markets, including Malaysia, looking at sukuks and stocks in detail and emphasizing valuation, duration, convexity, immunization, yield curves, forward rates, swaps, and risks. Analyzing stock markets, stock valuation, price-earnings ratio, market efficiency hypothesis, and equity premiums, the book addresses uncertainty in capital markets, portfolio diversification theory, risk-return trade-off, pricing of assets, cost of capital, derivatives and their role in hedging and speculation, the principle of arbitrage and replication, Islamic structured products, the financing of large projects, and more.
• Emphasizes both theoretical and practical aspects of capital markets, covering analytical concepts such as the theory of arbitrage, pricing of assets, capital market pricing model, Arrow-Debreu state prices, risk-neutral pricing, derivatives markets, hedging and risk management, and structured products
• Provides students and practitioners of finance with must-have information about the analytical tools employed in Islamic capital markets
• Examines all the most recent developments in major Islamic capital markets, including Malaysia
Discussing the advantages of Islamic capital markets and the prospects for their development, “Islamic Capital Markets” gives readers a fundamental grounding in the subject, with an emphasis on financial theory and real world practice.
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Equity Derivatives
Theory and Applications
by Marcus Overhaus
Part of the Wiley Finance series
Written by the Founder and CEO of the prestigious New York School of Finance, this book schools you in the fundamental tools for accurately assessing the soundness of a stock investment. Built around a full-length case study of Wal-Mart, it shows you how to perform an in-depth analysis of that company's financial standing, walking you through all the steps of developing a sophisticated financial model as done by professional Wall Street analysts. You will construct a full-scale financial model and valuation step-by-step as you page through the book.
When we ran this analysis in January of 2012, we estimated the stock was undervalued. Since the first run of the analysis, the stock has increased 35 percent. Re-evaluating Wal-Mart 9months later, we will step through the techniques utilized by Wall Street analysts to build models on and properly value business entities.
• Step-by-step financial modeling-taught using downloadable Wall Street models, you will construct the model step by step as you page through the book.
• Hot keys and explicit Excel instructions aid even the novice excel modeler.
• Model built complete with Income Statement, Cash Flow Statement, Balance Sheet, Balance Sheet Balancing Techniques, Depreciation Schedule (complete with accelerating depreciation and deferring taxes), working capital schedule, debt schedule, handling circular references, and automatic debt pay downs.
• Illustrative concepts including detailing model flows help aid in conceptual understanding.
• Concepts are reiterated and honed, perfect for a novice yet detailed enough for a professional.
• Model built direct from Wal-Mart public filings, searching through notes, performing research, and illustrating techniques to formulate projections.
• Includes in-depth coverage of valuation techniques commonly used by Wall Street professionals.
• Illustrative comparable company analyses-built the right way, direct from historical financials, calculating LTM (Last Twelve Month) data, calendarization, and properly smoothing EBITDA and Net Income.
• Precedent transactions analysis-detailing how to extract proper metrics from relevant proxy statements
• Discounted cash flow analysis-simplifying and illustrating how a DCF is utilized, how unlevered free cash flow is derived, and the meaning of weighted average cost of capital (WACC)
• Step-by-step we will come up with a valuation on Wal-Mart
• Chapter end questions, practice models, additional case studies and common interview questions (found in the companion website) help solidify the techniques honed in the book; ideal for universities or business students looking to break into the investment banking field.
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Interest Rate Swaps and Their Derivatives
A Practitioner's Guide
by Amir Sadr
Part of the Wiley Finance series
An updated review of the theories and applications of corporate risk management.
After the financial crisis of 2008, issues concerning corporate risk management arose that demand new levels of oversight. “Corporate Risk Management” is an important guide to the topic that puts the focus on the corporate finance dimension of risk management. The author-a noted expert on the topic-presents several theoretical models appropriate for various industries and empirically verifies theoretical propositions. The book also proposes statistical modeling that can evaluate the importance of different risks and their variations according to economic cycles.
The book provides an analysis of default, liquidity, and operational risks as well as the failures of LTCM, ENRON, and financial institutions that occurred during the financial crisis. The author also explores Conditional Value at Risk (CVaR), which is central to the debate on the measurement of market risk under Basel III. This important book:
• Includes a comprehensive review of the aspects of corporate risk management
• Presents statistical modeling that addresses recent risk management issues
• Contains an analysis of risk management failures that lead to the 2008 financial crisis
• Offers a must-have resource from author Georges Dionne the former editor of The Journal of Risk and Insurance
“Corporate Risk Management” provides a modern empirical analysis of corporate risk management across industries. It is designed for use by risk management professionals, academics, and graduate students.
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Commercial Real Estate Restructuring Revolution
Strategies, Tranche Warfare, and Prospects for Recovery
by Stephen B. Meister
Part of the Wiley Finance series
How to lead the digital transformation of governments
“Digital Government Excellence: Lessons from Effective Digital Leaders” delivers a fascinating treatment of digital leadership as governments around the world start or restart the digital transformation of their work and service delivery.
The author provides a playbook on how to achieve digital excellence via interviews with 20 remarkable digital government leaders from around the world. Each one offers insights on strategies for how to incorporate the best of digital into public services and practical tips on leading digital reforms and delivery teams. The book also:
• Explores how to begin the task of making all of government to "go digital" or go deeper and bolder in this direction, including the first steps and beyond
• Highlights leadership styles and practices for effective and lasting delivery of digital strategies and reforms
• Provides food for thought about what it takes to be an impactful digital transformation leader—in government and beyond
The book is ideal for Chief Digital/Information/Technology Officers or digital agency leaders in public service. “Digital Government Excellence” is also an indispensable resource for any practitioner, policymaker or political leader in governments at any level, as well as any student or advisor of governments looking into how to deliver digital transformation in the public sector.
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Essays in Derivatives
Risk-Transfer Tools and Topics Made Easy
by Don M. Chance
Part of the Wiley Finance series
In the updated second edition of Don Chance's well-received Essays in Derivatives, the author once again keeps derivatives simple enough for the beginner but offers enough in-depth information to satisfy even the most experienced investor. This book provides up-to-date and detailed coverage of various financial products related to derivatives and contains completely new chapters covering subjects that include why derivatives are used, forward and futures pricing, operational risk, and best practices.
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Investing in India
A Value Investor's Guide to the Biggest Untapped Opportunity in the World
by Rahul Saraogi
Part of the Wiley Finance series
A practical, real-world guide to investing in India
India's rapid economic growth offers obvious opportunities for foreign investors, but making wise investing decisions can be difficult for any investor without a deep knowledge of the country and its culture. With a vibrant democracy and an active press, India can be a complex and chaotic place in which investors can find it difficult to make investing decisions with confidence. This book offers an on-the-ground perspective on India from one of India's most successful value investors. Looking deeply into the internal realities that impact India's investment climate, Investing in India helps investors both inside and outside the country cut through the noise and find the facts that truly matter for anyone who wants to invest there.
• Features charts of stocks, markets, and other helpful Indian economic indicators
• Offers a real-world look at India's politics and governance, its financial system and capital markets, its asset classes and equity markets, the private equity scene, and the real estate market
• Written by Indian value investing guru Rahul Saraogi.
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Infrastructure Investing
Managing Risks & Rewards for Pensions, Insurance Companies & Endowments
by Rajeev J. Sawant
Part of the Wiley Finance series
Invaluable information regarding one of the biggest worldwide growth areas in investing-infrastructure assets
Infrastructure investing is about to explode on the worldwide scene. The fact is that real money will need to be spent on real projects-which will present real opportunities for stable, long-term returns. But infrastructure assets have unique characteristics and the investments and funds that will likely rise up must be suitably structured to serve investor needs.
• Presents comprehensive data analysis on infrastructure cases worldwide
• Analyzes the opportunities as well as the pitfalls of infrastructure investing
• Focuses on the needs of pensions, insurance companies, and endowments interested in infrastructure investing
For the next decade, worldwide economic growth and increased employment-as well as investment returns-will come from infrastructure projects. This book will help you understand today's dynamic infrastructure asset class and quickly get you up to speed on the unique risks and rewards associated with it.
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Foundations of Shari'ah Governance of Islamic Banks
by Karim Ginena
Part of the Wiley Finance series
A practical guide for robust sharī'ah governance of the Islamic banking industry
Debate in the market on the extent of sharī'ah compliance of Islamic banks, their products, and activities has piqued stakeholders' interest. In Foundations of Sharī'ah Governance of Islamic Banks, Karim Ginena and Azhar Hamid explore the depths of sharī'ah governance to unravel its mysterious dimensions and equip academics and practitioners with a solid understanding of the subject, which has become a serious challenge and thus deserves dedicated attention.
The authors make a strong case for the need to contain the sharī'ah risk that Islamic banks experience and present a compelling argument for how this should be done. Ginena and Hamid propose a robust sharī'ah governance model that comprehensively tackles thisrisk and helps improve the extent of sharī'ah compliance of market players. The authors detail the internal, external, and institutional arrangements needed to promote responsible sharī'ah governance, and critically analyze current laws, regulations, and industry practices on the topic. The chapters of the book do the following:
• Examine the roots, characteristics and objectives of sharī'ah and its relation to financial dealings
• Probe the role of regulators in sharī'ah governance, explore the different approaches adopted by banking supervisors, and provide examples of relevant legal and regulatory measures
• Explain to bank directors and management the fiduciary duty they assume with respect to sharī'ah compliance, and detail how they could discharge this responsibility in line with best practices
• Elaborate on the purpose of the Sharī'ah Supervisory Board (SSB), its responsibilities, competence criteria, internal regulations, and key governance guidelines; additionally, they explore different SSB models
• Describe the internal sharī'ah control system including its six components, and examine the internal sharī'ah audit function as well as different stages of conducting a sharī'ah audit
• Clarify the role of a sharī'ah auditor, with guidance on reporting lines, scope of duties, authority, and practical ways on fulfilling tasks, such as a sample sharī'ah risk assessment grid and audit checklists
• Discuss the newly emerging external sharī'ah advisory firms that are expected to play a key role in the coming years and the services they provide.
Through an effective treatment of each of these elements, and the way that they interact with one another, the book offers a fresh take on how robust sharī'ah governance of Islamic banks can be successfully accomplished. It is a comprehensive resource for academics, regulators, directors, lawyers, auditors, consultants, employees, and customers of Islamic banks interested in learning more about these challenges. This essential reading persuasively extends the discourse on the subject and addresses critical sharī'ah issues that have policy implications for decision makers in jurisdictions aiming to attract the fast-growing Islamic finance industry or increase their market share.
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Demystifying Exotic Products
Interest Rates, Equities and Foreign Exchange
by Chia Tan
Part of the Wiley Finance series
In recent times, derivatives have been inaccurately labelled the financial weapons of mass destruction responsible for the worst financial crisis in recent history. Inherently complex and perilous for the ill-informed investment professional they can however also be gainfully harnessed.
This book is a practical guide to the complexities of exotic products written in simple terms based on the premise that derivatives are not homogenous, and not necessarily dangerous.
By exploring common themes behind the construction of various structured products in interest rates, equities and foreign exchange, and investigating the economic environment that promoted the explosive growth of these products, this book will help readers make sense of their relevance in this period of economic uncertainty. Subsequently, by explaining exotic products with simple mathematics, it will aid readers in understanding their potential use in certain investment strategies whilst having a firm control over risk.
Exotic products need not be inaccessible. By understanding the products available investors can make informed decisions ensuring features are consistent with their investment objectives and risk preferences. Author Chia Chiang Tan takes readers through the risks and rewards of each product, illustrating when products can damage investment strategies and how to avoid them, leading to suitable, profitable investments.
Ultimately, this book will provide practitioners with an understanding of derivatives, enabling them to determine for themselves which products will fit their investment strategy, and how to use them based on the economic environment and inherent risks.
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Intermediate Structured Finance Modeling
Leveraging Excel, VBA, Access, and Powerpoint
by Matthew Niedermaier
Part of the Wiley Finance series
This book is the definitive guide to cash flow statement analysis and forecasting. It takes the reader from an introduction about how cash flows move within a business, through to a detailed review of the contents of a cash flow statement. This is followed by detailed guidance on how to restate cash flows into a template format. The book shows how to use the template to analyse the data from start up, growth, mature and declining companies, and those using US GAAP and IAS reporting. The book includes real world examples from such companies as Black and Decker (US), Fiat (Italy) and Tesco (UK). A section on cash flow forecasting includes full coverage of spreadsheet risk and good practice. Complete with chapters of particular interest to those involved in credit markets as lenders or counterparties, those running businesses and those in equity investing, this book is the definitive guide to understanding and interpreting cash flow data.
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Counterparty Credit Risk, Collateral and Funding
With Pricing Cases For All Asset Classes
by Damiano Brigo
Part of the Wiley Finance series
The book that applies behavioral finance to the real world
Understanding how to use behavioral finance theory in investing is a hot topic these days. Nobel laureate Daniel Kahneman has described financial advising as a prescriptive activity whose main objective should be to guide investors to make decisions that serve their best interests. The reality? That's easier said than done. In the Second Edition of “Behavioral Finance and Wealth Management”, Michael Pompian takes a practical approach to the growing science of behavioral finance, and puts it to use for real investors. He applies knowledge of 20 of the most prominent individual investor biases into "behaviorally-modified" asset allocation decisions. Offering investors and financial advisors a "self-help" book, Pompian shows how to create investment strategies that leverage the latest cutting-edge research into behavioral biases of individual investors. This book:
• Shows investors and financial advisors how to either moderate or adapt to behavioral biases, in order to improve investment results and identifies "the best practical allocation" for investment portfolios. Using these two sound approaches for guiding investment decision-making, behavioral biases are incorporated into the portfolio management process
• Uses updated cases studies to show investors and financial advisors how an investor's behavior can be modified to improve investment decision-making
• Provides useable methods for creating behaviorally modified investment portfolios, which may help investors to reach their long-term financial goals
• Heightens awareness of biases so that financial decisions and resulting economic outcomes are improved
• Offers advice on managing the effects of each bias in order to improve investment results
This Second Edition illustrates investors' behavioral biases in detail and offers financial advisors and their clients practical advice about how to apply the science of behavioral finance to improve overall investment decision making.
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Derivatives Demystified
A Step-by-Step Guide to Forwards, Futures, Swaps and Options
by Andrew M. Chisholm
Part of the Wiley Finance series
Delve into ETFs for smarter investing and a weatherproof portfolio.
“Beyond Smart Beta” is the investor's complete guide to index investing, with deep analysis, expert clarification and smart strategies for active portfolio management. From the general to the obscure, this book digs into every aspect of Exchange Traded Funds (ETFs) including ETCs and ETNs to break down the jargon and provide accessible guidance on utilising the indices as part of a more productive investment strategy. Succinct explanations of terms and concepts help you better grasp ETP anatomy, mechanics and practices, while examples, charts and graphs provide quick visual reference for total understanding. The expert author team examines the risks and benefits associated with various indexing approaches, sharing critical review of next-generation methods to help you make well-informed investment decisions.
ETFs provide a solid foundation within mature and well-researched markets, allowing investors to focus on areas where active management has the potential to reap higher returns. This book shows you how to take full advantage of the growth of this market to strengthen your portfolio for the long term.
• Assess the current landscape and the anatomy of ETFs/ETPs
• Understand ETP handling, costs, trading, and investment
• Evaluate the pros and cons of next-generation indexing approaches
• Avoid risk while incorporating indices into an active portfolio management strategy
Index concepts have evolved from basic, passive investments through Smart Beta, and are evolving into a third generation of products that will quickly become an important element of investor portfolios. Key benefits have propelled ETFs to surpass hedge funds in global capital, and the growth shows no sign of slowing. “Beyond Smart Beta” provides a primer for investors seeking to understand-and take advantage of-these lucrative new products.
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Credit Risk Management in and Out of the Financial Crisis
New Approaches to Value at Risk and Other Paradigms
by Anthony Saunders
Part of the Wiley Finance series
A classic book on credit risk management is updated to reflect the current economic crisis.
“Credit Risk Management In and Out of the Financial Crisis” dissects the 2007-2008 credit crisis and provides solutions for professionals looking to better manage risk through modeling and new technology.
Authors Anthony Saunders and Linda Allen address everything from the implications of new regulations to how the new rules will change everyday activity in the finance industry. They also provide techniques for modeling-credit scoring, structural, and reduced form models-while offering sound advice for stress testing credit risk models and when to accept or reject loans.
• Breaks down the latest credit risk measurement and modeling techniques and simplifies many of the technical and analytical details surrounding them
• Concentrates on the underlying economics to objectively evaluate new models
• Includes new chapters on how to prevent another crisis from occurring
Understanding credit risk measurement is now more important than ever. “Credit Risk Management In and Out of the Financial Crisis” will solidify your knowledge of this dynamic discipline.
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Life Insurance in Asia
Sustaining Growth in the Next Decade
by Stephan Binder
Part of the Wiley Finance series
An incisive look at the war for market share in the Asian life insurance market
Although the life insurance industry in Asia has emerged from the financial crisis stronger than ever, it has not escaped unchanged. As the general focus of insurance companies across the continent moves towards profitability beyond growth, tightening regulatory measures, shifts in consumer preferences, and risk tolerance, battle lines have been drawn between local incumbents, attackers, and foreign players. “Life Insurance in Asia: Winning in the Next Decade”, Second Edition looks at the ways in which small local agencies and multinational companies alike are seizing control of as much of the market as they can by aggressively recruiting new agents, leveraging new channels, and selling new products to cash in on the explosive Asian markets.
Thoroughly revised and updated, this new edition offers a comprehensive introduction to the booming Asian life insurance markets and outlines exactly what it takes to capture the opportunities that are emerging. Drawing on the research and experience of the McKinsey Asia financial services team, it includes everything you need to know about the battle for the life insurance market in Asia.
• Looks at how China and India are becoming increasingly important players on the international life insurance scene
• Goes behind the scenes of the Asian life insurance industry and the contentious battle for market share
• Outlines the steps to successfully entering, and prospering, in the Asian market
The life insurance industry in Asia is changing like never before. What the future holds, no one knows, but with Life Insurance in Asia in hand, you'll have a clear idea of the factions in play and the rules of the game.
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Systematic Fixed Income
An Investor's Guide
by Scott A. Richardson
Part of the Wiley Finance series
Timely guidance for transforming IT into a strategic business partner.
Today's leaders are expected to reduce costs, increase productivity, drive innovation and help the business identify and pursue new business opportunities. Successful IT leaders will be the ones that become strategic business partners and decision influencers in their organizations. Unleashing the Power of IT describes in actionable detail, the new mindset, core skill set, and interpersonal tool set that are necessary for IT leaders to thrive in today's increasingly complex challenging business environment.
• Provides tangible, hard-hitting, real-world strategies, techniques and approaches that will immediately transform your IT workforce and culture
• Includes Top Ten lists of tips and techniques, proven frameworks and practical guidance to help you launch and sustain your IT culture change and professional development initiatives
• Addresses how to build a client-focused IT culture; move your organization from order takers to trusted business partners, market IT's value, lead change with confidence, manage projects and vendor relationships
A special feature of this book includes a chapter profiling several world-class organizations that have implemented the principles in this book. Learn about the culture change challenges they overcame and benefit from their best practices and successes.
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The Mathematics of Derivatives Securities With Applications in MATLAB
by Mario Cerrato
Part of the Wiley Finance series
“Quantitative Finance” is expanding rapidly. One of the aspects of the recent financial crisis is that, given the complexity of financial products, the demand for people with high numeracy skills is likely to grow and this means more recognition will be given to Quantitative Finance in existing and new course structures worldwide. Evidence has suggested that many holders of complex financial securities before the financial crisis did not have in-house experts or rely on a third-party in order to assess the risk exposure of their investments. Therefore, this experience shows the need for better understanding of risk associate with complex financial securities in the future.
“The Mathematics of Derivative Securities with Applications in MATLAB” provides readers with an introduction to probability theory, stochastic calculus and stochastic processes, followed by discussion on the application of that knowledge to solve complex financial problems such as pricing and hedging exotic options, pricing American derivatives, pricing and hedging under stochastic volatility and an introduction to interest rates modelling.
The book begins with an overview of MATLAB and the various components that will be used alongside it throughout the textbook. Following this, the first part of the book is an in-depth introduction to Probability theory, Stochastic Processes and Ito Calculus and Ito Integral. This is essential to fully understand some of the mathematical concepts used in the following part of the book. The second part focuses on financial engineering and guides the reader through the fundamental theorem of asset pricing using the Black and Scholes Economy and Formula, Options Pricing through European and American style options, summaries of Exotic Options, Stochastic Volatility Models and Interest rate Modelling. Topics covered in this part are explained using MATLAB codes showing how the theoretical models are used practically.
Authored from an academic's perspective, the book discusses complex analytical issues and intricate financial instruments in a way that it is accessible to postgraduate students with or without a previous background in probability theory and finance. It is written to be the ideal primary reference book or a perfect companion to other related works. The book uses clear and detailed mathematical explanation accompanied by examples involving real case scenarios throughout and provides MATLAB codes for a variety of topics.